This study examines the impact of global financial crisis (GFC) on Initial Public Offering (IPO) underpricing in the context of an emerging market from January 2006 to December 2011. Models consist of hierarchical and multivariate regressions have been evaluated. Our results show, firstly, by...

This paper investigates whether the health of a bank affects the client firm's capital structure and then leads to inefficiency in the client firm's decision-making. Using the Japanese IPO dataset from 1996 to 2005 when bank sectors suffered liquidity shortages and IPO booms occurred at the same...

The global financial crisis of 2008-2009 precipitated one of the longest IPO “droughts” in history; from September 2008 until May 2009 only eight new issues came to market in the United States. While the phenomenon of hot- and cold-IPO market cycles has been widely documented, there has been...