Political Uncertainty and IPO Activity: Evidence from U.S. Gubernatorial Elections
研究美国州长选举带来的政治不确定性如何抑制本州IPO活动，发现选举年IPO数量减少，且对业务集中、依赖政府合同及估值困难的企业影响更大，同时IPO发行价降低、资本成本上升。
We analyze initial public offering (IPO) activity under political uncertainty surrounding gubernatorial elections in the United States. There are fewer IPOs originating from a state when it is scheduled to have an election. To establish identification, we develop a neighboring-states method that uses bordering states without elections as a control group. The dampening effect of elections on IPO activity is stronger for firms with more concentrated businesses in their home states, firms that are more dependent on government contracts (particularly state contracts), and harder-to-value firms. This dampening effect is related to lower IPO offer prices (hence, higher costs of capital) during election years.