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Does it pay to invest in IPOs? : evidence from the Warsaw stock exchange
Sieradzki, Rafał - 2013
Persistent link: https://www.econbiz.de/10009704282
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Why do companies delist voluntarily from the stock market?
Kashefi Pour, Eilnaz; Lasfer, Meziane - 2013 - This version: January 2013
We analyse the motives and market valuation of various forms of stock market delisting. We show that firms that delist voluntarily are likely to have come to the market to rebalance their leverage rather than to finance their growth opportunities. During their public life, their leverage...
Persistent link: https://www.econbiz.de/10012011742
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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
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Prices and informed trading : evidence from an early stock market
Acheson, Graeme G.; Coyle, Christopher; Turner, John D. - 2018
Using a novel dataset where all traders are identifiable, we examine trading in the shares of a major company on the London Stock Exchange before 1920. Our main finding is that bid-ask spreads increased in the presence of informed trades. However, we also find that spreads narrowed during...
Persistent link: https://www.econbiz.de/10011817838
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How integrated are corporate bond and stock markets?
Sandulescu, Mirela - 2020
I study the degree of market integration between U.S. corporate bonds and stocks of their issuers. I document that trading costs and short-selling constraints, which are often imposed on market participants, regularize optimal Sharpe ratio portfolios. These novel trading frictions are consistent...
Persistent link: https://www.econbiz.de/10012181292
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Implied rates of return, the discount rate effect, and market risk premia
Breuer, Wolfgang; Gürtler, Marc - 2010 - This Version: 2010-10-22
estimation equation for future expected one-period returns based on current and past implied rates of return that is superior to … simple estimators based on historical returns. The reason for this superiority is a lower variance of estimation results and …
Persistent link: https://www.econbiz.de/10009487229
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The creation function of a junior listing venue : an empirical test on the Alternative Investment Market
Revest, Valerie; Sapio, Alessandro - 2016
Stock markets perform a creation function if the inflow of financial capital in the birth of new privately-held firms is stimulated by the promise of stock market liquidity at a later point in time. Junior stock market segments, characterized by lighter listing procedures and costs, may be...
Persistent link: https://www.econbiz.de/10011540854
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The geography of stock exchanges in Imperial Germany
Burhop, Carsten; Lehmann-Hasemeyer, Sibylle H. - 2014
23 Stock Exchanges were in operation in Germany in 1913. We provide new data about the number of listed firms, their market value, and the number of IPOs between 1897 and 1913 for all exchanges. We assess reasons why a firm opts to be listed at a certain exchange. Large firms tend to be listed...
Persistent link: https://www.econbiz.de/10010370365
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Size, value and liquidity : do they really matter on an emerging stock market?
Lischewski, Judith; Voronkova, Svitlana - 2010
Schwellenländern erklären. Sie fokussiert auf den polnischen Aktienmarkt, der bisher in diesem Forschungsbereich nicht berücksichtigt …, Unternehmensgröße und Buch-zu-Marktwert analysieren wir daher, inwiefern Liquidität bei der Preisbildung auf dem polnischen Aktienmarkt … Aktienmarkt relevant sind. Im Gegensatz zu den Erwartungen bezüglich des Einflusses des Liquiditätsfaktors finden wir keinen …
Persistent link: https://www.econbiz.de/10008660508
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Single stock circuit breakers on the London Stock Exchange : do they improve subsequent market quality?
Brugler, James; Linton, Oliver - 2014
This paper uses proprietary data to evaluate the efficacy of single-stock circuit breakers on the London Stock Exchange during July and August 2011. We exploit exogenous variation in the length of the uncrossing periods that follow a trading suspension to estimate the effect of auction length on...
Persistent link: https://www.econbiz.de/10010245302