| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w24104 |
| 来源ID | Working Paper 24104 |
| Do Public Firms Respond to Investment Opportunities More than Private Firms? The Impact of Initial Firm Quality | |
| Vojislav Maksimovic; Gordon M. Phillips; Liu Yang | |
| 发表日期 | 2017-12-11 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | Using U.S. Census data, we track firms at birth and compare the growth pattern of IPO firms and their matched always-private counterparts over their life cycle. Firms that are larger at birth with faster initial growth are more likely to attain a larger size and to subsequently go public. We estimate a model to predict the propensity to become public (“public quality”) using initial conditions. Firms in the top percentile of public quality grow 29 times larger than the remaining firms fifteen years later if they actually become public and 14 times larger if they stay private, showing a large selection effect for IPO status. Public firms respond more to demand shocks after their IPO and are more productive than their matched private counterparts. This effect is stronger in industries that are capital intensive and dependent on external financing. Overall, initial conditions predict firm growth trajectories, selection into public status and responsiveness to demand shocks. We find no evidence of public market myopia when matching by initial conditions. |
| 主题 | Financial Economics ; Corporate Finance ; Industrial Organization ; Firm Behavior |
| URL | https://www.nber.org/papers/w24104 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/581776 |
| 推荐引用方式 GB/T 7714 | Vojislav Maksimovic,Gordon M. Phillips,Liu Yang. Do Public Firms Respond to Investment Opportunities More than Private Firms? The Impact of Initial Firm Quality. 2017. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w24104.pdf（411KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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