This paper outlines the phenomenon of negative first-day IPO returns. Using a comprehensive sample of firms that listed in the USA between 2000 and 2020, we find that 21.61% of all IPO firms have negative first-day returns, making this a common feature of US IPO markets. We identify key...

The real estate finance literature provides diverse and contradictory findings regarding the relationship between the real estate market and the stock market. Despite the importance of this relationship to the economy in general relatively little is known of what causes such differences. In this...

Herding relates to behaviour by investors that involves mimicking the public actions and decisions of others rather than following privately held views and information. Herding is widely believed to be an important behavioural feature of financial markets, particularly in times of crisis, but...