The new game in town: Competitive effects of IPOs

Journal of Finance

Volumn 65, Issue 2, 2010, Pages 495-528

  Hsu, Hung Chia ^a   Reed, Adam V ^b   Rocholl, Jörg ^c  

^a UNIVERSITY OF WISCONSIN MILWAUKEE   (United States)

^b UNIVERSITY OF NORTH CAROLINA   (United States)

^c EUROPEAN SCHOOL OF MANAGEMENT AND TECHNOLOGY   (Germany)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 77952579713     PISSN: 00221082     EISSN: 15406261     Source Type: Journal    
DOI: 10.1111/j.1540-6261.2009.01542.x     Document Type: Article

References (54)

1. Akhigbe Aigbe, Borde Stephen F, Whyte Ann M. Does an industry effect exist for initial public offerings. The Financial Review 2003, 38:531-551.
2. Baker Malcolm P, Wurgler Jeffrey A. The equity share in new issues and aggregate stock returns. Journal of Finance 2000, 55:2219-2257.
3. Baker Malcolm P, Wurgler Jeffrey A. Market timing and capital structure. Journal of Finance 2002, 57:1-32.
4. Barber Brad M, Lyon John D. Detecting abnormal operating performance: The empirical power and specification of test statistics. Journal of Financial Economics 1996, 41:359-399.
5. Barry Christopher B, Muscarella Chris J, Peavy John W, Vetsuypens Michael R. The role of venture capital in the creation of public companies: Evidence from the going-public process. Journal of Financial Economics 1990, 27:447-471.
6. Benveniste Lawrence M, Spindt Paul A. How investment bankers determine the offer price and allocation of new issues. Journal of Financial Economics 1989, 24:213-232.
7. Bera Anil K, Jarque Carlos M, Lee Lung-Fei. Testing the normality assumption in limited dependent variable models. International Economic Review 1984, 25:563-578.
8. Braun Matias, Larrain Borja. Do IPOs affect the prices of other stocks? Evidence from emerging markets. Review of Financial Studies 2009, 22:1505-1544.
9. Brav Alon. Inference in long-horizon event studies: A Bayesian approach with applications to initial public offerings. Journal of Finance 2000, 55:1979-2016.
10. Brav Alon, Gompers Paul A. Myth or reality? The long-run underperformance of initial public offerings: Evidence from venture and nonventure capital-backed companies. Journal of Finance 1997, 52:1791-1821.
11. Busaba Walid, Benveniste Lawrence M, Guo Re-Jin. The option to withdraw IPOs during the premarket: Empirical analysis. Journal of Financial Economics 2001, 60:73-102.
12. Campello Murillo. Capital structure and product markets interactions: Evidence from business cycles. Journal of Financial Economics 2003, 68:353-378.
13. Campello Murillo. Debt financing: Does it boost or hurt firm performance in product markets. Journal of Financial Economics 2006, 82:135-172.
14. Carter Richard B, Dark Frederick H, Singh Ajai K. Underwriter reputation, initial returns, and the long-run performance of IPO stocks. Journal of Finance 1998, 53:285-311.
15. Carter Richard, Manaster Steven. Initial public offerings and underwriter reputation. Journal of Finance 1990, 45:1045-1067.
16. Chemmanur Thomas J, Fulghieri Paolo. Investment bank reputation, information production, and financial intermediation. Journal of Finance 1994, 49:57-79.
17. Chemmanur Thomas, He Shan, Nandy Debarshi. The going public decision and the product market. 2007, Working paper, Boston College
18. Chen Hsuan-Chi, Ritter Jay. The seven percent solution. Journal of Finance 2000, 55:1105-1131.
19. Chevalier Judith A. Capital structure and product-market competition: Empirical evidence from the supermarket industry. American Economic Review 1995, 85:415-435.
20. Chod Jiri, Lyandres Evgeny. Strategic IPOs and product market competition. 2008, Working paper, Boston University
21. Cockburn Ian, Griliches Zvi. Industry effects and appropriability measures in the stock market's valuation of R&D and patents. American Economic Review 1988, 78:419-423.
22. Dunbar Craig G, Foerster Stephen R. Second time lucky? Withdrawn IPOs that return to the market. Journal of Financial Economics 2008, 87:610-635.
23. Goldman Eitan, Peyer Urs, Stefanescu Irina. Fraudulent earnings manipulation and industry rivals. 2008, Working paper, Indiana University
24. Hellmann Thomas, Puri Manju. Venture capital and the professionalization of start-up firms: Empirical evidence. Journal of Finance 2002, 57:169-197.
25. Helwege Jean, Liang Nellie. Initial public offerings in hot and cold markets. Journal of Financial and Quantitative Analysis 2004, 39:541-569.
26. Ibbotson Roger G, Jaffe Jeffrey F. Hot issue markets. Journal of Finance 1975, 30:1027-1042.
27. Ibbotson Roger G, Sindelar Jody L, Ritter Jay R. The market's problems with the pricing of initial public offerings. Journal of Applied Corporate Finance 1994, 7:66-74.
28. Jain Bharat A, Kini Omesh. The post-issue operating performance of IPO firms. Journal of Finance 1994, 49:1699-1726.
29. Jain Bharat A, Kini Omesh. Venture capitalist participation and the post-issue operating performance of IPO firms. Managerial and Decision Economics 1995, 16:593-606.
30. Kaplan Steven N, Zingales Luigi. Do investment-cash flow sensitivities provide useful measures of financing constraints. Quarterly Journal of Economics 1997, 112:169-215.
31. Lamont Owen, Polk Christopher, Saa-Requejo Jesus. Financial constraints and stock returns. Review of Financial Studies 2001, 14:529-554.
32. Lang Larry H P, Stulz Renthomampersan. Contagion and competitive intraindustry effects of bankruptcy announcements: An empirical analysis. Journal of Financial Economics 1992, 32:45-60.
33. Ljungqvist Alexander, Wilhelm William J. IPO pricing in the dot-com bubble. Journal of Finance 2003, 58:723-752.
34. Loughran Tim, Ritter Jay R. The new issues puzzle. Journal of Finance 1995, 50:23-51.
35. Loughran Tim, Ritter Jay R. The operating performance of firms conducting seasoned equity offerings. Journal of Finance 1997, 52:1823-1850.
36. Loughran Tim, Ritter Jay R. Uniformly least powerful tests of market efficiency. Journal of Financial Economics 2000, 55:361-389.
37. Loughran Tim, Ritter Jay R. Why has IPO underpricing changed over time. Financial Management 2004, 33:5-37.
38. Megginson William L, Weiss Kathleen A. Venture capitalist certification in initial public offerings. Journal of Finance 1991, 46:879-903.
39. Mikkelson Wayne H, Partch M Megan, Shah Ken. Ownership and operating performance of companies that go public. Journal of Financial Economics 1997, 44:281-307.
40. Opler Tim C, Titman Sheridan. Financial distress and corporate performance. Journal of Finance 1994, 49:1015-1040.
41. Pagano Marco, Panetta Fabio, Zingales Luigi. Why do companies go public? An empirical analysis. Journal of Finance 1998, 53:27-64.
42. Pástor Ľ, Taylor Lucian, Veronesi Pietro. Entrepreneurial learning, the IPO decision, and the post-IPO drop in firm profitability. Review of Financial Studies 2009, 22:3005-3046.
43. Phillips Gordon M. Increased debt and industry product markets: An empirical analysis. Journal of Financial Economics 1995, 37:189-238.
44. Ritter Jay R. The long-run performance of initial public offerings. Journal of Finance 1991, 46:3-27.
45. Ritter Jay R. Some factoids about the 2006 IPO market. 2007, Working paper, University of Florida
46. Ritter Jay R, Welch Ivo. A review of IPO activity, pricing, and allocations. Journal of Finance 2002, 57:1795-1828.
47. Slovin Myron B, Sushka Marie E, Bendeck Yvette M. The intra-industry effects of going-private transactions. Journal of Finance 1991, 46:1537-1550.
48. Slovin Myron B, Sushka Marie E, Ferraro Steven R. A comparison of the information conveyed by equity carve-outs, spin-offs, and asset sell-offs. Journal of Financial Economics 1995, 37:89-104.
49. Slovin Myron B, Sushka Marie E, Polonchek John A. Informational externalities of seasoned equity issues: Differences between banks and industrial firms. Journal of Financial Economics 1992, 32:87-101.
50. Spence A Michael. Entry, capacity, investment and oligopolistic pricing. Bell Journal of Economics 1977, 8:534-544.
51. Spence A Michael. Industrial-organization and competitive advantage in multinational industries. American Economic Review 1984, 74:356-360.
52. Stoughton Neal, Wong Kit Pong, Zechner Josef. IPOs and product quality. Journal of Business 2001, 74:375-408.
53. Teoh Siew Hong, Welch Ivo, Wong T J. Earnings management and the underperformance of seasoned equity offerings. Journal of Financial Economics 1998, 50:63-99.
54. Zingales Luigi. Survival of the fittest or the fattest? Exit and financing in the trucking industry. Journal of Finance 1998, 53:905-938.