An alternative for a short-term investment, IPO return is one of the most attractive investments in every stock market. In the past Stock Exchange of Thailand, the rate of stock listing or IPO issue is less when compare to the other markets and the number of overpriced firms less than number of...

This paper provides global evidence supporting the hypothesis that expected return models are enhanced by the inclusion of variables that describe the evolution of book-to-market—changes in book value, changes in price, and net share issues. This conclusion is supported using data representing...

This study tests speculative bubble theory, which assumes investors' heterogeneous beliefs and short-sale constraints, as a potential explanation for the long-run underperformance of initial public offerings (IPOs). The prediction of speculative bubble theory is difficult to test directly...

Practitioners and academics often consider IPO activity as a gauge of investor optimism and market valuation. This study investigates the cross-sectional implications of this concept at the country level. We use sorting and cross-sectional tests to examine linkages between past share issuance...

This paper examines the impact of insider trading on the completed and canceled private equity offerings. We find that insider trading has no impact on firms' decisions to complete or cancel the offerings, but it has a positive impact on the long-run stock performance of the issuing firms. Firms...

Share rights issue is one of the viable means by which public limited companies can raise additional cash at relatively low cost to steer growth or sustainably manage their debts. Minority shareholders can effectively increase equity stake in the situations where they can lobby majority...

We use meta-analysis to review studies on announcement effects associated with seasoned equity offerings. Our sample includes 199 studies from 38 leading finance journals and SSRN working papers. The studies cover different countries, but the U.S. is particularly well-represented with 131...

Financial economists in recent years have closely examined and intensely debated the performance of initial public offerings using data after the formation of NASDAQ. The paper seeks to shed light on this controversy by undertaking a large, out-of-sample study: we examine the performance for up...

Seasoned equity issuers file Forms S and 424B with the Securities and Exchange Commission. We find that weak-modal tones of these filings are positively related to offer price discounts and negatively related to offer-day stock returns. Increases in cautionary tones from the initial S filing to...

Research on IPOs commonly focuses on the relation between firms' pre IPO ownership structure and subsequent stock performance. We extend the literature by additionally focusing on companies' post IPO ownership structure, in particular private equity capital engagement, to analyze IPOs stock...