The Long-Run Underperformance of IPOs, Earnings Management and Underwriter Reputation

Recent studies have documented that various factors such as discretionary accounting accruals, underwriter reputation, venture capital backing, and firm size will affect the long-run performance of IPOs. However, it is not clear whether the return predictability of these attributes are the manifestation of one phenomenon, or independent results. We do the univariate and multivariate analyses on these factors to trace the sources of return predictability. We find that these previous identified effects are not the same phenomenon, though correlated to some extent. The results show that a confluence of these determinants is more important than any individual factor in explaining the IPO long-run performance. We also identify a subset of IPOs that outperform their benchmark. To our knowledge, this is the first study to find such result.Ritter (1991) 和Loughran and Ritter (1995)發現美國初次上市之新股，在上市後的五年 內，股價表現明顯不佳。而後續的一些研究結果發現上市公司的盈餘操控程度、承銷商 信譽、是否有創投資金投入和公司大小均影響新股初次上市後的長期股票報酬。本文旨 在串聯這些實證的研究結果以進一步進行交叉分析。本研究發現上述之各種因素雖然相 關，但其對新股初次上市後的長期股票報酬各有一定程度的影響力。綜合各項因素對股 價的解釋能力要比單一因素來的高。我們也發現有一些初次上市的新股，其長期表現相當亮麗，過去的文獻均未對此著墨