The IPO Derby: Are There Consistent Losers and Winners on This Track?
研究了会计应计、承销商声誉和风险资本支持对IPO长期绩效的单独和联合影响，发现三者结合比单独使用更能识别异常回报的赢家和输家。
We examine the individual and joint relation of discretionary accounting accruals, underwriter reputation, and venture capital backing with the long‐run performance of initial public offerings (IPOs). We find that although correlated to some extent, these variables do not manifest the same underlying phenomena in their relation to IPOs' performance. The confluence of the variables is more important than using any one of them individually to identify IPOs that exhibit abnormal long‐run stock returns. The combination of their negative aspects helps identify extreme underperformers. We also identify a set of winner IPOs by combining the positive aspects of the three variables.