I study the impact of initial public offerings (IPOs) on industry rival performance. Instrumenting for IPO completion with post-IPO filing NASDAQ returns, I find no impact of IPOs on average rival sales growth, return on sales (ROS), or Tobin’s q after 3 years. However, post-IPO rival performance varies with rival financial constraints. Relative to peers, rivals with low cash or high leverage exhibit lower sales growth, ROS, and q values, accompanied by lower capital expenditures and employment growth. I provide causal evidence of the competitive impact of IPOs and highlight the competitive cost of financial constraints following industry IPO activity.

中文翻译：

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IPO对行业竞争对手的竞争影响

我研究首次公开募股 (IPO) 对行业竞争对手绩效的影响。通过首次公开募股后提交纳斯达克回报来衡量首次公开募股的完成情况，我发现首次公开募股对平均竞争对手销售增长、销售回报率 (ROS) 或3 年后的托宾q没有影响。然而，上市后竞争对手的表现因竞争对手的财务限制而异。与同行相比，现金较少或杠杆率较高的竞争对手表现出较低的销售增长、ROS 和q值，伴随着较低的资本支出和就业增长。我提供了 IPO 竞争影响的因果证据，并强调了行业 IPO 活动后财务约束的竞争成本。