The distinct regulatory design of Indian IPOs permits an empirical evaluation of IPO underpricing models against those that model IPO initial returns as a consequence of overpricing. Characteristics of the Indian bookbuilding process allow us to study the timing and subscription patterns of...

In this article, we evaluate underpricing of initial public offerings (IPOs) at the Berlin Stock Exchange between 1870 and 1896. In contrast to modern data, first day returns were extraordinary low and averaged less than five percent, even during the speculative period of the early 1870s....

The paper analyzes the risk disclosure quality in the prospectus of IPOs in Germany between 2006 and 2008. Quality of risk information is measured as precision and comprehensibility. The relationship between risk disclosure quality and earnings power is tested. -- Risikoberichterstattung ;...

We analyze the role of different kinds of primary and secondary market interventions for the government's goal to maximize its revenues from public bond issuances. Some of these interventions can be thought of as characteristics of a "primary dealer system". After all, we see that a primary...

This paper examines the issuance of share capital via the Vienna Stock Exchange between 1985 and 2004. Evidence is supplied concerning the aggregate factors that explain the time-series variation in both the numbers of and proceeds from initial public offerings (IPOs) and seasoned equity...

This study examines the effect of the Jumpstart Our Business Startups Act (JOBS Act) on information uncertainty in IPO firms. The JOBS Act creates a new category of issuer, the Emerging Growth Company (EGC), and exempts EGCs from several disclosures required for non-EGCs. Our findings are...

Decline in confidence in free market mechanisms in the past decade has provoked an increase in interest in regulatory issues. This paper seeks to answer one question: Are exchange listing rules an effective screening mechanism? Using a sample of IPO firms listing on major U.S. exchanges in...

This study of initial public offerings (IPOs) carried out on the Berlin and London stock exchanges between 1900 and 1913 casts doubt on the received "law and finance" wisdom that legally mandated investor protection is pivotal to the development of capital markets. IPOs that resulted in official...

The paper looks at bookbuilding mechanism as it existed in India from the time of creation of regulatory structure facilitating book-building to September 2005. The author has proprietory data of about 100 books and allocations schedules as well as flipping behaviour of the QIBs which were...