We examine alternative hypotheses for the demutualisation of a sample of Canadian life insurance companies (1999-2000) as well as short-run and long-run market effects of demutualisation on firm performance. Our results indicate that the Canadian insurance companies became more efficient after...

The purpose of this study is to determine the calendar effects on both short and long run performance of IPOs (Initial Public Offerings) in Turkey for the period between 1990 and 2005. The study indicates that many calendar anomalies are robust to IPO returns in Turkey: the day of the week...

This paper empirically analyzes the short run performance of Tunisian initial public offerings (IPO). It sheds light on the determinants of IPO’s in a context of a frontier market characterized by high information asymmetry, low information efficiency, thin trading and the presence of...

We examine the stock price behaviour of 23 Reverse Takeovers (RTs) that took place in the UK. A RT refers to a private company that acquires a publicly traded company in the stock exchange that is generally a cash shell. We examine the effects of the RTs on the wealth of public company's...

From 1998 to 2001, the high-tech industry saw a dramatic increase and subsequent sharp decline in market capitalisation during a phenomenon known as the dot-com bubble. During this time there were a large number of private companies that made the decision to go public via an Initial Public...

This study examines the initial price performance of family and non-family controlled IPO firms listed on the Australian Securities Exchange (ASX) between 1988 and 1999. Ownership and control are significant factors that influence managerial incentives, whereas the dynamics underlying family...

This paper researches the microstructure of the price process after the IPO, to gain insight into the information aggregation process of secondary market trading. We investigate a sample of 2,040 US IPOs between 1993 and 2000 and find that it takes approximately one week for all IPO-related...

In this paper we aim to test concept of low stock price and long term stock performance in the context of asymmetric information phenomenon by using data of initial public offerings at Istanbul Stock Exchange. Thus, we analyze 42 stocks which has offered to the public between years 2000-2007. We...