The Initial Public Offerings of Listed Firms
英国一些公司先上市但不发行股票，随后再发行股票。研究发现这种两阶段策略比直接IPO成本更低，因为交易降低了估值不确定性，初始回报比可比IPO低10%到30%。
ABSTRACT A number of firms in the United Kingdom list without issuing equity and then issue equity shortly thereafter. We argue that this two‐stage offering strategy is less costly than an initial public offering (IPO) because trading reduces the valuation uncertainty of these firms before they issue equity. We find that initial returns are 10% to 30% lower for these firms than for comparable IPOs, and we provide evidence that the market in the firm's shares lowers financing costs. We also show that these firms time the market both when they list and when they issue equity.