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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
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Investor Sentiment and Corporate Finance : Micro and Macro
Lamont, Owen A. - 2006
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...
Persistent link: https://www.econbiz.de/10012783338
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The Really Long-Run Performance of Initial Public Offerings : The Pre-Nasdaq Evidence
Gompers, Paul A. - 2010
Financial economists in recent years have closely examined and intensely debated the performance of initial public offerings using data after the formation of NASDAQ. The paper seeks to shed light on this controversy by undertaking a large, out-of-sample study: we examine the performance for up...
Persistent link: https://www.econbiz.de/10012763108
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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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External Equity Financing Shocks, Financial Flows, and Asset Prices
Belo, Frederico - 2014
The ability of corporations to raise external equity finance varies with macroeconomic conditions, suggesting that the cost of equity issuance is time-varying. Using cross sectional data on U.S. publicly traded firms, we construct an empirical proxy of an aggregate shock to the cost of equity...
Persistent link: https://www.econbiz.de/10013052506
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Stock Prices and IPO Waves
Pastor, Lubos - 2014
We develop a model of stock valuation and optimal IPO timing when investment opportunities are time-varying. IPO waves in our model are caused by declines in expected returns, increases in expected profitability, or increases in prior uncertainty about average profitability. The model predicts...
Persistent link: https://www.econbiz.de/10012752712
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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
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The Secured Credit Premium and the Issuance of Secured Debt
Benmelech, Efraim; Kumar, Nitish; Rajan, Raghuram G. - 2022
Credit spreads for secured debt are lower than for unsecured debt, especially when a firm’s credit quality deteriorates, the economy slows, or average credit spreads widen. Yet investment grade firms tend to be reluctant to issue secured debt at all times. In contrast, we find that for firms...
Persistent link: https://www.econbiz.de/10013324694
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The U.S. Left Behind : The Rise of IPO Activity Around the World
Doidge, Craig - 2011
During the past two decades, there has been a dramatic change in IPO activity around the world. Though vibrant IPO activity, attributed to better institutions and governance, used to be a strength of the U.S., it no longer is. IPO activity in the U.S. has fallen compared to the rest of the world...
Persistent link: https://www.econbiz.de/10013127767
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Why Don't Issuers Choose IPO Auctions? The Complexity of Indirect Mechanisms
Jagannathan, Ravi - 2010
In this paper we present a comprehensive comparison of IPO placement methods in over 50 countries. We find that out of the three primary methods, fixed price public offers, auctions, and book building, auctions are least popular with issuers. Since auctions allow for price discovery while...
Persistent link: https://www.econbiz.de/10013139898