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This paper analyzes the long-run performance of 427 issues or 387 Japanese firms that made Seasoned Equity Offerings (SEO) from 1980-1990. We find that as opposed to U.S. SEO's that concentrate on either growth firms (low book-to-market) or small firms, Japanese SEO's under our study period...
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This paper explores the effect of financial development on the duration of economic recoveries, considering a sample of … 414 economic recoveries observed in 67 countries during the period 1989-2019. We define the duration of economic recovery …, as the time it takes the economy to return to its potential output level. Using a continuous-time Weibull duration model …
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The initial public offerings (IPO) in the stock market can relate to the real estate market through different channels. An increase in IPO may represent an improvement in the “market sentiment,” which would also stimulate the real estate market. IPO can also increase the demand on commercial...
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We examine the relation between an ex ante measure of IPO growth prospects – the industry-level long-term analyst earnings growth forecast – and short- and long-run IPO returns, using a sample of 7,570 IPOs from 1982 to 2007. The use of an industry-level, rather than firm-level growth...
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This paper argues that since China closes her asset markets, investors turn to Hong Kong instead. The initial public offerings (IPO) of Chinese firms in the Hong Kong stock market and the local housing market of Hong Kong improve the prediction of each other, as they may serve as a coordinator...
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