Second time lucky? Withdrawn IPOs that return to the market
We investigate issuers withdrawing an IPO (after security regulation filings) that return later for a successful offering. Venture capital backing and reputation of the lead underwriter are key factors in predicting successful return. The possibility of returning has a significant impact on the decision to withdraw and the pricing of offerings that succeed. Our sample of returning IPOs also provides a unique setting to investigate underwriter switching after a withdrawal but before a successful IPO. We find that switching occurs in response to poor bank performance and when switching firms "graduate" to banks that have high industry market shares.
Year of publication: |
2008
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Authors: | Dunbar, Craig G. ; Foerster, Stephen R. |
Published in: |
Journal of Financial Economics. - Elsevier, ISSN 0304-405X. - Vol. 87.2008, 3, p. 610-635
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Publisher: |
Elsevier |
Saved in:
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