This study investigates whether patents can be a useful signaling tool for the IPO performances among high- and low-tech firms. Literature has provided a wealth of evidence confirming a significant relationship between patent signal and capital-raising success for US and EU venture...

The aim of the paper is to analyse the association between the use of accrual-based and real earnings management practices before the company goes public and the decision of institutional investors on buying or refraining from buying shares offered in initial public offering (IPO). The sample...

This study presents a class-based approach developed to evaluate the financial performance of companies that have undergone public listing on the stock market. By employing both statistical analysis and machine learning methods, the models consider two important determinants, which are the...

We construct a novel panel dataset on insider ownership for about 600 U.S. bank holding companies from 2003 to 2014 and evaluate whether ownership structure influences banks' equity composition and recapitalization decisions around the Global Financial Crisis (GFC). Before the crisis, banks with...

Amazonia, the world's largest tropical rainforest region, plays a critical role in global bio-diversity, climate regulation, and sustaining the livelihoods of millions of people, including Indigenous peoples (IP), Afro-descendants (AD), and traditional communities (TC). It faces several complex...

Using a difference-in-differences design and a global database of startups, investors and deals, we study the effect of exits (IPOs and acquisitions) of unicorn companies - privately held startups valued over USD 1 billion - on the subsequent investment activity of their investors. We find that...

We examine the private information held by nonbank lenders in leveraged loan syndications. In these transactions, lead banks gather information about participant demand through bookbuilding and use it to adjust loan spreads. An upward spread adjustment during bookbuilding strongly predicts the...

This paper empirically analyzes market reactions to first-time issuances of green bonds and first-time disclosures of green bond frameworks of 45 large, listed European banks and insurers with an event study. Covering recent regulatory developments of the European Green Bond Standard, we...

The choice between short- and long-term debt impacts a firm's financial flexibility and its capacity for sustainable investment. This study examines how Initial Public Offerings (IPOs) and main bank relationships shape debt maturity structures, focusing on Japanese firms listed on the Tokyo...

Purpose - Political factors play a crucial role in China's initial public offering (IPO) market due to its distinctive institutional context (i.e. "economic decentralization" and "political centralization"). Given the significant level of IPO underpricing in China, we examine the impact of local...

This study investigates whether, and to what extent, dividend-paying firms follow pecking order behavior when altering their capital structure. Using a panel of 3173 U.S. firms from 1960 to 2020 (49,424 firm-year observations), we examine four financing activities: equity and debt issuance under...

This study examines the impact of margin loans and accompanying regulatory changes on the underpricing of initial public offerings (IPOs) in Türkiye, with a focus on the wave of IPOs from 2020 to 2023-a period during which the number of IPOs and proceeds from them reached record highs....