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Primary Article

Is There Any Life After Going Public? Evidence from the Canadian Market

Narjess Boubakri, Maher Kooli and Jean-François L'her
The Journal of Private Equity Summer 2005, 8 (3) 30-40; DOI: https://doi.org/10.3905/jpe.2005.516845
Narjess Boubakri
A professor of finance at HEC Montreal in Montreal (Quebec), Canada.
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  • For correspondence: narjess.boubakri@hec.ca
Maher Kooli
A professor of finance in the School of Business and Management at the University of Quebec in Montreal (Quebec), Canada.
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  • For correspondence: kooli.maher@uqam.ca
Jean-François L'her
A vice-president of research and investment policy advising at CDP Capital (Caisse de dépôt et placement du Québec) in Montreal (Quebec), Canada.
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  • For correspondence: jlher@cdpcapital.com
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Abstract

This article examines the survival profile of Canadian initial public offerings (IPOs). More specifically, the authors develop multinomial logit models based on the information contained in the prospectus and attempt to determine what factors influence the post-issue transition of the IPO firms into survivors, non-survivors, or targets. They find that larger IPOs experience a lower probability of delisting, and higher underpricing implies a lower probability of failure or becoming a target. Further, the presence of venture capitalists at the IPO stage seems to influence the post-IPO transition state. The authors also estimate an accelerated-failure-time model as a robustness test and find that the survival time for IPOs increases with the level of underpricing and decreases during hot issue periods. This latter result suggests that leaving money on the table is not a bad thing as generally perceived and has some beneficial outcomes such as enhancing the survivability of the firm.

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Is There Any Life After Going Public? Evidence from the Canadian Market
Narjess Boubakri, Maher Kooli, Jean-François L'her
The Journal of Private Equity May 2005, 8 (3) 30-40; DOI: 10.3905/jpe.2005.516845

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Is There Any Life After Going Public? Evidence from the Canadian Market
Narjess Boubakri, Maher Kooli, Jean-François L'her
The Journal of Private Equity May 2005, 8 (3) 30-40; DOI: 10.3905/jpe.2005.516845
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