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Equity Issuances and Agency Costs : The Telling Story of Shareholder Approval Around the World

Holderness, Clifford G. - 2017

Mandatory shareholder approval of equity issuances varies across and within countries. When shareholders approve issuances, average announcement returns are positive. When managers issue stock without shareholder approval, returns are negative and 4% lower. The closer the vote is to the issuance...

Persistent link: https://www.econbiz.de/10012951577

Pre-IPO Analyst Coverage : Hype or Information Production?

Jia, Chunxin - 2019

We find that analyst coverage and optimism for an IPO before it starts trading have positive impacts on both its offer price revision and first-day return. Pre-IPO analyst research is also positively associated with long-run returns. Analysts with connections to the underwriter are more likely...

Persistent link: https://www.econbiz.de/10012900436

Media Coverage and IPO Pricing Around the World

Chen, Yangyang - 2019

We study how media coverage impacts pricing of IPOs around the world. Higher media coverage in the pre-IPO period leads to lower IPO initial returns. The effect is mitigated in countries with better financial reporting quality, greater shareholder rights protection, and more stringent media...

Persistent link: https://www.econbiz.de/10012900781

Offline Oversubscription, Issue Size, and Market Momentum : The Driving Forces for ChiNext IPOs’ Initial Underpricing

Deng, Qi - 2019

potential factors in pricing Chinese IPOs, we identify three factors that drive ChiNext IPOs' initial underpricing: the pre … day stock market condition (market momentum). We estimate the contribution to the initial underpricing from each of the …

Persistent link: https://www.econbiz.de/10012904992

How Do Stock Prices React to Green Bond Issuance Announcements?

Glavas, Dejan - 2019

We find a positive firm's stock price reaction to green bond issuance announcement. We explore the impact of bond market originated information on equity investors. We find that this stock price reaction grew after the Paris Agreement, suggesting a change of equity investor behavior after this...

Persistent link: https://www.econbiz.de/10012897559

R&D Intensity and IPO Underpricing : Case Study on Pharmaceutical and Biotech Industries in the US

Efrata, Tommy C. - 2018

main causes of the phenomenon of underpricing at the time of the initial public offering (IPO). On science and technology … study describes the characteristics above is associated with the phenomenon of underpricing when companies conduct IPO. The … results of this study revealed a negative correlation between the intensity of R & D and IPO underpricing phenomenon in this …

Persistent link: https://www.econbiz.de/10012936236

Underwriters’ Allocation Power and Adverse Selection Costs in the IPO Process

Mazouz, Khelifa - 2018

This study uses a unique and extensive data set of over 28.2 million investors' applications to examine the theory of adverse selection under two distinct regulatory regimes (discretionary against mandatory clawback provision) in relation to IPO share allocation. Consistent with Rock's (1996)...

Persistent link: https://www.econbiz.de/10012938095

Market Manipulation Rules and IPO Underpricing

Duong, Huu Nhan - 2020

manipulation reduce IPO underpricing. The effect is weaker for IPOs certified by reputable intermediaries, in countries with … mitigate information asymmetry problems for investors, resulting in lower IPO underpricing …

Persistent link: https://www.econbiz.de/10012826673

Determinants of IPO Activity : Does IPO Activity Fluctuate in Accordance with the Business Cycle? Evidence from European Firms

Genovevo da Costa, Marcio - 2016

The literature on corporate financing is quite extensive. However, researchers have so far not shed light on the IPO determining factors in Europe as a whole. This paper addresses three main questions observing more than 9000 IPOs performed during a period from 1991 to 2014. First, the...

Persistent link: https://www.econbiz.de/10012979565

Pre-Market Trading and IPO Pricing

Chang, Chun - 2016

-earnings ratio. However, the average IPO underpricing level remains high, at 55%, suggesting that agency problems between … underwriters and issuers can lead to excessive underpricing even when there is little valuation uncertainty. Also, regulations …

Persistent link: https://www.econbiz.de/10013006668