The Life Cycle of Initial Public Offering Firms
用综合方法分析IPO公司上市后的三种结局：独立存活、被收购或失败，并建立模型预测其概率，帮助理解哪些因素影响公司命运。
This study uses an integrated and comprehensive approach to study the evolution of IPO issuing firms to the three basic post‐IPO states: survive as an independent firm, get acquired, or fail. We develop multinomial logit models that utilize information available at or prior to the IPO to predict the probability of subsequent transition to the three post‐IPO states. We find that lower risk, larger firm size, higher investment banker prestige, higher pre‐IPO operating performance, and higher industry R&D intensity increase the probability of survival relative to failure. We also find that higher firm size, higher industry R&D intensity, and industry concentration increase the probability of survival relative to being acquired. Finally, lower risk and higher investment banker prestige increase the probability of being acquired relative to failure. Overall, we identify several factors that influence the probability of subsequent transition to one of the three basic post‐IPO states.