Journal of Portfolio Management · VOL43., NO. 4 · summer 2017

IPO: 从发行第三年开始

作者：J West（Stetson University in DeLand）

G Fernandez（Stetson University in DeLand）

KC Ma（ Stetson University in DeLand）

摘要：首次公开募股(IPO) 是一种基本的市场融资活动，这是标志着年轻的公司进入公共资本市场的仪式。普通大众对待IPO投资可能像彩票一样，只是因为他们有机会获得爆炸性的回报；但从历史上看，IPO在最初几年的表现不如市场。在这项研究中，作者发现，在过去90年的美国股市历史上，有一些微弱的证据表明，IPO表现不佳的现象只存在发行后的头两年里。然而，作者首次用有力证据表明，实际上从第三年开始，IPO表现比市场更好。他们假设，“IPO命运的逆转”是私人公司行使“上市”选择权的结果，同时创造了“私有化”的选择。

IPOs: The third year on

J West（Stetson University in DeLand）；G Fernandez（Stetson University in DeLand）；KC Ma（Stetson University in DeLand）

ABSTRACT

An initial public offering (IPO) is basically a market funding event, with young firms signifying their rite of passage to the public capital market. The general public may have treated IPO investing like a lottery simply because they have a minute chance of explosive payoffs; yet historically, IPOs have underperformed the market in their early years. In this study, the authors find that over the last 90 years of U.S. stock market history, there is at best some weak evidence that significant IPO underperformance has existed only in the first two years after issuance. However, the authors show, for the first time, strong evidence that IPOs actually outperformed from the third year on. They postulate that the "reversal of IPOs' fortune" is a result of private firms exercising a "going public" option while simultaneously creating a "going private" option.

原文链接：

https://www.researchgate.net/publication/318714111_IPOs_The_third_year_on

翻译：黄涛