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Initial Public Offerings : Investor Behavior and Underpricing

Shiller, Robert J. - 2010

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/10012763289

Institutional Allocation in Initial Public Offerings : Empirical Evidence

Aggarwal, Reena - 2012

-market demand and other public information. Our evidence supports book-building theories of IPO underpricing, but suggests that …

Persistent link: https://www.econbiz.de/10012755911

The Creation and Evolution of Entrepreneurial Public Markets

Bernstein, Shai - 2020

This paper explores the creation and evolution of new stock exchanges around the world geared towards entrepreneurial companies, known as second-tier exchanges. Using hand-collected novel data, we document the proliferation of these new stock exchanges that were created in a large number of...

Persistent link: https://www.econbiz.de/10012850523

Do Public Firms Respond to Industry Opportunities More than Private Firms? The Impact of Initial Firm Quality

Maksimovic, Vojislav - 2019

We track firms at birth and compare the growth pattern of IPO firms and their birth-matched counterparts. Firms that are larger at birth with faster initial growth are more likely to attain a larger size later in life and go public. Firms in the top percentile of predicted propensity to go...

Persistent link: https://www.econbiz.de/10012890903

Eclipse of the Public Corporation or Eclipse of the Public Markets?

Doidge, Craig - 2018

Since reaching a peak in 1997, the number of listed firms in the U.S. has fallen in every year but one. During this same period, public firms have been net purchasers of $3.6 trillion of equity (in 2015 dollars) rather than net issuers. The propensity to be listed is lower across all firm size...

Persistent link: https://www.econbiz.de/10012928986

Liquidity and Governance

Back, Kerry E. - 2013

Is greater trading liquidity good or bad for corporate governance? We address this question both theoretically and empirically. We solve a model consisting of an optimal IPO followed by a dynamic Kyle market in which the large investor's private information concerns her own plans for taking an...

Persistent link: https://www.econbiz.de/10013072575

The Evolution of Corporate Ownership after IPO : The Impact of Investor Protection

Foley, C. Fritz - 2014

Recent research documents that ownership concentration is higher in countries with weak investor protection. However, drawing on panel data on corporate ownership in 34 countries between 1995 and 2006, we show this pattern does not hold for newly public firms, which tend to have concentrated...

Persistent link: https://www.econbiz.de/10012751043

Why Do Firms Become Widely Held? An Analysis of the Ynamics of Corporate Ownership

Helwege, Jean - 2014

We consider IPO firms from 1970 to 2001 and examine the evolution of their insider ownership over time to understand better why and how U.S. firms that become widely held do so. In our sample, a majority of firms has insider ownership below 20% after ten years. We find that a firm's stock market...

Persistent link: https://www.econbiz.de/10012752558

Estimating the Effects of Large Shareholders Using a Geographic Instrument

Becker, Bo - 2011

Large shareholders may play an important role for firm performance and policies, but identifying this empirically presents a challenge due to the endogeneity of ownership structures. We develop and test an empirical framework which allows us to separate selection from treatment effects of large...

Persistent link: https://www.econbiz.de/10013120315

Common Ownership in America : 1980-2017

Backus, Matthew - 2019

When competing firms possess overlapping sets of investors, maximizing shareholder value may provide incentives that distort competitive behavior, affecting pricing, entry, contracting, and virtually all strategic interactions among firms. We propose a structurally consistent and scaleable...

Persistent link: https://www.econbiz.de/10012894990