Initial public offerings and the acquisition of entrepreneurial firms
研究首次公开发行如何通过信号机制降低信息不对称，吸引并购方收购创业企业，对创业者和并购方有参考价值。
Information asymmetries between buyers and sellers can create inefficiencies in mergers & acquisition (M&A) markets and prevent acquirers from gaining access to valuable resources and capabilities via acquisitions. Entrepreneurial firms face similar problems in raising external capital, due to the asymmetric information that separates them from prospective investors. In this article, we bring together the strategy, financial economics and entrepreneurship literatures and exploit the initial public offering (IPO) context to examine the informational characteristics of newly public entrepreneurial firms. We construct hazard models that offer strong evidence that certain IPO characteristics signal the value of entrepreneurial firms and thereby attract M&A suitors.