Are hospitality industry IPO stock returns predictable?

被引：5

作者：

Borghesi, Richard ^{[1
]}

Annaraud, Katerina ^{[2
]}

Singh, Dipendra ^{[3
]}

机构：

[1] Univ S Florida, Coll Business Adm, Sarasota, FL 34243 USA

[2] Univ S Florida, Coll Hospitality & Technol Leadership, Sarasota, FL 34243 USA

[3] Univ Cent Florida, Rosen Coll Hospitality Management, Orlando, FL 32816 USA

来源：

INTERNATIONAL JOURNAL OF HOSPITALITY MANAGEMENT | 2015年 / 44卷

关键词：

Hospitality; IPOs; Predictability; Overperformance; Free cash flows; Discretionary accruals; Altman's Z; PERFORMANCE;

D O I：

10.1016/j.ijhm.2014.09.007

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We examine the post-IPO excess stock returns of hospitality firms from 1996 to 2012 and find under-performance relative to the market on average. However, there are large differences in returns and some firms significantly outperform. We demonstrate that a substantial portion of this variation can be reliably predicted by utilising pre-IPO financial measures such as firm size, free cash flows, discretionary accruals, and Altman's Z. Our findings are potentially valuable to prospective hospitality IPO investors in selecting which stocks to buy and to hospitality firm managers in setting IPO issue prices. (C) 2014 Elsevier Ltd. All rights reserved.

引用

页码：23 / 27

页数：5

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