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Institutional Allocation in Initial Public Offerings : Empirical Evidence
Aggarwal, Reena - 2012
We analyze institutional allocation in initial public offerings (IPOs) using a new dataset of US offerings between 1997 and 1998. We document a positive relationship between institutional allocation and day one IPO returns. This is partly explained by the practice of giving institutions more...
Persistent link: https://www.econbiz.de/10012755911
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Equity Market Liberalizations as Country Ipos
Martell, Rodolfo - 2009
Equity market liberalizations are like IPOs, but they are IPOs of a country's stock market rather than of individual firms. Both are endogenous events whose benefits are limited by poor investor protection, agency costs, and information asymmetries. As for stock prices following an IPO, there...
Persistent link: https://www.econbiz.de/10012767766
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The Granular Nature of Large Institutional Investors
Ben-David, Itzhak - 2016
institutions predicts higher volatility and greater noise in stock prices as well as greater fragility in times of crisis. When …
Persistent link: https://www.econbiz.de/10012992142
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High Frequency Traders : Taking Advantage of Speed
Ait-Sahalia, Yacine - 2013
volatility. The model predicts that volatility leads high frequency traders to reduce their provision of liquidity. Finally, we …
Persistent link: https://www.econbiz.de/10013074299
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Stock Market Cycles, Financial Liberalization and Volatility
Edwards, Sebastian; Gómez Biscarri, Javier; Perez De … - 2021
in emerging countries tend to have shorter duration and larger amplitude and volatility than in developed countries …
Persistent link: https://www.econbiz.de/10013230763
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Monetary Policy and Asset Prices : A Look Back at Past U.S. Stock Market Booms
Bordo, Michael D. - 2011
This paper examines the economic environments in which past U.S. stock market booms occurred as a first step toward understanding how asset price booms come about and whether monetary policy should be used to defuse booms. We identify several episodes of sustained rapid rise in equity prices in...
Persistent link: https://www.econbiz.de/10013127756
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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
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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
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The Deregulation of the Private Equity Markets and the Decline in Ipos
Ewens, Michael; Farre-Mensa, Joan - 2021
The deregulation of securities laws|in particular the National Securities Markets Improvement Act (NSMIA) of 1996|has increased the supply of private capital to late-stage private startups, which are now able to grow to a size that few private firms used to reach. NSMIA is one of a number of...
Persistent link: https://www.econbiz.de/10013239368
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Parametric Inference and Dynamic State Recovery from Option Panels
Andersen, Torben G. - 2012
the spot volatility extracted from the options and the one obtained nonparametrically from high-frequency data on the … underlying asset. We further construct new formal tests of the model fit for specific regions of the volatility surface and for … index options we extend the popular double-jump stochastic volatility model to allow for time-varying jump risk premia and a …
Persistent link: https://www.econbiz.de/10013107009