IPO waves, product market competition, and the going public decision: Theory and evidence

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Initial Public Offerings: A synthesis of the Literature and Directions for Future Research (2018, background): “27 Chemmanur and He (2011) argue that product market effects can cause cycles in IPO markets to arise in the absence of either productivity shocks or investor sentiment.”
Strategic IPOs and product market competition (2011, unknown): “In choosing the control variables, we generally follow Chemmanur and He (2008) and Hsu, Reed, and Rocholl (2010). Because younger, smaller firms with relatively more investment opportunities and higher growth potential are expected to benefit more from going public, our control variables include the”
IPOs versus Acquisitions and the Valuation Premium Puzzle: A Theory of Exit Choice by Entrepreneurs and Venture Capitalists (2011, unknown): “Empirical evidence consistent with this prediction in the context of IPO waves is provided by Chemmanur and He (2011): They find that the product market share of existing public firms in an industry is decreasing (on average) in the fraction of private firms going public in that industry.”
Redacting Proprietary Information at the Initial Public Offering (2015, methodology): “Industry IPO Wave is a dummy variable that follows Chemmanur and He (2011) and equals one when the total number of offerings in a 49 Fama French industry is equal to five or more.”