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Signaling by underpricing the initial public offerings of primary listings in an emerging market

Čornanič, Aleš; Novák, Jiri - 2013

The signaling hypothesis suggests that firms have incentives to underprice their initial public offerings (IPOs) to signal their quality to the outside investors and to issue seasoned equity (SEO) at more favorable terms. While the initial empirical evidence on the signaling hypothesis was weak,...

Persistent link: https://www.econbiz.de/10009775653

It hurts (stock prices) when your team is about to lose a soccer match

Ehrmann, Michael; Jansen, David-Jan - 2014

probability of underpricing increases as elimination from the tournament becomes more likely. …

Persistent link: https://www.econbiz.de/10010235888

Stock price management and share issuance : evidence from equity warrants

Barth, Mary E.; Gee, Kurt H.; Israeli, Doron; Kasznik, Ron - 2017

We investigate whether firms manage stock prices in anticipation of share issuance. Warrant exercise results in share issuance and warrant expiration dates are fixed years in advance, which precludes market timing. We predict firms manage stock prices to prevent (induce) warrant exercise when...

Persistent link: https://www.econbiz.de/10011870355

Supply matters for asset prices : evidence from IPOs in emerging markets

Braun, Matías (contributor); Larrain, Borja (contributor) - 2006 - This version: December 2005 (first draft: June 2005)

We show that the introduction of a new asset affects the prices of previously existing assets in a market. Using data from 254 IPOs in emerging markets, we find that stocks in industries that covary highly with the industry of the IPO experience a larger decline in prices relative to other...

Persistent link: https://www.econbiz.de/10003286753

The informational advantage of foreign investors : an empirical study of the Swedish bond market

Säfvenblad, Patrik - 1999

This paper uses a unique dataset on daily capital ows to the Swedish bond market to analyse the relative information endowment of domestic and foreign investors. Using the standard framework of a noisy rational expectations equilibrium, it is concluded that foreign investors are on average...

Persistent link: https://www.econbiz.de/10011585563

Know Your Customer : Informed Trading by Banks

Haselmann, Rainer; Leuz, Christian; Schreiber, Sebastian - National Bureau of Economic Research - 2022

This study analyzes information production and trading behavior of banks with lending relationships. We combine trade-by-trade supervisory data and credit-registry data to examine banks' proprietary trading in borrower stocks around a large number of corporate events. We find that relationship...

Persistent link: https://www.econbiz.de/10013388877

Exit timing of venture capitalists in the course of an initial public offering

Neus, Werner; Walz, Uwe - 2002

Persistent link: https://www.econbiz.de/10001718831

Venture mania in Europe : its causes and consequences

Schertler, Andrea; Stolpe, Michael - 2000

Persistent link: https://www.econbiz.de/10001445548

Do differences in institutional and legal environments explain cross-country variations in IPO underpricing?

Hopp, Christian (contributor); Dreher, Axel (contributor) - 2007

We empirically analyze the determinants of Initial Public Offering (IPO) underpricing using panel data for 29 countries … variations in underpricing. When more information is available price discovery is facilitated, allowing for more effective … the market and require higher underpricing in return. Overall, we conclude that better investor protection and better …

Persistent link: https://www.econbiz.de/10003763979

Financing entrepreneurial firms in Europe : facts, issues, and research agenda

Bottazzi, Laura; Da Rin, Marco - 2003

During the latter part of the 1990s the introduction of the euro, the dramatic increase in the supply of venture capital in most EU countries, and the creation of several new equity markets targeted at innovative firms have dramatically transformed the financing prospects of European...

Persistent link: https://www.econbiz.de/10011507965

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