This article examines the factors that determine IPO success in raising equity capital, and how this success translates into investor success. The study is based on a sample of IPOs on the Warsaw Stock Exchange from 1998 to 2011. We find that pre-IPO profitability is a strong and positive signal...

This paper shows that, counter to common perception, stock prices in China are strongly linked to firm fundamentals. Since the reforms of the early 2000s, stock prices are as informative about future profits as they are in the US. Although the market is segmented from international equity...

The collapse of an investment mania usually reminds people that the phrase "This time is different" is dangerous. Recollections of this mantra then typically either state outright or at least imply that "It is never different." However, there is at least one counterexample to this cautious view,...

This paper examines whether the aggregate investments in corporate equity in the U.S. yield lowering per-unit return for the period 1950-2009. We measure the per-unit return on aggregate equity investment as the ratio of the annual aggregate value of after-tax corporate profit of nonfinancial...

In this paper we analyze IPO underpricing on the Warsaw Stock Exchange between 2003 and 2011. The average initial return was positive (14.2%), which is similar to the findings on other equity markets. Medium and long-run abnormal returns (1-month, 3-months and 1-year) on average are negative and...

Turkish Abstract:Bu çalışma Türkiye Hisse Senedi piyasasında hisse senedi getirileri ile likidite volatilitesiarasındaki ilişkiyi belirlemeyi amaçlamaktadır. Ayrıca farklı likidite ölçülerinin hisse senetlerinilikiditelerine göre aynı şekilde sıralayıp sıralamadıklarını da...

This paper studies the effects of stock market valuation on research investment, the rate of innovation and welfare. In the presence of financing constraints for Ramp;D investment, episodes of high market valuation can ease these constraints and raise the economy-wide investment in Ramp;D and...

This study empirically investigates two effects of alternative data availability: stock price informativeness and its disciplining effect on managers' actions. Recent computing advancements have enabled technology companies to collect real-time, granular indicators of fundamentals to sell to...

Are expensive, that is, high-priced stocks, in reality the cheap ones from a fundamental perspective? Applying a multidimensional approach, the paper assesses why and how investing in high-priced stocks generates a return premium compared to low-priced stocks. The findings strongly suggest that...