Journal of Corporate Finance · Volume 43, April 2017, Pages 19–38

美国IPO的政治捐款

作者：Dimitrios Gounopoulos (Newcastle University Business School, Newcastle University), Antonios Kallias (Portsmouth Business School, University of Portsmouth), Konstantinos Kallias (Portsmouth Business School, University of Portsmouth), Panayiotis G. Tzeremes (Department of Economics, University of Thessaly)

摘要：我们提供了第一个探讨政治捐款对IPO影响的研究。利用一个手工收集的数据库，我们的研究显示游说和PAC支出都在发行当天偿还，因为捐赠者承受较低程度的抑价，这种效应可以通过捐款规模和接受者的战略目标来扩大。通过调查多个渠道的原因，我们还将捐赠者IPO与负面报价修订和更低的售后市场波动联系起来。总的来说，我们的结果为信息不对称理论提供了新的经验基础。

关键词：首次公开发行；IPO抑价；政治联系

Political money contributions of U.S. IPOs

Dimitrios Gounopoulos (Newcastle University Business School, Newcastle University), Antonios Kallias (Portsmouth Business School, University of Portsmouth), Konstantinos Kallias (Portsmouth Business School, University of Portsmouth), Panayiotis G. Tzeremes (Department of Economics, University of Thessaly)

ABSTRACT

We produce the first study to explore the effect of political money contributions on IPOs. Exploiting a hand-collected database, we show that both lobbying and PAC expenditure pay off on issue day as donors incur less underpricing, an effect that can be amplified by contribution size and strategic targeting of recipients. Investigating the causes in multiple channels, we also associate donor IPOs with negative offer price revisions and lower aftermarket volatility. Collectively, our results offer new empirical grounding to the information asymmetry theory.

Keywords: Initial public offerings; IPO underpricing; Political connections

原文链接：

http://www.sciencedirect.com/science/article/pii/S0929119916303698

翻译：陈然