The JOBS Act allows certain analysts to be more involved in the IPO process, but does not relax restrictions on analyst compensation structure. We find that these analysts initiate coverage that is more optimistically biased, less accurate, and generates smaller stock market reactions. Investors...

After accounting for endogeneity in the IPO decision, areas hosting large companies that go public experience muted growth in employment, establishments, and population, relative to areas where firms remain private. These effects are most pronounced in low income areas. Establishment-level...

We examine the effect of IPO proceeds on post-IPO liquidity and market monitoring. To do so we exploit variation in the amount of proceeds raised that is unrelated to firm size and manager decisions using an instrumental variable approach. We find that marginal increases in IPO proceeds lead to...

Using a novel measure of marketing during initial public offering (IPO) roadshows, we find that marketing positively predicts underpricing, price revisions, and post-IPO liquidity, but has little effect on fees. We further show that IPO roadshow duration and marketing intensity have decreased...

Transitioning to public ownership affects where firms invest. Post-IPO, we find that firms conduct more geographically diversifying acquisitions on the intensive and extensive margins, relative to both withdrawn IPO filings and seasoned matched peers. The effect is larger for IPO filers that are...

Local opioid abuse reduces net worker inflows, taxable income, high skilled labor, corporate and aggregate innovation, new business creation, and job growth from start-ups in affected areas, holding socioeconomic conditions constant. Changes in house prices, parks and recreation expenditures,...

We find that areas hosting large companies that go public experience muted growth in employment, establishments, and population, relative to areas where similar firms remain private. These effects initiate in the tradable sector and follow in the non-tradable sector, are more pronounced in...