This article jointly examines the differences of laboratory versions of the Dutch clock open auction, a sealed-bid auction to represent book building, and a two-stage sealed bid auction to proxy for the “competitive IPO”, a recent innovation used in a few European equity initial public...

One of the main reasons that investment advisors recommend international investments is that foreign stocks are not highly correlated with U.S. stocks. As world economies become increasingly interrelated, it may become more difficult for investors to achieve effective diversification. This...

This study presents the evolution of the quality of corporate governance practices of listed Brazilian companies from 2004 to 2013 by means of a broad corporate governance index (CGI). Results indicate that the quality of corporate governance practices improved, notably after the creation of...

This article investigates bid updating and subject learning in experimental initial public offers (IPO) of stock pricing methods. A clock auction stands for the "Dutch auction". A sealed-bid uniform price auction represents "book building". A two-stage "book building" emulation represents a...

Purpose: This paper aims to investigate the long-term impact of shareholder activism on Brazilian listed companies. Design/methodology/approach: This study uses a sample of 194 companies in 2010, 2012 and 2014 and a two-stage data envelopment analysis to generate an efficiency score based on...