메뉴 건너뛰기




Volumn 46, Issue 2, 2010, Pages 489-526

Lemons or cherries? Growth opportunities and market temptations in going public and private

Author keywords

[No Author keywords available]

Indexed keywords


EID: 79956128316     PISSN: 00221090     EISSN: 17566916     Source Type: Journal    
DOI: 10.1017/S0022109010000761     Document Type: Article
Times cited : (64)

References (65)
  • 1
    • 85005305538 scopus 로고
    • The market for 'lemons': Quality uncertainty and the market mechanism
    • Akerlof, G. A. "The Market for 'Lemons': Quality Uncertainty and the Market Mechanism." Quarterly Journal of Economics, 84 (1970), 488-500.
    • (1970) Quarterly Journal of Economics , vol.84 , pp. 488-500
    • Akerlof, G.A.1
  • 2
    • 0002526466 scopus 로고
    • Liquidity and asset prices: Financial management implications
    • Amihud, Y., and H. Mendelson. "Liquidity and Asset Prices: Financial Management Implications." Financial Management, 17 (1988), 5-15.
    • (1988) Financial Management , vol.17 , pp. 5-15
    • Amihud, Y.1    Mendelson, H.2
  • 3
    • 0038465465 scopus 로고    scopus 로고
    • How costly is financial (not economic) distress? Evidence from highly leveraged transactions that became distressed
    • Andrade, G., and S. N. Kaplan. "How Costly Is Financial (Not Economic) Distress? Evidence from Highly Leveraged Transactions That Became Distressed." Journal of Finance, 53 (1998), 1443-1493. (Pubitemid 128344228)
    • (1998) Journal of Finance , vol.53 , Issue.5 , pp. 1443-1493
    • Andrade, G.1    Kaplan, S.N.2
  • 6
    • 0040898637 scopus 로고    scopus 로고
    • Managerial entrenchment and capital structure decisions
    • Berger, P. G.; E. Ofek; and D. L. Yermack. "Managerial Entrenchment and Capital Structure Decisions." Journal of Finance, 52 (1997), 1411-1438.
    • (1997) Journal of Finance , vol.52 , pp. 1411-1438
    • Berger, P.G.1    Ofek, E.2    Yermack, D.L.3
  • 8
    • 77951237589 scopus 로고    scopus 로고
    • Why do firms use private equity to opt out of public markets?
    • Bharath, S. T., and A. K. Dittmar. "Why Do Firms Use Private Equity to Opt Out of Public Markets?" Review of Financial Studies, 23 (2010), 1771-1818.
    • (2010) Review of Financial Studies , vol.23 , pp. 1771-1818
    • Bharath, S.T.1    Dittmar, A.K.2
  • 9
    • 0000577806 scopus 로고    scopus 로고
    • Venture capital and the structure of capital markets: Banks versus stock markets
    • PII S0304405X97000457
    • Black, B. S., and R. J. Gilson. "Venture Capital and the Structure of Capital Markets: Bank versus Stock Markets." Journal of Financial Economics, 47 (1998), 243-277. (Pubitemid 128340489)
    • (1998) Journal of Financial Economics , vol.47 , Issue.3 , pp. 243-277
    • Black, B.S.1    Gilson, R.J.2
  • 10
    • 33644906648 scopus 로고    scopus 로고
    • The entrepreneur's choice between private and public ownership
    • DOI 10.1111/j.1540-6261.2006.00855.x
    • Boot, A. W. A.; R. Gopalan; and A. V. Thakor. "The Entrepreneur's Choice between Private and Public Ownership." Journal of Finance, 61 (2006), 803-836. (Pubitemid 43388192)
    • (2006) Journal of Finance , vol.61 , Issue.2 , pp. 803-836
    • Boot, A.W.A.1    Gopalan, R.2    Thakor, A.V.3
  • 11
    • 33644923904 scopus 로고    scopus 로고
    • Initial public offerings: An analysis of theory and practice
    • DOI 10.1111/j.1540-6261.2006.00840.x
    • Brau, J. C., and S. E. Fawcett. "Initial Public Offerings: An Analysis of Theory and Practice." Journal of Finance, 61 (2006), 399-436. (Pubitemid 43425523)
    • (2006) Journal of Finance , vol.61 , Issue.1 , pp. 399-436
    • Brau, J.C.1    Fawcett, S.E.2
  • 12
    • 0347569248 scopus 로고    scopus 로고
    • The Choice of IPO versus Takeover: Empirical Evidence
    • DOI 10.1086/377032
    • Brau, J. C.; W. Francis; and N. Kohers. "The Choice of IPO versus Takeover: Empirical Evidence." Journal of Business, 76 (2003), 583-612. (Pubitemid 38038144)
    • (2003) Journal of Business , vol.76 , Issue.4 , pp. 583-612
    • Brau, J.C.1    Francis, B.2    Kohers, N.3
  • 14
    • 0000907784 scopus 로고
    • Optimal investment financing decisions and the value of confidentiality
    • Campbell, T. S. "Optimal Investment Financing Decisions and the Value of Confidentiality." Journal of Financial and Quantitative Analysis, 14 (1979), 913-924.
    • (1979) Journal of Financial and Quantitative Analysis , vol.14 , pp. 913-924
    • Campbell, T.S.1
  • 16
    • 77951212918 scopus 로고    scopus 로고
    • The going-public decision and the product market
    • Chemmanur, T. J; S. He; and D. K. Nandy. "The Going-Public Decision and the Product Market." Review of Financial Studies, 23 (2010), 1855-1908.
    • (2010) Review of Financial Studies , vol.23 , pp. 1855-1908
    • Chemmanur, T.J.1    He, S.2    Nandy, D.K.3
  • 17
    • 12344326094 scopus 로고    scopus 로고
    • An empirical analysis of stock and bond market liquidity
    • DOI 10.1093/rfs/hhi010
    • Chordia, T.; A. Sarkar; and A. Subrahmanyam. "An Empirical Analysis of Stock and Bond Market Liquidity." Review of Financial Studies, 18 (2005), 85-129. (Pubitemid 40140326)
    • (2005) Review of Financial Studies , vol.18 , Issue.1 , pp. 85-129
    • Chordia, T.1    Sarkar, A.2    Subrahmanyam, A.3
  • 18
    • 34548055648 scopus 로고    scopus 로고
    • Playing to their strengths? Evidence that specialization in the private equity industry confers competitive advantage
    • Cressy, R.; F. Munari; and A. Malipiero. "Playing to Their Strengths? Evidence That Specialization in the Private Equity Industry Confers Competitive Advantage." Journal of Corporate Finance, 13 (2007), 647-669.
    • (2007) Journal of Corporate Finance , vol.13 , pp. 647-669
    • Cressy, R.1    Munari, F.2    Malipiero, A.3
  • 19
    • 84993869764 scopus 로고
    • The reverse LBO decision and firm performance: Theory and evidence
    • Degeorge, F., and R. Zeckhauser. "The Reverse LBO Decision and Firm Performance: Theory and Evidence." Journal of Finance, 48 (1993), 1323-1348.
    • (1993) Journal of Finance , vol.48 , pp. 1323-1348
    • Degeorge, F.1    Zeckhauser, R.2
  • 20
    • 0033440942 scopus 로고    scopus 로고
    • The dynamics of the management-shareholder conflict
    • Fluck, Z. "The Dynamics of the Management-Shareholder Conflict." Review of Financial Studies, 12 (1999), 379-404.
    • (1999) Review of Financial Studies , vol.12 , pp. 379-404
    • Fluck, Z.1
  • 21
    • 0041903835 scopus 로고    scopus 로고
    • Learning about capital markets from corporate spin- offs
    • Gertner, R.; E. Powers; and D. Scharfstein. "Learning about Capital Markets from Corporate Spin- Offs." Journal of Finance, 57 (2002), 2479-2526.
    • (2002) Journal of Finance , vol.57 , pp. 2479-2526
    • Gertner, R.1    Powers, E.2    Scharfstein, D.3
  • 25
    • 0000357552 scopus 로고    scopus 로고
    • Corporate governance and merger activity in the United States: Making sense of the 1980s and 1990s
    • Holmstrom, B., and S. N. Kaplan. "Corporate Governance and Merger Activity in the United States: Making Sense of the 1980s and 1990s." Journal of Economic Perspectives, 15 (2001), 121-144. (Pubitemid 33594765)
    • (2001) Journal of Economic Perspectives , vol.15 , Issue.2 , pp. 121-144
    • Holmstrom, B.1    Kaplan, S.N.2
  • 26
    • 11244310548 scopus 로고    scopus 로고
    • Managerial entrenchment and payout policy
    • Hu, A., and P. Kumar. "Managerial Entrenchment and Payout Policy." Journal of Financial and Quantitative Analysis, 39 (2004), 759-790. (Pubitemid 40067238)
    • (2004) Journal of Financial and Quantitative Analysis , vol.39 , Issue.4 , pp. 759-790
    • Hu, A.1    Kumar, P.2
  • 28
    • 84884026341 scopus 로고    scopus 로고
    • In Today's buyouts, payday for firms is never far away
    • July 25
    • Ip, G., and H. Sender. "In Today's Buyouts, Payday for Firms Is Never Far Away." The Wall Street Journal (July 25, 2006), A1.
    • (2006) The Wall Street Journal
    • Ip, G.1    Sender, H.2
  • 29
    • 0001066475 scopus 로고
    • Agency costs of free cash flow, corporate finance, and takeovers
    • Jensen, M. C. "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers." American Economic Review, 76 (1986a), 323-329.
    • (1986) American Economic Review , vol.76 , pp. 323-329
    • Jensen, M.C.1
  • 30
    • 0002719266 scopus 로고
    • The takeover controversy: Analysis and evidence
    • Jensen, M. C. "The Takeover Controversy: Analysis and Evidence." Midland Corporate Finance Journal, 4 (1986b), 6-32.
    • (1986) Midland Corporate Finance Journal , vol.4 , pp. 6-32
    • Jensen, M.C.1
  • 31
    • 84993848601 scopus 로고
    • The modern industrial revolution, exit, and the failure of internal control systems
    • Jensen, M. C. "The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems." Journal of Finance, 48 (1993), 831-880.
    • (1993) Journal of Finance , vol.48 , pp. 831-880
    • Jensen, M.C.1
  • 32
    • 44649197264 scopus 로고
    • Theory of the firm: Managerial behavior, agency costs and ownership structure
    • Jensen, M. C., and W. H. Meckling. "Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure." Journal of Financial Economics, 3 (1976), 305-360.
    • (1976) Journal of Financial Economics , vol.3 , pp. 305-360
    • Jensen, M.C.1    Meckling, W.H.2
  • 33
    • 0000706823 scopus 로고
    • The effects of management buyouts on operating performance and value
    • Kaplan, S. "The Effects of Management Buyouts on Operating Performance and Value." Journal of Financial Economics, 24 (1989), 217-254.
    • (1989) Journal of Financial Economics , vol.24 , pp. 217-254
    • Kaplan, S.1
  • 34
    • 0001553293 scopus 로고
    • The staying power of leveraged buy-outs
    • Kaplan, S. N. "The Staying Power of Leveraged Buy-Outs." Journal of Financial Economics, 29 (1991), 287-313.
    • (1991) Journal of Financial Economics , vol.29 , pp. 287-313
    • Kaplan, S.N.1
  • 35
    • 54049118462 scopus 로고    scopus 로고
    • Takeovers, market monitoring, and international corporate governance
    • Kumar, P., and L. Ramchand "Takeovers, Market Monitoring, and International Corporate Governance." Rand Journal of Economics, 39 (2008), 850-874.
    • (2008) Rand Journal of Economics , vol.39 , pp. 850-874
    • Kumar, P.1    Ramchand, L.2
  • 36
    • 0009167334 scopus 로고    scopus 로고
    • Cash flow and investment: Evidence from internal capital markets
    • Lamont, O. "Cash Flow and Investment: Evidence from Internal Capital Markets." Journal of Finance, 52 (1997), 83-109. (Pubitemid 127343964)
    • (1997) Journal of Finance , vol.52 , Issue.1 , pp. 83-109
    • Lamont, O.1
  • 37
    • 84977733537 scopus 로고
    • Free cash flow and stockholder gains in going private transactions
    • Lehn, K., and A. Poulsen. "Free Cash Flow and Stockholder Gains in Going Private Transactions." Journal of Finance, 44 (1989), 771-787.
    • (1989) Journal of Finance , vol.44 , pp. 771-787
    • Lehn, K.1    Poulsen, A.2
  • 38
    • 0000140435 scopus 로고
    • Informational asymmetries, financial structure, and financial intermediation
    • Leland, H. E., and D. H. Pyle. "Informational Asymmetries, Financial Structure, and Financial Intermediation." Journal of Finance, 32 (1977), 371-387.
    • (1977) Journal of Finance , vol.32 , pp. 371-387
    • Leland, H.E.1    Pyle, D.H.2
  • 39
    • 0001200084 scopus 로고
    • Venture capitalists and the decision to go public
    • Lerner, J. "Venture Capitalists and the Decision to Go Public." Journal of Financial Economics, 35 (1994), 293-316.
    • (1994) Journal of Financial Economics , vol.35 , pp. 293-316
    • Lerner, J.1
  • 40
    • 34748817464 scopus 로고    scopus 로고
    • Liquidity and firm characteristics: Evidence from mergers and acquisitions
    • Lipson, M., and S. Mortal. "Liquidity and Firm Characteristics: Evidence from Mergers and Acquisitions." Journal of Financial Markets, 10 (2007), 342-361.
    • (2007) Journal of Financial Markets , vol.10 , pp. 342-361
    • Lipson, M.1    Mortal, S.2
  • 42
    • 0001661240 scopus 로고
    • Management buyouts
    • Lowenstein, L. "Management Buyouts." Columbia Law Review, 85 (1985), 730-784.
    • (1985) Columbia Law Review , vol.85 , pp. 730-784
    • Lowenstein, L.1
  • 43
    • 0007983125 scopus 로고    scopus 로고
    • IPO market cycles: Bubbles or sequential learning?
    • Lowry, M., and G. W. Schwert. "IPO Market Cycles: Bubbles or Sequential Learning?" Journal of Finance, 57 (2002), 1171-1200. (Pubitemid 36932129)
    • (2002) Journal of Finance , vol.57 , Issue.3 , pp. 1171-1200
    • Lowry, M.1    Schwert, G.W.2
  • 44
    • 84977738336 scopus 로고
    • Equity issues and stock price dynamics
    • Lucas, D. J., and R. L. McDonald. "Equity Issues and Stock Price Dynamics." Journal of Finance, 45 (1990), 1019-1043.
    • (1990) Journal of Finance , vol.45 , pp. 1019-1043
    • Lucas, D.J.1    McDonald, R.L.2
  • 45
    • 0035629158 scopus 로고    scopus 로고
    • Technological innovation and initial public offerings
    • Maksimovic, V., and P. Pichler. "Technological Innovation and Initial Public Offerings." Review of Financial Studies, 14 (2001), 459-494.
    • (2001) Review of Financial Studies , vol.14 , pp. 459-494
    • Maksimovic, V.1    Pichler, P.2
  • 46
    • 76549131380 scopus 로고    scopus 로고
    • Financial visibility and the decision to go private
    • Mehran, H., and S. Peristiani. "Financial Visibility and the Decision to Go Private." Review of Financial Studies, 23 (2010), 519-547.
    • (2010) Review of Financial Studies , vol.23 , pp. 519-547
    • Mehran, H.1    Peristiani, S.2
  • 47
    • 0002721187 scopus 로고    scopus 로고
    • Going public and the ownership structure of the firm
    • PII S0304405X9800018X
    • Mello, A. S., and J. E. Parsons. "Going Public and the Ownership Structure of the Firm." Journal of Financial Economics, 49 (1998), 79-109. (Pubitemid 128342911)
    • (1998) Journal of Financial Economics , vol.49 , Issue.1 , pp. 79-109
    • Mello, A.S.1    Parsons, J.E.2
  • 48
    • 84977707554 scopus 로고
    • A simple model of capital market equilibrium with incomplete information
    • Merton, R. C. "A Simple Model of Capital Market Equilibrium with Incomplete Information." Journal of Finance, 42 (1987), 483-510.
    • (1987) Journal of Finance , vol.42 , pp. 483-510
    • Merton, R.C.1
  • 50
    • 84993915282 scopus 로고
    • The determinants of leveraged buyout activity: Free cash flows vs. Financial distress costs
    • Opler T., and S. Titman. "The Determinants of Leveraged Buyout Activity: Free Cash Flows vs. Financial Distress Costs." Journal of Finance, 48 (1993), 1985-1999.
    • (1993) Journal of Finance , vol.48 , pp. 1985-1999
    • Opler, T.1    Titman, S.2
  • 51
    • 43949170563 scopus 로고
    • The flotation of companies on the stock market: A coordination failure model
    • Pagano, M. "The Flotation of Companies on the Stock Market: A Coordination Failure Model." European Economic Review, 37 (1993), 1101-1125.
    • (1993) European Economic Review , vol.37 , pp. 1101-1125
    • Pagano, M.1
  • 52
    • 0009895248 scopus 로고    scopus 로고
    • Why do companies go public? An empirical analysis
    • Pagano, M.; F. Panetta; and L. Zingales. "Why Do Companies Go Public? An Empirical Analysis." Journal of Finance, 53 (1998), 27-64.
    • (1998) Journal of Finance , vol.53 , pp. 27-64
    • Pagano, M.1    Panetta, F.2    Zingales, L.3
  • 53
    • 0009932851 scopus 로고    scopus 로고
    • The choice of stock ownership structure: Agency costs, monitoring and the decision to go public
    • Pagano, M., and A. Roell. "The Choice of Stock Ownership Structure: Agency Costs, Monitoring and the Decision to Go Public." Quarterly Journal of Economics, 113 (1998), 187-225.
    • (1998) Quarterly Journal of Economics , vol.113 , pp. 187-225
    • Pagano, M.1    Roell, A.2
  • 54
    • 11144254668 scopus 로고    scopus 로고
    • The quality of financial statements: Perspectives from the recent stock market bubble
    • Penman, S. H. "The Quality of Financial Statements: Perspectives from the Recent Stock Market Bubble." Accounting Horizons, 17 (2003), 77-96.
    • (2003) Accounting Horizons , vol.17 , pp. 77-96
    • Penman, S.H.1
  • 55
    • 84993839747 scopus 로고
    • What do we know about capital structure? Some evidence from international data
    • Rajan, R. G., and L. Zingales. "What Do We Know about Capital Structure? Some Evidence from International Data." Journal of Finance, 50 (1995), 1421-1460. (Pubitemid 126007543)
    • (1995) Journal of Finance , vol.50 , Issue.5 , pp. 1421-1460
    • Rajan, R.G.1    Zingales, L.2
  • 56
    • 0001605968 scopus 로고
    • The 'hot issue' market of 1980
    • Ritter, J. R. "The 'Hot Issue' Market of 1980." Journal of Business, 57 (1984), 215-240.
    • (1984) Journal of Business , vol.57 , pp. 215-240
    • Ritter, J.R.1
  • 57
    • 84977717063 scopus 로고
    • The long-run performance of initial public offerings
    • Ritter, J. R. "The Long-Run Performance of Initial Public Offerings." Journal of Finance, 46 (1991), 3-27.
    • (1991) Journal of Finance , vol.46 , pp. 3-27
    • Ritter, J.R.1
  • 58
    • 0038193294 scopus 로고    scopus 로고
    • A review of IPO activity, pricing, and allocations
    • Ritter, J. R., and I. Welch. "A Review of IPO Activity, Pricing, and Allocations." Journal of Finance, 57 (2002), 1795-1828. (Pubitemid 36932123)
    • (2002) Journal of Finance , vol.57 , Issue.4 , pp. 1795-1828
    • Ritter, J.R.1    Welch, I.2
  • 59
    • 45349109969 scopus 로고
    • Management entrenchment: The case of manager-specific investments
    • Shleifer, A., and R. W. Vishny. "Management Entrenchment: The Case of Manager-Specific Investments." Journal of Financial Economics, 25 (1989), 123-139.
    • (1989) Journal of Financial Economics , vol.25 , pp. 123-139
    • Shleifer, A.1    Vishny, R.W.2
  • 60
    • 45549112378 scopus 로고
    • Managerial control of voting rights: Financing policies and the market for corporate control
    • Stulz, R. M. "Managerial Control of Voting Rights: Financing Policies and the Market for Corporate Control." Journal of Financial Economics, 20 (1988), 25-54.
    • (1988) Journal of Financial Economics , vol.20 , pp. 25-54
    • Stulz, R.M.1
  • 61
    • 45149135691 scopus 로고
    • Managerial discretion and optimal financing policies
    • Stulz, R. M. "Managerial Discretion and Optimal Financing Policies." Journal of Financial Economics, 26 (1990), 3-27.
    • (1990) Journal of Financial Economics , vol.26 , pp. 3-27
    • Stulz, R.M.1
  • 63
    • 0001917884 scopus 로고
    • Information disclosure costs and the choice of financing source
    • Yosha, O. "Information Disclosure Costs and the Choice of Financing Source." Journal of Financial Intermediation, 4 (1995), 3-20.
    • (1995) Journal of Financial Intermediation , vol.4 , pp. 3-20
    • Yosha, O.1
  • 64
    • 0001277064 scopus 로고
    • Insider ownership and the decision to go public
    • Zingales, L. "Insider Ownership and the Decision to Go Public." Review of Economic Studies, 62 (1995), 425-448.
    • (1995) Review of Economic Studies , vol.62 , pp. 425-448
    • Zingales, L.1
  • 65
    • 0003366384 scopus 로고    scopus 로고
    • Dynamic capital structure under managerial entrenchment
    • Zwiebel, J. "Dynamic Capital Structure under Managerial Entrenchment." American Economic Review, 86 (1996), 1197-1215. (Pubitemid 126417983)
    • (1996) American Economic Review , vol.86 , Issue.5 , pp. 1197-1215
    • Zwiebel, J.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.