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Journal of Banking and Finance


• Post-RLBO performance; • Difference between public-to-private (re-IPOs); • Division-to-private; • Private-to-private RLBO and IPO performance; • Underwriter signaling; • Private period restruct


  1. S. Datta
  2. M. Gruskin
  3. M. Iskandar-Datta


    1. BANKING
    2. FINANCE


      This is the first study to examine the post-IPO stock price performance by differentiating between IPOs and three types of RLBOs (i.e. public-to-private (or re-IPOs), division-to-private, and private-to-private deals). We document that public-to-private RLBOs outperform their industry rivals, IPOs, mature firms in comparable industries, and a propensity-score matched control group for up to five years post-offering. Further, we document that, within RLBOs, public-to-private RLBOs, outperform private-to-private and division-to-private RLBOs. We also find support for the underwriter signaling effect for public-to-private RLBOs. Our analysis identifies for the first time what private period restructuring activities contribute to superior post-re-IPO stock price performance. Further, the beneficial effects of private period restructurings are enhanced for deals associated with prestigious underwriters. Our findings suggest that first IPOs and re-IPOs differ substantially in term of post-offer performance, the impact of prestigious underwriters on performance, and performance over time.


      Vol 55, Tahun 2015


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