The Certification Role of Large Customers in the New Issues Market
研究发现，与有大客户产品市场关系的IPO公司相比，无此关系的公司估值更高、长期表现更好，且大客户在供应商招股说明书提交日附近获得显著正收益。
This paper examines the certification role of large customers and finds that IPO firms that have product market relationships with large customers experience higher valuation and better long‐term performance compared to IPOs without such relationships. This higher valuation is more pronounced when product market relationships are able to alleviate IPO uncertainties, when the businesses of large customers and their IPO suppliers are closely related in downstream markets, and when large customers have stronger certifying abilities. Finally, we find that large customers realize significant positive abnormal returns around their suppliers’ preliminary prospectus filing dates, suggesting that some of the benefits from product market relationships accrue to large customers.