Information diffusion and value redistribution among transaction partners of the IPO firm
研究了IPO过程中信息如何扩散到依赖该企业的交易伙伴，发现信息公布时这些伙伴的股票回报更高，且资源配置越独特、伙伴估值越高，但多重依赖会削弱这一效应。
This paper examines the diffusion of information around the initial public offering ( IPO ) process and identifies transaction partners on which IPO firms are dependent. Using a resource payments perspective, we argue that this dependence will lead to greater cumulative abnormal stock returns for transaction partners when this information is revealed in the market (when the initial form S‐1 is filed with the SEC ). Moreover, we examine the uniqueness of the resource configuration between the IPO firm and transaction partners and find that greater uniqueness is associated with higher valuation for these transaction partners. We also find that multiple dependencies (by the IPO firm) reduce the valuation effect for transaction partners, indicating that a bargaining effect reduces the potential value that any transaction partner can appropriate . Copyright © 2013 John Wiley & Sons, Ltd.