This paper examines an innovation in capital formation that has spurred contentious debate: theUmbrella Partnership Corporation (“Up-C”) IPO. Advisors and underwriters argue that the Up-C deal structure is a driver of post-IPO value and, thus, is a value-enhancing means of raising capital...

Prior research suggests that the fear of litigation precludes most managers from manipulating earnings in the initial public offering (“IPO”) setting. Yet, managers' restraint is perhaps unwarranted: research has not yet linked instances of aggressive pre-IPO reporting to increased...

Following a 2008 rule change by the U.S. Securities and Exchange Commission designed to simplify and expand smaller firms’ abilities to raise public equity, small firms increasingly issue public equity via confidentially-marketed public offerings (CMPOs). CMPOs pair confidential pre-offering...