The New Game in Town: Competitive Effects of IPOs

被引：100

作者：

Hsu, Hung-Chia ^{[1
]}

Reed, Adam V. ^{[2
]}

Rocholl, Joerg

机构：

[1] Univ Wisconsin Milwaukee, Milwaukee, WI 53201 USA

[2] Univ N Carolina, Chapel Hill, NC USA

来源：

JOURNAL OF FINANCE | 2010年 / 65卷 / 02期

关键词：

INITIAL PUBLIC OFFERINGS; SEASONED EQUITY OFFERINGS; LONG-RUN PERFORMANCE; OPERATING PERFORMANCE; EMPIRICAL-ANALYSIS; CAPITAL STRUCTURE; PRODUCT MARKETS; UNDERWRITER REPUTATION; STOCK RETURNS; COMPANIES;

D O I：

10.1111/j.1540-6261.2009.01542.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

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.

引用

页码：495 / 528

页数：34

共 54 条

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