Why Are Successive Cohorts of Listed Firms Persistently Riskier?
研究发现新上市公司的风险水平持续高于前一批，且这种差异长期存在，主要原因是每批新公司采用了风险更高的生产技术和面临更激烈的产品市场竞争。
ABSTRACT Prior studies show that the risk level of each new cohort of listed firms is higher than its predecessor's. We find that these risk differences are persistent and investigate two potential explanations: (1) Each cohort adopts and retains operating innovations that are associated with higher risks, and (2) increasing numbers of younger and less‐experienced firms are represented in each new cohort. Our results support the first explanation. Each new cohort uses riskier production technologies and operates in more competitive product markets than its predecessor.