IPO Offering Size and Analyst Forecasts

被引：3
|
作者：
Jin, Chuntai [1 ]
Li, Tianze [2 ]
Zheng, Steven Xiaofan [2 ]
机构：
[1] Grande Prairie Reg Coll, Dept Business & Off Adm, Grande Prairie, AB, Canada
[2] Univ Manitoba, Asper Sch Business, Dept Accounting & Finance, Winnipeg, MB R3T 2N2, Canada
来源：
REVIEW OF PACIFIC BASIN FINANCIAL MARKETS AND POLICIES | 2016年 / 19卷 / 03期
关键词：
IPO; offering size; analyst forecasts; free cash flow; signal;
D O I：
10.1142/S021909151650020X
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
In this paper, we examine how analysts react to IPO percentage offering size. We find that analysts predict lower long-term earnings growth rates for IPOs with larger percentage offering size. The sizes of both primary and secondary offering are negatively related to long-term growth rate forecasts. We find evidence that the free cash flow effect may be related to the negative relation between primary offering size and growth forecast.
引用
收藏
页数：25
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