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Market Manipulation Rules and IPO Underpricing

Duong, Huu Nhan - 2020

manipulation reduce IPO underpricing. The effect is weaker for IPOs certified by reputable intermediaries, in countries with … mitigate information asymmetry problems for investors, resulting in lower IPO underpricing …

Persistent link: https://www.econbiz.de/10012826673

Competition in Exchanges and Reputational Concerns

Boussetta, Selma - 2021

reputation effects induces strategic behaviour. The results show that overestimating the quality of a project is an equilibrium … despite the presence of reputation costs. Counterintuitively, introducing competition leads to more lax requirements than in … the monopolistic case and reduces welfare as long as the reputation of the competitor is higher than that of the …

Persistent link: https://www.econbiz.de/10013222422

Strategies on Initial Public Offering of Company Equity at Stock Exchanges in Imperfect Highly Volatile Global Capital Markets with Induced Nonlinearities

Ledenyov, Dimitri - 2015

-building. We focus on the IPO initial underpricing, long-run performance and after market liquidity problems. 1. We propose that …-determinant for the successful IPO deal completion. We propose the Ledenyov theory on the origins of the IPO underpricing and long … term underperformance effects, which states that the IPO underpricing and long term underperformance can be explained by …

Persistent link: https://www.econbiz.de/10013026463

Stock price management and share issuance : evidence from equity warrants

Barth, Mary E.; Gee, Kurt H.; Israeli, Doron; Kasznik, Ron - 2017

We investigate whether firms manage stock prices in anticipation of share issuance. Warrant exercise results in share issuance and warrant expiration dates are fixed years in advance, which precludes market timing. We predict firms manage stock prices to prevent (induce) warrant exercise when...

Persistent link: https://www.econbiz.de/10011870355

Underwriters’ Allocation Power and Adverse Selection Costs in the IPO Process

Mazouz, Khelifa - 2018

This study uses a unique and extensive data set of over 28.2 million investors' applications to examine the theory of adverse selection under two distinct regulatory regimes (discretionary against mandatory clawback provision) in relation to IPO share allocation. Consistent with Rock's (1996)...

Persistent link: https://www.econbiz.de/10012938095

International Equity Flows and Returns : A Quantitative Equilibrium Approach

Albuquerque, Rui A. - 2014

This paper reconsiders the role of foreign investors in developed country equity markets. It presents a quantitative model of trading that is built around two new assumptions about investor sophistication: (i) both the foreign and domestic populations contain investors with superior information...

Persistent link: https://www.econbiz.de/10013039668

The Impact of Anonymity on Unsophisticated Liquidity and Changing Information Asymmetry

Li, Yijie - 2019

This paper finds that in Nasdaq Helsinki where brokers can voluntarily reveal or conceal identities, unsophisticated traders are less willing to trade after anonymous trades than non-anonymous trades. Using intraday order and trade data of large-cap stocks to which the voluntary anonymity model...

Persistent link: https://www.econbiz.de/10012892982

Information Absorption in Stocks with Short-Selling Constraints

Floros, Ioannis V.; Singh, Ajai K.; Suzuki, Katsushi - 2021

Under short-sales restrictions, we document a phenomenon where the market reacts again to publicly available adverse information, to which it has already responded before. We employ a Japanese dataset endowed with distinctive regulatory features pertaining to trading restrictions for a specific...

Persistent link: https://www.econbiz.de/10013239076

Tick Size, Microstructure Noise, Informed Trading and Volatility Inversion Effects on Price Discovery in Option Markets : Theory and Empirical Evidence

Czerwonko, Michal - 2012

We document both theoretically and empirically a major dependence in both the Information Shares (IS) and Component Shares (CS) approaches to the estimation of the price discovery metrics on the errors arising out of the inversion method of the option value to find the implied stock price, as...

Persistent link: https://www.econbiz.de/10013108950

Credit Information Sharing and Stock Price Crash Risk : The Role of Information Asymmetry and Bank Regulations

Teeranutranont, Chanon - 2018

This paper attempts to investigate the impact of credit information sharing on bank-specific stock price crash risk. Using a sample of 1,402 listed-banks in 55 countries for the period 2005-2013, we show that credit information sharing through public credit registries is negatively associated...

Persistent link: https://www.econbiz.de/10012926760