메뉴 건너뛰기




Volumn 33, Issue 3-4, 2006, Pages 550-579

Explaining the short- and long-term IPO anomalies in the US by R&D

Author keywords

Information asymmetry; Investor optimism; IPO's performance; R D

Indexed keywords


EID: 33646893897     PISSN: 0306686X     EISSN: 14685957     Source Type: Journal    
DOI: 10.1111/j.1468-5957.2006.00610.x     Document Type: Review
Times cited : (119)

References (43)
  • 1
    • 0039604680 scopus 로고    scopus 로고
    • Information asymmetry, R&D and insider gains
    • Aboody, D. and B. Lev (2000), 'Information Asymmetry, R&D and Insider Gains', Journal of Finance, Vol. 55, pp. 2747-66.
    • (2000) Journal of Finance , vol.55 , pp. 2747-2766
    • Aboody, D.1    Lev, B.2
  • 2
    • 4043121703 scopus 로고    scopus 로고
    • Research and development activity and expected returns in the United Kingdom
    • Al-Horani, A., P.F. Hope arid A.W. Stark (2003), 'Research and Development Activity and Expected Returns in the United Kingdom", European Finance Review, Vol. 7, pp. 27-46.
    • (2003) European Finance Review , vol.7 , pp. 27-46
    • Al-Horani, A.1    Hope, P.F.2    Stark, A.W.3
  • 3
    • 45349112870 scopus 로고
    • Signaling by underpricing in the IPO market
    • Allen, F. and G. Faulhaber (1989), 'Signaling by Underpricing in the IPO Market', Journal of Financial Economics, Vol. 23, pp. 303-24.
    • (1989) Journal of Financial Economics , vol.23 , pp. 303-324
    • Allen, F.1    Faulhaber, G.2
  • 4
    • 33845397012 scopus 로고
    • A model of the demand for investment banking advising and distribution services for new issues
    • Baron, D. (1982), 'A Model of the Demand for Investment Banking Advising and Distribution Services for New Issues', Journal of Finance, Vol. 37, pp. 955-76.
    • (1982) Journal of Finance , vol.37 , pp. 955-976
    • Baron, D.1
  • 6
    • 37149005683 scopus 로고
    • Investment banking, reputation, and the underpricing of initial public offerings
    • Beatty, R. and J. Ritter (1986), 'Investment Banking, Reputation, and the Underpricing of Initial Public Offerings', Journal of Financial Economics, Vol. 15, pp. 213-32.
    • (1986) Journal of Financial Economics , vol.15 , pp. 213-232
    • Beatty, R.1    Ritter, J.2
  • 7
    • 0039184677 scopus 로고
    • How investment bankers determine the offer price and allocation of new issues
    • Benveniste, L. and P. Spindt (1989), 'How Investment Bankers Determine the Offer Price and Allocation of New Issues', Journal of Financial Economics, Vol. 24, pp. 343-61.
    • (1989) Journal of Financial Economics , vol.24 , pp. 343-361
    • Benveniste, L.1    Spindt, P.2
  • 8
    • 0007193104 scopus 로고    scopus 로고
    • Myth or reality? The long-run underperformance of initial public offerings: Evidence from venture and nonventure capital-backed companies
    • Brav, A. and P. Gompers (1997), 'Myth or Reality? The Long-run Underperformance of Initial Public Offerings: Evidence from Venture and Nonventure Capital-backed Companies', Journal of Finance, Vol. 52, pp. 1791-821.
    • (1997) Journal of Finance , vol.52 , pp. 1791-1821
    • Brav, A.1    Gompers, P.2
  • 9
    • 0034179209 scopus 로고    scopus 로고
    • Is the abnormal return following equity issuances anomalous?
    • _, C. Geczy and P.A. Gompers (2000), 'Is the Abnormal Return Following Equity Issuances Anomalous?', Journal of Financial Economics, Vol. 56, pp. 209-49.
    • (2000) Journal of Financial Economics , vol.56 , pp. 209-249
    • Geczy, C.1    Gompers, P.A.2
  • 10
    • 0002624840 scopus 로고    scopus 로고
    • On performance in mutual fund performance
    • Carhart, M. (1997), 'On Performance in Mutual Fund Performance', Journal of Finance, Vol. 52, pp. 57-82.
    • (1997) Journal of Finance , vol.52 , pp. 57-82
    • Carhart, M.1
  • 11
    • 84977731975 scopus 로고
    • Initial public offerings and underwriter reputation
    • Carter, R. and S. Manaster (1990), 'Initial Public Offerings and Underwriter Reputation', Journal of Finance, Vol. 45, pp. 1045-68.
    • (1990) Journal of Finance , vol.45 , pp. 1045-1068
    • Carter, R.1    Manaster, S.2
  • 12
    • 0037855539 scopus 로고    scopus 로고
    • Underwriter reputation, initial returns, and the long-run performance of IPO stocks
    • Carter, R., F. Dark and A. Singh (1998), 'Underwriter Reputation, Initial Returns, and the Long-run Performance of IPO Stocks', Journal of Finance, Vol. 53, pp. 285-311.
    • (1998) Journal of Finance , vol.53 , pp. 285-311
    • Carter, R.1    Dark, F.2    Singh, A.3
  • 14
    • 0010019475 scopus 로고    scopus 로고
    • The stock market valuation of research and development expenditure
    • Chan, K., J. Lakonishok and T. Sougiannis (2001), 'The Stock Market Valuation of Research and Development Expenditure', Journal of Finance, Vol. 56, pp. 2431-56.
    • (2001) Journal of Finance , vol.56 , pp. 2431-2456
    • Chan, K.1    Lakonishok, J.2    Sougiannis, T.3
  • 15
    • 0002014264 scopus 로고    scopus 로고
    • Evidence on the characteristics of cross sectional variation in stock returns
    • Daniel, K. and S. Titman (1997), 'Evidence on the Characteristics of Cross Sectional Variation in Stock Returns', Journal of Finance, Vol. 52, No. 1, pp. 1-33.
    • (1997) Journal of Finance , vol.52 , Issue.1 , pp. 1-33
    • Daniel, K.1    Titman, S.2
  • 16
    • 1842813971 scopus 로고    scopus 로고
    • An examination of long-term abnormal stock returns and operating performance following R&D increases
    • Eberhart, A.C., W.F. Maxwell and A. Siddique (2004), 'An Examination of Long-term Abnormal Stock Returns and Operating Performance Following R&D Increases', Journal, of Finance, Vol. 59, pp. 623-50.
    • (2004) Journal, of Finance , vol.59 , pp. 623-650
    • Eberhart, A.C.1    Maxwell, W.F.2    Siddique, A.3
  • 17
    • 0346207692 scopus 로고    scopus 로고
    • Market efficiency, long-term returns, and behavioral finance
    • Fama, E.F. (1998), 'Market Efficiency, Long-Term Returns, and Behavioral Finance', Journal of Financial Economics, Vol. 49, pp. 283-306.
    • (1998) Journal of Financial Economics , vol.49 , pp. 283-306
    • Fama, E.F.1
  • 18
    • 38549147867 scopus 로고
    • Common risk factors in the returns on stocks and bonds
    • _ and K.R. French (1993), 'Common Risk Factors in the Returns on Stocks and Bonds', Journal of Financial Economics, Vol. 33, No. 1, pp. 3-56.
    • (1993) Journal of Financial Economics , vol.33 , Issue.1 , pp. 3-56
    • French, K.R.1
  • 19
    • 0000928969 scopus 로고
    • Risk, return and equilibrium - Empirical tests
    • _ and J.D. Macbeth (1973), 'Risk, Return and Equilibrium - Empirical Tests', Journal of Political Economy, Vol. 81, No. 3, pp. 607-36.
    • (1973) Journal of Political Economy , vol.81 , Issue.3 , pp. 607-636
    • Macbeth, J.D.1
  • 20
    • 84977725468 scopus 로고    scopus 로고
    • Signalling and the pricing of new issues
    • Grinblatt, M. and C. Hwang (3989), 'Signalling and the Pricing of New Issues', Journal of Finance, Vol. 44, pp. 393-420.
    • (3989) Journal of Finance , vol.44 , pp. 393-420
    • Grinblatt, M.1    Hwang, C.2
  • 21
    • 2442431420 scopus 로고    scopus 로고
    • Competitive costs of disclosure by biotech IPOs
    • Guo, R., B. Lev and N. Zhou (2004), 'Competitive Costs of Disclosure by Biotech IPOs', Journal of Accounting Research, Vol. 42, pp. 319-55.
    • (2004) Journal of Accounting Research , vol.42 , pp. 319-355
    • Guo, R.1    Lev, B.2    Zhou, N.3
  • 22
    • 43949164598 scopus 로고
    • The underpricing of initial public offerings and the partial adjustment phenomenon
    • Hanley, K. (1993), 'The Underpricing of Initial Public Offerings and the Partial Adjustment Phenomenon', Journal of Financial Economics, Vol. 34, pp. 231-50.
    • (1993) Journal of Financial Economics , vol.34 , pp. 231-250
    • Hanley, K.1
  • 23
    • 84863174095 scopus 로고    scopus 로고
    • Do underwriters collaborate with venture capitalists in IPOs? Implications and evidence
    • University of Michigan
    • Hoberg, G. and H.N. Seyhun (2005), 'Do Underwriters Collaborate with Venture Capitalists in IPOs? Implications and Evidence', Working Paper (University of Michigan).
    • (2005) Working Paper
    • Hoberg, G.1    Seyhun, H.N.2
  • 26
    • 0030079993 scopus 로고    scopus 로고
    • The capitalization, amortization and value-relevance of R&D
    • Lev, B. and T. Sougiannis (1996), 'The Capitalization, Amortization and Value-Relevance of R&D', Journal of Accounting and Economics, Vol. 21, 107-38.
    • (1996) Journal of Accounting and Economics , vol.21 , pp. 107-138
    • Lev, B.1    Sougiannis, T.2
  • 27
  • 28
    • 0037751658 scopus 로고
    • Initial public offerings: International insights
    • _, J. Ritter and K. Rydqvist (1994), 'Initial Public Offerings: International Insights', Pacific-Basin Finance Journal, Vol. 2, pp. 165-99.
    • (1994) Pacific-Basin Finance Journal , vol.2 , pp. 165-199
    • Ritter, J.1    Rydqvist, K.2
  • 29
    • 33646895959 scopus 로고    scopus 로고
    • Prospect theory, and the long-run performance of IPO stocks
    • University of Utah
    • Ma, T. and Y. Shen (2004), 'Prospect Theory, and the Long-run Performance of IPO Stocks', Working Paper (University of Utah).
    • (2004) Working Paper
    • Ma, T.1    Shen, Y.2
  • 30
    • 84977723575 scopus 로고
    • Venture capitalist certification in initial public offerings
    • Megginson, W. and K. Weiss (1991), 'Venture Capitalist Certification in Initial Public Offerings', Journal of Finance, Vol. 46, pp. 879-903.
    • (1991) Journal of Finance , vol.46 , pp. 879-903
    • Megginson, W.1    Weiss, K.2
  • 31
    • 0040162533 scopus 로고
    • The pricing of initial public offering: Tests of adverse selection and signaling theories
    • Michaely, R. and W. Shaw (1994), 'The Pricing of Initial Public Offering: Tests of Adverse Selection and Signaling Theories', Review of Financial Studies, Vol. 7, pp. 279-319.
    • (1994) Review of Financial Studies , vol.7 , pp. 279-319
    • Michaely, R.1    Shaw, W.2
  • 32
    • 0031161492 scopus 로고    scopus 로고
    • Ownership and operating performance of companies that go public
    • Mikkelson, W., M. Partch and K. Shah (1997), 'Ownership and Operating Performance of Companies that Go Public', Journal of Financial Economics, Vol. 44, pp. 281-307.
    • (1997) Journal of Financial Economics , vol.44 , pp. 281-307
    • Mikkelson, W.1    Partch, M.2    Shah, K.3
  • 33
    • 84916929634 scopus 로고
    • Risk, uncertainty, and divergence of opinion
    • Miller, E.M. (1977), 'Risk, Uncertainty, and Divergence of Opinion', Journal of Finance, Vol. 32, pp. 1151-68.
    • (1977) Journal of Finance , vol.32 , pp. 1151-1168
    • Miller, E.M.1
  • 34
    • 0039372633 scopus 로고    scopus 로고
    • Managerial decisions and long-term stock price performance
    • Mitchell, M. and E. Stafford (2000), 'Managerial Decisions and Long-Term Stock Price Performance', Journal of Business, Vol. 73, pp. 287-320.
    • (2000) Journal of Business , vol.73 , pp. 287-320
    • Mitchell, M.1    Stafford, E.2
  • 35
    • 0036013270 scopus 로고    scopus 로고
    • Accounting conservatism, the quality of earnings and stock returns
    • Penman, S.H. and X.J. Zhang (2002), 'Accounting Conservatism, the Quality of Earnings and Stock Returns', The Accounting Review, Vol. 77, pp. 237-64.
    • (2002) The Accounting Review , vol.77 , pp. 237-264
    • Penman, S.H.1    Zhang, X.J.2
  • 36
    • 0002860329 scopus 로고    scopus 로고
    • Analyst following of initial public offerings
    • Rajan, R. and H. Servaes (1997), 'Analyst Following of Initial Public Offerings', Journal of Finance, Vol. 52, pp. 507-29.
    • (1997) Journal of Finance , vol.52 , pp. 507-529
    • Rajan, R.1    Servaes, H.2
  • 37
    • 84977717063 scopus 로고
    • The long-run performance of initial public offerings
    • Ritter, J. (1991), 'The Long-run Performance of Initial Public Offerings', Journal of Finance, Vol. 46, pp. 3-27.
    • (1991) Journal of Finance , vol.46 , pp. 3-27
    • Ritter, J.1
  • 38
    • 1242270240 scopus 로고    scopus 로고
    • Differences between European and American IPO markets
    • _ (2003), 'Differences between European and American IPO Markets', European Financial Management, Vol. 9, pp. 421-34.
    • (2003) European Financial Management , vol.9 , pp. 421-434
  • 39
    • 0038193294 scopus 로고    scopus 로고
    • A review of IPO activity, pricing, and allocations
    • _ and I. Welch (2002), 'A Review of IPO Activity, Pricing, and Allocations', Journal of Finance, Vol. 57, pp. 1795-828.
    • (2002) Journal of Finance , vol.57 , pp. 1795-1828
    • Welch, I.1
  • 40
    • 0000423667 scopus 로고
    • Why new issues are underpriced
    • Rock, K. (1986), 'Why New Issues are Underpriced', Journal of Financial Economics, Vol. 14, pp. 187-212.
    • (1986) Journal of Financial Economics , vol.14 , pp. 187-212
    • Rock, K.1
  • 41
    • 33646884017 scopus 로고    scopus 로고
    • Disclosure choice and cost of capital: Evidence from underpricing in initial public offerings
    • University of Pennsylvania
    • Schrand, C. and R.E. Verrecchia (2004), 'Disclosure Choice and Cost of Capital: Evidence from Underpricing in Initial Public Offerings', Working Paper (University of Pennsylvania).
    • (2004) Working Paper
    • Schrand, C.1    Verrecchia, R.E.2
  • 42
    • 0030305172 scopus 로고    scopus 로고
    • Do stock prices fully reflect information in accruals and cash flows about future earnings?
    • Sloan, R. (1996), 'Do Stock Prices Fully Reflect Information in Accruals and Cash Flows about Future Earnings?', The Accounting Review, Vol. 71, pp. 289-315.
    • (1996) The Accounting Review , vol.71 , pp. 289-315
    • Sloan, R.1
  • 43
    • 0000370948 scopus 로고    scopus 로고
    • Earnings management and the long-run market performance of initial public offerings
    • Teoh, S., I. Welch and T. Wong (1998), 'Earnings Management and the Long-run Market Performance of Initial Public Offerings', Journal of Finance, Vol. 53, pp. 1935-74.
    • (1998) Journal of Finance , vol.53 , pp. 1935-1974
    • Teoh, S.1    Welch, I.2    Wong, T.3


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.