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SB IPOs and IPO anomalies : an empirical analysis of the small firm uniqueness hypothesis

Brau, James C.; Carpenter, C. Troy - In: Journal of entrepreneurial finance : JEF ; official … 16 (2013) 2, pp. 75-96

, we test the three IPO anomalies to see if small firms differ from large firms along these dimensions. We find that 5B …). We do this by using the 5B-IPO program of the SEC as our instrument to define a small firm. Having identified small firms … IPOs experience the three anomalies; however, they do so in disparate ways than mainline IPOs do. In sum, we provide …

Persistent link: https://www.econbiz.de/10010345093

SB IPOs and IPO Anomalies: An Empirical Analysis of the Small Firm Uniqueness Hypothesis

Brau, James C.; Carpenter, C. Troy - In: The Journal of Entrepreneurial Finance (JEF) 16 (2013) 2, pp. 75-96

Persistent link: https://www.econbiz.de/10010343292

Equity Ownership in IPO Issuers by Brokerage Firms and Analyst Research Coverage

Kang, Qiang - 2016

We examine the quality of brokerage firm analyst coverage when they have venture capital investments in IPO issuers. We … support IPO issues where they are shareholders. Alternatively, brokerage shareholdings could enhance affiliated analyst … with venture capital investment and analyst coverage benefits IPO investors. We observe that affiliated analyst …

Persistent link: https://www.econbiz.de/10012707056

Re-Energizing the IPO Market

Ritter, Jay R. - 2014

I address why IPO volume, and especially small company IPO volume, has been so depressed for more than a decade. The … discuss the effect of tick sizes on the IPO market, as this is the current focus of policy recommendations from the S …

Persistent link: https://www.econbiz.de/10013064954

Optimal Disclosure and Litigation Rules Around IPOs and SEOs

Bayar, Onur - 2019

We analyze the optimality of allowing disclosures of different types of information before equity offerings and of alternative rules for private securities litigation, where courts may penalize unduly optimistic disclosures ex post. In our model, firm insiders, with private information about...

Persistent link: https://www.econbiz.de/10012900560

Private or Public Equity? The Evolving Entrepreneurial Finance Landscape

Ewens, Michael; Farre-Mensa, Joan - 2021

The U.S. entrepreneurial finance market has changed dramatically over the last two decades. Entrepreneurs raising their first round of venture capital retain 30% more equity in their firm and are more likely to control their board of directors. Late-stage startups are raising larger amounts of...

Persistent link: https://www.econbiz.de/10013321792

Non-Rating Revenue and Conflicts of Interest

Baghai, Ramin - 2016

Rating agencies produce ratings used by investors, but obtain most of their revenue from issuers, leading to a conflict of interest. We employ a unique data set on the use of non-rating services, and the associated payments, in India, to test if this conflict affects ratings quality. Agencies...

Persistent link: https://www.econbiz.de/10013004961

The False Promise of Publicly Offered Private Placements

Warren, Manning G. - 2017

This article addresses Congress's promise that an exemption for private placements publicly offered to accredited investors, as mandated by Title II of the Jumpstart Our Business Startups Act (JOBS Act), would provide greater access to capital for our nation's businesses. Based on an extensive...

Persistent link: https://www.econbiz.de/10012960990

Annualized Returns of Venture-Backed Public Companies Categorized by Stage of Financing: An Empirical Investigation of IPOS in the Last Three Decades

Shachmurove, Yochanan - In: Journal of Entrepreneurial Finance 6 (2001) 1, pp. 44-58

proliferate. One often hears about the incredible capital gains of IPO share prices. This paper refutes the myth that investors …

Persistent link: https://www.econbiz.de/10011310374

Annualized Returns of Venture-Backed Public Companies Categorized by Stage of Financing: An Empirical Investigation of IPOS in the Last Three Decades

Shachmurove, Yochanan - In: Journal of Entrepreneurial Finance 6 (2001) 1, pp. 44-58

proliferate. One often hears about the incredible capital gains of IPO share prices. This paper refutes the myth that investors …

Persistent link: https://www.econbiz.de/10010790657