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| Tekijä: | Mikkelson, W. H. Partch, M. M. Shah, K. |
| Otsikko: | Ownership and operating performance of companies that go public |
| Lehti: | Journal of Financial Economics
1997 : JUN, VOL. 44:3, p. 281-307 |
| Asiasana: | COMPANY OWNERSHIP CONTROL INITIAL PUBLIC OFFERINGS SMALL BUSINESS |
| Kieli: | eng |
| Tiivistelmä: | This paper investigates whether the opening performance of firms going public is explained by changes in stock ownership by managers. Neither the level of performance after going public nor the change in performance from before to after going public is related systematically to various measures of ownership by officers and directors or venture capitalists or parent corporations. The changes in equity ownership that result from going public don't lead to changes in incentives that affect operating performance. The evidence raises the question of why large declines in ownership stakes of officers and directors of firms going public for the first time are unrelated to operating performance. |
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