Despite their theoretical efficiency in selling shares to the public, auctions are not the preferred mechanisms of issuers in Initial Public Offerings (IPOs). Chemmanur and Liu (2006) and Sherman (2005) provide a rational explanation for this quot;IPO auction puzzlequot; based on the notion that...

Despite their theoretical efficiency in selling shares to the public, auctions are not the preferred mechanisms of issuers in Initial Public Offerings (IPOs). Chemmanur and Liu (2006) [WP] and Sherman (2005) [JFE 78, 615-649] provide a rational explanation for this quot;IPO auction puzzlequot;...

We analyse the performance of simple investment strategies in IPOs based on a large sample of IPOs in Germany between 1985 and 2002. We find that investing in each IPO and disinvesting after a certain holding period yields significantly negative abnormal performance compared to a broad market...

We survey 54 corporate Commercial Paper (CP) issuers from eleven European countries in order to analyse the perceived benefits and obstacles of internet platforms for issuing CP in Europe. The lack of a joint initiative of large CP issuers, close relations to banks and the fact that liquidity is...

Despite their theoretical efficiency in selling shares to the public, auctions are not the preferred mechanisms of issuers in Initial Public Offerings (IPOs). Chemmanur and Liu (2006) [WP] and Sherman (2005) [JFE 78, 615-649] provide a rational explanation for this "IPO auction puzzle". They...