德勤(Deloitte)收集整理的数据显示,2010年以来在伦敦上市的主要公司中,超过二分之一的公司目前的股价低于发行价。伦敦政治经济学院(London School of Economics)的高级研究员保罗·伍利(Paul Woolley)指出:“新股折价发行的时代已经结束,桌子上不会再有什么东西留下,投资银行家和投资者都转而采取了更为长期的视角。我们所处的市场环境已经改变。
Not just investment bankers are to blame. Investors are accused of expecting an excessive short-term pop. Continental Europeans, wary of the pressures of capital markets, have hang-ups about slashing prices to get an IPO away.
不仅是投资银行家应对此承担责任,投资者们期望在短期内得到超额收益的心态也有问题。欧洲大陆的投资者对于资本市场中的压力较为警觉,他们对IPO后股价大跌的情况颇有顾虑。
But participants in the IPO market react to incentives. Macroeconomic uncertainty in an era of historically low interest rates has encouraged short-termism. Passive, index-tracking investment strategies have dulled pricing mechanisms. Computerised high-frequency trading could have convinced potential investors that the system is gamed against them by eating away at profit opportunities and liquidity. “It is as if we have unleashed flesh eating bacteria on the market, says David Weild, equity market specialist at Grant Thornton. “The flesh is the broker dealer intermediaries who were supporting growth businesses.
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2020-09-15
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