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Pricing initial public offerings in premature capital markets : the case of Hungary
Schindele, Ibolya; Perotti, Enrico C. - 2002
This paper investigates the determinants of underpricing at initial public offerings in theHungarian Initial Public … discount at privatization IPOs than at private issues, and a positive relation between underpricing and the proportion of … that the transition related determinants of underpricing disappear as the securities market becomes more mature. …
Persistent link: https://www.econbiz.de/10011598328
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An elementary model of VC financing and growth
Greenwood, Jeremy; Han, Pengfei; Inokuma, Hiroshi; … - 2022
Persistent link: https://www.econbiz.de/10013447945
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Carry trades, order flow and the forward bias puzzle
Breedon, Francis J.; Rime, Dagfinn; Vitale, Paolo - 2015
We investigate the relation between foreign exchange (FX) order flow and the forward bias. We outline a decomposition of the forward bias according to which a negative correlation between interest rate differentials and order flow creates a time-varying risk premium consistent with that bias....
Persistent link: https://www.econbiz.de/10011396784
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Privatization and financial market development : theoretical issues
Chiesa, Gabriella; Nicodano, Giovanna - 2003
Stock market capitalization in developed countries grew while massive privatization plans were in progress. It is however possible that stock market development would have occurred anyway. Below we identify features that are specific to share-issue privatizations (SIPs) and should a priori...
Persistent link: https://www.econbiz.de/10011589394
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The abnormal returns of UK privatisations : from underpricing to outperformance
Florio, Massimo; Manzoni, Katiuscia - 2002
This paper offers a review and discussion of the evidence concerning the underpricing and long run performance of … that underpricing was not followed by underperformance, as is usually observed with IPOs, but rather strong outperformance …
Persistent link: https://www.econbiz.de/10011597836
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Privatization and stock market liquidity
Bortolotti, Bernardo; Jong, Frank de; Nicodano, Giovanna; … - 2002
Share issue privatization - i.e. privatization on public equity markets - is often claimed to foster stock market development. In this paper, we provide an empirical assessment of this claim, testing the role of privatization on two market liquidity measures in a panel with monthly data of 19...
Persistent link: https://www.econbiz.de/10011598239
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Do multiple credit ratings reduce money left on the table? : evidence from U.S. IPOs
Goergen, Marc; Gounopoulos, Dimitrios; Koutroumpis, … - 2019 - This Draft: March 2019
effect of credit ratings on IPO underpricing, which is amplified by the existence of multiple credit ratings. Multiple …
Persistent link: https://www.econbiz.de/10011979253
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Order flow and the formation of dealer bids : an analysis of information and strategic behavior in the government of Canada securities auctions
Hortaçsu, Ali; Sareen, Samita - 2004
Using data on Government of Canada securities auctions, this paper shows that in countries where direct access to primary issuance is restricted to government securities dealers, Order-flow" information is a key source of private information for these security dealers. Order-flow information is...
Persistent link: https://www.econbiz.de/10011607155
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Liquidity events and returns of EIF-backed VC investments
Prencipe, Dario - 2017
Despite the sometimes intensive media coverage and exuberant storytelling around the industry, venture capital (VC) investors tend to operate in highly opaque markets. On this premise, this work contributes to the literature via a hand-collected dataset of about 3,600 EIF-backed VC investments...
Persistent link: https://www.econbiz.de/10011863286
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The social value of financial expertise
Kurlat, Pablo - 2017
Persistent link: https://www.econbiz.de/10011779074