Wealth transfer effects between stockholders and bondholders on the announcement date of changes in a firm's credit rating have primarily been examined a) for one type of security; b) on US capital markets; and c) by applying standard event study methods. In contrast to these investigations, we...

We study the impact of the staggered adoption of anti-collusion leniency legislations around the world on IPO activity. We document that the passage of leniency legislations prompts IPO activity. The effect is amplified in more concentrated industries and in countries with stronger external...

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 divergence of opinion. In our framework, as shares are...

We study the impact of country-level short selling constraints on IPO underpricing. Examining 17,151 IPOs from 36 countries, we find that IPO underpricing tends to be greater in countries that ban short selling or security lending and in countries where short selling is not practiced....

We study the valuation of 6,199 IPOs during 1998-2015 for the following countries: Australia, Canada, China, Germany, India, Japan, U.K., and U.S. Net income is positively related to IPO valuation in each of the eight countries. The economic impact of net income is largest for Chinese IPOs and...

A large number of newly listed firms have significant involvement in international business activity. In this paper, we examine the effect of international business activity on the pricing of initial public offerings (IPOs), post-IPO performance, and survival. In a large sample of U.S. IPOs over...

This chapter documents the evolution of ownership and control of firms around the world over a hundred year period from the beginning of the 20th century to today. It records the substantial changes that have taken place in the nature of stock markets and contrasts these with the persistent...

This chapter documents the evolution of ownership and control of firms around the world over a hundred year period from the beginning of the 20th century to today. It records the substantial changes that have taken place in the nature of stock markets and contrasts these with the persistent...

We document that global board reforms are associated with a significant reduction in IPO underpricing. The effect is amplified for IPOs with greater agency problems and mitigated for IPOs certified by reputable intermediaries, IPOs with greater disclosure specificity, and IPOs in countries with...