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This paper investigates the effects of going public on innovation. Using a data set consisting of innovative firms that … filed for an initial public offering (IPO), I compare the long-run innovation of firms that completed their filing and went …-building period as a source of exogenous variation that affects IPO completion but is unlikely to affect long-run innovation. Using …
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This paper investigates the effects of going public on innovation by comparing the innovative activity of firms that … innovation declines following the IPO and firms experience both an exodus of skilled inventors and a decline in productivity of … going public changes firms' strategies in pursuing innovation …
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This study examines the governance attributes of post-IPO (initial public offering) retained ownership of private equity in business group constituent firms in contrast to their unaffiliated counterparts, in 202 newly listed firms in 22 emerging African economies. We adopt an actor centred...
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Higher first-year post-issue returns are associated with a significantly higher probability of follow-on equity issuance over the next 5 years. This result holds when we control for pre-issue returns and other factors known to affect the probability of equity issuance. The result is most...
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We present an asymmetric information model to examine private placements issued to owner-managers. Our main conclusion is that allowing private placements to insiders can mit- igate, if not eliminate, the underinvestment problem. Our model predicts that announcement period returns for private...
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