Sharing ownership with outside investors through an IPO has advantages and disadvantages that create dilemmas for company founders. It can further be a source of disappointment when expectations fall short of reality. That's not the case for the Greek ship owners who floated the shares of their...

Companies that go public on global stock markets are not obliged to disclose earnings forecasts in their prospectuses. We use this fact to examine the shipping sector, where most firms issue earnings forecasts during the IPO process, and provide unique, international-level evidence. We find...