This study compares the pre- and postprivatization financial and operating performance of sixty-one companies from eighteen countries and thirty-two industries that experience full or partial privatization through public share offerings during the period 1961 to 1990. The authors' results...

This paper provides support for the certification role of venture capitalists in initial public offerings (IPOs). Consistent with the certification hypothesis, a comparison of venture capital backed IPOs with a control sample of nonventure capital backed IPOs from the 1983 through 1987 matched...

The authors provide evidence that taxes affect equity valuation by studying British investment trusts having otherwise identical classes of cash- and stock-dividend-paying shares outstanding. The authors study 1969-82, a period in which there were two dramatic changes in tax policy. They find...

In this study, financial implications of differential voting right/multiple ordinary share class capitalizations are examined using data for British dual-class firms. Positive wealth effects are observed after announcements of plans to issue restricted voting (RV) shares, and also after...

This paper examines valuation effects on the stocks of fifteen participating money-center banks of 774 announcements of syndicated loans, representing announcements of investment decisions for the lenders. The authors find that announcements of LDC loans in the 1970s, especially those to Latin...

This paper examines the valuation and financial histories of 152 British firms that have two or more common share classes with differential voting rights outstanding at some time between 1955 and 1982. Over 16,000 monthly price pairs are examined, and on average, the superior voting (SV) shares...