Read Books Online and Download eBooks, EPub, PDF, Mobi, Kindle, Text Full Free.
Lock In Agreements In Venture Capital Backed Uk Ipos
Download Lock In Agreements In Venture Capital Backed Uk Ipos full books in PDF, epub, and Kindle. Read online Lock In Agreements In Venture Capital Backed Uk Ipos ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Book Synopsis Lock-In Agreements in Venture Capital-Backed UK Ipos by : Susanne Espenlaub
Download or read book Lock-In Agreements in Venture Capital-Backed UK Ipos written by Susanne Espenlaub and published by . This book was released on 2014 with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the impact of venture-capital (VC) backing on the characteristics of voluntary lock-in agreements entered into by the existing shareholders of UK IPOs, and on the abnormal returns around the expiry of the directors' lock-in agreements. Overall, we find that venture-capital backing acts as a complement rather than a substitute for lock-in contracts. We also examine the share-price performance of IPOs with and without VC backing around the time of the expiry of the lock-in agreements. We find that the cumulative average abnormal returns for the VC-backed stocks are lower for most of the short windows around the expiry date. We also examine some UK companies in more detail. Different motivations for the lock-in agreements are uncovered such as the founder's commitment not to exit the company (as he did in an earlier venture which subsequently failed) in one case, and the poor pre-IPO earnings performance in another case.
Book Synopsis Lock-in Agreements in Venture Capital Backed in UK Ipos by : Susanne Espenlaub
Download or read book Lock-in Agreements in Venture Capital Backed in UK Ipos written by Susanne Espenlaub and published by . This book was released on 2002 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Lock-in Agreements in Venture Capital Backed in UK Ipos by :
Download or read book Lock-in Agreements in Venture Capital Backed in UK Ipos written by and published by . This book was released on 2002 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Risk and Trading on London's Alternative Investment Market by : J. Board
Download or read book Risk and Trading on London's Alternative Investment Market written by J. Board and published by Springer. This book was released on 2015-01-27 with total page 177 pages. Available in PDF, EPUB and Kindle. Book excerpt: The alternative investment market (AIM) has seen rapid growth over its 19 years, and has emerged as the market of choice for smaller, newer companies, both in the UK and abroad. However, it has often had a volatile reputation among investors, who have commonly perceived stock in the AIM as more risky than the main market. In this book, a group of leading financial analysts conduct an extensive empirical study to compare the relative volatility of two UK equity markets run by the London Stock Exchange, over a ten year period. They analyse the comparative risks involved in the alternative investment market, the market of growing companies, and the 'main market', the market for more established companies. This book analyses the volatility of the alternative investment market, using a variety of techniques and approaches. It compares the volatility of stocks in the markets, exploring variables such as size, industry, age and market switches. Using refined methods to focus on the difference between the markets, the authors provide a convincing study to challenge the idea that the alternative investment market is higher risk than the main market.
Book Synopsis Venture-Backed Ipos by : Tereza Tykvova
Download or read book Venture-Backed Ipos written by Tereza Tykvova and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze the venture capitalist's decision on the timing of the IPO, the offer price and the fraction of shares he sells in the course of the IPO. Under certain assumptions about the parameters and the structure of the model, we obtain a single equilibrium in which high-quality firms separate from low-quality firms. The latter are liquidated after the first period, while the former go public either after having been financed by the venture capitalist for two periods or after one financing period using a lock-up.
Book Synopsis Venture Capital and Firm Performance by : Jaeho Lee
Download or read book Venture Capital and Firm Performance written by Jaeho Lee and published by Routledge. This book was released on 2017-08-15 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an analysis of the impact on underpricing and long-term performance of venture capital in IPOs, and of the ownership characteristics of venture capital companies. It investigates the performance of IPOs in Korea during the dot-com bubble-and-bust period. The book looks at venture capital firms and their participation, their reputation, and conflicts of interests, particularly in the context of the development of a new secondary stock market in an emerging market and these factors affect the pricing and performance effects of IPO firms. This book is a useful reference to those interested in promoting an active KOSDAQ type of stock market, and understanding how venture capitalists and their institutional affiliation may reduce information asymmetry and add value of IPO firms.
Book Synopsis Trading by Directors Around the Expiry of Lock-In Agreements in UK Ipos by : Susanne Espenlaub
Download or read book Trading by Directors Around the Expiry of Lock-In Agreements in UK Ipos written by Susanne Espenlaub and published by . This book was released on 2002 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most UK IPOs include lock-in agreements, which prevent the directors and other initial shareholders from selling their shares for a specified period after the IPO. Using a sample of 94 UK IPOs, we analyse their stock performance around the time of expiry of the lock-in agreement. We also look at the volume and pattern of directors' sales before and after the expiry of the lock-in agreement. We find that the average cumulative abnormal return around the lock-in expiry is negative and is significantly different from zero. However, examining stock performance around the lock-in expiry in the UK is not straightforward, as the expiry dates of two thirds of lock-in agreements are tied in with the announcement or publication of financial figures. This makes it difficult to estimate the expiry date. Also, the abnormal returns around the expiry may be influenced by the information effect of the earnings. We also examine the announcement effect of directors' sales on the stock performance. There is a substantial increase in share sales by the directors in the weeks immediately after the lock-in expiry. Surprisingly, the sub-sample of the companies that report directors' sales around the expiry date have positive average cumulative abnormal returns, albeit not statistically significant, whereas the sub-sample of companies without sales have negative returns. Finally, we investigate the likelihood of directors' sales occurring around the expiry of the lock-in agreement. We find that companies with a good stock performance before the expiry are more likely to have directors' sales. Overall, our results suggest that the directors' sales are not related to IPO signalling whereby firms would signal their quality using the duration of the lock-in agreement, the percentage of the shares locked-in and the level of IPO underpricing.
Book Synopsis The Expiry of Lock-In Agreements of UK Ipos by : Susanne Espenlaub
Download or read book The Expiry of Lock-In Agreements of UK Ipos written by Susanne Espenlaub and published by . This book was released on 2014 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most UK IPOs include lock-in agreements, which prevent the directors and other initial shareholders from selling their shares for a specified period after the IPO. Using a sample of 94 UK IPOs, we analyse their stock performance around the time of expiry of the lock-in agreements. We also look at the volume and pattern of directors' sales before and after the expiry of the lock-in agreement. We find that the average cumulative abnormal return around the lock-in expiry is negative and is significantly different from zero. However, examining stock performance around the lock-in expiry in the UK is not straightforward.The announcement effect of directors' sales on the stock performance is examined as well. The increase in stock sales by directors in the weeks immediately after the lock-in expiry is substantial. Interestingly and unexpectedly, the sub-sample of the companies that reported directors' sales in the period of interest had lower negative average cumulative abnormal returns, albeit not statistically significant, than the sub-sample of the companies that had no reported sales. Finally, the likelihood of directors' sales occurring around the expiry of the lock-in agreement is investigated.
Book Synopsis The Certification Role of Venture Capitalists Around the Directors and Venture Capitalists' Lock-up Expiration in UK VC-backed IPOs by : Michael Stavroula
Download or read book The Certification Role of Venture Capitalists Around the Directors and Venture Capitalists' Lock-up Expiration in UK VC-backed IPOs written by Michael Stavroula and published by . This book was released on 2001 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Relationship of Underpricing IPOs and Lock Up Agreements by : Wen Ding
Download or read book Relationship of Underpricing IPOs and Lock Up Agreements written by Wen Ding and published by . This book was released on 2000 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Life Cycle of Corporate Governance by : Igor Filatotchev
Download or read book The Life Cycle of Corporate Governance written by Igor Filatotchev and published by Edward Elgar Publishing. This book was released on 2005 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: This unique collection of new, previously unpublished chapters examines corporate governance and the various life cycle stages of firms and organizations. The role of the corporate governance life cycle in different industrial and institutional contexts is identified and reviewed, and crucial governance issues relating to the transition between stages are considered. This book will extend our understanding of governance issues beyond the narrow confines of economics and finance perspectives to embrace both learning and knowledge dimensions as well as contextual issues.
Book Synopsis Handbook of Research on IPOs by : Mario Levis
Download or read book Handbook of Research on IPOs written by Mario Levis and published by Edward Elgar Publishing. This book was released on 2013-11-29 with total page 599 pages. Available in PDF, EPUB and Kindle. Book excerpt: The chapters offer some important new insights into issues that will be of interest not only to the academic community but also to professionals involved in the preparation, structure and execution of such transactions, market regulators, and private a
Book Synopsis Venture Capital Involvement in German IPO Companies with Respect to Lock-in Agreements by : Faiza Arshad Chaudary
Download or read book Venture Capital Involvement in German IPO Companies with Respect to Lock-in Agreements written by Faiza Arshad Chaudary and published by . This book was released on 2003 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Routledge Companion to Management Buyouts by : Mike Wright
Download or read book The Routledge Companion to Management Buyouts written by Mike Wright and published by Routledge. This book was released on 2018-09-03 with total page 624 pages. Available in PDF, EPUB and Kindle. Book excerpt: Management Buyouts (MBOs) first came to prominence in the US during the early 1980s, and have subsequently become a global phenomenon and a highly significant transaction within the corporate restructuring landscape Although much recent attention has focused on private equity (PE) backed buyouts, these are only a subset of the total MBO market. The Routledge Companion to Management Buyouts takes a much broader definition, reviewing the current state of research and theory and where further developments are likely to occur and incorporating PE and non-PE backed buyouts, as well as variations such as management buy-ins and management-employee buyouts. It goes beyond the purely financial perspective, exploring the many different aspects of management buyouts and incorporating related disciplines including strategy, organizational change, and HRM providing the first truly comprehensive authoritative resource on the topic. Expertly edited, and drawing on international scholarship, this unique volume will be an invaluable sourcebook on MBOs for researchers and advanced students as well as those interested in the broader areas of corporate restructuring and ownership change.
Book Synopsis The Role of Lock-Ups in Initial Public Offerings by : Alon Brav
Download or read book The Role of Lock-Ups in Initial Public Offerings written by Alon Brav and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores the role of investment banks and lock-up provisions in the market for new equity issues. In a sample of 2,794 IPOs, we test three potential explanations for the existence of lock-ups: (i) lock-ups serve as a signal of firm quality; (ii) lock-ups are a commitment device to alleviate moral hazard problems; and (iii) lock-ups serve as a mechanism for underwriters to extract additional compensation from the issuing firm. Our results support the commitment hypothesis. Insiders of firms that are associated with greater potential for moral hazard in the aftermarket lock-up their shares for a longer period of time. We also find that insiders of firms that have experienced larger excess returns, that are backed by venture capitalists, or that go public with high quality underwriters, are more likely to be released from the lock-up restrictions. In addition, we find that the average abnormal return at lock-up expiration is -2%. The price drop associated with this expiration is substantially higher for firms that are venture-backed.
Book Synopsis Advances in Corporate Finance and Asset Pricing by : Luc Renneboog
Download or read book Advances in Corporate Finance and Asset Pricing written by Luc Renneboog and published by Emerald Group Publishing. This book was released on 2006-03-02 with total page 569 pages. Available in PDF, EPUB and Kindle. Book excerpt: Incorporates estimation risk in portfolio choice and also covers a risk measure for retail investment products, understanding and exploiting momentum in stock returns. This book includes: Introduction - Corporate restructuring; mergers and acquisitions in Europe; and the performance of acquisitive companies in the US.
Download or read book Journal of Economic Literature written by and published by . This book was released on 2004 with total page 346 pages. Available in PDF, EPUB and Kindle. Book excerpt:
