The Operating Performance of Initial Public Offerings: The UK Experience
作者： Arif Khurshed , Stefano Paleari , Silvio Vismara
DOI: 10.2139/SSRN.439240
关键词: Finance 、 Initial public offering 、 Profitability index 、 Equity (finance) 、 Alternative investment 、 Economics 、 Capital structure 、 Leverage (finance) 、 Debt
摘要: We study the post-issue operating performance of UK Initial Public Offerings. Using several measures, we find that firms going public on Official List deteriorates significantly after issue. On contrary, IPO-firms Alternative Investment Market (AIM) use IPO as springboard for growth without sacrificing their profitability. The AIM is, indeed, first market where is not found to be declining IPO. listing does affect leverage firms, but gives opportunity raise fresh funds, both at time initial offering and through further (debt or equity) capital raisings. Conversely, permanent decrease in characterizes flotation this a mean rebalance firms' structure.
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