What a Difference a Month Makes: Stock Analyst Valuations Following Initial Public Offerings
研究分析师如何为IPO公司设定目标价，以及用于支撑目标价的可比公司是否有助于解释IPO发行价。发现1999-2000年泡沫期间发行价相对可比公司估值有折价，而泡沫前则有小幅溢价。
Abstract We examine how analysts establish target prices for IPO firms and whether comparable firms used to support target prices are helpful in explaining IPO offer prices. During the bubble period of 1999 to 2000, the average offer price was set at a discount relative to comparable firm valuations. In contrast, the average offer price was set at a small premium relative to comparables in the pre-bubble period. This shift appears to hold even after controlling for the differences in the types of firms going public during the bubble period. Moreover, target prices of IPO firms were set at a higher premium relative to comparables during the bubble period. While our results suggest that underwriters systematically discounted offer prices during the bubble period, an alternative explanation is that the shift arose because underwriters and analysts faced different incentives and legal exposures during the bubble period.