IPO stock prices increased approximately 2.3% on the first day of secondary market trading over the period 1993 through 2003. While these aftermarket returns are accentuated during 1999 and 2000, they persist after the bubble burst and even increase as a percentage of total underpricing. We...

This paper examines the short-term and long-term returns of a sample of foreign equities traded on the New York Stock Exchange as American Depository Receipts (ADRs) issued between 1 January 1987 and 30 September 2000. Distinctions are made between those ADRs issued as initial public offerings...

We question the validity of the broad consensus in the literature that loans are unique relative to other financial contracts. Research in this area is event-study driven and implicitly assumes that relatively small samples of loan announcements adequately represent all bank loans. Our analysis...