In this paper we analyze an entrepreneur /manager's choice between private and public ownership in a setting in which management needs some elbow room or autonomy to optimally manage the firm. In public capital markets, the corporate governance regime in place exposes the firm to exogenous...

Transitioning to public ownership affects where firms invest. Post-IPO, we find that firms conduct more geographically diversifying acquisitions on the intensive and extensive margins, relative to both withdrawn IPO filings and seasoned matched peers. The effect is larger for IPO filers that are...

Specified Purpose Acquisition Companies (SPACs) are a special type of public companies currently available to investors in financial markets. As an investment vehicle, modern SPACs are traced back to 18th century England where blank checks were first mentioned as blind pools during the infamous...

This paper studies how institutional characteristics of Specified Purpose Acquisition Companies (SPACs) are related to their post-merger survival. SPACs are unique financial firms that conduct the IPO with the solely purpose to use the proceeds to acquire another private company. Paper finds...

We conducted 46 interviews with CEOs and CFOs who were closely involved in an Initial Public Offering (IPO) in the Netherlands. Among other things, we find that pre-existing relationships are a primary consideration in the selection of the lead manager and other syndicate members. Pre-marketing...

We investigate whether and how the primary market values the innovations of newly public firms at their IPOs by examining the link between the size (the number of patents) and the quality (citation count) of their patent portfolios and IPO valuations. We find that the number of patents, the...

We analyze the anatomy of IPO waves in China and Hong Kong and draw comparisons with the US IPO cycles. The lead-lag relationship between IPO initial returns and IPO volume observed in the US is absent in these two Asian markets. Similar to the US, IPO volume in Hong Kong is sensitive to changes...

This study examines executives and directors' motivation to sell their holdings during the IPO process. We find that a strong motivating factor that drive insider selling is consistent with their liquidity needs: insiders sell their shares when they are undercompensated, especially cash...

This research considers the strategies on the initial public offering of company equity at the stock exchanges in the imperfect highly volatile global capital markets with the nonlinearities. We provide the IPO definition and compare the initial listing requirements on the various markets. We...

Using a sample of 418 private placements by firms on the Taiwan stock markets, we examine their announcement returns and post-issue performance. Placements are classified into three categories: recapitalization, investment, and general purpose. We find that issuers of private placements tend to...