The Role Of Lock Ups In Initial Public Offerings

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The Role of Lock-Ups in Initial Public Offerings

Author : Alon Brav
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)

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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.

Going Public

Author : Tim Jenkinson
Publisher : Oxford University Press, USA
ISBN 13 : 9780198295990
Total Pages : 264 pages
Book Rating : 4.2/5 (959 download)

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Book Synopsis Going Public by : Tim Jenkinson

Download or read book Going Public written by Tim Jenkinson and published by Oxford University Press, USA. This book was released on 2001 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: Going Public investigates why companies routinely underprice themselves as they try to list themselves on the stock exchange. They subsequently underperform over the long-term and, in Going Public, the authors explore these 2 phenomena in plain English.

Insider Trading Subsequent to Initial Public Offerings

Author : Alon Brav
Publisher :
ISBN 13 :
Total Pages : 53 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Insider Trading Subsequent to Initial Public Offerings by : Alon Brav

Download or read book Insider Trading Subsequent to Initial Public Offerings written by Alon Brav and published by . This book was released on 2000 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores the role of investment bankers and lock-up provisions in the market for new equity issues. In a sample of 1,948 IPOs, we find support for the notion that lock-ups serve as commitment mechanisms at the time of the IPO. Insiders of firms that are associated with greater informational asymmetries lock-up their shares for a longer period of time. We also find that underpricing is higher for firms that lock-up their shares for a longer period of time or lock-up a larger fraction of their shares. The average abnormal return at lock-up expiration is -1.2% and is larger for firms that lock-up a greater fraction of their shares and firms that are backed by venture capitalists. This price drop is inconsistent with rational expectations on the part of investors. Finally, we find that earnings forecasts made by both affiliated and unaffiliated analysts are more optimistic around lock-up expiration.

Initial Public Offerings

Author : Michelle Lowry
Publisher :
ISBN 13 : 9781680833416
Total Pages : 166 pages
Book Rating : 4.8/5 (334 download)

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Book Synopsis Initial Public Offerings by : Michelle Lowry

Download or read book Initial Public Offerings written by Michelle Lowry and published by . This book was released on 2017 with total page 166 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this monograph is to provide an overview of the IPO literature since 2000. The fewer numbers of companies going public in recent years has raised many questions regarding the IPO process, in both academic and regulatory circles. As we all strive to understand these changes in the market, it is especially important to understand the dynamics underlying the IPO process. If the process of going public is too costly or the IPO mechanism is plagued by too many conflicts of interest among the various intermediaries, then private companies may rationally choose other methods of raising capital. In a related vein, it is imperative that new regulations not be based on research focusing solely on large, more mature firms. Newly public firms have unique characteristics, and an increased understanding of such issues will contribute positively to well-functioning public markets and further growth of the entrepreneurial sector. We also provide a detailed guide to researchers on how to obtain a research-quality sample of IPOs, from standard data sources. Related to this, we tabulate important corrections to these standard data sources.

Pricing and Performance of Initial Public Offerings in the United States

Author : Arvin Ghosh
Publisher : Routledge
ISBN 13 : 1351496743
Total Pages : 156 pages
Book Rating : 4.3/5 (514 download)

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Book Synopsis Pricing and Performance of Initial Public Offerings in the United States by : Arvin Ghosh

Download or read book Pricing and Performance of Initial Public Offerings in the United States written by Arvin Ghosh and published by Routledge. This book was released on 2017-07-05 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this timely volume on newly emerging financial mar- kets and investment strategies, Arvin Ghosh explores the intriguing topic of initial public offerings (IPOs) of securities, among the most significant phenomena in the United States stock markets in recent years. Before the 2000-2001 market turndown, hardly a week went by when more than a few companies did not become public, either in the organized stock exchange or in the Over the Counter (OTC) market. In the often over-burdened, technology-heavy Nasdaq market, the role of IPOs was crucial for the market's new vigor and growth. Internet stocks were able to find a mode to supply key momentum to the market. In the so-called "New Economy" of the 1990s, it was the seductively accessible IPO that ushered in the world's information technology revolution.Ghosh sets out to examine the pricing and financial performance of IPOs in the United States during the period 1990-2001. In the opening chapter he discusses the rise and fall of IPOs in the preceding decade. Chapter 2 further delineates the IPO process from the start of the prospectus to the end of the "quiet period" and aftermarket stabilization. In chapter 3 Ghosh analyzes the mispricing and deliberately deceptive underpricing, or "flipping," of Internet IPOs. Chapter 4 delves deeper into the pricing and operating efficiency of Nasdaq IPOs. Chapter 5 analyzes the pricing and long-run performance of IPOs both in the New York Stock Exchange and in the Nasdaq markets. In chapters 6 and 7 the author deals with the pricing and performance of the venture-blocked and nonventure-backed IPOs in general and Internet IPOs in particular. In chapter 8 he analyzes the role of underwriters as market makers. In chapter 9 Ghosh discusses the accuracy of analysts' earnings forecasts. In the concluding chapter, he summarizes the principal findings of the study and the recent revival of the IPO market and its place in capital formation as well as the latest developments in t

Grow or Go? The Expiration of IPO Lockups in Germany

Author : Samuel Kemper
Publisher : GRIN Verlag
ISBN 13 : 3346319121
Total Pages : 59 pages
Book Rating : 4.3/5 (463 download)

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Book Synopsis Grow or Go? The Expiration of IPO Lockups in Germany by : Samuel Kemper

Download or read book Grow or Go? The Expiration of IPO Lockups in Germany written by Samuel Kemper and published by GRIN Verlag. This book was released on 2020-12-23 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelor Thesis from the year 2020 in the subject Economics - Finance, grade: 1.0, University of Frankfurt (Main) (Finance), language: English, abstract: In this study I examine the case of lockup period expirations for 142 IPOs in Germany between 2000 and 2019. I find significant abnormal returns around the expiration date of lockup periods during which existing shareholders are prevented from selling their shares. Both, abnormal returns and abnormal trading volumes around the unlock day are much larger for firms financed by venture capital or private equity. These findings are robust to different market models and are not due to market microstructure effects. When examining the cause for the observed abnormal returns abnormal trading volume and company size become prominent.

Initial Public Offerings: Findings and Theories

Author : Seth Anderson
Publisher : Springer Science & Business Media
ISBN 13 : 9780792396338
Total Pages : 142 pages
Book Rating : 4.3/5 (963 download)

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Book Synopsis Initial Public Offerings: Findings and Theories by : Seth Anderson

Download or read book Initial Public Offerings: Findings and Theories written by Seth Anderson and published by Springer Science & Business Media. This book was released on 1995-10-31 with total page 142 pages. Available in PDF, EPUB and Kindle. Book excerpt: Initial public offerings (IPOs) play a crucial role in allocating resources in market economies. Because of the enormous importance of IPOs, an understanding of how IPOs work is fundamental to an understanding of financial markets generally. Of particular interest is the puzzling existence of high initial returns to equity IPOs in the United States and other free-market economies. Audience: Designed for use by anyone wishing to perform further academic research in the area of IPOs and by those practitioners interested in IPOs as investment vehicles.

IPOs and Equity Offerings

Author : Ross Geddes
Publisher : Elsevier
ISBN 13 : 0080478786
Total Pages : 273 pages
Book Rating : 4.0/5 (84 download)

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Book Synopsis IPOs and Equity Offerings by : Ross Geddes

Download or read book IPOs and Equity Offerings written by Ross Geddes and published by Elsevier. This book was released on 2003-06-06 with total page 273 pages. Available in PDF, EPUB and Kindle. Book excerpt: An initial public offering (IPO) is one of the most significant events in corporate life. It follows months, even years of preparation. During the boom years of the late 1990s bull market, IPOs of growth companies captured the imagination and pocketbooks of investors like never before. This book goes behind the scenes to examine the process of an offering from the decision to go public to the procedures of a subsequent equity offering. The book is written from the perspective of an experienced investment banker describing the hows and whys of IPOs and subsequent equity issues. Each aspect of an IPO is illustrated with plenty of international examples pitched alongside relevant academic research to offer a combination of theoretical rigour and practical application. Topics covered are: - the decision to go public- legal and regulatory aspects of an offering; marketing and research- valuation and pricing- allocations of shares to investors - examination of fees and commissions * Global perpective: UK, European and US practices, regulations and examples, and case studies* First hand experience written by an IPO trader with academic rigour* Includes the changes in the market that resulted from 1998-2000 equity boom

The Expiration of IPO-Lockup Periods

Author : Oliver Terhechte
Publisher : GRIN Verlag
ISBN 13 : 3346247422
Total Pages : 29 pages
Book Rating : 4.3/5 (462 download)

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Book Synopsis The Expiration of IPO-Lockup Periods by : Oliver Terhechte

Download or read book The Expiration of IPO-Lockup Periods written by Oliver Terhechte and published by GRIN Verlag. This book was released on 2020-09-16 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2020 in the subject Business economics - Investment and Finance, grade: 1.3, University of Mannheim, language: English, abstract: This paper analyses the expiration of IPO-lockup periods and its affects on stock returns using event study methodology. The study focuses on 5,171 IPOs with lockup agreements in the U.S. market between 1988 and 2018. Significant differences in cumulative abnormal returns due to various firm characteristics are explored. This thesis is largely based on the paper of Field and Hanka (2001) and assesses whether the expiration of lockup periods results in abnormal returns and daily trading volume. For this purpose, an event study for 3,306 lockup agreements of IPOs over a 31-year period from 1988 until 2018 is performed. The sample is limited to the United States as the newly listed firms' domicile nation. The changes in daily trading volume around the expiration date of the lockup are also analysed. Moreover, the paper examines the length of the agreed lockup periods and whether tech firms react differently to the expiration from firms in other industries.

Signalling IPO Initial Performance Information Asymmetry Malaysian Evidence

Author : Signalling IPO Initial Performance Information Asymmetry Malaysian Evidence
Publisher : Archers & Elevators Publishing House
ISBN 13 : 9386501295
Total Pages : pages
Book Rating : 4.3/5 (865 download)

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Book Synopsis Signalling IPO Initial Performance Information Asymmetry Malaysian Evidence by : Signalling IPO Initial Performance Information Asymmetry Malaysian Evidence

Download or read book Signalling IPO Initial Performance Information Asymmetry Malaysian Evidence written by Signalling IPO Initial Performance Information Asymmetry Malaysian Evidence and published by Archers & Elevators Publishing House. This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Handbook of Research on IPOs

Author : Mario Levis
Publisher : Edward Elgar Publishing
ISBN 13 : 1781955379
Total Pages : 599 pages
Book Rating : 4.7/5 (819 download)

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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

The Initial Public Offering

Author : Gail Clayton Husick
Publisher :
ISBN 13 :
Total Pages : 168 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis The Initial Public Offering by : Gail Clayton Husick

Download or read book The Initial Public Offering written by Gail Clayton Husick and published by . This book was released on 1998 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The IPO Decision

Author : Jason Draho
Publisher : Edward Elgar Publishing
ISBN 13 : 9781781008782
Total Pages : 400 pages
Book Rating : 4.0/5 (87 download)

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Book Synopsis The IPO Decision by : Jason Draho

Download or read book The IPO Decision written by Jason Draho and published by Edward Elgar Publishing. This book was released on 2004-01-01 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt: Annotation Initial public offerings (IPOs) garnered unprecedented positive attention in the 1990s for their spectacular returns and central role in entrepreneurial activity. Subsequent revelations of unscrupulous IPO allocation and promotion practices cast a less fa.

Guide to the Initial Public Offering

Author : Steven E. Bochner
Publisher :
ISBN 13 :
Total Pages : 84 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Guide to the Initial Public Offering by : Steven E. Bochner

Download or read book Guide to the Initial Public Offering written by Steven E. Bochner and published by . This book was released on 2001 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Venture Capital and IPO Lockup Expiration

Author : Bradford D. Jordan
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Venture Capital and IPO Lockup Expiration by : Bradford D. Jordan

Download or read book Venture Capital and IPO Lockup Expiration written by Bradford D. Jordan and published by . This book was released on 2014 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most initial public offerings (IPOs) feature so-called quot;lockupquot; agreements, which bar insiders from selling the stock for a set period following the IPO, usually 180 days. We examine stock price behavior in the period surrounding lockup expiration for a sample of 2,529 firms over 1988 to 1997. We find that lockup expirations are, on average, associated with significant, negative abnormal returns, but the losses are concentrated in firms with venture capital (VC) backing. For the VC-backed group, the largest losses occur for quot;high-techquot; firms and firms with the greatest post-IPO stock price increases, the largest relative trading volume in the period surrounding expiration, and the highest quality underwriters.

Locking Up Our Own

Author : James Forman, Jr.
Publisher : Farrar, Straus and Giroux
ISBN 13 : 0374712905
Total Pages : 321 pages
Book Rating : 4.3/5 (747 download)

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Book Synopsis Locking Up Our Own by : James Forman, Jr.

Download or read book Locking Up Our Own written by James Forman, Jr. and published by Farrar, Straus and Giroux. This book was released on 2017-04-18 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: WINNER OF THE PULITZER PRIZE FOR GENERAL NON-FICTON ONE OF THE NEW YORK TIMES BOOK REVIEWS' 10 BEST BOOKS LONG-LISTED FOR THE NATIONAL BOOK AWARD FINALIST, CURRENT INTEREST CATEGORY, LOS ANGELES TIMES BOOK PRIZES "Locking Up Our Own is an engaging, insightful, and provocative reexamination of over-incarceration in the black community. James Forman Jr. carefully exposes the complexities of crime, criminal justice, and race. What he illuminates should not be ignored." —Bryan Stevenson, author of Just Mercy and founder of the Equal Justice Initiative "A beautiful book, written so well, that gives us the origins and consequences of where we are . . . I can see why [the Pulitzer prize] was awarded." —Trevor Noah, The Daily Show Former public defender James Forman, Jr. is a leading critic of mass incarceration and its disproportionate impact on people of color. In Locking Up Our Own, he seeks to understand the war on crime that began in the 1970s and why it was supported by many African American leaders in the nation’s urban centers. Forman shows us that the first substantial cohort of black mayors, judges, and police chiefs took office amid a surge in crime and drug addiction. Many prominent black officials, including Washington, D.C. mayor Marion Barry and federal prosecutor Eric Holder, feared that the gains of the civil rights movement were being undermined by lawlessness—and thus embraced tough-on-crime measures, including longer sentences and aggressive police tactics. In the face of skyrocketing murder rates and the proliferation of open-air drug markets, they believed they had no choice. But the policies they adopted would have devastating consequences for residents of poor black neighborhoods. A former D.C. public defender, Forman tells riveting stories of politicians, community activists, police officers, defendants, and crime victims. He writes with compassion about individuals trapped in terrible dilemmas—from the men and women he represented in court to officials struggling to respond to a public safety emergency. Locking Up Our Own enriches our understanding of why our society became so punitive and offers important lessons to anyone concerned about the future of race and the criminal justice system in this country.

Initial Public Offerings – An inside view

Author : Rolf J. Daxhammer
Publisher : UVK Verlag
ISBN 13 : 3739801735
Total Pages : 217 pages
Book Rating : 4.7/5 (398 download)

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Book Synopsis Initial Public Offerings – An inside view by : Rolf J. Daxhammer

Download or read book Initial Public Offerings – An inside view written by Rolf J. Daxhammer and published by UVK Verlag. This book was released on 2017-11-13 with total page 217 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a corporations financial life going public by means of an IPO is probably the single most important decision. It turns a private company into a public one. Our book will provide an inside view of the IPO process. On the one hand, it draws on the insights of an experienced investment banker, who has gone through numerous IPO transactions. On the other hand, it relates the story of an actual IPO through the eyes of a Chief Executive Officer who has taken two of his companies public. This unique double perspective is our books defining feature. We do not discuss initial public offerings in a textbook style fashion. What we would like to bring out is a more comprehensive portrayal of a once-in-a-lifetime event for most companies and their management, alike.