Journal of Corporate Finance · Volume 43, April 2017, Pages 19–38

美國IPO的政治捐款

作者：Dimitrios Gounopoulos (Newcastle University Business School, Newcastle University), Antonios Kallias (Portsmouth Business School, University of Portsmouth), Konstantinos Kallias (Portsmouth Business School, University of Portsmouth), Panayiotis G. Tzeremes (Department of Economics, University of Thessaly)

摘要：我們提供了第一個探讨政治捐款對IPO影響的研究。利用一個手工收集的數據庫，我們的研究顯示遊說和PAC支出都在發行當天償還，因為捐贈者承受較低程度的抑價，這種效應可以通過捐款規模和接受者的戰略目标來擴大。通過調查多個渠道的原因，我們還将捐贈者IPO與負面報價修訂和更低的售後市場波動聯系起來。總的來說，我們的結果為信息不對稱理論提供了新的經驗基礎。

關鍵詞：首次公開發行；IPO抑價；政治聯系

Political money contributions of U.S. IPOs

Dimitrios Gounopoulos (Newcastle University Business School, Newcastle University), Antonios Kallias (Portsmouth Business School, University of Portsmouth), Konstantinos Kallias (Portsmouth Business School, University of Portsmouth), Panayiotis G. Tzeremes (Department of Economics, University of Thessaly)

ABSTRACT

We produce the first study to explore the effect of political money contributions on IPOs. Exploiting a hand-collected database, we show that both lobbying and PAC expenditure pay off on issue day as donors incur less underpricing, an effect that can be amplified by contribution size and strategic targeting of recipients. Investigating the causes in multiple channels, we also associate donor IPOs with negative offer price revisions and lower aftermarket volatility. Collectively, our results offer new empirical grounding to the information asymmetry theory.

Keywords: Initial public offerings; IPO underpricing; Political connections

原文鍊接：

http://www.sciencedirect.com/science/article/pii/S0929119916303698

翻譯：陳然