经济学院学术报告之苏循华（五）

报告题目：The benefit of going public and IPO underpricing: evidence from syndicated loans

报告时间：2018年12月27日（周四）14:30-15:30

报告地点：翡翠湖校区科教楼B座1004

报告人：苏循华教授

工作单位：Norwegian School of Economics

举办单位：经济学院

报告人简介：

苏循华，中国科学技术大学学士，挪威商学院硕士，挪威经济学院金融博士，挪威科学技术大学博士后。现任挪威经济学院金融系教授，苏教授具体研究方向为公司金融，包括企业融资、创新、流动性管理、金融契约与企业竞争等。企业在当今社会扮演着极其重要的角色，针对企业竞争、融资、创新等方面的学术研究具有十分重要的理论与现实意义，其研究结果发表在顶级金融学杂志Journal of Financial and Quantitative Analysis (JFQA)，Journal of Banking and Finance, Journal of Money Credit and Banking (JMCB)，Financial Management等。

报告内容：

This paper links IPO underpricing with the benefit of going public from the loan market. We show that IPO underpricing is followed by significantly lower borrowing costs of the issuer after going public, after controlling for firm and loan characteristics, and important factors that affect IPO underpricing. This larger reduction in borrowing costs amounts to about U.S. $0.8 billion per year for our sample firms, which is substantial relative to the total amount of money left on the table due to higher underpricing (U.S. $21.06 billion). Our findings provide a new rationale for why issuers don’t get upset about IPO underpricing, and are consistent with the argument that going public generates great publicity of the issuer, while IPO underpricing amplifies this effect and tends to make the issuer an “overnight celebrity.”