IPO Survival in a Reputational Market
研究了英国另类投资市场（AIM）中IPO的生存情况，发现保荐人声誉显著影响公司上市后的存续时间，声誉好的保荐人支持的IPO平均多存活约两年。
Abstract: We examine IPO survival in a ‘reputational’ market, the Alternative Investment Market (AIM), where principle‐based regulation pivots on the role of a regulatory agent, the nominated advisor (Nomad) to the IPO company. We find that Nomad reputation has a significant impact on IPO survival. IPOs backed by reputable Nomads ‘survive longer (by about two years) than those backed by other Nomads. We also find that s urvival rates of AIM IPOs are broadly comparable to those of North American IPOs. While these results are of obvious interest to various stakeholders of AIM firms, they also provide important lessons for market places modeled on AIM including the upper‐tier of the US over‐the‐counter market (OTCQX), Italy's AIM Italia, and Japan's Tokyo AIM.