IPO proceeds deployment and firm performance
研究发现，新上市公司快速部署IPO资金会放大同行IPO带来的负面股价反应，尤其对未盈利公司影响更大，强调了保持财务灵活性的重要性。
Abstract Newly public incumbents (NPIs) experience negative price reactions to industry followers' initial public offerings (IPOs). We find that deploying IPO proceeds rapidly amplifies the negative impact of peer IPOs. These effects are larger for unprofitable NPIs and smaller for NPIs with better capital market access. Our findings underscore the importance of maintaining financial flexibility over the pursuit of a first‐mover advantage in shaping NPIs' performance.