Standing out from the crowd: the visibility-enhancing effects of IPO-related signals on alliance formation by entrepreneurial firms
研究了创业企业在IPO时发出的多种信号（如投资者反应、分析师覆盖、风投和承销商背景）如何提升企业可见性、降低不确定性，进而影响其上市后联盟形成的能力，并分析了这些信号效应随时间衰减的差异。
In this study, we explore how multiple signals related to entrepreneurial companies at the time of their initial public offering (IPO) influence the firms' ability to acquire non-financial resources over time. Specifically, the study looks at how signals based on investors' initial reactions to the IPO, analyst coverage and affiliations with experienced venture capitalists and prominent underwriters combine to enhance the IPO firm's visibility and reduce uncertainty, thereby influencing its ability to form post-IPO alliances. We also consider the extent to which the effects of each of the signals are sustained or diminish over time.Their analysis of 404 IPOs conducted by technology companies between 1995 and 2000 shows that these signals are positively related to alliance formation patterns, and that the effects of these signals deteriorate at different rates over time.