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Why is IPO Underpricing a Global Phenomenon?
Booth, James - 2010
We explain why initial underpricing of new issue exists globally and is not arbitraged away in an efficient market. We … argue that initial underpricing is a natural by-product of liquidity-motivated ownership dispersion requirements and … initial underpricing. We predict that as the level of divergence of opinion about an issue increases, underpricing will …
Persistent link: https://www.econbiz.de/10013138881
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Tell-tale tails: A data driven approach to estimate unique market information shares
Grammig, Joachim G.; Peter, Franziska J. - 2010
The trading of securities on multiple markets raises the question of each market's share in the discovery of the informationally efficient price. We exploit salient distributional features of multivariate financial price processes to uniquely determine these contributions. Thereby we resolve the...
Persistent link: https://www.econbiz.de/10010302551
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Tell-tale tails : a data driven approach to estimate unique market information shares
Grammig, Joachim; Peter, Franziska J. - 2010
The trading of securities on multiple markets raises the question of each market's share in the discovery of the informationally efficient price. We exploit salient distributional features of multivariate financial price processes to uniquely determine these contributions. Thereby we resolve the...
Persistent link: https://www.econbiz.de/10008666526
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Analyst Coverage of IPO Firms and Securities Laws : A Cross-Country Analysis
Boissin, Romain - 2013
We examine, over the period from 1991 to 2010, the influence of legal environment on the ability of financial analysts to discriminate between good and bad IPOs. We find, after controlling for IPO firm-specific characteristics as well as country-specific characteristics, significant difference...
Persistent link: https://www.econbiz.de/10013088372
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Media Coverage and IPO Pricing Around the World
Chen, Yangyang - 2019
We study how media coverage impacts pricing of IPOs around the world. Higher media coverage in the pre-IPO period leads to lower IPO initial returns. The effect is mitigated in countries with better financial reporting quality, greater shareholder rights protection, and more stringent media...
Persistent link: https://www.econbiz.de/10012900781
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Democracy and the Pricing of Initial Public Offerings around the World
Duong, Huu Nhan; Goyal, Abhinav; Kallinterakis, Vasileios; … - 2021
We find a negative relation between democracy and initial public offering (IPO) underpricing for a sample of 23 …,050 IPOs across 45 countries. The effect of democracy on underpricing is weaker for IPOs audited by Big 4 auditing firms … influence on underpricing for firms with higher agency problems, in countries with weaker institutional quality or shareholder …
Persistent link: https://www.econbiz.de/10013219911
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Cross-Industry Consequences of Terrorism
Meyer, Kevin L. - 2011
Given the growing importance of terrorism in today's world, it is essential to understand its impact on the global economy. This paper examines the case of Israel to consider the impact of this phenomenon on the nation's economy. Specifically, it will aim to determine whether the Israeli...
Persistent link: https://www.econbiz.de/10013132262
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Venture Capital Optimal Investment Portfolio Strategies Selection in Diffusion - Type Financial Systems in Global Capital Markets with Nonlinearities
Ledenyov, Dimitri - 2017
The condensed research article presents some innovative research results on the venture capital optimal investment portfolio strategies selection in the diffusion-type financial systems in the imperfect highly volatile global capital markets with the incomplete information, which are...
Persistent link: https://www.econbiz.de/10012971891
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Dagong's Entry into the Sovereign Credit Ratings' Market
Kremser, Thomas Reinhard - 2014
This paper examines the 2010 entry of Dagong Global Credit Rating into the sovereign credit ratings market. We investigate the driving factors of Dagong and of the three incumbent rating agencies, Standard & Poor's, Moody's Investors Service and Fitch Ratings. We find significant differences...
Persistent link: https://www.econbiz.de/10013046893
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How Do Voluntary Disclosures on Climate Risk and Their Tone Affect CDS Premiums?
Imerman, Michael B.; Ye, Xiaoxia; Zhao, Ran - 2022
We examine the effect of voluntary climate risk disclosure on Credit Default Swap (CDS) premiums. We develop a structural credit risk model, in which climate-related disclosures serve as an information source reducing uncertainty about climate risks. The model predicts a negative relation...
Persistent link: https://www.econbiz.de/10013404223