{"title":"披着失败外衣的成功？欧洲首次公开募股后退出结果的证据","authors":"Pia Helbing, Brian M. Lucey","doi":"10.1111/eufm.12487","DOIUrl":null,"url":null,"abstract":"<p>What happens to companies that file for an initial public offering (IPO), but withdraw and do not list? How long does the post-IPO outcome take? These questions are investigated by analysing market, firm and offer characteristics of 334 withdrawn IPOs in Europe between 2001 and 2015. The majority of withdrawn IPOs is engaged in M&A, only few file for a second time IPO. These post-IPO withdrawal outcomes happen shortly after the IPO filing. Private equity and venture capital-backed firms are more frequently engaging in M&A or trading. The evidence suggests that the IPO may be used as a marketing mechanism, being one of several alternatives of exit.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"30 5","pages":"2682-2716"},"PeriodicalIF":2.1000,"publicationDate":"2024-04-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/eufm.12487","citationCount":"0","resultStr":"{\"title\":\"A success dressed as a failure? Evidence from post-IPO withdrawal outcomes in Europe\",\"authors\":\"Pia Helbing, Brian M. Lucey\",\"doi\":\"10.1111/eufm.12487\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<p>What happens to companies that file for an initial public offering (IPO), but withdraw and do not list? How long does the post-IPO outcome take? These questions are investigated by analysing market, firm and offer characteristics of 334 withdrawn IPOs in Europe between 2001 and 2015. The majority of withdrawn IPOs is engaged in M&A, only few file for a second time IPO. These post-IPO withdrawal outcomes happen shortly after the IPO filing. Private equity and venture capital-backed firms are more frequently engaging in M&A or trading. The evidence suggests that the IPO may be used as a marketing mechanism, being one of several alternatives of exit.</p>\",\"PeriodicalId\":47815,\"journal\":{\"name\":\"European Financial Management\",\"volume\":\"30 5\",\"pages\":\"2682-2716\"},\"PeriodicalIF\":2.1000,\"publicationDate\":\"2024-04-06\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://onlinelibrary.wiley.com/doi/epdf/10.1111/eufm.12487\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"European Financial Management\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://onlinelibrary.wiley.com/doi/10.1111/eufm.12487\",\"RegionNum\":3,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"European Financial Management","FirstCategoryId":"96","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/eufm.12487","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
A success dressed as a failure? Evidence from post-IPO withdrawal outcomes in Europe
What happens to companies that file for an initial public offering (IPO), but withdraw and do not list? How long does the post-IPO outcome take? These questions are investigated by analysing market, firm and offer characteristics of 334 withdrawn IPOs in Europe between 2001 and 2015. The majority of withdrawn IPOs is engaged in M&A, only few file for a second time IPO. These post-IPO withdrawal outcomes happen shortly after the IPO filing. Private equity and venture capital-backed firms are more frequently engaging in M&A or trading. The evidence suggests that the IPO may be used as a marketing mechanism, being one of several alternatives of exit.
期刊介绍：
European Financial Management publishes the best research from around the world, providing a forum for both academics and practitioners concerned with the financial management of modern corporation and financial institutions. The journal publishes signficant new finance research on timely issues and highlights key trends in Europe in a clear and accessible way, with articles covering international research and practice that have direct or indirect bearing on Europe.
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