• I. Introduction
  • II. Data sources and descriptive statistics
  • III. The sweet escape hypothesis and its predictions
  • IV. Analyst coverage around the end of the lockup period
  • V. Specific groups of insiders
  • VI. The impact of stricter regulation
  • VII. Robustness Checks
  • A. Updating beliefs
  • B. Earnings announcements around the lockup period
  • C. Investigating the variation in the length of the lockup period
  • VIII. The market reaction
  • IX. Conclusion
  • X. Bibliography
  • Appendix A: Why do insiders not sell secondary shares during theIPO?
  • Appendix B: Robustness Checks
  • Appendix C: Econometric Comments