Third-party certification and post-IPO acquisitions

被引：4

作者：

Blomkvist, Magnus ^{[1
]}

Felixson, Karl ^{[2
]}

Loflund, Anders ^{[2
]}

机构：

[1] Audencia Business Sch Nantes, Nantes, France

[2] Hanken Sch Econ, Arkadiagatan 22, Helsinki 00100, Finland

来源：

APPLIED ECONOMICS | 2020年 / 52卷 / 31期

关键词：

Corporate Investment; M&A; IPO; Third-party certification; Valuation uncertainty; INITIAL PUBLIC OFFERINGS; VENTURE; EXCHANGE; PERFORMANCE; INFORMATION; INVESTMENT; MERGERS; COST;

D O I：

10.1080/00036846.2020.1711509

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We explore the link between third-party certification (venture capital backing, analyst following and having a top underwriter), and post-IPO acquisition activity through the reduction in valuation uncertainty channel. In a sample of 2,424 U.S. IPOs, we find that third-party certification facilitates post-IPO acquisitions. The certified firms are both more likely and conduct acquisitions sooner after the IPO. Our results support the notion that third-party certification reduces post-IPO valuation uncertainty and thereby facilitates a more efficient acquisition strategy.

引用

页码：3436 / 3447

页数：12

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