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Real Options in a Dynamic Agency Model, with Applications to Financial Development, IPOs, and Business Risk
Philippon, Thomas - 2007
We study investment options in a dynamic agency model. Moral hazard creates an option to wait and agency conflicts affect the timing of investment. The model sheds light, theoretically and quantitatively, on the evolution of firms' dynamics, in particular the decline of the failure rate and the...
Persistent link: https://www.econbiz.de/10012465063
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A Review of IPO Activity, Pricing, and Allocations
Ritter, Jay - 2002
We review the theory and evidence on IPO activity: why firms go public, why they reward first-day investors with … that many IPO phenomena are not stationary. Second, we believe research into share allocation issues is the most promising … area of research in IPOs at the moment. Third, we argue that asymmetric information is not the primary driver of many IPO …
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 …
Persistent link: https://www.econbiz.de/10012470130
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Initial Public Offerings : Investor Behavior and Underpricing
Shiller, Robert J. - 1988
A questionnaire survey of investors in initial public offerings (IPO's) was undertaken to learn about patterns of … 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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Stock-Based Compensation and CEO (Dis)Incentives
Benmelech, Efraim - 2008
Stock-based compensation is the standard solution to agency problems between shareholders and managers. In a dynamic rational expectations equilibrium model with asymmetric information we show that although stock-based compensation causes managers to work harder, it also induces them to hide any...
Persistent link: https://www.econbiz.de/10012464915
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Multinational Expansion in Time and Space
Garetto, Stefania - 2019
, persistent aggregate shocks, and a rich structure of costs that affect MNE expansion. Importantly, MNE affiliates can decouple … and space and for predicting the effects of globalization shocks …
Persistent link: https://www.econbiz.de/10012479754
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Scale, Scope, and the International Expansion Strategies of Multiproduct Firms
Yeaple, Stephen Ross - 2013
A growing literature seeks to understand how the characteristics of firms shape the manner in which they serve foreign markets. We consider an environment in which multiproduct firms can sell their products in multiple countries from multiple locations. We show that there are strong empirical...
Persistent link: https://www.econbiz.de/10012459495
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Building the IPO Order Book : Underpricing and Participation Limits With Costly Information
Sherman, Ann E. - 2000
demand for accuracy is relatively low, the expected amount of underpricing exactly offsets the investors' costs of acquiring …
Persistent link: https://www.econbiz.de/10012470964
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Do Bank Insiders Impede Equity Issuances?
Goetz, Martin - 2020
We evaluate the role of insider ownership in shaping banks' equity issuances in response to the global financial crisis. We construct a unique dataset on the ownership structure of U.S. banks and their equity issuances and discover that greater insider ownership leads to less equity issuances....
Persistent link: https://www.econbiz.de/10012481637
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Banks as Secret Keepers
Dang, Tri Vi - 2014
Banks are optimally opaque institutions. They produce debt for use as a transaction medium (bank money), which requires that information about the backing assets - loans - not be revealed, so that bank money does not fluctuate in value, reducing the efficiency of trade. This need for opacity...
Persistent link: https://www.econbiz.de/10012458411