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privatization (i.e., IPO) has different effects depending on the types of owners to whom it gives control in corporate governance …
Persistent link: https://www.econbiz.de/10012212672
We track firms at birth and compare the growth pattern of IPO firms and their birth-matched counterparts. Firms that are larger at birth with faster initial growth are more likely to attain a larger size later in life and go public. Firms in the top percentile of predicted propensity to go...
Persistent link: https://www.econbiz.de/10011847755
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We track firms at birth and compare the growth and responsiveness to demand shocks of IPO firms and their birth-matched counterparts. Firms that are larger at birth with faster initial growth are more likely to go public. Firms in the top percentile of predicted propensity to go public grow 29...
Persistent link: https://www.econbiz.de/10012244886
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We investigate the post-listing experience of companies raising capital on the London Stock Exchange's Alternative Investment Market (AIM). The AIM is unique in that it is privately regulated and relies on Nominated Advisors (Nomads) who compete to bring new listings and provide ongoing...
Persistent link: https://www.econbiz.de/10013008732
We draw on Merton (1987) to develop predictions for the benefits of voluntary disclosures made by firms pursuing an initial public offering (IPO) prior to when they begin to provide regulated financial information via their IPO prospectus. We find that voluntarily issuing press releases and...
Persistent link: https://www.econbiz.de/10012851875
Companies in the United States are staying private longer, and this trend has important implications for companies and their employees. Employees holding equity awards in private companies are restricted from monetizing an illiquid asset that they might need to support their living expenses....
Persistent link: https://www.econbiz.de/10011980323
Previous studies show that profitability does not improve after share issue privatization (SIP) in China. We explore … the possibility that the positive privatization effect can be overwhelmed by a negative listing effect, leading to an … samples, we show that there is a positive privatization effect and there is a negative listing effect on profitability. We …
Persistent link: https://www.econbiz.de/10012854433