Mazumder Sharif, Saha Pritam
Oklahoma State University, Spears School of Business, Stillwater, OK, 74078, USA.
Northern Kentucky University, Haile/US Bank College of Business, Highland Heights, KY 41076 , USA.
Financ Res Lett. 2021 Nov;43:101977. doi: 10.1016/j.frl.2021.101977. Epub 2021 Feb 12.
This study analyzes the relationship between COVID-19 related fear and short-term IPO performance. Though the average market-adjusted initial return of IPOs in the year 2020 is higher than that of the last four decades, it decreases if fear of pandemic increases. The evidence is robust when we use matching firm-adjusted initial returns. Next, we analyze the persistence of performance after the IPO date. The results show that the performance of IPO firms is more sensitive to the fear of the pandemic than the performance of similar existing firms.
本研究分析了与新冠疫情相关的恐惧情绪和首次公开募股（IPO）短期表现之间的关系。尽管2020年IPO的平均经市场调整后的初始回报率高于过去四十年，但如果对疫情的恐惧加剧，该回报率会下降。当我们使用匹配公司调整后的初始回报率时，证据是有力的。接下来，我们分析了IPO日期之后业绩的持续性。结果表明，与类似的现有公司相比，IPO公司的业绩对疫情恐惧更为敏感。
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