Brau, James C.; Carter, David A.; Christophe, Stephen E.; … - In: Managerial Finance 30 (2004) 1, pp. 75-91
Initial public offering (IPO) lockup agreements prevent insider sale of shares for specified periods of time (often 180 days). This study investigates share price reactions at and around the time the lockup agreements expire. Results indicate statistically significant negative abnormal returns...