Karpoff, Jonathan M.; Lee, Gemma; Masulis, Ronald W. - In: Journal of Financial Economics 110 (2013) 3, pp. 607-626
We document the frequent use of lockup agreements in seasoned equity offerings (SEOs) and examine the determinants of their use, duration, and early release. We find that the likelihood of an SEO lockup and its duration are positively related to issuer information asymmetry measures. Lockup...