Does the Market Incorporate Previous IPO Withdrawals When Pricing Second‐Time IPOs?
研究撤回首次IPO后成功重返市场的公司，发现二次IPO定价显著低于同期首次成功的IPO，且更换承销商能减少但无法消除折价，表明撤回的负面信息被市场纳入定价。
This paper examines the initial public offering (IPO) valuations of issuers that return to the IPO market successfully after withdrawing their first IPO attempt. We find that these second‐time IPOs sell at a significant discount relative to similar contemporaneous IPOs that succeed in their first attempt. We also demonstrate that switching underwriters on the second IPO attempt reduces, but does not eliminate, the discount for second‐time IPOs. When compared to their matched first‐time IPOs, second‐time IPOs have similar price revisions and post‐IPO long‐run stock and operating performances. Overall, these results suggest that the negative information conveyed by the withdrawal event is incorporated into the lower offer valuations for second‐time IPOs. Switching investment banks can mitigate, but not eliminate, the perceived higher risk of the second‐time offerings.