INFORMATION DIFFUSION AND VALUE REDISTRIBUTION AMONG TRANSACTION PARTNERS OF THE IPO FIRM

• 成果类型: Article
• 署名作者: Liu, Kun; Arthurs, Jonathan D.; Nam, Daeil; Mousa, Fariss-Terry
• 署名单位: Wayne State University; Oregon State University; Korea University; James Madison University
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.2176
• 发表日期: 2014
• 页码: 1717-1726
• 关键词: resource payments; resource configuration; value appropriation; transaction partners; bargaining

摘要

This paper examines the diffusion of information around the initial public offering (IPO) process and identifies transaction partners on which IPO firms are dependent. Using a resource payments perspective, we argue that this dependence will lead to greater cumulative abnormal stock returns for transaction partners when this information is revealed in the market (when the initial form S-1 is filed with the SEC). Moreover, we examine the uniqueness of the resource configuration between the IPO firm and transaction partners and find that greater uniqueness is associated with higher valuation for these transaction partners. We also find that multiple dependencies (by the IPO firm) reduce the valuation effect for transaction partners, indicating that a bargaining effect reduces the potential value that any transaction partner can appropriate. Copyright (c) 2013 John Wiley & Sons, Ltd.