Abstract The announcements of initial public offerings (IPOs) in an industry can convey to potential acquirers information about the growth prospects of the rivals of ventures undertaking IPOs, thereby increasing their likelihood of being acquired. We investigate several information diffusion mechanisms to examine how information conveyed by industry IPOs shape such acquisitions. We also develop a contingency perspective on how the value of such information spillovers will vary across acquirers. Our empirical evidence indicates that information in the IPO market channeled via media coverage, analyst coverage, and IPO underpricing raises an acquirer's likelihood of acquiring a private venture. Thus, the information intermediated as a consequence of IPOs relaxes the constraints of an acquirer's information environment, and this is particularly the case for diversifying acquirers.

中文翻译：

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行业IPO对新企业收购的影响：信息溢出视角

摘要 行业内首次公开募股 (IPO) 的公告可以向潜在收购方传达有关进行 IPO 的企业竞争对手的增长前景的信息，从而增加其被收购的可能性。我们调查了几种信息传播机制，以研究行业 IPO 传达的信息如何影响此类收购。我们还就此类信息溢出的价值如何因收购方而异，制定了一个应急视角。我们的经验证据表明，通过媒体报道、分析师报道和 IPO 抑价传递的 IPO 市场信息提高了收购方收购私人企业的可能性。因此，作为 IPO 的结果中介的信息放宽​​了收购方信息环境的限制，