Where Have All the IPOs Gone?

被引：225

作者：

Gao, Xiaohui ^{[1
,2
]}

Ritter, Jay R. ^{[3
]}

Zhu, Zhongyan ^{[4
]}

机构：

[1] Univ Maryland, Smith Sch Business, College Pk, MD 20742 USA

[2] Univ Hong Kong, Hong Kong, Hong Kong, Peoples R China

[3] Univ Florida, Warrington Coll Business Adm, Gainesville, FL 32611 USA

[4] Chinese Univ Hong Kong, Sch Business, Shatin, Hong Kong, Peoples R China

来源：

JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS | 2013年 / 48卷 / 06期

关键词：

INITIAL PUBLIC OFFERINGS; VENTURE CAPITALISTS; RADICAL INNOVATION; MARKET; RECOMMENDATIONS; PERFORMANCE; EARNINGS; COVERAGE; CYCLES; CHOICE;

D O I：

10.1017/S0022109014000015

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

During 1980-2000, an average of 310 companies per year went public in the United States. Since 2000, the average has been only 99 initial public offerings (IPOs) per year, with the drop especially precipitous among small firms. Many have blamed the Sarbanes-Oxley Act of 2002 and the 2003 Global Settlement's effects on analyst coverage for the decline in IPO activity. We find very little support for the conventional wisdom, and we offer an alternative explanation. Our economies of scope hypothesis posits that the advantages of selling out to a larger organization, which can speed a product to market and realize economies of scope, have increased relative to the benefits of operating as an independent firm.

引用

页码：1663 / 1692

页数：30

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