A success dressed as a failure? Evidence from post‐IPO withdrawal outcomes in Europe
研究了2001至2015年间欧洲334家撤回IPO的公司，发现多数撤回后很快进行并购或二次上市，私募和风投支持的公司更常参与并购，表明IPO可能被用作营销和退出机制。
Abstract What happens to companies that file for an initial public offering (IPO), but withdraw and do not list? How long does the post‐IPO outcome take? These questions are investigated by analysing market, firm and offer characteristics of 334 withdrawn IPOs in Europe between 2001 and 2015. The majority of withdrawn IPOs is engaged in M&A, only few file for a second time IPO. These post‐IPO withdrawal outcomes happen shortly after the IPO filing. Private equity and venture capital‐backed firms are more frequently engaging in M&A or trading. The evidence suggests that the IPO may be used as a marketing mechanism, being one of several alternatives of exit.