A comparison of direct listings andIPOs
比较了直接上市和IPO两种上市方式，发现直接上市的公司规模更大、盈利更强但杠杆更低，上市后股价波动性却更高，且这种波动在上市后20个交易日内持续存在。
Abstract IPOs and direct listings (DLs) offer two different mechanisms for firms to go public. In contrast to IPOs, DLs do not employ an underwriter or raise new capital. Using a sample of IPOs and DLs on major stock markets in the European Union, we document that firms that choose to go public via DLs are larger, more profitable, and less levered, on average, than IPO firms. These pre‐listing differences suggest that DL firms should be less risky than IPO firms; however, controlling for this selection effect, we find that DLs have higher aftermarket price volatility than IPOs. This is consistent with some policy‐makers' concerns that, because they lack an underwriter, DLs expose investors to higher risk than IPOs in the immediate post‐listing period. We show that this heightened price volatility persists, on average, for the first 20 trading days after listings, and is larger in industries where listed peer firms provide relatively low‐quality disclosures. Our results provide new evidence regarding the types of firms that choose to list via DLs versus IPOs and the riskiness of IPOs versus DLs in the immediate post‐listing period; additionally, our results are consistent with underwriters improving the quality of information available to investors for IPO firms in the pre‐listing period.