IPO首日超额收益：基于抑价和溢价的研究综述

从一级市场抑价和二级市场溢价两个角度对IPO首日超额收益的相关研究进行了综述,并为我国IPO首日超额收益提供了新的解释。基于信息不对称,一级市场抑价解释认为IPO首日超额收益是发行抑价的结果,是对投资者面临的风险或者提供私有信息的补偿;在对称信息下,抑价是股权选择的一种均衡机制,也是发行人和投资者行为偏差的影响结果;基于行为金融,二级市场溢价解释认为噪声交易者的存在使IPO上市首日交易价格偏离了内在价值,产生了二级市场溢价。     

企业社会责任、声誉与融资关系研究

文章共分为三个部分,即公司声誉相关研究,企业社会责任与声誉文献综述,声誉与融资文献综述。通过对上述三个部分的研究,文章分别对探讨声誉与企业社会责任的关系和声誉与企业融资的关系的文献进行了梳理,发现企业履行社会责任有助于提升企业声誉,声誉的提升能够增强企业的融资能力,带来更多长期融资。     

广州汽车2008年初或赴港上市

据知情人士透露,广州汽车集团股份有限公司计划明年年初进行首次公开募股(IPO),首选上市地点是香港。该知情人士表示,广州汽车集团上月选定中国国际金融有限公司、摩根大通、雷曼兄弟控股公司及摩根士丹利等投资银行担任此次IPO的承销商。他们表示,由于市场形势瞬息万变,此次IPO的规模和地点还没有最终确定。银行界人士预计此次IPO规模将在9亿美元～20亿美元之间。     

企业社会责任与声誉关系研究

文章采用规范研究的方法,对企业社会责任的概念界定问题和企业声誉的概念界定问题进行了文献梳理,并结合已有文献探讨了企业社会责任与企业声誉二者之间的关系。通过梳理文献发现,企业社会责任的研究视角主要是基于利益相关者理论;企业声誉与企业社会责任并不完全等同;企业社会责任与企业声誉之间的关系不唯一,研究结果大多呈正向相关关系。     

女王商学院IPO投资行为的真相

谈到股票市场的首日回报，许多研究都一直在低估IPO的股票价格。IPO的股价常常会比主要承销商最初认购的价格水平冲高很多。平均来说，在1980～2001年期间，首日的回报大约在18％～20％左右。1999年，股票市场开始真正繁荣起来，IPO回报的平均水平为71．7％：2000年低了些，平均水平为56．1％。仅两年就聚集了650亿美元，这可是一大笔钱。那些参与IPO的幸运投资者实际上仅在一天内就收获650亿美元。     

企业社会责任表现、报告质量与企业声誉——基于中国上市公司的实证研究

近年来,越来越多的企业通过发布企业社会责任（CSR）报告与利益相关者沟通CSR表现的情况。在CSR与企业声誉之间的关系备受关注的背景下,CSR报告质量在其中发挥着什么样的作用呢？梳理现有文献,将CSR表现划分成责任管理、市场责任、社会责任以及环境责任,通过实证检验,分别探讨各自与企业声誉之间的作用机理,并研究CSR报告质量在二者之间关系中的调节效应。研究结果显示CSR表现正向作用于企业声誉,相较于责任管理,责任实践的正向作用更强。同时CSR报告质量在二者之间的关系中具有调节效应,能够进一步提升企业声誉,并且对环境责任的调节效应最为明显。     

品牌声誉、品牌满意与品牌忠诚的关系研究

本文主要研究品牌声誉、品牌满意与品牌忠诚之间的关系.研究结果表明,品牌声誉对品牌满意有显著的正向影响,品牌满意对品牌忠诚有显著的正向影响,而品牌声誉对品牌忠诚没有显著的正向影响.本文的结论对于学术界明确品牌声誉、品牌满意和品牌忠诚之间的相互联系,指导企业更好地进行忠诚管理具有重要的意义.     

并购业绩承诺、资产评估机构声誉与标的资产溢价——基于沪深A股上市公司的经验数据

本文以2009~2019年沪深A股市场发生重大资产重组交易的上市公司为样本,研究业绩承诺对标的资产溢价的影响,并考察资产评估机构声誉对二者关系的调节作用。研究结果表明,并购双方签订业绩承诺会使得标的资产溢价显著提高;业绩承诺激进程度越高,标的资产溢价也越高;且与单向业绩承诺相比,双向业绩承诺对标的资产溢价的作用更加明显。进一步研究发现,资产评估机构声誉能够弱化业绩承诺与标的资产溢价之间的关联关系,即资产评估机构声誉越高,业绩承诺与标的资产溢价之间的负向关系越强。     

网络组织成员合作的声誉模型分析

本文分析了网络组织成员合作稳定的意义与影响因素。在Vickers和Barro分别对Kreps的声誉模型简化处理后的模型基础上，从网络组织成员之间合作的博弈关系角度，构建了成员的声誉模型——一个单边非完全信息动态博弈模型，分析了声誉对网络组织成员的激励效应，以及声誉与网络组织治理绩效之间的关系。本文的基本结论：在有利于经济连续稳定的合作环境中，声誉效应是网络组织成员合作的重要激励机制，在声誉效应的激励机制下，成员之间合作是有效率的。应用本文模型所给出的分析方法与结论，对我国企业网络组织成员存在的机会主义等问题，给出了作者自己的解释，对声誉机制发挥作用的条件提出建议。     

管理者声誉评价研究综述

管理者声誉是学术界研究的热点问题,但管理者声誉如何评价在学术界始终未达成共识,这给研究带来了极大的困难,更多的研究和实践也因此而难有突破。鉴于管理者声誉评价的问题将对今后管理者声誉问题的研究产生重大意义,就管理者声誉概述、国内外研究学者对管理者声誉常用的计量方法、衡量管理者声誉的代理变量的选取等关键问题进行了系统的分析和综述,在此基础上,对现有管理者声誉评价方法的优点和缺点进行了总结。     

Board composition,share ownership,and ‘underpricing’ of U.K. IPO firms

Using a sample of 251 IPOs in the United Kingdom, this paper examines interlinks between executive and nonexecutive characteristics, share ownership, and short‐term performance measured in terms of share offer ‘underpricing.’ It argues that executives' power and previous experience directly affect ex ante choice of nonexecutive directors and their ownership interests in the firm. These endogenously developed governance factors may be used by IPO teams strategically to reduce the extent of underpricing. However, there is a selective response of investors to different board characteristics and share ownership structure. Copyright © 2002 John Wiley & Sons, Ltd.     

Geographic distance and corporate acquisitions: signals from IPO firms

This paper examines acquisitions of firms after they have undergone initial public offerings (IPOs). Combining insights from information economics with recent research on geographic distance in various market settings, the analysis investigates whether the presence or absence of different signals on IPO firms has an impact on the geographic proximity of acquirers. The central proposition we develop and test is that specific characteristics of IPOs—venture capitalist backing, investment bank reputation, and underpricing of issued shares—convey signals on these firms, which can facilitate acquisitions by more remote acquirers who are more likely to face the risk of adverse selection. Copyright © 2011 John Wiley & Sons, Ltd.     

The Pricing of Seasoned Equity Offerings: Evidence from REITs

Real estate investment trusts (REITs) have been a very active sector in the capital market over the last few years. This paper examines the pricing of seasoned equity offers by equity REITs during 1991–1996. Consistent with Parsons and Raviv's model, we find that SEOs by REITs are underpriced with respect to both the closing price on the day before and the closing price on the day of the offer. Underpricing depends on the institutional ownership of the firm's common stock. Issues by firms with higher institutional ownership are more underpriced for post-1990 REITs. Further, consistent with the notion that theories of IPO pricing apply to SEOs as well, the underpricing of SEOs is a function of the issue size and of the underwriter's reputation.     

Rationale behind IPO Underpricing: Evidence from Asian REIT IPOs

This article examines the rationale behind IPO underpricing using a sample of REIT IPOs in Asia. Although the IPOs registered an average initial return of 3.08%, the issuers were able to sell the IPO shares above their fundamental values by timing the listings in periods when existing REIT stocks are traded at a premium to their net asset values (NAV). An IPO could therefore be underpriced and yet produce a net gain for the issuer. The issuers’ net gain from IPO is, however, negatively related to long‐run performance of REIT IPOs.     

Socioemotional wealth and IPO underpricing of family firms

Socioemotional wealth (SEW), i.e., the noneconomic utility a family derives from its ownership position in a firm, is the primary reference point for family firms. Family firms are willing to sacrifice economic gains in order to preserve their noneconomic utility. Thus, we argue that family firms sacrifice IPO proceeds by choosing higher IPO underpricing than nonfamily firms if underpricing helps them protect their SEW. Our empirical results, based on a sample of 153 German IPOs, support our hypothesis. On average, family firms have 10 percentage points more IPO underpricing than nonfamily firms. Copyright © 2014 John Wiley & Sons, Ltd.     

Corporate governance and IPO underpricing in a cross‐national sample: A multilevel knowledge‐based view

Prior studies of IPO underpricing, mostly using agency theory and single‐country samples, have generally fallen short. In this study, we employ the knowledge‐based view (KBV) to explore underpricing across 17 countries. We find that agency indicators are insignificant predictors, board of director knowledge limits underpricing, and external knowledge both substitutes for and complements internal board knowledge. This third finding suggests that future KBV studies should consider how internal and external knowledge states interact with each other. Our study offers new insights into the antecedents of underpricing and extends our understanding of comparative governance and the KBV of the firm. Copyright © 2014 John Wiley & Sons, Ltd.     

Do newly public acquirers benefit or suffer from their pre‐IPO affiliations with underwriters and VCs?

We examine whether pre‐IPO affiliations affect post‐IPO corporate events, namely acquisitions. On the one hand, newly public acquirers may benefit from their pre‐IPO affiliations through residual signaling value or/and resource‐related benefits. On the other hand, newly public acquirers may suffer from those affiliations when conflicts of interests arise during the post‐IPO period. Equity underwriters may have incentive to promote non–value‐creating acquisitions (Type II error), and venture capitalists (VCs) may have incentive to forgo strategically important acquisitions (Type I error). Drawing on a sample of 4,029 acquisitions made by 717 newly public firms, we find that on average the announcement of an acquisition by a newly public acquirer elicits a positive response from investors. The market views more favorably the acquisitions announced by newly public acquirers associated with prestigious equity underwriters, but this reaction becomes negative when the lead underwriter is retained as the acquisition advisor. The market reacts more favorably to acquisitions announced by VC‐backed newly public acquirers, but only when those VCs are committed to a longer lockup period. The effects of pre‐IPO affiliations on expected returns are stronger for newly public acquirers with a high intangible resource base and persist throughout the three‐year post‐IPO period (across each subsequent acquisition announcement). Copyright © 2010 John Wiley & Sons, Ltd.     

Corporate reputation and sustained superior financial performance

Good corporate reputations are critical because of their potential for value creation, but also because their intangible character makes replication by competing firms considerably more difficult. Existing empirical research confirms that there is a positive relationship between reputation and financial performance. This paper complements these findings by showing that firms with relatively good reputations are better able to sustain superior profit outcomes over time. In particular, we undertake an analysis of the relationship between corporate reputation and the dynamics of financial performance using two complementary dynamic models. We also decompose overall reputation into a component that is predicted by previous financial performance, and that which is ‘left over’, and find that each (orthogonal) element supports the persistence of above‐average profits over time. Copyright © 2002 John Wiley & Sons, Ltd.