Most studies of IPO activity focus on individual issuer decision (filings, issuances, withdrawals). This study provides a more complete empirical picture of the IPO market by tracking the monthly value of IPOs in registration from 1998 to 2007. The value in registration has a significantly...

This study examines how the decisions that issuers and their investment banks make about IPO pricing are affected by the value of deals in registration, measured at the aggregate, industry and bank level both as of the filing date and the offering date (in order to identify changes in the IPO...

While existing research shows that a large number of IPOs are withdrawn from registration, little is known regarding the fates of those firms. This study documents capital market activities and corporate outcomes for 588 withdrawn IPOs between 1999 and 2004. We find that 13% of withdrawing...

This paper provides evidence on managerial motives for raising equity by examining long-run performance and insider trading around canceled and completed seasoned equity offerings (SEOs). Insider selling increases prior to completed and canceled SEOs, but declines afterward only for canceled...

Previous research questions the use of best-efforts offering methods for IPOs since firm-commitment offerings have lower direct issue costs. This paper attempts to explain the choice of best-efforts methods by focusing on an indirect offering cost: the possibility that an offering will be...

We document the outcomes of every withdrawn U.S. IPO (994) from 1998 to 2011. While prior literature has studied post-withdrawal IPO re-filings and M&A outcomes, one in three firms subsequently raises private capital. Presuming that capital needs motivate most IPOs, firms in need of cash should...