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IPOs with underwriters that retain an elite law firm exhibit a lower average first-day return. This empirical pattern … issuer by engaging an elite law firm. Consistent with this selection channel and our model's predictions, we find a lower … incidence of elite law firm involvement and a larger difference in average first-day return associated with elite law firms …
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Slater & Gordon (S&G), a midsized Australian law firm with a high-growth consolidation strategy, had an initial public offering (IPO) scheduled for May 2007. Due to a series of regulatory changes in Australia in recent years, the IPO provided an opportunity for S&G to become the first...
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This paper explores a rule introduced by the parent regulator of legal services in England & Wales, the Legal Services Board, which requires the publication of diversity data from its daughter regulators and their respective regulated communities. This paper comments on the introduction of the...
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The purpose of this research is to evaluate the effect of issuing businesses engaging reputed law firms on the extent of underpricing in developing IPO markets. The consequences of involving prestigious lawyers in underpricing IPO businesses are not really understood from a global viewpoint due...
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