We examine the effects of bidding experience on two groups of investors - individuals and institutions - in terms of their decisions to bid again and their bidding returns. Bidding histories are tracked for all 31,376 individual investors and 1,232 institutional investors across all 84 IPO...

The lock-up provision conveys important information about the ex-ante risk of an IPO. Using a unique trading data in pre-IPO market and a unique data of exact days of withdrawing lockup shares, we are able to test the trading behavior of institutional investors around the lockup announce day and...

Historically a key advantage of being a public firm was broader access to capital, from a disperse group of shareholders. In recent years, such capital has increasingly become available to private firms as well. We document a dramatic increase over the past twenty years in the number of mutual...

We posit that IPOs of local companies will lead to increased stock market participation. First, local IPOs attract attention to the market, through both increased information production and publicity. Second, local IPOs generate wealth, not just for people associated with the heretofore private...