Impact of Sponsorship on IPO Long-Run Performance FollowingMergers and Acquisitions
| Autor: | Pei-JuJiang, 江佩儒 |
|---|---|
| Rok vydání: | 2014 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 102 Jensen (1986) has argued that operational efficiency, management expertise, closer monitoring, and higher leverage level are valuable qualities of equity sponsors. Brav and Gompers (1997) and Levis (2011) provide evidence that sponsored IPOs outperform non-sponsored IPOs in the long run. On the other hand, Brau, Couch, and Sutton (2012) suggest that firms experience significant underperformance if they conduct mergers and acquisitions (M＆A) within one year after their IPOs. This study aims to address the research gap between sponsor involvement and M＆A activity over IPO long-run performance. 733 firms that issued their IPOs and then conducted M＆A within one year during 2001 to 2011 in the U.S. are selected into analysis in this study. The regressions result shows that sponsorship poses significant positive impact on post-M＆A IPO long-run performance. Buy-and-hold abnormal returns (BHAR) and calendar-time regressions results also indicate that non-sponsored firms experience significant post-M＆A IPO long-run underperformance. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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