Financial Management (Wiley-Blackwell). Winter2014, Vol. 43 Issue 4, p731-755. 25p.

作者：Paleari Stefano (Department of Economics and Technology Management, University of Bergamo, Italy), Signori Andrea (Department of Economics and Technology Management, University of Bergamo, Italy), Vismara Silvio (Department of Economics and Technology Management, University of Bergamo, Italy)

摘要：運用估值倍數來估計首次公開發行（IPOs）股票的價值賦予了承銷商選擇同等可比公司的自由裁量權。我們發現他們系統性地排除了那些使某個給定IPO明顯高估的候選可比公司。平均來看，在公開的招股說明書中同等可比公司的估值倍數比那些由匹配算法或者買方分析師（包括該IPO承銷商的分析師）選擇的公司的估值倍數要高13%-38%。即使相比于承銷商選擇的同類可比公司，IPOs已經是折價定價，然而對于另外選擇的同類可比公司而言它們仍存在溢價。承銷商選擇同類可比股票的偏誤越大導緻股票未來長期表現越糟糕。

How Do Underwriters Select Peers When Valuing IPOs?

Paleari Stefano (Department of Economics and Technology Management, University of Bergamo, Italy), Signori Andrea (Department of Economics and Technology Management, University of Bergamo, Italy), Vismara Silvio (Department of Economics and Technology Management, University of Bergamo, Italy)

ABSTRACT

Valuing initial public offerings (IPOs) using multiples allows underwriters discretion when selecting comparable firms. We find that they systematically exclude candidate comparable firms that make a given IPO appear overvalued. On average, comparable firms published in official prospectuses have 13%-38% higher valuation multiples than those obtained from matching algo-rithms or selected by sell-side analysts, including the same underwriter‘s analyst after the IPO. Even if IPOs are priced at a discount as compared to peers selected by the underwriters, they are still at a premium with regard to alternatively selected peers. Greater bias in the underwriter’s selection of peers leads to poorer long run performance.

原文鍊接：http://onlinelibrary.wiley.com/doi/10.1111/fima.12060/full

翻譯：孫雨琦