Narrow search
Showing 1 - 10 of 253
Cover Image
Nepotism in IPOs : consequences for issuers and investors
Degeorge, François; Pratobevera, Giuseppe - 2020
underpricing by 5.4 percentage points. Our evidence suggests that nepotism has real monetary costs for IPO issuers. We also use our … work: we find a strong positive association between IPO underpricing and affiliated allocations, which strengthens when …
Persistent link: https://www.econbiz.de/10012271189
Cover Image
Short selling and the subsequent performance of initial public offerings
Seistrajkova, Biljana - 2017
volume on the first trading day of the IPO is significantly negatively linked to subsequent stock returns and accounting …
Persistent link: https://www.econbiz.de/10011874714
Cover Image
An option to cheat : an application of option theory to realize flipping in underpricing
Stojkovic, Jovan - 2013
underpricing in IPOs through the use of a structural approach mode. The outcome is a proxy value that replicates investors …' flipping behavior. When tested empirically, the model predicts that on average 25% of underpricing exists to protect long …
Persistent link: https://www.econbiz.de/10010258983
Cover Image
Information revelation through regulatory process : interactions between the SEC and companies ahead of the IPO
Lowry, Michelle; Michaely, Roni; Volkova, Ekaterina - 2019
The regulator plays an active role in the IPO process via its pre-IPO communications with firms, writing 3.8 comment letters per company. To evaluate the regulator's input, we analyze these communications between the SEC and firms using LDA-analysis and KL-divergence. Main topics of SEC concerns...
Persistent link: https://www.econbiz.de/10012101170
Cover Image
Are CoCo bonds a good substitute for equity? : evidence from European banks
Hau, Harald; Hrasko, Gabriela - 2018
Following the 2008-9 financial crisis, large banks increasingly issued contingent convertible bonds (CoCo bonds) to increase their capital buffers – a policy supported by national bank regulators. This paper examines whether the issuance of CoCo bonds provides the same reduction in bank...
Persistent link: https://www.econbiz.de/10011937107
Cover Image
Do underpriced firms innovate less?
Parise, Gianpaolo - 2014
to industry-level shocks. This measure addresses potential shortcomings of common proxies of underpricing based on flow …
Persistent link: https://www.econbiz.de/10010338774
Cover Image
The acceleration effect and gamma factor in asset pricing
Ardila, Diego; Forró, Zalán; Sornette, Didier - 2015
returns, provide better performance and higher explanatory power than momentum. The corresponding Γ-factor explains the …
Persistent link: https://www.econbiz.de/10011411974
Cover Image
Does market irrationality in the media affect stock returns?
Gibson, Rajna; Hemmens, Christopher; Trépanier, Mathieu - 2015
returns. We construct a lexicon of words for 'market irrationality' and score daily news articles based on the number and … on subsequent stock market returns and exacerbates stock market volatility. Furthermore, stocks with large, negative …
Persistent link: https://www.econbiz.de/10011412095
Cover Image
Average skewness matters!
Jondeau, Eric; Zhang, Qunzi - 2015
future market returns. This result still holds after controlling for the size or liquidity of the firms or for current … of subsequent market returns. We consider two out-of-sample allocation exercises, one based on predictive regressions and …
Persistent link: https://www.econbiz.de/10011412455
Cover Image
Delegated portfolio management, optimal fee contracts, and asset prices
Sato, Yuki - 2015
model yields testable implications for the relations between stock returns, fund returns, fund fees, fund size, and …-elastic, making the prices more volatile. Fund returns behave differently from market returns because funds use leverage counter-cyclically …
Persistent link: https://www.econbiz.de/10011293478