IPO timing, buyout sponsors' exit strategies, and firm performance of RLBOs

Journal of Financial and Quantitative Analysis

Volumn 46, Issue 4, 2011, Pages 1001-1024

  Cao, Jerry X ^a  

^a SINGAPORE MANAGEMENT UNIVERSITY   (Singapore)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 80053061221     PISSN: 00221090     EISSN: 17566916     Source Type: Journal    
DOI: 10.1017/S0022109011000160     Document Type: Article

References (30)

1. Aggarwal, R. K.; L. Krigman; and K. L.Womack. "Strategic IPO Underpricing, Information Momentum, and Lockup Expiration Selling." Journal of Financial Economics, 66 (2002), 105-137.
2. Alti, A. "IPO Market Timing." Review of Financial Studies, 18 (2005), 1105-1138. (Pubitemid 41218408)
3. Barber, B. M., and J. D. Lyon. "Detecting Abnormal Operating Performance: The Empirical Power and Specification of Test Statistics." Journal of Financial Economics, 41 (1996), 359-399. (Pubitemid 126169750)
4. Barber, B. M., and J. D. Lyon. "Detecting Long-Run Abnormal Stock Returns: The Empirical Power and Specification of Test Statistics." Journal of Financial Economics, 43 (1997), 341-372. (Pubitemid 127167992)
5. Benninga, S.; M. Helmantel; and O. Sarig. "The Timing of Initial Public Offerings." Journal of Financial Economics, 75 (2005), 115-132. (Pubitemid 40045891)
6. Brau, J. C.; B. Francis; and N. Kohers. "The Choice of IPO versus Takeover: Empirical Evidence." Journal of Business, 76 (2003), 583-612. (Pubitemid 38038144)
7. Cao, J. X., and J. Lerner. "The Performance of Reverse Leveraged Buyouts." Journal of Financial Economics, 91 (2009), 139-157.
8. Carter, R., and S. Manaster. "Initial Public Offerings and Underwriter Reputation." Journal of Finance, 45 (1990), 1045-1067.
9. Chou, D.-W.; M. Gombola; and F.-Y. Liu. "Earnings Management and Stock Performance of Reverse Leveraged Buyouts." Journal of Financial and Quantitative Analysis, 41 (2006), 407-438. (Pubitemid 43936054)
10. Degeorge, F., and R. Zeckhauser. "The Reverse LBO Decision and Firm Performance: Theory and Evidence." Journal of Finance, 48 (1993), 1323-1348.
11. Field, L. C., and G. Hanka. "The Expiration of IPO Share Lockups." Journal of Finance, 56 (2001), 471-500.
12. Gertner, R., and S. N. Kaplan. "The Value Maximizing Board." Working Paper, NBER (1996).
13. Giot, P., and A. Schwienbacher. "IPOs, Trade Sales and Liquidations: Modelling Venture Capital Exits Using Survival Analysis." Journal of Banking and Finance, 31 (2007), 679-702.
14. Gompers, P. "Grandstanding in the Venture Capital Industry." Journal of Financial Economics, 42 (1996), 133-156. (Pubitemid 126164505)
15. Heckman, J. J. "Sample Selection Bias as a Specification Error." Econometrica, 47 (1979), 153-161.
16. Holthausen, R. W., and D. F. Larcker. "The Financial Performance of Reverse Leveraged Buyouts." Journal of Financial Economics, 42 (1996), 293-332. (Pubitemid 126164694)
17. Jain, B. A., and O. Kini. "The Post-Issue Operating Performance of IPO Firms." Journal of Finance, 49 (1994), 1699-1726.
18. Jain, B. A., and O. Kini. "Industry Clustering of Initial Public Offerings." Managerial and Decision Economics, 27 (2006), 1-20. (Pubitemid 43144118)
19. Kaplan, S. N., and P. Strömberg. "Leveraged Buyouts and Private Equity." Journal of Economic Perspectives, 23 (2009), 121-146.
20. Kaplan, S. N., and L. Zingales. "Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?" Quarterly Journal of Economics, 112 (1997), 169-215.
21. Loughran, T., and J. R. Ritter. "The New Issues Puzzle." Journal of Finance, 50 (1995), 23-51.
22. Lowry, M., and G. W. Schwert. "IPO Market Cycles: Bubbles or Sequential Learning?" Journal of Finance, 57 (2002), 1171-1200. (Pubitemid 36932129)
23. Muscarella, C. J., and M. R. Vetsuypens. "Efficiency and Organizational Structure: A Study of Reverse LBOs." Journal of Finance, 45 (1990), 1389-1413.
24. Pastor, L.; L. A. Taylor; and P. Veronesi. "Entrepreneurial Learning, the IPO Decision, and the Post-IPO Drop in Firm Profitability." Review of Financial Studies, 22 (2009), 3005-3046.
25. Pastor, L., and P. Veronesi. "Rational IPO Waves." Journal of Finance, 60 (2005), 1713-1757.
26. Ritter, J. R. "The 'Hot Issue' Market of 1980." Journal of Business, 57 (1984), 215-240.
27. Ritter, J. R. "The Long-Run Performance of Initial Public Offerings." Journal of Finance, 46 (1991), 3-27.
28. Ritter, J. R., and I. Welch. "A Review of IPO Activity, Pricing, and Allocations." Journal of Finance, 57 (2002), 1795-1828. (Pubitemid 36932123)
29. Schultz, P. "Pseudo Market Timing and the Long-Run Underperformance of IPOs." Journal of Finance, 58 (2003), 483-517. (Pubitemid 37311711)
30. Zingales, L. "Insider Ownership and the Decision to Go Public." Review of Economic Studies, 62 (1995), 425-448.