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Initial Public Offerings : Investor Behavior and Underpricing
Shiller, Robert J. - 1988
allocation process, their concern with stockbroker or underwriter reputation, their theories of IPO underpricing, and their … investor behavior that might be relevant to theories of their underpricing. Respondents were asked for their perception of the … 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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Underwriter Certification, Issuer-Underwriter Matching, and SEO Performance
Calomiris, Charles W. - 2019
The introduction of deal types for issues of seasoned equity in which the offer follows quickly after its announcement highlights the role of underwriter certification in the performance of SEOs. Controlling for the matching between underwriters and issuers, underwriter quality is positively...
Persistent link: https://www.econbiz.de/10012480288
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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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Interest Rates and Initial Public Offerings
Jovanovic, Boyan - 2004
We study the relation between IPO investment and the rate of interest. We model the IPO timing decision and show that the implied relation between interest rates and investment is non-monotonic, and the data support the implication. At low rates of interest firms delay their IPOs. This happens...
Persistent link: https://www.econbiz.de/10012468395
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The Rise of Dual-Class Stock IPOs
Aggarwal, Dhruv; Eldar, Ofer; Hochberg, Yael V.; Litov, … - National Bureau of Economic Research - 2021
We create a novel dataset to examine the nature and determinants of dual-class IPOs. We document that dual-class firms have different types of controlling shareholders and wedges between voting and economic rights. We find that the founders' wedge is largest when founders have stronger...
Persistent link: https://www.econbiz.de/10012496163
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The Informational Content of Initial Public Offerings
Gale, Ian - 1990
The ability of capital markets to distinguish firms of different value by the size of their initial equity offerings is attenuated when insiders can sell equity more than once. A model is developed in which there is price risk from holding equity between periods. When the uncertainty is small....
Persistent link: https://www.econbiz.de/10012475778
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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
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Momentum, Reversals, and Investor Clientele
Chui, Andy C. W.; Subrahmanyam, Avanidhar; Titman, Sheridan - National Bureau of Economic Research - 2021
Different share classes on the same firms provide a natural experiment to explore how investor clienteles affect momentum and short-term reversals. Domestic retail investors have a greater presence in Chinese A shares, and foreign institutions are relatively more prevalent in B shares. These...
Persistent link: https://www.econbiz.de/10012696362
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Learning by Investing : Entrepreneurial Spillovers from Venture Capital
Lerner, Joshua; Li, Jinlin; Liu, Tong - National Bureau of Economic Research - 2023
China, we first document that individual LPs, on average, contribute about 50% of the capital of each fund in which they …
Persistent link: https://www.econbiz.de/10014437028