The impact of IPOs' analyst coverage on the choice and timing of SEOs: A survival analysis

Nesrine Bouzouita and Carole Gresse
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Nesrine Bouzouita: DRM - Dauphine Recherches en Management - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres - CNRS - Centre National de la Recherche Scientifique
Carole Gresse: DRM - Dauphine Recherches en Management - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres - CNRS - Centre National de la Recherche Scientifique

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Abstract: Based on a survival analysis on a sample of initial public offerings (IPOs) undertaken on Euronext and their subsequent seasoned equity offerings (SEOs) over the period 1995–2012, this chapter shows that analyst coverage in the months following an IPO facilitates subsequent SEOs and favors the longevity of the firm's relationship with its initial underwriter. SEOs are facilitated in several dimensions: post-IPO analyst coverage increases the likelihood of the IPO firm to conduct an SEO with a firm commitment underwriting; it increases the occurrence speed of that SEO; and it increases the probability of that SEO to be intermediated by the same underwriter as the IPO.

Keywords: initial public offering; IPO; seasoned equity offering; SEO; analyst coverage; survival analysis; underwriter (search for similar items in EconPapers)
Date: 2018
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Published in Oxford Handbook of IPO, pp.331-358, 2018, ⟨10.1093/oxfordhb/9780190614577.013.15⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04455402

DOI: 10.1093/oxfordhb/9780190614577.013.15

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