Journal of Corporate Finance · Volume 46, October 2017, Pages 1-24

产品市场广告，异质信念，以及首次公开发行的长期表现

作者：Thomas Chemmanur (Boston College), An Yan (Fordham University)

摘要：我们研究产品市场广告对进行首次公开发行（IPO）的公司股价的长期影响。我们发现，在IPO之前以及在即时售后市场上，上市的公司广告范围越广泛，相较于上市前申报的上调幅度就越大，上市后的股票回报也越小。上述结果即使在控制了由上市前媒体报道代表的投资者关注这一变量的影响之后，仍然是成立的。我们进一步检验发现，上述结论与Miller (1977), Harrison and Kreps (1978), 以及 Morris (1996)的异质信念理论的含义一致，并假设产品市场广告会增加外部投资者对即将上市的公司的看法的异质性。

关键词：广告；首次公开发行；异质信念；长期表现

Product market advertising, heterogeneous beliefs, and the long-run performance of initial public offerings

Thomas Chemmanur (Boston College), An Yan (Fordham University)

ABSTRACT

We study the long-run effects of product market advertising on the equity of firms conducting initial public offerings (IPOs). We find that firms going public with a greater extent of advertising prior to their IPOs are valued higher both in the IPO as well as in the immediate aftermarket, are associated with greater upward price revisions from the pre-IPO filing range means, and have smaller long-run post-IPO stock returns. The above results hold even after controlling for the effects of investor attention, as proxied by the pre-IPO media coverage received by firms going public. We show, using a number of additional tests, that the above findings are consistent with the implications of the heterogeneous beliefs theories of Miller (1977), Harrison and Kreps (1978), and Morris (1996), along with an assumption that product market advertising increases the heterogeneity in outside investor beliefs about firms going public.

Keywords: Advertising; Initial public offerings; Heterogeneous beliefs; Long-run performance

原文链接：

http://www.sciencedirect.com/science/article/pii/S0929119917303899

翻译：熊进宗