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The Expiry Of Lock In Agreements Of Uk Ipos
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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 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 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 IPO Lock-in Agreements Expiration and Characteristics in the UK Evidences by : Dongdong Sun
Download or read book IPO Lock-in Agreements Expiration and Characteristics in the UK Evidences written by Dongdong Sun and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Lock-In Agreements in the UK by : Susanne Espenlaub
Download or read book Lock-In Agreements in the UK written by Susanne Espenlaub and published by . This book was released on 2014 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: When a company offers shares in an Initial Public Offering (IPO), insiders typically undertake a lock-in agreement that prohibits them from selling their shares for a specified period of time after the IPO. Recent evidence from the US has shown that there are predictable share price movements at the time of expiry of these lock-in periods thus challenging the Efficient Markets Hypothesis. Using a sample of 188 firms that went public on the London Stock Exchange (LSE) during 1992-1998, we focus on the characteristics of the lock-in agreements in the UK and also on the share price behaviour of the firms around the lock-in expiry date. We find that the lock-in contracts of the LSE listed firms are much more complex, varied and diverse as compared to the US contracts, which are usually standardised at 180 days after the IPO. We also find evidence of negative share price movements at and around the lock-in expiry dates thus providing further support to the US evidence. The deterioration in stock returns around the expiry date is particularly pronounced for high-tech companies.
Book Synopsis IPO Lock-In Agreements in the UK. by : Susanne Espenlaub
Download or read book IPO Lock-In Agreements in the UK. written by Susanne Espenlaub and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: When a company offers shares in an initial public offering (IPO), existing owners often enter into lock-in agreements prohibiting them from selling shares for a specified period after the IPO. There is some recent U.S. evidence of predictable share-price movements at the time of expiry of these lock-in periods. Using a sample of 188 firms, 83 classified as high-tech and 105 others, that went public on the London Stock Exchange (LSE) during 1992-1998, we focus on the characteristics of lock-in agreements in the UK and on the behavior of stocks returns around the lock-in expiry date. We find that the lock-in contracts of LSE-listed firms are much more complex, varied and diverse than U.S. contracts, which usually standardize the lock-in period at 180 days after the IPO. We also find evidence of negative abnormal stock returns at and around lock-in expiry of similar magnitude to those reported in U.S. studies. However, these abnormal returns are typically not statistically significant. While the deterioration in stock returns immediately around the expiry date appears to be much more particularly pronounced for high-tech stocks than for others, the differences in performance are not statistically significant.
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 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 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 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 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.
Book Synopsis The UK Trader's Bible by : Dominic Connolly
Download or read book The UK Trader's Bible written by Dominic Connolly and published by Harriman House Limited. This book was released on 2010-12-07 with total page 370 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the only comprehensive UK-published guide to short-term trading, combining detailed reference information with the author's advice on strategy and tactics. Every serious trader in the UK needs this book - not a nice-to-have, but a must-have! The 10 key things you will learn: - Detailed description of the different trading platforms (SEAQ, SETS, SETSmm, SEATS Plus) on the London Stock Exchange. - How to deal inside the spread in market making stocks and get the best price. - How auctions work on the London Stock Exchange platforms. - The importance of direct market access for active traders. - The secrets of programme trading, index arbitrage and block deals. - How the cash, futures, lending and derivatives markets interact. - The secrets and risks of short selling. - Which directors' deals to follow and which are irrelevant. - How to make money from takeover situations. - Secret strategies from an established and successful trader.
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 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 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 Corporate Governance and Financial Performance by : Marc Goergen
Download or read book Corporate Governance and Financial Performance written by Marc Goergen and published by Edward Elgar Publishing. This book was released on 1998 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: A study of German and UK financial markets, addressing the relationship between corporate governance, ownership and financial performance in German and UK firms floated in the 1980s. Company micro-data is used to examine the firms' performances over the six years from flotation.
Download or read book Boom and Bust written by William Quinn and published by Cambridge University Press. This book was released on 2020-08-06 with total page 297 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why do stock and housing markets sometimes experience amazing booms followed by massive busts and why is this happening more and more frequently? In order to answer these questions, William Quinn and John D. Turner take us on a riveting ride through the history of financial bubbles, visiting, among other places, Paris and London in 1720, Latin America in the 1820s, Melbourne in the 1880s, New York in the 1920s, Tokyo in the 1980s, Silicon Valley in the 1990s and Shanghai in the 2000s. As they do so, they help us understand why bubbles happen, and why some have catastrophic economic, social and political consequences whilst others have actually benefited society. They reveal that bubbles start when investors and speculators react to new technology or political initiatives, showing that our ability to predict future bubbles will ultimately come down to being able to predict these sparks.
