Examines the underpricing of initial public offerings (IPOs) and the impact of this underpricing on investor uncertainty and on the investment bankers who take the firms public. The firms going public lack the credibility to assert that the offering price is below the expected market price...

Of late, both U.S. and International firms have increased the granting of performance-contingent equity awards to their executive officers. Beyond simple stock options, these awards frequently include accounting-based performance targets. Failure to meet or exceed these targets causes award...

This paper extends a growing body of research into the time-series properties of return and trading dynamics caused by direct information flow across investors. Our market setting has the virtue of extreme simplicity including atomistic investors, continuous trading, and a diversified asset...