When to buy and sell the shares of the publicly traded rivals of a firm making an initial public offering: A new model
Title (trans.)
Cuándo comprar y vender las acciones de los rivales que cotizan en bolsa de una empresa que realiza una oferta pública inicial: un nuevo modeloEntity
UAM. Departamento de Organización de EmpresasPublisher
REF PressDate
2020Citation
10.35341/1923-7529.2020.18.05
Review of Economics and Finance 18.1 (2020): 39-54
ISSN
1923-8401DOI
10.35341/1923-7529.2020.18.05Editor's Version
https://doi.org/10.35341/1923-7529.2020.18.05Subjects
Competitive effect; Contagion effect; Efficient market hypothesis; Event study; Market anomaly; Stock markets; Supply shock.; EconomíaRights
© 2020 - Revista de Economía y Finanzas de REF PressAbstract
A review of the literature regarding the supply shock effects of a firm’s initial public offering on its pub-licly traded rivals leads to a redefinition of the competitive and contagion effects. Owing to the persistence of the competitive effect over time and in different markets, it is identified as an anomaly. Therefore, we develop a 3D graphic tool capable of measuring systematically, from a continuous perspective, how information leaks into a stock market and how its effect on the returns of publicly traded companies spreads, in depth and length. The tool can be applied to any event study. In this study, it was used to visualize the short-term effects produced by a firm’s initial public offering on its traded rivals in the Spanish stock market, using data over a 30-year period. A competitive ef-fect, similar in size and extent to the ones detected by the state-of-the-art studies, was demonstrated. These results are comparable to the projections of the main asset pricing models. This demonstrates the similarity between the above stated competitive effect and the substitution effect related to the supply and demand theory regarding substi-tutive products. Based on this, a theory capable of explaining the competitive effect is proposed
Files in this item
Google Scholar:Carrasco-Mimbrera, Miguel Ángel
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Borrajo Millán, Fernando José
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Alonso Almeida, María del Mar
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