Using various “centrality” measures from Social Network Analysis (SNA), we analyze, for the first time in the literature, how the location of a lead underwriter in its network of investment banks affects various aspects of seasoned equity offerings (SEOs). We hypothesize that investment...

We use a unique sample of hand-collected data on the management quality of firms making SEOs or IPOs to analyze the relationship between the management quality of a firm and its SEO characteristics, and to compare the effect of management quality on equity issue characteristics in SEOs and IPOs....

Models of seasoned equity offerings (SEOs) such as Myers and Majluf (1984) assume that all investors in the economy pay immediate attention to SEO announcements and the pricing of SEOs. In this paper, we analyze, theoretically and empirically, the implications of only a fraction of investors in...

Using various “centrality” measures from Social Network Analysis (SNA), we analyze how the location of a lead IPO underwriter in its network of investment banks affects various IPO characteristics. We hypothesize that investment banking networks allow lead IPO underwriters to induce...

We analyze the determinants and consequences of option listing on IPO firm stock. We find that options are listed earlier on venture-backed and lower-reputation underwriter IPOs. We find a significant decrease in stock returns immediately after option listing, persisting for a year. Analyzing...

We find that the offer price of a private investment in public equity (PIPE) is lower than the prevailing market price (i.e., large discount) when the tax rate on investors’ capital gains is high. Using unique data on PIPE investor identities (which are not available for initial public...