Financial Management (Wiley-Blackwell). Winter2014, Vol. 43 Issue 4, p731-755. 25p.

作者：Paleari Stefano (Department of Economics and Technology Management, University of Bergamo, Italy), Signori Andrea (Department of Economics and Technology Management, University of Bergamo, Italy), Vismara Silvio (Department of Economics and Technology Management, University of Bergamo, Italy)

摘要：运用估值倍数来估计首次公开发行（IPOs）股票的价值赋予了承销商选择同等可比公司的自由裁量权。我们发现他们系统性地排除了那些使某个给定IPO明显高估的候选可比公司。平均来看，在公开的招股说明书中同等可比公司的估值倍数比那些由匹配算法或者买方分析师（包括该IPO承销商的分析师）选择的公司的估值倍数要高13%-38%。即使相比于承销商选择的同类可比公司，IPOs已经是折价定价，然而对于另外选择的同类可比公司而言它们仍存在溢价。承销商选择同类可比股票的偏误越大导致股票未来长期表现越糟糕。

How Do Underwriters Select Peers When Valuing IPOs?

Paleari Stefano (Department of Economics and Technology Management, University of Bergamo, Italy), Signori Andrea (Department of Economics and Technology Management, University of Bergamo, Italy), Vismara Silvio (Department of Economics and Technology Management, University of Bergamo, Italy)

ABSTRACT

Valuing initial public offerings (IPOs) using multiples allows underwriters discretion when selecting comparable firms. We find that they systematically exclude candidate comparable firms that make a given IPO appear overvalued. On average, comparable firms published in official prospectuses have 13%-38% higher valuation multiples than those obtained from matching algo-rithms or selected by sell-side analysts, including the same underwriter‘s analyst after the IPO. Even if IPOs are priced at a discount as compared to peers selected by the underwriters, they are still at a premium with regard to alternatively selected peers. Greater bias in the underwriter’s selection of peers leads to poorer long run performance.

原文链接：http://onlinelibrary.wiley.com/doi/10.1111/fima.12060/full

翻译：孙雨琦