This paper analyzes the desirability of relaxing constraints on non-pro-rata share issuances and examines amendments to Australian listing rules that have done so. The Australian Stock Exchange (ASX) recently amended its listing rules to allow small-cap companies to issue up to 25% of their...

Using a sample of large Australian firms from 1994 to 2003, we show that variation in firm-level corporate governance mechanisms plays an important role in explaining a firm's cost of capital. Our empirical results show that greater insider ownership, the presence of institutional blockholders...

China’s venture capital (VC) market features significant government ownership of VCs. We examine the impact of government-owned VCs on the exit success of entrepreneurial firms. We distinguish between types of government VC according to the degree of government ownership (whole versus partial)...

We analyze three decisions in the shelf registration process. Firstly, we examine the determinants of shelf registration statement type, namely universal, common stock, or debt shelf. Secondly, we examine the drivers of the firm's issue decision, that is, whether or not the firm issues...

This study examines the intra-industry transfer of information inferred from the announcements of shelf registrations and offerings. The results show that intra-industry effects exist. Specifically, the announcement of a shelf registration conveys new information that has shareholder wealth...

This study explores the role of venture capitalists on investee boards at the time of listing for 552 initial public offerings. Australian board structures and mechanisms are more similar to those in the US and the United Kingdom, but market activity characteristics are more similar to Japanese...