Research on IPOs commonly focuses on the relation between firms' pre IPO ownership structure and subsequent stock performance. We extend the literature by additionally focusing on companies' post IPO ownership structure, in particular private equity capital engagement, to analyze IPOs stock...

We study the effect of corporate board structure on firm performance under different product market conditions. Using customer-supplier links to identify exogenous downstream demand shocks, we find that board independence has a more significant effect on firm performance when the firm-specific...

This paper analyzes a comprehensive data set of 160 non venture-backed, 79 venture-backed and 61 bridge financed companies going public at Germany´s Neuer Markt between March 1997 and March 2002. I examine whether these three types of issues differ with regard to issuer characteristics, balance...

This paper examines the excess bond return in a sample of IPO announcements from 1983-2007 for firms with publicly trade debt. The main finding is that IPO announcements create a positive abnormal bond return. This finding is not driven by reverse LBOs, venture backing, spinoffs or by a...

This paper analyzes the relation between security issue announcement returns and the choice between debt, equity, and not issuing. As in Myers and Majluf (1984), higher-valued firms do not issue, and hence security issues are associated with negative announcement effects. Firms that choose to...

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...

We investigate the decisions of listed firms to go private once again. We start by revealing that while a significant number of firms which go public is VC-backed, an overproportional share of these VC-backed firms go private later on (they stay on the exchange for an average of 8.5 years). We...

We investigate the decisions of listed firms to go private once again. We start by revealing that while a significant number of firms which go public is VC-backed, an overproportional share of these VC-backed firms go private later on (they stay on the exchange for an average of 8.5 years). We...

We study characteristics of Specified Purpose Acquisition Companies (SPACs) and examine the performance of their securities over time. We find that SPACs represent a fairly unique way to raise capital. The incentives of their founders, underwriters, and investors are interdependent and...