We examine the strong cycles in the number of initial public offerings (IPOs) and in the average initial returns realized by investors who participated in the IPOs. At the aggregate level, initial returns are predictably related to past initial returns and also to future IPO volume from...

This paper shows that stock volatility increases during recessions and financial crises from 1834-1987. The evidence reinforces the notion that stock prices are an important business cycle indicator. Using two different statistical models for stock volatility, I show that volatility increases...

This issue of the Journal of Financial Economics contains the first set of studies in the new Clinical Papers section. The objective of this section is to provide a high-quality professional outlet for scholarly studies of specific cases, events, practices, and specialized applications. By...

We examine the strong cycles in the number of initial public offerings (IPOs) and in the average initial returns realized by investors who participated in the IPOs. At the aggregate level, initial returns are predictably related to past initial returns and also to future IPO volume from...

Anomalies are empirical results that seem to be inconsistent with maintained theories of asset-pricing behavior. They indicate either market inefficiency (profit opportunities) or inadequacies in the underlying asset-pricing model.The evidence in this paper shows that the size effect, the value...

By investigating the entire IPO pricing process, beginning when the offering is filed, the paper contributes to the existing literature along four dimensions. First, price updates during the registration period are predictable based on firm and offer-specific characteristics known at the time...

This paper examines cycles in the frequency of initial public offerings (IPOs) and their relation to the average initial returns realized by investors who participated in the IPOs. There are strong cycles in the IPO market. We find that initial returns are predictably related to past initial...

This paper examines whether hostile takeovers can be distinguished from friendly takeovers, empirically, based on accounting and stock performance data. Much has been made of this distinction in both the popular and the academic literature, where gains from hostile takeovers are typically...

Stock volatility has been unusually low since the 1987 stock market crash. The large increase in stock prices during since 1987 means that many days during 1996 and 1997 have experienced near record changes in the Dow Jones Industrial Average, even thought the volatility of stock returns has not...

This paper studies the premiums paid in successful tender offers and mergers involving NSE and Amex-listed target firms from 1975-91 in relation to pre-announcement stock price runups. It has been conventinoal to measure corporate control premiums including the price runups that occur prior to...