The Performance of Private Equity‐Backed IPOs
研究了1992-2005年伦敦证券交易所上私募股权支持的IPO在上市后的市场表现，并与风险投资支持及其他无赞助的IPO对比，发现私募股权支持的IPO规模更大、盈利更强、首日回报较低，且三年内运营和市场表现更优。
My paper examines the aftermarket performance of private equity‐backed initial public offerings (IPOs) and compares it to the performances of equivalent samples of venture capital‐backed and other nonsponsored issues on the London Stock Exchange during the period 1992‐2005. The evidence suggests marked differences across the three groups in terms of market size, industry classification, first‐day returns, and key operating characteristics at the time of flotation. In fact, private equity‐backed IPOs are larger firms in terms of sales and assets, more profitable, and relatively modest first‐day returns. In the three years following the public listing, they display better operating and market performance when compared to other IPOs and the market as a whole.