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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

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

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

Were the Good Old Days that Good? Changes in Managerial Stock Ownership Since the Great Depression

Holderness, Clifford G. - 2008

We document that ownership by officers and directors of publicly-traded firms is on average higher today than earlier in the century. Managerial ownership rises from 13 percent for the universe of exchange-listed corporations in 1935, the earliest year for which such data exist, to 21 percent in...

Persistent link: https://www.econbiz.de/10012774898

Blockholder Identity, Equity Ownership Structures, and Hostile Takeovers

Kahl, Matthias - 2006

We determine firms' equity ownership structures and provide a theory of hostile takeovers by distinguishing the roles of two types of blockholders: rich investors and institutional investors. We also distinguish the roles of two types of stock markets: the block market and the market with small...

Persistent link: https://www.econbiz.de/10012783983

Top Executives, Turnover and Firm Performance in Germany

Kaplan, Steven N. - 2021

This paper examines executive turnover -- both for management and supervisory boards - - and its relation to firm performance in the largest companies in Germany in the 1980s. The management board turns over slowly -- at a rate of 10% per year -- implying that top executives in Germany have...

Persistent link: https://www.econbiz.de/10013218102

How Do CEOS See Their Role? Management Philosophy and Styles in Family and Non-Family Firms

Mullins, William - 2014

Using a survey of 800 CEOs in 22 emerging economies we show that CEOs' management styles and philosophy vary with the control rights and involvement of the owning family and founder: CEOs of firms with greater family involvement have more hierarchical management, and feel more accountable to...

Persistent link: https://www.econbiz.de/10013063090

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

Lazy Prices

Cohen, Lauren - 2018

Using the complete history of regular quarterly and annual filings by U.S. corporations from 1995-2014, we show that when firms make an active change in their reporting practices, this conveys an important signal about future firm operations. Changes to the language and construction of financial...

Persistent link: https://www.econbiz.de/10012910642

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