Arugaslan, Cook, and Kieschnick (2004) challenge underpricing results obtained from conventional cross-sectional regression analysis on the grounds that standard methods fail to properly account for underwriter price stabilization and adequately capture variations in information asymmetries...

We find that relative to fundamentals, dual-class firms trade at lower prices than do single-class firms both at the IPO date and for at least the subsequent five years. The lower prices attached to dual-class firms do not foreshadow abnormally low stock or accounting returns. However, CEO...

In this paper we propose that a sample of private banks and bank holding companies can shed light on theories of the going public decision. Testing these theories is a challenge because most private firms do not disclose much information. By law, all banks, both public and private, must disclose...

We find that dual-class firms experience less underpricing, higher post-IPO institutional ownership, and less frequent control events than single-class firms. Each finding is consistent with the quot;reduced monitoring hypothesisquot; of Brennan and Franks (1997), which explains underpricing as...

Discrimination is notoriously difficult to document. Convincing tests for discrimination require good measures of the legitimate determinants of the outcome of interest, for example wages and productivity. While few contexts provide data adequate to the task of measuring discrimination, copious...

We analyze a sample of dual and single class IPOs to investigate whether empirical estimates of underpricing determinants are consistent across alternative measures of firm size and alternative techniques intended to account for underwriter price stabilization efforts. We find that results from...

This study examines the impact of country-level earnings quality on IPO underpricing. Examining 10,783 IPOs from 37 countries, we find that IPOs are underpriced less in countries where public firms produce higher quality earnings information. This finding persists after controlling for other...

That a link exists between a country's legal system and the size, liquidity, and value of its capital markets is well established. We study how differences in country-level governance impact the underpricing of initial public offerings (IPOs). Examining 4,462 IPOs across 29 countries from...

SUBJECT AREAS: Term structure of interest rates; Dynamics; Treasury bills; Treasure securities; Business cycle. CASE SETTING: 1970 to present, U.S. risk-free, zero-coupon yield curves. For twenty years, the modern theory of the term structure of interest rates has been based on dynamic models of...

Using citations to papers published in seven leading economics and finance journals from 1980-85, we develop a test for discrimination in the editorial review process. Specifically, we determine whether the editorial treatment afforded to papers written by different types of authors is justified...