We investigate the level of underpricing and the long-term stock market performance of financial exchange initial public offerings (IPOs) and find that, despite being more underpriced, the financial exchange IPOs significantly outperform the market indexes and a control sample of regular IPOs....

This paper examines the effect of social capital on the firm’s effective management of the cash conversion cycle management. In this paper, I argue that the prevailing social norms and networks of a region reduce the number of days it takes firms to receive cash after purchases. Using a sample...