Competitive Effects of IPOs: Evidence from Chinese Listing Suspensions

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2023-03-26 DOI:10.1111/jmcb.13043

Frank Packer, Mark M. Spiegel

引用次数: 1

Abstract

Abstract Theory suggests that initial public offerings (IPOs) can adversely impact listed firms, both directly by increasing intraindustry competition, and indirectly by completing related asset market spaces. However, the endogeneity of individual IPO activity hinders testing these channels. This paper examines listing suspensions in China in a panel specification that accounts for macro‐economic and financial conditions, isolating the firm‐level IPO impact. We identify the competitive impact of listing suspensions through the value share of postponed firms in the IPO queue in their industry, and asset‐space competition by firms' historical covariance with a synthetic portfolio of listed firms with the IPO queue industry mix at the time of suspension. Our results support the predicted IPO effects through both channels. We also document heterogeneity in IPO effects. Stronger firms, measured through a variety of proxies, benefit less from the suspension news. These results are robust to a battery of sensitivity tests.

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ipo的竞争效应:来自中国上市公司停牌的证据

摘要理论认为，首次公开募股(ipo)会对上市公司产生负面影响，其直接原因是增加了行业内竞争，间接原因是填补了相关的资产市场空间。然而，个别IPO活动的内生性阻碍了对这些渠道的测试。本文在考虑宏观经济和金融条件的面板规范中考察了中国的上市暂停，隔离了公司层面的IPO影响。我们通过推迟上市的公司在其行业的IPO队列中的价值份额来确定上市暂停的竞争影响，并通过公司在暂停时与具有IPO队列行业组合的上市公司的综合投资组合的历史协方差来确定资产空间竞争。我们的研究结果通过这两个渠道支持了预测的IPO效应。我们还记录了IPO效应的异质性。通过各种代理衡量，实力较强的公司从停牌消息中受益较少。这些结果在一系列灵敏度测试中是可靠的。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.