Are publicly held firms less efficient? Evidence from the US property-liability insurance industry

@inproceedings{Xie2010ArePH,
  title={Are publicly held firms less efficient? Evidence from the US property-liability insurance industry},
  author={Xiaoying Xie},
  year={2010}
}
This paper studies the performance of publicly held firms in the US property-liability insurance industry by analyzing companies that issued initial public offerings (IPOs) from 1994 to 2005, using private firms as the benchmark. I investigate ex ante determinants and ex post effects of IPOs on firm efficiency, operating performance, and other financials. I also analyze stock returns and follow-on SEO and acquisition activities to provide further information on IPO motivation. The paper finds… CONTINUE READING

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