The phenomenon of underpricing initial public offerings is documented for 53 share issue privatizations in Egypt between 1994 and 1998. Over several intervals (up to five years), I find mixed results: share issue privatizations sustain their positive performance and provide investors with...

This study examines the stock price reactions around private placements announcement in India. The sample consists of information technology and infrastructure sector from India. Event study methodology is used to analyze the announcement impact of private placements. Results suggest that...

This study examines if the prospectus disclosure of the motives for an initial public offering (IPO) explains the longrun performance of equity issuers. It uses hand-collected data for 245 IPOs from the Stock Exchange of Thailand (SET), and also the Market for Alternative Investments (MAI),...

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...

To study the effect of the legal system on the cost of external financing, we examine the degree of underpricing of the IPOs by foreign companies listed in the U.S. We find that firms from highly corrupted countries have larger IPO underpricing. The quality of the home countries' public law...

In order to implement the profitable projects, achieve the maximum efficiency, and increase their shareholders, companies may use different types of financial resources in different ways. The ability of companies to identify the internal and external resources for providing capital and financial...

The literature suggests that voluntary IPO lockups (thereafter lockups) have both roles as a commitment device to control moral hazard and a signaling device to minimize asymmetric information. Using a hand collected data on lockups in China from 2006 to 2012, this paper disentangles the two...

We examine the role of IPOs as a source of financing by comparing firms from countries with different degrees of stock market development. Focusing on acquisition investments, our results suggest that firms operating in economies with a more developed stock market extract more benefits from the...

This paper deals with the organisational challenges faced by demutualised stock exchanges in view of the new age competition, more particularly dealing with conflicts of interest faced by listed stock exchanges, as the regulator and the regulated. Further, the paper analyses the primary...