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

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

Determinants of structured finance issuance : a cross-country comparison

Schuetz, Sebastian A. - 2011 - This version: February 2011

Especially structured finance instruments were blamed as main reason for the financial crisis 2007, but the understanding for the motivation to originate securitization products is less discovered. Therefor this paper tries to identify main balance sheet characteristics of structured finance...

Persistent link: https://www.econbiz.de/10008907723

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

Going public - going private : the case of VC-backed firms

Gill, Andrej; Walz, Uwe - 2012

We investigate the decisions of listed firms to go private once again. We start by revealing that while a significant number of firms which go public is VC-backed, an overproportional share of these VC-backed firms go private later on (they stay on the exchange for an average of 8.5 years). We...

Persistent link: https://www.econbiz.de/10009488848

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

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

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/10011334160

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

Conflict of Interest and Certification in the U.S. IPO Market

Benzoni, Luca - 2009

We examine the long-term return performance of U.S. IPOs underwritten by relationship banks. We show that, over one- to three-year horizons, IPOs managed by relationship banks experience buy-and-hold benchmark-adjusted returns that are similar to those observed for a matching sample of stocks...

Persistent link: https://www.econbiz.de/10013156835

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

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

Fernando, Chitru S. - 2018

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

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