Initial public offering (IPO) flippers are investors who are initially allocated shares at the offer price and immediately resell them. Using a large sample of 2003 IPOs in China from January 1995 to December 2012, we find that on average, flipping accounts for 65.92% of total negotiable shares....

Small Canadian listed firms issue private offerings more often than public offerings. We analyze the way the firms discriminate between competing selling mechanisms to minimize their issuance costs. We examine a sample of 799 private placements (PPs) and 469 seasoned equity offerings (SEOs)...

Investors' financial skill rests on two elements: 1) literacy, which is the financial knowledge itself and the skill required to use the knowledge, and 2) rationality, which refers to the lack of major biases such as overconfidence. To estimate the level of investors' knowledge and rationality,...

Based on an original sample of 170 events reported on the front page of the New York Times during half a century, we analyze the mid- and long-run effects of major industrial disasters on shareholders' wealth. Environmental crises have a stronger negative effect during the weeks following the...