Section 404(b) – has been applied only to firms that have a public float (i.e. the market value of shares held by non …-insiders) of at least $75 million. Public float is not reported in standard databases; this paper “scrapes” public float data from … fiscal years 1993-2015. The analysis compares the number of public float observations immediately below the $75 million …

Section 404(b) – has been applied only to firms that have a public float (i.e. the market value of shares held by non …-insiders) of at least $75 million. Public float is not reported in standard databases; this paper “scrapes” public float data from … fiscal years 1993-2015. The analysis compares the number of public float observations immediately below the $75 million …

the public, namely, the public float. We demonstrate that a non-linear relation exists between the public float and post …-IPO returns. Specifically, as public float increases, long-run returns decrease for low levels of public float and increase for … high levels of public float. This relation persists even after controlling for various firm characteristics. The best long …

Chapter 1 examines a previously undocumented action that firms take to manage public float. The SEC uses a bright line … public float threshold to differentiate among different reporting and disclosure requirements based on firm size. This … motivates some firms to manage public float around the threshold to reduce compliance cost. Depending on whether the regulations …