کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5093162 1478435 2016 17 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Committed anchor investment and IPO survival - The roles of cornerstone and strategic investors
کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری کسب و کار و مدیریت بین المللی
پیش نمایش صفحه اول مقاله
Committed anchor investment and IPO survival - The roles of cornerstone and strategic investors
چکیده انگلیسی
Recent U.S. policy encourages anchor investments to facilitate initial public offerings (IPOs) and increase companies' access to external finance. As access to external funds relies on stocks remaining listed, we study anchor investors' impact on how long IPOs stay listed. We examine two types of anchor investors in Hong Kong: strategic and cornerstone investors, that are similar to U.S. anchor investors, but show varying levels of commitment to the IPO. We find that IPOs backed by more committed investors, with longer post-IPO commitments (lockups), stay listed longer. This suggests that the success of U.S. policies may require investors' commitment.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Corporate Finance - Volume 41, December 2016, Pages 139-155
نویسندگان
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