The paper examines the relation between the cross section of institutional ownership in IPOs and subsequent returns. We find that the level of institutional ownership shortly after the IPO and subsequent changes in holdings forecast future performance up to three years after the issue date. IPOs...

The paper proposes a new measure of spread exposure for corporate bonds portfolios based on a detailed analysis of credit spread behavior. We find that changes in spreads are not parallel but rather linearly proportional to the level of spread, whereby bonds trading at wider spreads experience...

We provide an introduction to the use of return based style analysis of Sharpe (1992) in practice. We demonstrate the importance of selecting the right style benchmarks and how the use of inappropriate style benchmarks may lead to wrong conclusions. When style analysis is applied to sector...

The paper examines the effect of information asymmetry on equity selling by pre-IPO shareholders as part of the offering. Consistent with the implications of models that use equity retention as a signaling mechanism, the magnitude of selling is positively related to the firm age, size and the...

We provide an introduction to the use of return based style analysis of Sharpe (1992) in practice. We demonstrate the importance of selecting the right style benchmarks and how the use of inappropriate style benchmarks may lead to wrong conclusions. When style analysis is applied to sector...