The New Game in Town: Competitive Effects of IPOs
研究首次公开募股对行业竞争对手的影响，发现竞争对手在行业内有公司成功IPO时股价下跌、运营恶化，而IPO撤回时股价上涨，这源于IPO带来的融资、认证和知识资本等竞争优势。
ABSTRACT We analyze the effect of initial public offerings (IPOs) on industry competitors and provide evidence that companies experience negative stock price reactions to completed IPOs in their industry and positive stock price reactions to their withdrawal. Following a successful IPO in their industry, they show significant deterioration in their operating performance. These results are consistent with the existence of IPO‐related competitive advantages through the loosening of financial constraints, financial intermediary certification, and the presence of knowledge capital. These aspects of competitiveness are significant in explaining the cross‐section of underperformance as well as survival probabilities for competing firms.