Most initial public offerings (IPOs) feature share lockup agreements, which prohibit insiders from selling their shares for a specified period of time following the IPO. However, some IPO firms agree to have a much longer lockup period than other IPO firms, and some are willing to lockup a much...

Prior literature suggests two competing theories regarding the role of venture capitalists (VCs) in their portfolio companies. The VC monitoring hypothesis argues that VCs effectively resolve the managerial agency problem through close monitoring and restraining managers' earnings management...

In 1993, Texas established a maximum 1.5 percent property tax rate that school districts could impose for purposes of funding their maintenance and operations (M&O). Tax limits are intended to contain government growth and increase the efficiency of government services. Almost all states use...