Third-party Certification and Post-IPO Acquisitions

Magnus Blomkvist; Karl Felixson; Anders Löflund

doi:10.1080/00036846.2020.1711509

Third-party Certification and Post-IPO Acquisitions

Magnus Blomkvist, Karl Felixson, Anders Löflund^*

^*Motsvarande författare för detta arbete

Finansiell ekonomi, Helsingfors

Audencia Business School

Forskningsoutput: Tidskriftsbidrag › Artikel › Vetenskaplig › Peer review

4 Citeringar (Scopus)

Sammanfattning

We explore the link between third-party certification (venture capital backing, analyst following and having a top underwriter), and post-IPO acquisition activity through the reduction in valuation uncertainty channel. In a sample of 2,424 U.S. IPOs, we find that third-party certification facilitates post-IPO acquisitions. The certified firms are both more likely and conduct acquisitions sooner after the IPO. Our results support the notion that third-party certification reduces post-IPO valuation uncertainty and thereby facilitates a more efficient acquisition strategy.

Originalspråk	Engelska
Referentgranskad vetenskaplig tidskrift	Applied Economics
Volym	52
Nummer	31
Sidor (från-till)	3436-3447
Antal sidor	12
ISSN	0003-6846
DOI	https://doi.org/10.1080/00036846.2020.1711509
Status	Publicerad - 07.01.2020
MoE-publikationstyp	A1 Originalartikel i en vetenskaplig tidskrift

Nyckelord

512 Företagsekonomi

Styrkeområden och områden med hög potential (AoS och AoHP)

AoS: Finansiering, redovisning och företagsstyrning

FN:s SDG:er

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10.1080/00036846.2020.1711509

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Third-party Certification and Post-IPO Acquisitions

Sammanfattning

Nyckelord

Styrkeområden och områden med hög potential (AoS och AoHP)

FN:s SDG:er

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