학술대회/행사
학술대회안내
[2008년 제 3차] The Risk of IPO Firms
작성자 : 관리자
조회수 : 1093
게시일 :
2008-08-21
Recent theoretical studies [Benninga, Hermantel and Sarig (2005) and Zhang (2005)] argue that IPO firms are less risky than non-IPO firms and thus have lower long-run returns. If this is true, IPO firms must outperform riskier firms with some frequency, especially in the bad states of the world [Lakonishok, Shleifer, and Vishny (1994)]. Applying this framework, we find that IPOs rarely outperform non-IPO firms the few instances of IPO outperformance occur more often in good times and in bad times, IPO firms typically perform worse than matching non-IPO firms. These results are more consistent with the traditional notion that IPOs on average are riskier than non-IPO firms.
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