This paper sheds light on the impact of initial owners' decisions to reduce underpricing at the time of initial public offerings (IPOs). Using a sample of 172 French IPOs, empirical findings indicate that the larger the percentage of primary and secondary shares sold, the higher the gross spread...

This study provides new evidence that both differential interpretations and private information production spur trading volume for a sample of 144 preliminary earnings announcements in the French markets. After partitioning the sample into preliminary announcements that convey good news versus...

Using the Gompers, Ishii, and Metrick corporate governance index on a sample of 158 parent firms, this study demonstrates that firms with a superior governance rating have a higher short-term market reaction to carve-out announcements relative to firms with an inferior governance rating....

This paper is the first study on the effects of pay–performance sensitivity (PPS) on the performance of initial public offerings (IPOs) in the presence of social ties and family ties of the top managers with board members. We find that both social ties and family ties increase PPS. In turn,...

This paper investigates the effect of corporate governance on market reaction around of a stock repurchase announcement. We argue that corporate governance affects the ability of a stock repurchase to alleviate agency costs related to free cash flows, and the credibility of the undervaluation...

This study examines the extent to which principal–principal agency conflicts within venture capital (VC) syndicates lead to additional principal–agent conflicts in IPO firms in two institutional contexts. Using a matched sample of 274 VC-backed IPOs in the US and the UK, it shows that the...

L'étude du chapitre lié à l'activité dans le prospectus préliminaire de 50 sociétés candidates à l'introduction sur le Nouveau marché montre l'existence de cinq politiques de communication. À l'exception du multiple du résultat net, PER, le test empirique confirme l'importance de...

Purpose -While advantageous, the role of family control is under-explored in finance. Family ownership can help guarantee stability of business and long-term planning. The purpose of this study is to examine whether block-holder ownership differentially affects the long-term performance of...

We analyze 635 US M&A transactions from 1985 to 2004. In contrast with prior research, we distinguish between the target and acquirer fees, and examine their independent effects on the level of the merger premium. The study provides evidence of a positive (negative) association between target...