The paper investigates the role of Top Management Teams (TMTs) characteristics behind market performance of IPOs on a secondary market. After highlighting the main differences between entrepreneurial and managerial companies, we identify effective drivers related to TMT characteristics able to...

We investigate the effect of CEOs' education on their firms' probability of choosing convertible debt instead of straight debt and equity. Using a security choice framework, we find that CEOs with higher levels of education have a greater likelihood of issuing convertible debt, particularly when...

This study examines the association between financial expert CEOs and earnings management (EM) around initial public offerings. We identify financial expert CEOs as those having past experience in either banking or investment firms, large auditing firms, or finance-related roles. We find strong...

We study whether the financial experience of chief executive officers (CEOs) is associated with earnings management around initial public offerings (IPOs). Examining the sample of U.S. initial public offerings (IPOs) from 2003 to 2011, we find that newly listed firms with financial expert CEOs...

This paper examines the relation between cognitive perceptions of management and firm valuation. We develop a composite measure of investor perception using 30-second content-filtered video clips of initial public offering (IPO) roadshow presentations. We show that this measure, designed to...

This paper examines the relation between cognitive perceptions of management and firm valuation. We develop a composite measure of investor perception using 30-second content-filtered video clips of initial public offering (IPO) roadshow presentations. We show that this measure, designed to...

The Securities and Futures Bureau (SFB) of Taiwan prescribes that firms applying for an initial listing after February 2002 must have at least two seats of independent directors (IDs) on the board. Under the SFB 2002 rules, this paper investigates the effect of such governance reforms in ID...

We uncover strong evidence that newly public firms run by financial expert CEOs have a lower probability of involuntary delisting and a longer survival time in the aftermarket. This result is robust to alternative definitions of long-term viability and endogeneity concerns. We attribute this...

We test a number of hypotheses to assess changes in director ownership during lockup periods. We find that these transactions are additional signalling devices. Our results also imply that they are contractual arrangements between directors and underwriters, as directors increase their holdings...

We find that newly public firms run by financial expert CEOs have a lower probability of involuntary delisting and a longer survival time. We attribute this finding to the fact that CEOs with a career background in finance gain better access to the primary equity market, as evidenced by a more...