The paper examines the performance of European VC backed firms operating in the life science and ICT industries at IPO and in the long run. Empirical evidence shows a lower underpricing for VC backed companies and lower volatility of returns in the first days and first weeks of trading,...

The global sukuk market has seen widespread innovations in the last couple of decades which helped sukuk to develop into one of the most acceptable Islamic instruments for raising finance. According to the State of the Global Islamic Economy Report (2018-19), United Arab Emirates (UAE) is ranked...

We examine how private placements of equity (PPEs) affect debtholder wealth. We find that banks charge higher loan spreads, require more collateral, and impose stricter covenants for firms conducting PPEs. The results are more pronounced for firms without a value-enhancing PPE feature,...

Potential investors examine governance characteristics prior to an initial public offering (IPO) to assess the quality and prospects of the issuing firm. One important governance characteristic is board financial expertise, as it provides directors with the relevant knowledge for an IPO process...

This study seeks to examine factors influencing direct flotation costs for public issuance of securities in Kenya’s capital markets since no benchmark exists that potential issuers can utilize for estimating flotation expenses. The research seeks to identify the quantum as well as understand...

Economic theory, as well as commonly-stated views of practitioners, suggests that market downturns can affect both the ability and manner in which firms raise external financing. Theory suggests that downturns should be associated with a shift toward less information-sensitive securities, as...

This study investigates the impact of issuing green bonds for environment protection initiatives on the corporate cost of capital. Accounting for nearly 2 percent of corporate bonds annual issuances during 2016-2020, in China, green bond issuance plays an essential role in sustainable...

Due to huge loss in the secondary market during the 2010-2011 stock market crash, small investors in Bangladesh involved themselves in IPO investment. This study, based on secondary data, depicts the IPO market in Bangladesh and also identifies the factors influencing IPO subscription times. The...

Post liberalization of primary markets in the year 1993, the Indian market has moved closer to the world economy. As a result, the policy changes and regulations of the Indian primary market have dynamically advanced as per the requirements of the economy. The present study attempts to...

Any investor faces important risk when investing in a public firm; risk is even more pronounce when investing in new public firms since relatively little is known at the time of the initial public offering. The information asymmetry problem is partially mitigated through the underpricing of the...