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The long-term performance of private equity-backed IPOs: evidence from the United States

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Resumo:The long-term post-IPO performance is a widely discussed topic in finance. In contrast to general evidence that IPOs underperform the market, private equity-backed IPOs seem to challenge that rule. The main goal of this study is to evaluate and compare post-IPO performance of private equity-backed IPOs and non-private equity-backed IPOs, as well to investigate some possible performance drivers of private equity-backed IPOs. This study is based on a sample of 747 United States private equity-backed IPOs and 6813 United States non-private equity-backed IPOs from 1980 to 2007. The post-IPO performance is assessed using event-time and calendar-time approaches. In general, private equity-backed IPOs performance is neutral relatively to the market and significantly higher than that of non-private equity-backed IPOs. By value-weighting or dividing the sample by decades the previous conclusion remains valid. Moreover, based on multivariate regression models, I conclude that the high leverage that characterizes in general private equity-backed IPOs and the underwriter reputation do not influence the long-term performance and that PE-backed IPOs that went public during the dot-com bubble period of 1999-2000 underperform significantly. These results are consistent with the literature.
Autores principais:Costa, Luís Pedro Sousa Braga da
Assunto:Private equity IPO Long-term performance Event-time Calendar-time Desempenho a longo prazo
Ano:2014
País:Portugal
Tipo de documento:dissertação de mestrado
Tipo de acesso:acesso restrito
Instituição associada:Universidade do Minho
Idioma:inglês
Origem:RepositóriUM - Universidade do Minho

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