Narrow search
Showing 1 - 10 of 1,199
Cover Image
Initial Public Offerings : Investor Behavior and Underpricing
Shiller, Robert J. - 1988
investor behavior that might be relevant to theories of their underpricing. Respondents were asked for their perception of the … allocation process, their concern with stockbroker or underwriter reputation, their theories of IPO underpricing, and their … existing theories of IPO underpricing. and also suggesting different hypotheses. The impresario hypothesis is that underwriters …
Persistent link: https://www.econbiz.de/10012476252
Cover Image
Biases in the IPO Pricing Process
Lowry, Michelle - 2001
By investigating the entire IPO pricing process, beginning when the offering is filed, the paper contributes to the existing literature along four dimensions. First, price updates during the registration period are predictable based on firm and offer-specific characteristics known at the time...
Persistent link: https://www.econbiz.de/10012470130
Cover Image
A Review of IPO Activity, Pricing, and Allocations
Ritter, Jay - 2002
considerable underpricing, and how IPOs perform in the long run. Our perspective on the literature is three-fold: First, we believe …
Persistent link: https://www.econbiz.de/10012469910
Cover Image
Underwriter Certification, Issuer-Underwriter Matching, and SEO Performance
Calomiris, Charles W. - 2019
The introduction of deal types for issues of seasoned equity in which the offer follows quickly after its announcement highlights the role of underwriter certification in the performance of SEOs. Controlling for the matching between underwriters and issuers, underwriter quality is positively...
Persistent link: https://www.econbiz.de/10012480288
Cover Image
The Really Long-Run Performance of Initial Public Offerings : The Pre-NASDAQ Evidence
Gompers, Paul A. - 2001
-and-hold abnormal returns are used. The underperformance disappears, however, when cumulative abnormal returns are utilized. A calendar …
Persistent link: https://www.econbiz.de/10012470213
Cover Image
Investor Sentiment and Corporate Finance : Micro and Macro
Lamont, Owen A. - 2005
We document that net equity issuance is considerably more sensitive to aggregate stock returns and Q's than to firm …-level stock returns and Q's. Very similar patterns also emerge when we look at merger activity. In light of earlier work (Campbell … 1991, Vuolteenaho 2002) which finds that aggregate stock returns are less informative about future cashflows than are firm …
Persistent link: https://www.econbiz.de/10012466789
Cover Image
Institutional Allocation In Initial Public Offerings : Empirical Evidence
Aggarwal, Reena - 2002
and 1998. We document a positive relationship between institutional allocation and day one IPO returns. This is partly …-building theories. However, institutional allocation also contains private information about first-day IPO returns not reflected in pre …-market demand and other public information. Our evidence supports book-building theories of IPO underpricing, but suggests that …
Persistent link: https://www.econbiz.de/10012469643
Cover Image
The Informational Content of Initial Public Offerings
Gale, Ian - 1990
The ability of capital markets to distinguish firms of different value by the size of their initial equity offerings is attenuated when insiders can sell equity more than once. A model is developed in which there is price risk from holding equity between periods. When the uncertainty is small....
Persistent link: https://www.econbiz.de/10012475778
Cover Image
Interest Rates and Initial Public Offerings
Jovanovic, Boyan - 2004
We study the relation between IPO investment and the rate of interest. We model the IPO timing decision and show that the implied relation between interest rates and investment is non-monotonic, and the data support the implication. At low rates of interest firms delay their IPOs. This happens...
Persistent link: https://www.econbiz.de/10012468395
Cover Image
The Rise of Dual-Class Stock IPOs
Aggarwal, Dhruv; Eldar, Ofer; Hochberg, Yael V.; Litov, … - National Bureau of Economic Research - 2021
We create a novel dataset to examine the nature and determinants of dual-class IPOs. We document that dual-class firms have different types of controlling shareholders and wedges between voting and economic rights. We find that the founders' wedge is largest when founders have stronger...
Persistent link: https://www.econbiz.de/10012496163