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We study the relation between issuer operating performance and IPO price formation, from the initial price range to the offer price to the closing price on the first trading day. For a post-bubble sample of 2001-2013 IPOs, we find that pre-IPO net income and, in particular, operating cash flow...
Persistent link: https://www.econbiz.de/10013018788
The long-run performance of 424 UK rights issues during 1991-95 shows that issuers outperform the market and non-issuing peers in the pre-issue period and underperform in the post-issue period. To explain these results, we examine the timing and earnings management hypotheses and show that our...
Persistent link: https://www.econbiz.de/10013043359
We study the relation between issuer operating performance and IPO price formation, from the initial price range to the offer price to the closing price on the first trading day. For a post-bubble sample of 2001-2013 IPOs, we find that pre-IPO net income and, in particular, operating cash flow...
Persistent link: https://www.econbiz.de/10012997637
Persistent link: https://www.econbiz.de/10013258161
Persistent link: https://www.econbiz.de/10013209822
Persistent link: https://www.econbiz.de/10011588377
) from the perspective of product innovation. We find strong empirical evidence that IPOs with less established trademarks … can meanwhile realize superior post-IPO financial as well as innovation performance. To acquire such firms, acquirers need … to offer substantially higher takeover premiums. However, some empirical evidence suggests that less product innovation …
Persistent link: https://www.econbiz.de/10013308400
We study the predictive power of patents on the long-run performance of venture capital (VC)-backed initial public offerings (IPOs). We show that VC-backed IPOs that have at least one patent at the time of the IPO substantially outperform other VC-backed IPOs, with 3-year buy-and-hold...
Persistent link: https://www.econbiz.de/10013034602
classes across all sectors and all EU Member States, we identify different innovation profiles based on a firm's R …&D investment and/or innovation activities. We find that "basic" firms - i.e. firms that do not engage in any type of R&D or … innovation - are more common among young SMEs, while innovators - i.e. firms that do R&D and introduce new products, processes or …
Persistent link: https://www.econbiz.de/10011900904
innovation on firm survival and firm productivity, which constitute the two main channels through which innovation drives growth … perspectives that inform the empirical models allow for heterogeneity in the effects of R&D/innovation on firm survival and …-linearity and volatility in the gains from R&D/innovation, particularly in terms of its effects on firm survival and productivity …
Persistent link: https://www.econbiz.de/10012286283