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(108 results)-
Live Webcast: Fast and Efficient Business Security Strategies
Check out this webcast to learn more about fast and efficient business security strategies. You're in the midst of an arms race, make sure you win it.
Sponsored by GFI Software Date: Sun, 22 Jan 2012 00:00:00 -0800
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White Papers
Strategies for Going Public
Apr 2010
As the initial public offering (IPO) market gains momentum, more organizations are evaluating the option of becoming a publicly traded company, and the processes associated with an IPO. With all...
Provided by Deloitte LLP
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White Papers
Pre-IPO Ownership Structure And Its Impact On The IPO Process
Oct 2006
This paper investigates the impact of pre-IPO (Initial Public Offering) ownership structure on the proportion, allocation, and pricing of new issued shares, as well as the costs of going public....
Provided by University of New South Wales
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White Papers
The Usefulness Of Accounting Fundamentals And Other Prospectus Information In The Valuation Of IPO Firms
Aug 2006
The authors of this paper empirically examine the usefulness of (i) forward-looking accounting fundamentals, and (ii) 'Other prospectus information' variables that prior literature suggests are...
Provided by Columbia University
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White Papers
On The Lifecycle Dynamics Of Venture-Capital- And Non-Venture-Capital-Financed Firms
Jun 2007
The paper uses a new data set that tracks U.S. firms from their birth over two decades, as collected by the U.S. Census Bureau, to examine the life cycle dynamics of VC- and non-VC financed firms,...
Provided by Duke University (Fuqua-Global)
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White Papers
Do Venture Capitalists Affect Investment Performance? Evidence From First-time Funds
Jan 2007
Can venture capitalist skill explain the heterogeneity and persistence of venture capital fund performance, and if so which skills matter and when? This paper sheds light on these two questions by...
Provided by Duke University (Fuqua-Global)
-
White Papers
On The Importance Of Retail Banking Relationships
May 2007
While the importance of bank-firm relationships is well documented in the banking literature, there is relatively little research on the importance of retail banking relationships. In this paper...
Provided by Duke University (Fuqua-Global)
-
White Papers
Endogenous Events And Long-Run Returns
Feb 2008
The paper analyzes event abnormal returns when returns predict events. In fixed samples the authors show that the expected abnormal return is negative and becomes more negative as the holding...
Provided by Duke University (Fuqua-Global)
-
White Papers
Do Newly Public Acquirers Benefit Or Suffer From Their Pre-IPO Affiliations With Underwriters And VCs?
Sep 2009
The authors examine whether pre-IPO affiliations affect post-IPO corporate events, namely acquisitions. On the one hand, newly public acquirers may benefit from their pre-IPO affiliations through...
Provided by INSEAD
-
White Papers
In Search Of Attention
Jun 2009
Turnover, extreme returns, news and advertising expense are indirect proxies of investor attention. In contrast, the authors propose a direct measure of investor demand for attention - active...
Provided by Purdue University (Krannert)
-
White Papers
Getting Disoriented By Performance Variability: A Peek Through The Looking-Glass Separating Average And Extreme Outcomes
Jan 2008
The exploration-exploitation study (March, 1991) suggested that changes in performance variability may imply that more extremely high outcomes occur simultaneously with decreasing expected...
Provided by INSEAD
-
White Papers
Entrepreneurial Learning, The IPO Decision, And The Post-IPO Drop In Firm Profitability
Dec 2006
The author developed a model in which an entrepreneur learns about the average profitability of a private firm before deciding whether to take the firm public. In this decision, the entrepreneur...
Provided by University of Chicago (Booth)
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White Papers
Liquidity Planning For Entrepreneurs Strategies For Preserving Wealth Before And After The Transaction
Feb 2007
One of the most important decisions faced by entrepreneurs is how to convert all or part of their investment in a business into a more liquid asset. Whether this liquidity event is in the form of...
Provided by Harris myCFO
-
White Papers
IPO Behavior In GCC Countries: Goody-Two Shoes Or Bad-To-The-Bone?
Jul 2007
This paper documents the phenomenon of underpricing initial public offerings (IPOs) for 47 firms that went public between 2001 and 2006 in the equity markets of the six Gulf Cooperation Council...
Provided by International Monetary Fund
-
White Papers
Mergers And Acquisitions: Reducing The Private Firm Discount
Jan 2010
Owners of private companies normally sell their shares at a 20-30 per cent discount during mergers and acquisitions. The 'private firm discount' is one reason the stock market reacts more...
Provided by INSEAD
-
White Papers
IPOs: Evaluating Failure Risk
Jan 2010
To what extent can one predict whether a new stock exchange listing or initial public offering (IPO) is going to fail? This is a question of major significance for investors and the firm's...
Provided by INSEAD
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White Papers
How Employees Stock Options And Executive Equity Ownership Affect Long-Term IPO Operating Performance
Feb 2007
To ascertain whether the form of managerial compensation affects a firm's long-term operating performance, the authors track IPOs for five years after the expiration of the stabilization period....
Provided by University of California, Los Angeles (Anderson)
-
White Papers
The NetLedger IPO: A Case Study
Jul 2008
NetLedger is a major vendor of on-demand, Internet-based business software. The company's major products include Accounting/Enterprise Resource Planning (ERP) software, Customer Relationship...
Provided by Jacksonville University
-
White Papers
Earnings Quality And Ownership Structure: The Role Of Private Equity Sponsors
Oct 2008
This paper explores how firms' ownership structures affect their earnings quality and long-term performance. Focusing on a unique sample of private firms for which there is financial data...
Provided by Harvard Business School
-
White Papers
New Data Uncovers Hidden Truths About The IPO Market
Jul 2010
Since the internet bubble, investment advisors and academics alike have cautioned investors to avoid the IPO market, insisting that IPOs underperform in the long run and ultimately coining the...
Provided by Renaissance Capital
-
White Papers
Positioning An IPO? Best Practices For Ensuring An Effective Ethics And Compliance Program
May 2008
An effective ethics and compliance program has an important role in any type of organization; however, should a company elect to issue an initial public offering (IPO), regulations, legislation,...
Provided by Beth Osborne
-
White Papers
Why Don~t Issuers Choose IPO Auctions? The Complexity Of Indirect Mechanisms
Jul 2010
At least 25 countries have used IPO auctions, but most have since abandoned them. The authors argue that this is because auctions, being indirect mechanisms, require a level of sophistication...
Provided by National Bureau of Economic Research
-
White Papers
Why Reverse Mergers Are A Bad Choice For Most Businesses
Sep 2007
Many middle-market businesses ($1 million-$25 million) have used reverse mergers as a low-cost means of listing on capital markets. Experience has shown that for most middle-market businesses...
Provided by University of Notre Dame (Mendoza)
-
White Papers
Conflict Of Interest And Certification In The U.S. IPO Market
Jul 2007
The authors examine the long-run performance and valuation of IPOs underwritten by relation-ship banks. They find that over one-to three-year horizons these IPOs do not underperform similar stocks...
Provided by Federal Reserve Bank of Chicago
-
White Papers
HRM In IPOs
Aug 2010
This paper reports critical information for firms planning to go public and those going through high rates of change. Based on several empirical studies and case study work done over the last 20...
Provided by University of Southern California
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White Papers
Real Options In A Dynamic Agency Model, With Applications To Financial Development, IPOs, And Business Risk
Oct 2007
The authors study investment options in a dynamic agency model. Moral hazard creates an option to wait and agency conflicts affect the timing of investment. The model sheds light, theoretically...
Provided by New York University
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White Papers
After Market Pricing Performance Of Initial Public Offerings (IPOs): Indian IPO Market 2002-2006
Dec 2010
This paper is motivated by the apparent belief that IPOs are underpriced on the initial listing day and thereafter underperforms compared to the market benchmark. While evaluation of the listing...
Provided by Vikalpa
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White Papers
Over-signaling Vs Underpricing: The Role Of Financial Intermediaries In Initial Public Offerings
Dec 2007
The authors consider a model of Initial Public Offerings (IPOs) where issuing firms of better quality are more reluctant to go public. IPOs either generate or destroy value depending on the type...
Provided by Centre For North South Economic Research
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White Papers
Impact Of IPO Activities On The Hong Kong Dollar Interbank Market
Jul 2008
Hong Kong has witnessed an equity Initial Public Offering (IPO) boom since 2005. As the interbank payments involved in an IPO can be hundreds of times larger than the Aggregate Balance, increased...
Provided by Hong Kong Monetary Authority
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White Papers
Shareholding By Venture Capitalists And R&D Investment In The Pre-And Post-IPO Periods
Mar 2011
In this paper, the authors will analyze the effect of IPOs on R&D investment and argue a change in the role of VC in the pre- and post-IPO periods for Japanese firms. It can be stated that the...
Provided by Hitotsubashi University
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White Papers
The Evolution Of Corporate Ownership After IPO: The Impact Of Investor Protection
Dec 2008
Recent research documents that ownership concentration is higher in countries with weak investor protection. However, drawing on panel data on corporate ownership in 34 countries between 1995 and...
Provided by National Bureau of Economic Research
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White Papers
A Market Microstructure Explanation Of IPOs Underpricing
Aug 2007
In a typical IPO game with first-price auctions, the authors argue that risk-averse investors always underbid in equilibrium because of subjective interpretations of the firm' communication about...
Provided by National University Of Ireland
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White Papers
Underpricing In Turkey: A Comparison Of The IPO Methods
Feb 2006
This paper addresses the question of what kind of selling and underwriting procedure might be preferred for controlling the amount and volatility of underpricing in the Istanbul Stock Exchange...
Provided by RePEc
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White Papers
Patents And The Survival Of Internet-related IPOs
Jun 2007
The authors examine the effect of patenting on the survival prospects of 356 internet-related firms that IPO'd at the height of the stock market bubble of the late 1990s. By March 2005, nearly 2/3...
Provided by National Bureau of Economic Research
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White Papers
Learning To Fail? Evidence From Frequent IPO Investors
Aug 2009
The authors examine the effects of bidding experience on two groups of investors - individuals and institutions - in terms of their decisions to bid again and their bidding returns. Bidding...
Provided by Munich Personal Repec Archive
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White Papers
Public Information And IPO Underpricing
Aug 2010
The authors analyze the effect of public information on rational investors' incentives to reveal private information during the book building process and their demand for allocations in the IPO....
Provided by Norwegian School of Economics and Business Administration
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White Papers
A Complete Characterization Of Pure Strategy Equilibrium In Uniform Price IPO Auctions
Apr 2006
Collusive equilibria in share auctions despite being the focus of previous theoretical research, have received little empirical or experimental support. The authors develop a theoretical model of...
Provided by University of Nottingham
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White Papers
Characterization Of Pure Strategy Equilibria In Uniform Price IPO Auctions
Feb 2009
The authors characterize pure strategy equilibria of common value multi-unit uniform price auctions under the framework of initial public offerings, where bidders have incomplete private...
Provided by University of Nottingham
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White Papers
The Underpricing Of Initial Public Offerings In Imperial Germany, 1870-1896
Dec 2008
In this paper, the authors evaluate under pricing of Initial Public Offerings (IPOs) at the Berlin Stock Exchange between 1870 and 1896. In contrast to modern data, first day returns were...
Provided by Max Planck Institute for Research on Collective Goods
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White Papers
What Determines IPO Underpricing ? Evidence From A Frontier Market
Oct 2009
This paper empirically analyzes the short run performance of Tunisian Initial Public Offerings (IPO). It sheds light on the determinants of IPO's in a context of a frontier market characterized by...
Provided by Munich Personal Repec Archive
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White Papers
Institutional Ownership And IPO Performance: Australian Evidence
Jan 2010
The duo IPO anomalies of underpricing and long run underperformance have inspired a plethora of studies. Yet few have examined the impact of majority investors in IPOs, namely institutional...
Provided by University of Technology Sydney
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White Papers
IPO Lockup Arrangements And Trading By Insiders
Jun 2009
The authors document that the average lockup of 365 days in the UK is higher than the US 180 days and many insiders trade within the lockup period. They find that prestigious underwriters and...
Provided by Cass Business School
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White Papers
Management Quality And Anti-Takeover Provisions
Feb 2009
The authors present the first analysis in the literature of the relationship between the quality and reputation of a firm's management and the prevalence of anti-takeover provisions in the...
Provided by Boston College
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White Papers
Are Buyout Sponsors Market Timers In RLBOs?
Jan 2009
This paper examines the exit strategy of buyout sponsors in RLBOs (Reverse Leveraged Buyouts). LBO restructuring decision is affected by the market timing of sponsors. LBO duration is negatively...
Provided by Norwegian School of Economics and Business Administration
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White Papers
Why European Firms Go Public?
May 2008
The authors survey 78 Chief Financial Officers (CFOs) from 12 European countries about the determinants of going public and exchange listing decisions. The CFOs identify enhanced visibility and...
Provided by University of Manitoba
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White Papers
Stock Price Performance Of Initial Public Offerings: The Thai Experience
Nov 2007
In this paper, the author investigates the long-run stock returns after Initial Public Offering (IPOs) in Thailand in the post-1997 Asian financial crisis. Based on a sample of 123 IPO firms...
Provided by Mahasarakham University
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White Papers
Price Cap Effect In The Performance Of Greek IPOs
Nov 2007
The Initial Public Offerings (IPOs) pricing has become a leading example of market inefficiency during the last decades. Although there is an extensive amount of work that provides some evidence...
Provided by University of Athens
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White Papers
Post-IPO Firm Valuation And Corporate Governance Of Politically Connected Firms In Singapore
Dec 2007
In this paper, the authors explore the relationship between political connection and firm value of newly listed companies in Singapore from 1997-2002. Using Tobin's Q as a proxy for firm value,...
Provided by Florida State University
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White Papers
Initial Public Offerings, Operating Performance And Ownership Changes
Nov 2007
The authors benchmark a sample of 212 Swedish IPO firms against 4300 firm-years and confirm that IPO firms perform better than expected before and at the time of the IPO. They find that 80% of...
Provided by University of Gothenburg
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White Papers
IPO Pricing: Growth Rates Implied In Offer Prices
Apr 2008
This paper studies the valuation of companies going public in Europe. The authors find that most of the IPOs in the period 1995-2001 were valued by underwriters using the Discounted Cash Flows...
Provided by University of Bergamo
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White Papers
Predictors Of IPO Mispricing In A Competing Risks Framework
Dec 2007
IPO mispricing (generally underpricing) is usually viewed in the context of the widely observed (on average) upward spike from the IPO offer price to the first-day market price. In this paper, the...
Provided by University of Redlands
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White Papers
IPO Underpricing, Post-Listing Liquidity, And Information Asymmetry In The Secondary Market
Apr 2008
Using a sample of IPOs undertaken on Euronext between 1995 and 2004, the authors' study examines the relationship between initial returns and post-listing liquidity, and tests whether it is...
Provided by Université Paris Dauphine
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White Papers
IPOs In Emerging Markets: A Comparison Of Brazil, India And China
Dec 2007
IPOs are, up to now, one of the unresolved questions in Finance. Emerging markets new environment and different legal and financial markets characteristics may add new lights to understand this...
Provided by University of South Florida
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White Papers
Idiosyncratic Risk, Short-Sale Constraints, And Other Market Frictions In IPO Stocks
Dec 2007
The authors analyze various market frictions and risk factors in IPO stocks for up to five years after issuance. They document the differences across IPO samples sorted by market heat,...
Provided by Wichita State University
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White Papers
Market Sentiment, IPO Underpricing And Valuation
Mar 2008
The authors examine IPO underpricing, valuation, and wealth allocation in relation to investor sentiment, information asymmetry, and underwriter reputation. They find that underpricing is...
Provided by Iowa State University
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White Papers
Risk Averse Venture Capital And Timing Of IPO Under Profit Flows Uncertainty
Sep 2007
The authors' purpose is to find the optimal exit time of a Venture Capitalist (VC) under profit flow uncertainty. They consider that the VC sells his holding in two steps: at the offer price at...
Provided by University Paris 1
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White Papers
The Financial And Operating Performance Of Privatized Firms In Sweden
Jan 2009
This paper examines the change in operating and financial performance of Swedish firms that were either partly or fully privatized during the period of 1989-2007. Two different methods are used to...
Provided by Institute for the Study of Labor
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White Papers
The U.S. Left Behind: The Rise Of IPO Activity Around The World
Mar 2011
During the past two decades, there has been a dramatic change in IPO activity around the world. Though vibrant IPO activity, attributed to better institutions and governance, used to be a strength...
Provided by National Bureau of Economic Research
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White Papers
From Text To Business Insight: All About Enterprise Text Analytics
Jun 2011
Online, social, and corporate systems capture immense business value in textual form. Text-analytics solutions unlock that value. Enterprise text analytics takes solutions a step beyond, to...
Provided by SAP
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White Papers
Post-IPO Corporate Life Cycle And Takeovers
Jan 2007
The authors use corporate life cycle theories to investigate the motives and wealth effects of takeovers by classifying firms into three post-IPO stages using cluster analysis. They find that the...
Provided by University of New South Wales
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White Papers
Underpricing And Aftermarket Liquidity: An Empirical Exploration Of Hong Kong IPOs
Aug 2007
This paper evaluates the implications of three of the extant IPO models relating underpricing and aftermarket liquidity. Using hand collected data from a sample of bookbuilt Hong Kong IPOs, this...
Provided by University of New Mexico
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White Papers
Underwriting Syndicates, Information And The Secondary Market Liquidity Of Initial Public Offerings
Sep 2007
In this paper, the author examines whether the services provided by the underwriting syndicate have an impact on the secondary market liquidity for IPOs. Specifically, the author argues that...
Provided by University of Massachusetts
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White Papers
IPO Performance Under Low Information Asymmetry And Low Agency Conflicts: The Case Of Demutualized Insurers
Jan 2007
The post-issue underperformance of initial public offerings has been widely documented. The hypothesis put forth in the literature is that firms take advantage of windows of opportunity by timing...
Provided by State University of New York
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White Papers
The Information Content Of Underwriter Compensation: An Examination Of The Impact Of NASD Compensation Guidance On The Market For IPOs
Jan 2007
The authors examine NASD compensation guidelines for underwriter compensation and their impact on the market for Initial Public Offerings (IPOs). While underwriters are able to charge less than...
Provided by Drexel University
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White Papers
Purchasing IPOs With Commissions: Theoretical Predictions And Empirical Results
Apr 2007
Lead underwriters have discretion over how they allocate IPOs. The prevailing literature suggests different decision rules underwriters might follow, including allocating IPOs to the...
Provided by University of Georgia
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White Papers
The Role Of Uninformed Investors In An Optimal IPO Mechanism
Sep 2007
This paper explores optimal ways for a firm to sell its Initial Public Offering (IPO) to a mix of informed and uninformed investors through an intermediary. The author focuses on the leverage that...
Provided by University of Arkansas
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White Papers
Do IPO Underwriting Relationships Affect The Subsequent Lending Business?
Jul 2007
This paper investigates the relationship between IPO underwriting and subsequent lending business. The authors find that if a lender underwrites the IPO of a firm, it is more likely for this...
Provided by University of New Mexico
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White Papers
The New Game In Town: Competitive Effects Of IPOs
Nov 2006
This paper analyzes the effect of large Initial Public Offerings (IPOs) on publicly listed industry competitors. The paper provides evidence that companies experience negative short term stock...
Provided by University of North Carolina
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White Papers
IPO Underpricing And International Corporate Governance
Jul 2007
Examining a sample of 4,485 IPOs across 35 countries from 2000-2004, the authors find that country-level governance characteristics explain differences in the international cross section of IPO...
Provided by Indiana University
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White Papers
Underpricing And Ex-Post Value Uncertainty
Nov 2007
As documented by a vast empirical literature, IPOs are characterized by underpricing. A number of papers have shown that underpricing is directly related to the amount of ex-ante uncertainty...
Provided by Rutgers, State University of New Jersey
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White Papers
Short Selling In Initial Public Offerings
Sep 2007
A number of academic papers have used short sale constraints in the immediate aftermarket of IPOs to explain short-term pricing anomalies that are subsequently reversed in the long-term. Using...
Provided by U.S. Securities and Exchange Commission
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White Papers
Earnings Quality And International IPO Underpricing
Jul 2007
Examining 7,306 IPOs from 34 countries, the authors find less underpricing in countries with higher earnings quality. This finding persists after controlling for other deal- and country-specific...
Provided by University of Pittsburgh
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White Papers
Does The Involvement Of Expert Intermediaries Improve The Aftermarket Survivability Of IPO Firms? Evidence From Industry Specialist Auditors And Reputable Venture Capitalists
Apr 2006
The authors examine the impact of expert market intermediaries such as industry specialist auditors and reputable venture capitalists on post-issue survival of Initial Public Offerings (IPOs) over...
Provided by National Cheng Kung University
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White Papers
Measuring Risk Disclosure In IPOs and Its Effect On Initial And Subsequent Returns
Aug 2007
Regulation S-K requires newly public companies to disclose the most significant risk factors affecting their business in the offering prospectus. The authors investigate whether these revealed...
Provided by University of Richmond
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White Papers
IPOs, Clustering, Indirect Learning And Filing Independently
Jan 2007
IPO underpricing has been attributed to valuation uncertainty, which can be at least partially resolved by the indirect learning associated with IPO clustering. The authors examine motivations of...
Provided by University of Connecticut
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White Papers
Do Venture Capital Firms Promote "Good" Governance At IPO Companies? An Examination Of The Decision To Adopt A Classified Board
Sep 2007
This paper examines the effect of venture capital backing on the likelihood an IPO company elects to adopt a classified board of directors, a governance arrangement that has an antitakeover effect...
Provided by Cornell University
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White Papers
Do Banks Produce Additional Information About IPO Firms?
Sep 2007
Previous studies document that banks play a special role in communicating information about a borrowing firm. This paper investigates whether banks help to reduce information asymmetry about an...
Provided by University of Wyoming
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White Papers
Does The Gross Spread Split Compensate Lead Underwriters For Analyst Coverage?
Sep 2007
Since underpricing and gross spread are the two main revenue sources for investment banks in public offerings, this paper examines the IPO syndicate data from January 1997 to June 2002 to...
Provided by University of Alabama
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White Papers
IPO Offer Prices And Firm Performance
Oct 2009
This paper explores the determinants of IPO prices and studies the relationship between price choice of firms going public and post-issue stock performance and firm characteristics. The author...
Provided by University of British Columbia
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White Papers
Notre Dame Expert Tim Loughran: Facebook IPO Can Wait
Mar 2010
Facebook's IPO waiting game makes sense from a market standpoint, says Tim Loughran, finance professor at the University of Notre Dame. "If Facebook doesn't need the money at the present moment,...
Provided by University of Notre Dame
-
White Papers
Institutional Ownership And IPO Performance: Australian Evidence
Jan 2010
The duo IPO anomalies of underpricing and long run underperformance have inspired a plethora of studies. Yet few have examined the impact of majority investors in IPOs, namely institutional...
Provided by University of Technology Sydney
-
White Papers
Strategies for Going Public
Apr 2010
As the initial public offering (IPO) market gains momentum, more organizations are evaluating the option of becoming a publicly traded company, and the processes associated with an IPO. With all...
Provided by Deloitte LLP
-
White Papers
The Usefulness Of Accounting Fundamentals And Other Prospectus Information In The Valuation Of IPO Firms
Aug 2006
The authors of this paper empirically examine the usefulness of (i) forward-looking accounting fundamentals, and (ii) 'Other prospectus information' variables that prior literature suggests are...
Provided by Columbia University
-
White Papers
On The Lifecycle Dynamics Of Venture-Capital- And Non-Venture-Capital-Financed Firms
Jun 2007
The paper uses a new data set that tracks U.S. firms from their birth over two decades, as collected by the U.S. Census Bureau, to examine the life cycle dynamics of VC- and non-VC financed firms,...
Provided by Duke University (Fuqua-Global)
-
White Papers
Do Venture Capitalists Affect Investment Performance? Evidence From First-time Funds
Jan 2007
Can venture capitalist skill explain the heterogeneity and persistence of venture capital fund performance, and if so which skills matter and when? This paper sheds light on these two questions by...
Provided by Duke University (Fuqua-Global)
-
White Papers
On The Importance Of Retail Banking Relationships
May 2007
While the importance of bank-firm relationships is well documented in the banking literature, there is relatively little research on the importance of retail banking relationships. In this paper...
Provided by Duke University (Fuqua-Global)
-
White Papers
Endogenous Events And Long-Run Returns
Feb 2008
The paper analyzes event abnormal returns when returns predict events. In fixed samples the authors show that the expected abnormal return is negative and becomes more negative as the holding...
Provided by Duke University (Fuqua-Global)
-
White Papers
Do Newly Public Acquirers Benefit Or Suffer From Their Pre-IPO Affiliations With Underwriters And VCs?
Sep 2009
The authors examine whether pre-IPO affiliations affect post-IPO corporate events, namely acquisitions. On the one hand, newly public acquirers may benefit from their pre-IPO affiliations through...
Provided by INSEAD
-
White Papers
In Search Of Attention
Jun 2009
Turnover, extreme returns, news and advertising expense are indirect proxies of investor attention. In contrast, the authors propose a direct measure of investor demand for attention - active...
Provided by Purdue University (Krannert)
-
White Papers
Getting Disoriented By Performance Variability: A Peek Through The Looking-Glass Separating Average And Extreme Outcomes
Jan 2008
The exploration-exploitation study (March, 1991) suggested that changes in performance variability may imply that more extremely high outcomes occur simultaneously with decreasing expected...
Provided by INSEAD
-
White Papers
Entrepreneurial Learning, The IPO Decision, And The Post-IPO Drop In Firm Profitability
Dec 2006
The author developed a model in which an entrepreneur learns about the average profitability of a private firm before deciding whether to take the firm public. In this decision, the entrepreneur...
Provided by University of Chicago (Booth)
-
White Papers
Liquidity Planning For Entrepreneurs Strategies For Preserving Wealth Before And After The Transaction
Feb 2007
One of the most important decisions faced by entrepreneurs is how to convert all or part of their investment in a business into a more liquid asset. Whether this liquidity event is in the form of...
Provided by Harris myCFO
-
White Papers
IPO Behavior In GCC Countries: Goody-Two Shoes Or Bad-To-The-Bone?
Jul 2007
This paper documents the phenomenon of underpricing initial public offerings (IPOs) for 47 firms that went public between 2001 and 2006 in the equity markets of the six Gulf Cooperation Council...
Provided by International Monetary Fund
-
White Papers
Mergers And Acquisitions: Reducing The Private Firm Discount
Jan 2010
Owners of private companies normally sell their shares at a 20-30 per cent discount during mergers and acquisitions. The 'private firm discount' is one reason the stock market reacts more...
Provided by INSEAD
-
White Papers
IPOs: Evaluating Failure Risk
Jan 2010
To what extent can one predict whether a new stock exchange listing or initial public offering (IPO) is going to fail? This is a question of major significance for investors and the firm's...
Provided by INSEAD
-
White Papers
How Employees Stock Options And Executive Equity Ownership Affect Long-Term IPO Operating Performance
Feb 2007
To ascertain whether the form of managerial compensation affects a firm's long-term operating performance, the authors track IPOs for five years after the expiration of the stabilization period....
Provided by University of California, Los Angeles (Anderson)
-
White Papers
The NetLedger IPO: A Case Study
Jul 2008
NetLedger is a major vendor of on-demand, Internet-based business software. The company's major products include Accounting/Enterprise Resource Planning (ERP) software, Customer Relationship...
Provided by Jacksonville University
-
White Papers
Earnings Quality And Ownership Structure: The Role Of Private Equity Sponsors
Oct 2008
This paper explores how firms' ownership structures affect their earnings quality and long-term performance. Focusing on a unique sample of private firms for which there is financial data...
Provided by Harvard Business School
-
White Papers
New Data Uncovers Hidden Truths About The IPO Market
Jul 2010
Since the internet bubble, investment advisors and academics alike have cautioned investors to avoid the IPO market, insisting that IPOs underperform in the long run and ultimately coining the...
Provided by Renaissance Capital
-
White Papers
Positioning An IPO? Best Practices For Ensuring An Effective Ethics And Compliance Program
May 2008
An effective ethics and compliance program has an important role in any type of organization; however, should a company elect to issue an initial public offering (IPO), regulations, legislation,...
Provided by Beth Osborne
-
White Papers
Why Don~t Issuers Choose IPO Auctions? The Complexity Of Indirect Mechanisms
Jul 2010
At least 25 countries have used IPO auctions, but most have since abandoned them. The authors argue that this is because auctions, being indirect mechanisms, require a level of sophistication...
Provided by National Bureau of Economic Research
-
White Papers
Why Reverse Mergers Are A Bad Choice For Most Businesses
Sep 2007
Many middle-market businesses ($1 million-$25 million) have used reverse mergers as a low-cost means of listing on capital markets. Experience has shown that for most middle-market businesses...
Provided by University of Notre Dame (Mendoza)
-
White Papers
Conflict Of Interest And Certification In The U.S. IPO Market
Jul 2007
The authors examine the long-run performance and valuation of IPOs underwritten by relation-ship banks. They find that over one-to three-year horizons these IPOs do not underperform similar stocks...
Provided by Federal Reserve Bank of Chicago
-
White Papers
HRM In IPOs
Aug 2010
This paper reports critical information for firms planning to go public and those going through high rates of change. Based on several empirical studies and case study work done over the last 20...
Provided by University of Southern California
-
White Papers
Real Options In A Dynamic Agency Model, With Applications To Financial Development, IPOs, And Business Risk
Oct 2007
The authors study investment options in a dynamic agency model. Moral hazard creates an option to wait and agency conflicts affect the timing of investment. The model sheds light, theoretically...
Provided by New York University
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White Papers
After Market Pricing Performance Of Initial Public Offerings (IPOs): Indian IPO Market 2002-2006
Dec 2010
This paper is motivated by the apparent belief that IPOs are underpriced on the initial listing day and thereafter underperforms compared to the market benchmark. While evaluation of the listing...
Provided by Vikalpa
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White Papers
Over-signaling Vs Underpricing: The Role Of Financial Intermediaries In Initial Public Offerings
Dec 2007
The authors consider a model of Initial Public Offerings (IPOs) where issuing firms of better quality are more reluctant to go public. IPOs either generate or destroy value depending on the type...
Provided by Centre For North South Economic Research
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Impact Of IPO Activities On The Hong Kong Dollar Interbank Market
Jul 2008
Hong Kong has witnessed an equity Initial Public Offering (IPO) boom since 2005. As the interbank payments involved in an IPO can be hundreds of times larger than the Aggregate Balance, increased...
Provided by Hong Kong Monetary Authority
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White Papers
Shareholding By Venture Capitalists And R&D Investment In The Pre-And Post-IPO Periods
Mar 2011
In this paper, the authors will analyze the effect of IPOs on R&D investment and argue a change in the role of VC in the pre- and post-IPO periods for Japanese firms. It can be stated that the...
Provided by Hitotsubashi University
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The Evolution Of Corporate Ownership After IPO: The Impact Of Investor Protection
Dec 2008
Recent research documents that ownership concentration is higher in countries with weak investor protection. However, drawing on panel data on corporate ownership in 34 countries between 1995 and...
Provided by National Bureau of Economic Research
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White Papers
A Market Microstructure Explanation Of IPOs Underpricing
Aug 2007
In a typical IPO game with first-price auctions, the authors argue that risk-averse investors always underbid in equilibrium because of subjective interpretations of the firm' communication about...
Provided by National University Of Ireland
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White Papers
Underpricing In Turkey: A Comparison Of The IPO Methods
Feb 2006
This paper addresses the question of what kind of selling and underwriting procedure might be preferred for controlling the amount and volatility of underpricing in the Istanbul Stock Exchange...
Provided by RePEc
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White Papers
Patents And The Survival Of Internet-related IPOs
Jun 2007
The authors examine the effect of patenting on the survival prospects of 356 internet-related firms that IPO'd at the height of the stock market bubble of the late 1990s. By March 2005, nearly 2/3...
Provided by National Bureau of Economic Research
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White Papers
Learning To Fail? Evidence From Frequent IPO Investors
Aug 2009
The authors examine the effects of bidding experience on two groups of investors - individuals and institutions - in terms of their decisions to bid again and their bidding returns. Bidding...
Provided by Munich Personal Repec Archive
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White Papers
Public Information And IPO Underpricing
Aug 2010
The authors analyze the effect of public information on rational investors' incentives to reveal private information during the book building process and their demand for allocations in the IPO....
Provided by Norwegian School of Economics and Business Administration
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White Papers
A Complete Characterization Of Pure Strategy Equilibrium In Uniform Price IPO Auctions
Apr 2006
Collusive equilibria in share auctions despite being the focus of previous theoretical research, have received little empirical or experimental support. The authors develop a theoretical model of...
Provided by University of Nottingham
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White Papers
Characterization Of Pure Strategy Equilibria In Uniform Price IPO Auctions
Feb 2009
The authors characterize pure strategy equilibria of common value multi-unit uniform price auctions under the framework of initial public offerings, where bidders have incomplete private...
Provided by University of Nottingham
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White Papers
The Underpricing Of Initial Public Offerings In Imperial Germany, 1870-1896
Dec 2008
In this paper, the authors evaluate under pricing of Initial Public Offerings (IPOs) at the Berlin Stock Exchange between 1870 and 1896. In contrast to modern data, first day returns were...
Provided by Max Planck Institute for Research on Collective Goods
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White Papers
What Determines IPO Underpricing ? Evidence From A Frontier Market
Oct 2009
This paper empirically analyzes the short run performance of Tunisian Initial Public Offerings (IPO). It sheds light on the determinants of IPO's in a context of a frontier market characterized by...
Provided by Munich Personal Repec Archive
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White Papers
Institutional Ownership And IPO Performance: Australian Evidence
Jan 2010
The duo IPO anomalies of underpricing and long run underperformance have inspired a plethora of studies. Yet few have examined the impact of majority investors in IPOs, namely institutional...
Provided by University of Technology Sydney
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White Papers
Notre Dame Expert Tim Loughran: Facebook IPO Can Wait
Mar 2010
Facebook's IPO waiting game makes sense from a market standpoint, says Tim Loughran, finance professor at the University of Notre Dame. "If Facebook doesn't need the money at the present moment,...
Provided by University of Notre Dame
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