Baig Ahmed S, Chen Mengxi
Department of Finance, College of Business and Economics, Boise State University, Boise, ID 83725, United States.
Department of Finance, School of Business, Central Connecticut State University, New Britain, CT 06050, United States.
Financ Res Lett. 2022 May;46:102372. doi: 10.1016/j.frl.2021.102372. Epub 2021 Aug 10.
Anecdotal evidence seems to suggest that the initial public offering (IPO) market performed remarkably well through the COVID-19 pandemic. To further understand this peculiar observation, we carry out a comprehensive analysis of IPOs during the pandemic vis-a-vis IPOs before the pandemic. Our findings imply that IPOs during the pandemic experience greater information uncertainty compared to those before the pandemic, and this greater uncertainty is mainly driven by the IPOs from the high-technology and the healthcare sectors. Furthermore, we find that an average IPO firm experiences larger underpricing and more post-IPO return volatility as the pandemic and the associated government responses increase in severity before the offering. Overall, our study indicates that the COVID-19 pandemic had an adverse impact on the IPO market.
轶事证据似乎表明，在新冠疫情期间首次公开募股（IPO）市场表现出色。为了进一步理解这一特殊现象，我们对疫情期间的IPO与疫情前的IPO进行了全面分析。我们的研究结果表明，与疫情前的IPO相比，疫情期间的IPO面临更大的信息不确定性，而这种更大的不确定性主要由高科技和医疗保健行业的IPO驱动。此外，我们发现，随着疫情及相关政府应对措施在发行前的严重程度增加，平均每家IPO公司的抑价幅度更大，上市后回报波动也更大。总体而言，我们的研究表明，新冠疫情对IPO市场产生了不利影响。
