We analyze the nature and causes of short-run underpricing for a unique sample of 591 Initial Public Offers (IPOs) issued on the London Stock Exchange for the period 1985-2003. We find significant differences between the 1998-2000 bubble years and the rest of the sample. Venture capitalists and...

We analyse the post-issue operating performance of 316 venture-backed and 274 non-venture UK IPOs 1985-2003. The finding of a statistically significant five-year, operational decline exhibited over the full sample period is not robust. Rather it is driven by the dramatic underperformance during...

This article investigates the links between hot markets, venture capital and long-run underperformance using a unique sample of 591 UK IPOs 1985-2003. It finds no evidence for long-run underperformance for the full sample in line with the classical position. However, cumulative abnormal returns...

Empirical studies have had difficulty in establishing the long-run relationship between real exchange rates and real yield differentials predicted by sticky price exchange rate models. We revisit this issue in a nonstationary panel regression framework. This facilitates estimation of a long-run...

We propose and adduce evidence for a new seasonal anomaly associated with the Lunar Moon Festival (LMF) in East Asian economies. While the LMF effect bears some resemblance to the festivity and vacation anomalies, it is mainly driven by nostalgia, historically negative associations, the full...

Interest has grown again in recent years about the long-term and cyclical nature of building investment and its effect on the macroeconomy. This paper investigates the nature of building trends and cycles from the 19th century to the present day for eight major OECD economies. Focusing...

There are a number of recent trends in the organisation of local economic development activities that are seen to point to a general convergence between UK and US contexts. Various attempts have been made to encompass this convergence, primarily through the application of a set of common...