The Impact of Fundamentals on IPO Valuation

被引：69

作者：

Aggarwal, Rajesh ^{[1
]}

Bhagat, Sanjai ^{[2
]}

Rangan, Srinivasan

机构：

[1] Univ Minnesota, Carlson Sch Management, Minneapolis, MN 55455 USA

[2] Univ Colorado, Leeds Sch Business, Boulder, CO 80309 USA

来源：

FINANCIAL MANAGEMENT | 2009年 / 38卷 / 02期

关键词：

INITIAL PUBLIC OFFERINGS; INVESTMENT OPPORTUNITY SET; RESEARCH-AND-DEVELOPMENT; EXECUTIVE-COMPENSATION; QUANTILE REGRESSION; VALUE-RELEVANCE; EARNINGS; ISSUES; PERFORMANCE; REPUTATION;

D O I：

10.1111/j.1755-053X.2009.01035.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We examine how initial public offering (IPO) valuation has changed over time by focusing on three time periods: 1986-1990, January 1997 to March 2000 (designated as the boom period), and April 2000 to December 2001 (designated as the crash period). Using a sample of 1,655 IPOs, we find that firms with more negative earnings have higher valuations than do firms with less negative earnings and firms with more positive earnings have higher valuations than firms with less positive earnings. Our results suggest that negative earnings are a proxy for growth opportunities for Internet firms and that such growth options are a significant component of IPO firm value.

引用

页码：253 / 284

页数：32

共 53 条

[1]

Abel A. B., 2005, INVESTMENT VAL UNPUB

[2] Stabilization activities by underwriters after initial public offerings [J].

Aggarwal, R .

JOURNAL OF FINANCE, 2000, 55 (03) :1075-1103

[3] Executive compensation, strategic competition, and relative performance evaluation: Theory and evidence [J].

Aggarwal, RK ;

Samwick, AA .

JOURNAL OF FINANCE, 1999, 54 (06) :1999-2043

[4]

[Anonymous], APPL STAT

[5] Investment opportunities and the structure of executive compensation [J].

Baber, WR ;

Janakiraman, SN ;

Kang, SH .

JOURNAL OF ACCOUNTING & ECONOMICS, 1996, 21 (03) :297-318

[6] Valuation of Internet stocks - An IPO perspective [J].

Bartov, E ;

Mohanram, P ;

Seethamraju, C .

JOURNAL OF ACCOUNTING RESEARCH, 2002, 40 (02) :321-346

[7] The conservatism principle and the asymmetric timeliness of earnings [J].

Basu, S .

JOURNAL OF ACCOUNTING & ECONOMICS, 1997, 24 (01) :3-37

[8]

Beatty R., 2000, IPO PRICING ACCOUNTI

[9] INVESTMENT BANKING, REPUTATION, AND THE UNDERPRICING OF INITIAL PUBLIC OFFERINGS [J].

BEATTY, RP ;

RITTER, JR .

JOURNAL OF FINANCIAL ECONOMICS, 1986, 15 (1-2) :213-232

[10] CORPORATE RESEARCH-AND-DEVELOPMENT INVESTMENTS - INTERNATIONAL COMPARISONS [J].

BHAGAT, S ;

WELCH, I .

JOURNAL OF ACCOUNTING & ECONOMICS, 1995, 19 (2-3) :443-470

← 1 2 3 4 5 6 →