The Post‐Issue Operating Performance of IPO Firms
研究了公司从私有转为公有后经营业绩的变化，发现IPO后经营业绩显著下滑，且原始创业者持股比例与业绩正相关，但与初始折价无关。
ABSTRACT This article investigates the change in operating performance of firms as they make the transition from private to public ownership. A significant decline in operating performance subsequent to the initial public offering (IPO) is found. Additionally, there is a significant positive relation between post‐IPO operating performance and equity retention by the original entrepreneurs, but no relation between post‐IPO operating performance and the level of initial underpricing. Post‐issue declines in the market‐to‐book ratio, price/earnings ratio, and earnings per share are also documented.