کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
961725 | 929904 | 2006 | 42 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Underwriter learning about unfamiliar firms: Evidence from the history of biotech IPOS
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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چکیده انگلیسی
This study examines the ability of underwriters to properly value unfamiliar firms prior to issuance. I use a sample of IPOs in biotechnology, a relatively new but thriving industry. The first American biotech IPO was in 1980. Through the end of 2004, almost 500 biotech IPOs have appeared in the public market. I find that biotechnology differs from other industries in the attributes of individual firms valued by the market. In particular, R&D and the quality of human capital (e.g., star scientists on the staff) are much more important for biotech valuations. I find also that underwriters appeared not to appreciate this distinction for early biotech IPOs; in those cases, first-day market returns were predictable by firm attributes not used by underwriters to establish IPO issue prices. I also find that underwriters have learned over time, albeit slowly. Over the 20+ years of biotech history, IPO issue prices have become more dependent on firm attributes unique to biotechs while first-day market returns have become less predictable.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Markets - Volume 9, Issue 4, November 2006, Pages 366-407
Journal: Journal of Financial Markets - Volume 9, Issue 4, November 2006, Pages 366-407
نویسندگان
Kuntara Pukthuanthong,