Critical Finance Review, Volume 7, Issue 1, 2018

IPO前后资本结构的变化

作者： Evan Dudley (Queen’s University)

摘要：本文研究了首次公开发行（IPO）前后的资本结构变化。我们发现，IPO公司杠杆减少的幅度和持续性对样本选择、研究的时间周期以及优先股在计算上市前杠杆率时的处理方式很敏感。使用更广泛的IPO样本，并将优先股视为股权，我们发现几乎没有证据表明短暂市场时机效应对热点市场杠杆率有影响。

Capital-structure changes around IPOs

Evan Dudley (Queen’s University)

ABSTRACT

This paper investigates capital-structure changes around Initial Public Offerings (IPOs). We show that the magnitude and persistence of leverage reductions among IPO firms are sensitive to sample selection, the time period studied and how preferred shares are treated in computing pre-IPO leverage. Using a broader sample of IPOs and treating preferred stock as equity, we find little evidence of transitory market timing effects on leverage in hot-issue markets.

原文链接：

https://www.nowpublishers.com/article/Details/CFR-0045、

翻译：董宇佳