Business, Management and Accounting
5 years ago

IPOs Shake Up Industry, Boosting Some Firms While Hurting Others

Review of Financial Studies
Why Does an IPO Affect Rival Firms?
Matthew Spiegel, Heather Tookes

Paper Summary

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The article explores why rival companies often see a drop in performance after a company goes public. By using a model to analyze different theories, the researchers found that most performance changes in rivals are due to industry trends driving IPOs. However, there are cases where a company's IPO can actually boost its performance while hurting its competitors. This helps explain why some companies benefit from going public while others struggle.