Consistent with the hypothesis that equity demand is negatively (positively) affected by CSR concerns (strengths) of the issuer, we find that (1) issuers with greater CSR concerns are more likely to revise downwards the terms (offer price, number of shares offered, and total proceeds raised) of...

The issuer underpricing hypothesis addresses why IPOs with a Directed Share Program (DSP) are substantially more underpriced and why the issuers are not upset over the additional money left on the table. In support of the hypothesis, we find that both the final size and likelihood of DSP...

Previous studies claim that firms with poor corporate governance are likely to encounter significant difficulties in raising external financing, but not much is known about their financing structures. This paper examines the financing structures of firms with corporate governance problems...

We examine the relation between lockup length and voluntary earnings forecast disclosures for IPOs in Singapore. Unlike firms in the United States, companies in Singapore are allowed to provide earnings forecasts in their IPO prospectuses. We find that forecasters are more likely to accept...

This paper examines how retail petrol prices in seven Australia’s capital cities respond to changes in wholesale prices (measured by the terminal gate price (TPG) in each capital city) using dynamic panel cointegration analysis and an asymmetric error correction model. Our results show that in...