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Prestige Without Purpose? Reputation, Differentiation, and Pricing in U.S. Equity Underwriting

Fernando, Chitru S. - 2018

services anti-competitive and why do equity underwriters invest in reputation-building? This study resolves both puzzles … service differentiation based on underwriter reputation. High-reputation banks receive average reputational premia equaling 0 … issuers working with high-reputation underwriters receive significant benefits, including higher offer values and lower …

Persistent link: https://www.econbiz.de/10012937858

The Overseas Listing Puzzle : Post-IPO Performance of Chinese Stocks and ADRs in the U.S. Market

Luo, Yongli - 2014

The “China concepts stock” in the U.S. has attracted a great deal of attention among international investors due to the … Chinese firms over 1993-2010 by considering the great impact of split-share structure reform in China. We find that the …

Persistent link: https://www.econbiz.de/10013065928

Private matters

Helwege, Jean; Packer, Frank - In: Journal of financial intermediation 18 (2009) 3, pp. 362-383

Persistent link: https://www.econbiz.de/10003878942

Auctioned IPOs : The U.S. Evidence

Degeorge, Francois - 2013

Between 1999 and 2007, WR Hambrecht completed 19 IPOs in the U.S. using an auction mechanism. We analyze investor behavior and mechanism performance in these auctioned IPOs using detailed bidding data. The existence of some bids posted at high prices suggests that some investors (mostly retail)...

Persistent link: https://www.econbiz.de/10013095585

The Disappearing IPO Puzzle : New Insights from Proprietary U.S. Census Data on Private Firms

Chemmanur, Thomas J. - 2020

The U.S. equity markets have experienced a remarkable decline in IPOs since 2000, both in terms of smaller IPO volume and entrepreneurial firms' greater tendency to exit through acquisitions rather than IPOs. Using proprietary U.S. Census data on private firms, we conduct a comprehensive...

Persistent link: https://www.econbiz.de/10012839195

U.S. Exchange Upgrades : Reducing Uncertainty Through a Two-Stage IPO

Cole, Rebel A. - 2018

We examine the effects on IPO uncertainty of an alternative going-public mechanism - the two-stage IPO, where a firm first gets quoted on the OTC market, and then upgrades to a national exchange where it first issues public equity. We find that a two-stage IPO firm experiences lower underpricing...

Persistent link: https://www.econbiz.de/10012935880

The long-term performance of IPOs, revisited

Hoechle, Daniel; Karthaus, Larissa M.; Schmid, Markus M. - 2017

We show that a sample of 7,487 U.S. firms going public between 1975 and 2014 significantly underperforms mature firms in the first year after the IPO. Contrary to post-issue horizons of three to five years, the first-year underperformance cannot be explained by Carhart (1997) risk factor...

Persistent link: https://www.econbiz.de/10011688213

Auctioned IPOs: the US evidence

Degeorge, François; Derrien, François; Womack, Kent - 2008

Between 1999 and 2007, WR Hambrecht has completed 19 IPOs in the U.S. using an auction mechanism. We analyze investor behavior and mechanism performance in these auctioned IPOs using detailed bidding data. The existence of some bids posted at high prices suggests that some investors (mostly...

Persistent link: https://www.econbiz.de/10003966177

Private equity's unintended dark side : on the economic consequences of excessive delistings

Ljungqvist, Alexander; Persson, Lars; Tåg, Joacim - 2016

Over the past two decades, private equity has contributed to a shrinking of the U.S. stock market. We develop a political economy model of private equity activity to study the wider economic consequences of this trend. We show that private and social incentives to delist firms from the stock...

Persistent link: https://www.econbiz.de/10011436675

Prestige without Purpose? : Reputation, differentiation, and pricing in US equity underwriting

Fernando, Chitru S.; Gatčev, Vladimir A.; May, Anthony D. - 2015

Persistent link: https://www.econbiz.de/10011334160

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