Using unique U.S. Census data sets, we analyze how entrepreneurial firms' product market characteristics affect their choice between going public, being acquired, or remaining private. Size, total factor productivity (TFP), sales growth, capital expenditure, market share, access to private...

Do institutional investors possess private information about SEOs? If they do, do they use this private information to trade in a direction opposite to this information (consistent with a quot;manipulative tradingquot; role) or in the same direction as this information (consistent with a direct...

At what point in a firm's life should it go public? How do a firm's ex ante product market characteristics relate to its going public decision? Further, what are the implications of a firm going public on its post-IPO operating and product market performance? In this paper, we answer the above...

Using a large sample of proprietary transaction-level institutional trading data, we empirically analyze, for the first time in the literature, the role of institutional investors in corporate spin-offs. In the first part of the paper, we study the imbalance in post-spin-off institutional...