An agency-theory model of IPO management retention is presented and empirically explored. The model is based upon the differences between the investment public’s and underwriters’ fears of the consequences of management entrenchment and other agency problems. The model suggests that IPO...

This report is one of a series resulting from a project entitled "Competitiveness by Leveraging Emerging Technologies Economically" (COMPLETE), carried out by JRC-IPTS. Each of the COMPLETE studies illustrates in its own right that European companies are active on many fronts of emerging and...