Shareholder participation in domestic rights offerings averages only 64%, which is considerably lower than previously thought. This causes wealth transfers from nonparticipating to participating shareholders which average 7% of the value of the offering. Wealth transfers are larger in...

This paper investigates the determinants of initial public offering (IPO) underwriting market share in China. Using a sample of underwriters in China's IPO market during 2004-2012, we find the following results. First, underwriting quality is overall positively related to underwriting market...

This paper analyzes a comprehensive data set of 160 non venture-backed, 79 venture-backed and 61 bridge financed companies going public at Germany´s Neuer Markt between March 1997 and March 2002. I examine whether these three types of issues differ with regard to issuer characteristics, balance...

The phenomenon of initial public offering (IPO) underpricing has been extensively researched in the literature, however, the underpricing of family firms has received little attention. This is even more prevalent when it comes to underpricing of family firms in an emerging market such as the...

Banks distribute corporate debt by selling their reputation as underwriters to investors in debt markets. Nevertheless, a little explored area is the certification role of banks in placing their own bond debt. In particular, the bank-specific alternative choice of self-underwriting versus the...

The IPO market provides an interesting setting for examining the behavior of private equity (PE) sponsors due to the higher information asymmetries it involves compared to other exit strategies. Contrary to the hypothesis that PE sponsors are more professional than other insiders in using the...

The public offering of truly new securities involves purchases by investors in sufficient number and in small enough blocks that each purchaser's shares can reasonably be expected to be freely tradable in a secondary market that did not exist before the offering. Increasing the ability of small...

With data from all the leading international investment banks on 220 IPOs raising $160bn, we test the determinants of IPO allocations. We compare investors' IPO allocations with proxies for their information production during the bookbuilding and the broking (and other) revenues those investors...

This research investigates how banks expand after entering the underwriting market by examining the relationship between commercial bank equity investments and underwriting fees. First, we find that not only bank underwriters with private information about issuers, but also those without private...

The largest shareholders of issuing firms in Hong Kong are eligible to underwrite rights issues and open offers. We hypothesize that the largest shareholders as underwriters who possess more information are better than investment banks in certifying firm value. Our analyses show that the largest...