Long Goodbyes: How Do Private Equity Funds Manage Sell-Downs After Initial Public Offerings?
分析了私募股权基金在IPO后减持所投公司股份的行为，发现平均持有期为三年，锁定期后六个月开始减持，但基金并未通过减持时机为投资者创造额外价值，且倾向于不愿卖出亏损股票。
We analyze how private equity funds (general partners (GPs)) sell down their stakes in companies they take public. GPs earn private equity management fees and carried interest on public equity holdings. The average duration of post–initial public offering (IPO) holdings is three years, whereas lockups expire after six months. Private equity–backed IPOs perform well during the lockup, but we find no evidence that GPs add value for investors through the timing of their aftermarket sell-down strategies. GPs appear reluctant to sell losers, consistent with behavioral biases and agency effects. Long goodbyes are more likely when the fund is performing better, resulting in higher payments to GPs. This paper was accepted by Victoria Ivanisha, finance. Supplemental Material: The online appendices and data files are available at https://doi.org/10.1287/mnsc.2022.02043 .