The IPO Derby: Are There Consistent Losers and Winners on This Track?

Konan Chan · John Cooney · Joonghyuk Kim · Ajai Kumar Singh

43 citations0/0 files storedFinancial Management

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Financial Markets and Investment Strategies Corporate Finance and Governance Auditing, Earnings Management, Governance

Abstract

We examine the individual and joint relation of discretionary accounting accruals, underwriter reputation, and venture capital backing with the long‐run performance of initial public offerings (IPOs). We find that although correlated to some extent, these variables do not manifest the same underlying phenomena in their relation to IPOs' performance. The confluence of the variables is more important than using any one of them individually to identify IPOs that exhibit abnormal long‐run stock returns. The combination of their negative aspects helps identify extreme underperformers. We also identify a set of winner IPOs by combining the positive aspects of the three variables.

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1993Common risk factors in the returns on stocks and bonds 1997On Persistence in Mutual Fund Performance 1973Risk, Return, and Equilibrium: Empirical Tests 1991Earnings Management During Import Relief Investigations 2005Performance matched discretionary accrual measures 1997Industry costs of equity 1994Contrarian Investment, Extrapolation, and Risk 1991The Long‐Run Performance of initial Public Offerings

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2011Equilibrium in the IPO Market 2012Why Do Insiders Sell Shares Following IPO Lockups?2009Does the Market Incorporate Previous IPO Withdrawals When Pricing Second‐Time IPOs?2013Patent- and Innovation-Driven Performance in Venture Capital-Backed IPOs

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