Abstract
ABSTRACT This article studies the role of initial public offering (IPO) overfunding in the reallocation of resources from the view of trade credit. The results show that, in general, the degree of liquidity supplement from IPO overfunding is positively correlated with the trade credit provision. Trade credit acts as Robin Hood to help the reallocation of direct financing resources. In addition, this effect is more pronounced for companies with strong product-market power, or when economic uncertainty policy is higher.
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