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【JFE】承销商网络,投资者关注与IPO

作者:     日期:2017-09-13    来源:

THE JOURNAL OF FINANCIAL ECONOMICS· VOL.122, ISSUE.2 · November 2016  

 

承销商网络,投资者关注与IPO

作者:Emanuele Bajo (University of Bologna), Thomas J.Chemmanur (Boston College), Karen Simonyan (Suffolk University), HassanTehranian (Boston College)

摘要:通过使用不同的测度社交网络中心性的方法,我们分析了一个主承销商在投资银行网络中的位置如何影响了不同的IPO特征。我们假设投资银行网络允许IPO承销商诱导机构关注那些他们承销上市的公司,并且在IPO过程中扮演两种信息相关的角色:信息传播角色和信息提取角色。在信息传播角色中,主承销商通过使用投资银行网络向机构投资者传播IPO公司相关的噪声信息;在信息提取角色中,主承销商使用投资银行网络从机构投资者获得有利于IPO定价的信息。基于这两种角色,我们提出了关于主承销商的中心性与它们承销的公司的IPO特征的假设。我们发现主承销商的中心性越强,它们的报价修改的绝对值越大,IPO及上市后的价值越大,IPO首日收益率越大,IPO后的机构持股比率越大,分析师报道越多,IPO后的股票流动性越高,长期股票回报越好。通过使用一个手动收集的数据集,我们使用IPO前媒体报道作为投资者关注的代理变量,证明了主承销商的位置越中心越能实现有利于IPO的特征的一个重要渠道是通过吸引更多的投资者关注他们承销的IPO。

关键字:承销商网络,投资者关注,IPO,承销商中心性

 

Underwriter networks, investor attention, and initial public offerings

Emanuele Bajo (University of Bologna), Thomas J.Chemmanur (Boston College), Karen Simonyan (Suffolk University), HassanTehranian (Boston College)

ABSTRACT

Using various centrality measures from social network analysis, we analyze how the location of a lead initial public offering (IPO) underwriter in its network of investment banks affects various IPO characteristics. We hypothesize that investment banking networks allow lead IPO underwriters to induce institutions to pay attention to the firms they take public and to perform two information-related roles during the IPO process: an information dissemination role, in which the lead underwriter uses its investment banking network to disseminate noisy information about various aspects of the IPO firm to institutional investors; and an information extraction role, in which the lead underwriter uses its investment banking network to extract information useful in pricing the IPO firm equity from institutional investors. Based on these two roles, we develop testable hypotheses relating lead IPO underwriter centrality to the IPO characteristics of firms they take public. We find that more central lead IPO underwriters are associated with larger absolute values of offer price revisions, greater IPO and after-market valuations, larger IPO initial returns, greater institutional investor equity holdings and analyst coverage immediately post-IPO, greater stock liquidity post-IPO, and better long-run stock returns. Using a hand-collected data set of pre-IPO media coverage as a proxy for investor attention, we show that an important channel through which more central lead IPO underwriters achieve favorable IPO characteristics is by attracting greater investor attention to the IPOs underwritten by them.

Keywords: Underwriter networks, Investor attention, Initial public offerings, Underwriter centrality

 

原文链接:

http://www.sciencedirect.com/science/article/pii/S0304405X1630126X

 

翻译:吴雨玲