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Investor relations and IPO performance

Author

Listed:
  • Salim Chahine

    (American University of Beirut)

  • Gonul Colak

    (Hanken School of Economics)

  • Iftekhar Hasan

    (University of Sydney)

  • Mohamad Mazboudi

    (American University of Beirut)

Abstract

We analyze the value of investor relations (IR) strategies to IPO firms. We find that firms that are less visible and have inexperienced management tend to hire IR consultants prior to the issue date. IR consultants help create positive news coverage before an IPO, as reflected in a more optimistic tone of published media. Their presence is associated with higher underpricing at the IPO date but with lower long-run returns. IR-backed IPOs also exhibit disproportionately higher insider-related agency problems, as IR-induced higher underpricing tends to occur primarily in IPOs where underwriter and venture capitalist agency conflicts are more severe. These findings suggest that the IR programs of IPO firm are mostly short-term oriented and facilitate the ulterior motives of some insiders (underwriters and venture capitalists) targeting higher first-day returns.

Suggested Citation

  • Salim Chahine & Gonul Colak & Iftekhar Hasan & Mohamad Mazboudi, 2020. "Investor relations and IPO performance," Review of Accounting Studies, Springer, vol. 25(2), pages 474-512, June.
    • Handle: RePEc:spr:reaccs:v:25:y:2020:i:2:d:10.1007_s11142-019-09526-8
    DOI: 10.1007/s11142-019-09526-8
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    More about this item

    Keywords

    Initial public offering; Investor relations; Media; Agency problems; Underwriters; Venture capitalists; Analyst forecasts;
    All these keywords.

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • L82 - Industrial Organization - - Industry Studies: Services - - - Entertainment; Media

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