Brau James C, Holloway Jonathan M
Brigham Young University, Marriott School, Department of Finance, USA.
J Health Care Finance. 2009 Summer;35(4):42-63.
This article reviews the extant literature regarding the three new issues phenomena: hot issue markets, first-day underpricing, and poor long-run performance as they apply to the heath care industry. Given the "creeping corporatization" of the heath care industry and the unique influence of nonmarket forces on it, we examine whether the three IPO phenomena exist within the industry. We find that hot issue markets, initial underpricing, and negative long-run abnormal returns and sales growth occur among both heath care IPOs and SEOs. Of particular interest, we find that firms are able to issue during times of excess heath care spending and subsequently underperform the market, apparently exploiting windows of opportunity.
热门发行市场、首日抑价以及适用于医疗保健行业的长期不佳表现。鉴于医疗保健行业的“渐进式公司化”以及非市场力量对其的独特影响，我们研究了这三种首次公开募股现象是否存在于该行业中。我们发现，热门发行市场、首次抑价以及长期负异常回报和销售增长在医疗保健行业的首次公开募股和增发中均有出现。特别值得关注的是，我们发现企业能够在医疗保健支出过剩时期进行发行，随后表现逊于市场，这显然是在利用机会窗口。
