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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
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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
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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
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Firm Expansion and CEO Pay
Bebchuk, Lucian - 2005
We study the extent to which decisions to expand firm size are associated with increases in subsequent CEO compensation. Controlling for past stock performance, we find a positive correlation between CEO compensation and the CEO's past decisions to increase firm size. This correlation is...
Persistent link: https://www.econbiz.de/10012466785
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Building the IPO Order Book : Underpricing and Participation Limits With Costly Information
Sherman, Ann E. - 2000
accurate pricing, the number of investors participating in the offering is larger, and underpricing will be greater. When the … demand for accuracy is relatively low, the expected amount of underpricing exactly offsets the investors' costs of acquiring … information. However, when the demand for accuracy is high, the expected amount of underpricing can exceed the cost of information …
Persistent link: https://www.econbiz.de/10012470964
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Competition and the Cost of Capital Revisited : Special Authorities and Underwriters in the Market for Tax-emempt Hospital Bonds
Gershberg, Alec Ian - 1999
We explore the effects of two kinds of competition on the cost of capital in the tax-exempt bond market: (1) competition amongst underwriters and (2) competition amongst issuers (most of which are quasi-public special authorities sanctioned by state governments). The first kind of...
Persistent link: https://www.econbiz.de/10012471428
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The Effects of Going Public on Firm Performance and Commercialization Strategy : Evidence from International IPOs
Larrain, Borja; Phillips, Gordon M.; Sertsios, Giorgo; … - National Bureau of Economic Research - 2021
We study the effects of going public using a unique panel of firms in 16 European countries for which we observe financial data before and after firms' initial-public-offering (IPO) attempts. We compare firms that complete their IPO with firms that withdraw their IPO. We instrument the going...
Persistent link: https://www.econbiz.de/10012629439
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Disruption and Credit Markets
Becker, Bo; Ivashina, Victoria - National Bureau of Economic Research - 2022
We show that over the past half century innovative disruptions were central to understanding corporate defaults. In a given year, industries experiencing abnormally high VC or IPO activity subsequently see higher default rates, higher segment exits by conglomerates, and higher yields on bonds...
Persistent link: https://www.econbiz.de/10013172189
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Private or Public Equity? The Evolving Entrepreneurial Finance Landscape
Ewens, Michael; Farre-Mensa, Joan - National Bureau of Economic Research - 2021
The U.S. entrepreneurial finance market has changed dramatically over the last two decades. Entrepreneurs raising their first round of venture capital retain 30% more equity in their firm and are more likely to control their board of directors. Late-stage startups are raising larger amounts of...
Persistent link: https://www.econbiz.de/10012794560
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Search for Yield in Large International Corporate Bonds : Investor Behavior and Firm Responses
Calomiris, Charles W. - 2019
Emerging market corporations have significantly increased their borrowing in international markets since 2008. We show that this increase was driven by large-denomination bond issuances, most of them with face value of exactly US$500 million. Large issuances are eligible for inclusion in...
Persistent link: https://www.econbiz.de/10012479928