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learn about firms' systematic risk when firms announce share repurchases …
Persistent link: https://www.econbiz.de/10013218239
In the past six years, the average number of industries (2-digit SIC) serviced by audit offices in the United States has grown by 20% and the number of industries where the office has specialization has fallen by 40% (Data Source: Audit Analytics). This suggests a trend away from specialization...
Persistent link: https://www.econbiz.de/10013065316
demonstration of higher investing risk. We calculate raw initial returns with different equilibrium prices for three European … markets and differs for aftermarket rate of returns. Our results suggest that there is a premium for higher risk on NewConnect …
Persistent link: https://www.econbiz.de/10012104408
Persistent link: https://www.econbiz.de/10001710445
This paper offers a review and discussion of the evidence concerning the underpricing and long run performance of British PIPOs (Privatisation Initial Public Offerings) between 1977-1996, i.e. from the first privatisation under a Labour Government (British Petroleum), until the last ones by a...
Persistent link: https://www.econbiz.de/10011597836
We examine the determinants of an initial public offering (IPO) firm's choice to trade on a when-issued market and find that better quality firms are more likely to trade on this market. Our ‘what-if' analysis shows that for companies choosing when-issued trading, the actual offer price is...
Persistent link: https://www.econbiz.de/10012935699
' risk as the new IPO needs price support to be fully placed in the initial offering. Both of these outcomes may decrease …
Persistent link: https://www.econbiz.de/10014217648
This study examines whether IPO disclosure requirements mandated by countries' securities laws are associated with variation in IPO underpricing in international IPO markets. Our empirical analysis uses a unique sample of 6,025 IPOs from 34 countries over the period from 1995 to 2002. We show...
Persistent link: https://www.econbiz.de/10013112428
Persistent link: https://www.econbiz.de/10014420441
We use the IPO setting to provide evidence that accounting measures of valuation uncertainty combine with short-sales constraints to generate significant equity market mispricing. The IPOs that we predict to be most susceptible to overpricing in the immediate aftermarket have first-day returns...
Persistent link: https://www.econbiz.de/10012855455