This research examines the long-run Initial Public Offerings (IPO) stock performance of a large Chinese sample, and in particular the relationship between initial reserves (capital reserves and revenue reserves immediately after the IPO) and long-run IPO stock performance. In general, Chinese...

We examine the announcement period of stock returns for 179 over-the-counter (OTC) firms that issue common stock to reduce nonconvertible debt. We find that small OTC firms experience returns that are significantly more negative than large OTC firms. Regression tests reveal that firm size is a...

The article aims at comparative analysis of the nature and dimensions of credit rationing on the grounds of theory of finance. The paper identifies the essence of credit rationing through the prism of its most important endogenous and exogenous prerequisites, assuming the lack of adequate...

This paper deals with approving the effect of both a governance system and individual cognitive and emotional features in the financial analysis of a firms' innovation decision. After discussing the theoretical linking between ownership concentration and the CEO's attitude and behavior, we are...

This paper investigates whether the market level of information asymmetry affects firms' debt financing decisions. Using a sample of non-financial listed firms and a composite index based on microstructure measures of information asymmetry, we find that firms with more information asymmetry use...

Private placement is the sale of securities to a limited number of qualified institutions or high-wealth investors. Although private placement is favorable for firms raising capital, it is relatively easy for managers to exploit it to benefit specific investors. Using a sample of Taiwanese...

Background: When a privately owned firm or privatized government entity raises capital by selling its stocks for the first time to general public, is known as initial public offering (IPO). The underpricing phenomenon and ownership structure are important characteristics of IPO process that...

Background: The financial futures market in India is relatively new. The major advantage of derivatives as financial products is that their use minimizes the risks associated with securities. However, hedging effectiveness requires understanding key market signals such as trading margins, credit...

This study tests possible sources of long-term risk-adjusted returns on initial public offerings (IPO) in Poland under the calendar-time portfolio (CTP) approach. The moment of going public still remains a puzzle in many areas. Poland's status as an emerging market has been indisputable for many...