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...

Putable convertibles, which are convertible bonds that allow bondholders to ldquo;putrdquo; or sell the bonds to the issuer at pre-specified prices on pre-specified dates, have become an important means of raising external capital in the current decade. This paper presents the first empirical...

We present the first analysis in the literature of the relationship between the quality and reputation of a firm's management and the prevalence of anti-takeover provisions in the corporate charters of IPO firms, and the influence of this relationship on post-IPO performance. We test the...

We make use of hand-collected data on a large sample of entrepreneurial firms to analyze the effect of venture capital (VC) backing on the management quality of firms going public and the effect of both VC-backing and management quality on IPO variables. We hypothesize that VC-backing will be...

Using a sample of debt and seasoned equity issues from 1980-2004 and different proxies of investor optimism and the dispersion in investor beliefs, we empirically analyze, for the first time in the literature, the effect of heterogeneous beliefs among outside investors on the capital structure...

Using data on anti-takeover provisions (ATPs) and top management characteristics hand-collected from IPO prospectuses, we analyze the effect of the pre-IPO innovativeness and the top management quality of private firms on the number and strength of ATPs in IPO firm charters. We test the...

We analyze the relation between the geographical locations of the institutions investing in IPO firms and IPO firm outcomes. Consistent with an information sharing hypothesis, we find that an increase in the geographical dispersion of the institutions investing in IPO firms is associated with...

We analyze a firm's choice between dual class and single class share structures, either at IPO or subsequently, prior to an SEO. We consider an entrepreneur (quot;incumbentquot;) who obtains both security benefits and private benefits of control, and who wishes to sell equity to outsiders to...

We develop a theoretical analysis of the choice of firms between fixed-price offerings and uniform-price auctions for selling shares in IPOs and privatizations. We consider a setting in which a firm goes public by selling a fraction of its equity in an IPO market where insiders have private...

At what point in a firm's life should it go public? How do a firm's ex ante product market characteristics relate to its going public decision? Further, what are the implications of a firm going public on its post-IPO operating and product market performance? In this paper, we answer the above...