This paper provides evidence on managerial motives for raising equity by examining long-run performance and insider trading around canceled and completed seasoned equity offerings (SEOs). Insider selling increases prior to completed and canceled SEOs, but declines afterward only for canceled...

We document the outcomes of every withdrawn U.S. IPO (994) from 1998 to 2011. While prior literature has studied post-withdrawal IPO re-filings and M&A outcomes, one in three firms subsequently raises private capital. Presuming that capital needs motivate most IPOs, firms in need of cash should...

We investigate issuers withdrawing an IPO (after security regulation filings) that return later for a successful offering. Venture capital backing and reputation of the lead underwriter are key factors in predicting successful return. The possibility of returning has a significant impact on the...

This paper examines the effect of several factors on the market share of investment banks that act as book managers in initial public offerings (IPOs) between 1984 and 1993. For established banks, IPO underpricing has a negative impact on market share, suggesting future issuers avoid banks that...

We examine long-run stock and operating performance following secondary equity offerings. For a subsample of secondary issuers in which the seller is an insider, both three- and five-year post-issue abnormal stock returns are significantly negative. The findings are robust to alternative...

Most studies of IPO activity focus on individual issuer decision (filings, issuances, withdrawals). This study provides a more complete empirical picture of the IPO market by tracking the monthly value of IPOs in registration from 1998 to 2007. The value in registration has a significantly...

This study examines how the decisions that issuers and their investment banks make about IPO pricing are affected by the value of deals in registration, measured at the aggregate, industry and bank level both as of the filing date and the offering date (in order to identify changes in the IPO...

While existing research shows that a large number of IPOs are withdrawn from registration, little is known regarding the fates of those firms. This study documents capital market activities and corporate outcomes for 588 withdrawn IPOs between 1999 and 2004. We find that 13% of withdrawing...

This study examines how corporate governance moderates the association between corporate social responsibility (CSR)/corporate social irresponsibility (CSI) and firm risk. In adopting this research design, our research simultaneously tests three prevailing theories, i.e., Corporate Social...

We examine how firms adjust CEO risk-taking incentives in response to risk environments as-sociated with their corporate social responsibility (CSR) standing. We find strong evidence that as a firm's CSR status improves (declines), increasing (decreasing) its risk-taking capacity, the firm...