Why Does an IPO Affect Rival Firms?
研究首次公开募股后竞争对手企业业绩下滑的原因，通过动态结构寡头模型区分行业趋势与竞争效应，发现多数变化源于行业趋势，但部分IPO确实以牺牲竞争对手为代价提升自身业绩。
Abstract IPO firms’ rivals tend to experience performance declines following an IPO in the industry. Why? We estimate a dynamic structural oligopoly model to distinguish between alternative theories that can explain an industry’s evolution post-IPO. We find that most changes in rivals’ performance are due to industry trends that also drive IPOs. However, we also find some “competitive” IPOs where the IPO enhances the IPO firm’s performance at the expense of competitors. These findings help reconcile prior evidence of average performance reductions of both IPO firms and their rivals with well-known cases in which firms have benefited from going public. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.