Before shares of a company are sold to the general public on a security exchange for the first time, regulatory publication requirements force U.S. firms to file an initial public offering prospectus. While accounting information in IPO filings are closely studied by investors and analysts,...

This study contributes to a broadening of the international scope of empirical research on total and primary underpricings in the IPO market, and tries to show that the variables traditionally linked to information asymmetries between firms, underwriters and investors cannot adequately explain...

Traditional SEOs elicit short selling from traders trying to increase offering discounts. Such short selling is more difficult for shelf offerings, as the time between their announcement and issuance tends to be shorter. We predict and find that firms with higher short-selling potential (SSP)...

This paper studies the impact of expected issuance fees on market liquidity in the Euro-area government bond market. Investment banks have a dual role as primary dealer in the secondary market as well as competitor for lead manager in the primary market. Primary dealers have the incentive to...

We document that the stock market's reaction to unscheduled firm-specific news such as credit rating downgrades and 8-K filings is significantly weaker during December as compared to other months. In contrast, the market's reaction to scheduled earnings announcements is not significantly...

Manipulation in the VIX settlement can cause significant losses to investors. Analysing high-frequency data, we present indications of VIX manipulation accelerating since 2017. Deviations have an upward direction and average at around 6%. Specific effects accompany settlement days. The put/call...

This paper examines how changes in firms’ risk disclosures affect a key market measure of risk. Our proxy for changes in risk disclosures is the addition and removal of individual risk factors to firms’ 10-K annual filings, identified via textual analysis of the risk factors section. Our...

We find significant impact of insider trading activity on the long-run performance of IPOs. We show that, at the aggregate, insiders are net sellers in IPOs that generate positive long-run returns, while they are net buyers in those that underperform. When we analyse individual trades, we find...

American depositary receipts (ADRs) are negotiable instruments representing foreign company shares traded in US dollars in the US capital market. We present comparative analyses of the pricing and aftermarket performance of Initial Public Offerings (IPOs) by ADRs and a matching sample of US...

I hypothesize that the stock market overreacts to management earnings forecasts because of the uncertainty surrounding them. I find that negative management forecast surprises lead to a –5.9% abnormal return around the forecast and a 1.9% correction in the 2-month period after earnings are...