We compare the long-term stock price and operating performance of firms that are followed by analysts to those that are not over the period of 1994-2005. While analysts are skillful in identifying quality firms for coverage, the market is efficient in pricing both covered and neglected stocks...

We examine the underpricing of U.S. firms that went public globally (Global IPOs) between 1986 and 2003. Our results suggest that, when compared to their peers that went public at home, U.S. issuers did not enjoy an advantage in issue costs from their global offerings. Their offers experienced...

This study addresses the question of the effectiveness of private placements in mitigating the information asymmetry problem faced by IPO firms, and their impacts on issuing costs, both underpricing and underwriting spreads, of IPOs. We examine the underpricing of initial public offerings by...