This study examines the economic motivation for global seasoned equity offerings made by US firms. We find that firms announcing global offerings have significantly less-negative market reactions than had they limited the issues to domestic only. The extent of the reduced price drop at issue...

This study examines the economic motivation for global seasoned equity offerings made by US firms. We find that firms announcing global offerings have significantly less negative market reactions than had they limited the issues to domestic only. The extent of the reduced price drop at issue...

A reverse merger takes place when a public company, commonly known as a shell, acquires a private operating company through a share exchange transaction. The public shell typically has no business operations, but is valuable because of its public trading status. Post-merger, the operating...

Cross-country data and the Index of Economic Freedom show that improvements in economic freedom are associated positively with real gross domestic product (GDP) growth, a finding at odds with the situation in China. The Chinese economy grew about 10 percent per year during the sample period, but...

China’s economy has been growing rapidly since the late 1970s and is expected to maintain this momentum in the foreseeable future. Coupled with the biggest population in the world, there is tremendous growth potential for China’s capital markets and financial services industry,...

We build a model of an IPO for firms with private information about their earnings profile over time and test the model’s predictions using a complete sample of newly listed Chinese companies between 1992 and 2007. The model predicts that IPO size is positively correlated with short-term...