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Comparing Internal and External IPO Risk Factors Influence on Investor Valuation and Survival
As a firm prepares for IPO, the Securities and Exchange Commission mandates that managers must record risks to their firms’ survival or performance in the prospectus. This study illustrates a major gap between risk factors that investors initially focus on and the true determinants of long-term success. More specifically we propose that external risk factors (market risks, legal risks, and government regulations risks) have a more negative effect on investor optimism and IPO valuation, while internal risk factors (management risks, operational risks, technical risks) have a more negative effect on post-IPO long-term firm survival. The implications are discussed.
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