Entrepreneurial Learning, the IPO Decision, and the Post-IPO Drop in Firm Profitability
构建模型分析创业者在学习企业平均盈利能力过程中如何决定是否IPO，发现上市后盈利能力平均下降，且波动性大或平均盈利能力不确定性小的企业下降更明显，并用美国7183个IPO数据验证。
We develop a model of the optimal initial public offering (IPO) decision in the presence of learning about the average profitability of a private firm. The entrepreneur trades off diversification benefits of going public against benefits of private control. Going public is optimal when the firm's expected future profitability is sufficiently high. The model predicts that firm profitability should decline after the IPO, on average, and that this decline should be larger for firms with more volatile profitability and firms with less uncertain average profitability. These predictions are supported empirically in a sample of 7183 IPOs in the United States between 1975 and 2004. The Author 2008. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please email: journals.permissions@oxfordjournals.org, Oxford University Press.