Using hand-collected data on analyst locations, we study how geographic proximity affects analyst coverage decisions for U.S. firms that went public during 1996-2009, along with the impact of local coverage on firm visibility. Analysts are 80% more likely to cover local firms than non-local...

The purpose of this paper is to investigate the long run stock price behavior of initial public offerings (IPOs) in Turkey. Our sample consists of 126 IPOs for the period from 1995 to 2000. We use four different methodologies to analyze the relative performance of IPOs for up to five years after...

The financial crisis provides a natural experiment to test theoretical predictions of post-IPO roles for equity underwriters. On the day of their underwriter's near failure, stock prices of clients of Bear Stearns, Lehman, Merrill and Wachovia fell by almost 5%, on average. This decline was more...

We study how media coverage impacts pricing of IPOs around the world. Higher media coverage in the pre-IPO period leads to lower IPO initial returns. The effect is mitigated in countries with better financial reporting quality, greater shareholder rights protection, and more stringent media...

We find a positive firm's stock price reaction to green bond issuance announcement. We explore the impact of bond market originated information on equity investors. We find that this stock price reaction grew after the Paris Agreement, suggesting a change of equity investor behavior after this...

This study aims to examine the effect of Good Corporate Governance mechanisms to underpricing phenomena at companies registered in Indonesia stock exchange and performs Initial Public Offering, and underpricing during 2010-2014. This research is based on signal theory (signaling theory) which...

Using a large sample of 13,674 initial public offerings (IPOs) from 37 countries, we find that trading rules on market manipulation reduce IPO underpricing. The effect is weaker for IPOs certified by reputable intermediaries, in countries with greater shareholder rights protection, better...

This study examines how Specified Purpose Acquisition Companies (SPACs) have been used as a financing tool for the shipping industry in period 2004-2013. SPACs that focused on acquisitions in the shipping industry statistically have similar characteristics as the population of SPACs that entered...

We find a negative relation between democracy and initial public offering (IPO) underpricing for a sample of 23,050 IPOs across 45 countries. The effect of democracy on underpricing is weaker for IPOs audited by Big 4 auditing firms, backed by venture capital firms, and with better disclosure...