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We examine the post-IPO excess stock returns of hospitality firms from 1996 to 2012 and find underperformance relative to the market on average. However, there are large differences in returns and some firms significantly outperform. We demonstrate that a substantial portion of this variation...
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straightforward empirical tests from a model of patient demand, procedure quality, and differentiated product competition. Using … hospital data on electrophysiological studies, an invasive cardiac procedure, I find evidence of entry-deterring investment in …
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