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The Survival Of Initial Public Offerings In The Aftermarket

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  • Douglas A. Hensler
  • Ronald C. Rutherford
  • Thomas M. Springer

Abstract

We estimate an accelerated failure time (AFT) model to investigate the effects of several characteristics suggested as indicators of firm survival for initial public offerings (IPOs). The results indicate that the survival time for IPOs increases with size, age of the firm at the offering, the initial return, IPO activity level in the market, and the percentage of insider ownership, while the survival time decreases with increases in the general market level at the time of the offering and the number of risk characteristics. Additionally, the survival time is negatively affected if the IPO is in the computer and data, wholesale, restaurant, or airline industries and positively affected if the IPO is in the optical or drug industries.

Suggested Citation

  • Douglas A. Hensler & Ronald C. Rutherford & Thomas M. Springer, 1997. "The Survival Of Initial Public Offerings In The Aftermarket," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 20(1), pages 93-110, March.
    • Handle: RePEc:bla:jfnres:v:20:y:1997:i:1:p:93-110
    DOI: 10.1111/j.1475-6803.1997.tb00238.x
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