We analyse the trading behaviour of insiders before the termination of IPO lockup arrangements of a sample of 831 IPOs on the London Stock Exchange over the period 1999 to 2007. We find that the average lockup period of 365 days is significantly higher than the 180 days in the US, and large...

This paper examines venture capitalists' preferences for syndication partners. Do venture capital firms prefer partners that are similar to or different from them? How do venture capitalists' preferences for partners affect the performance of the syndicated investments? Will the choice of...

While considerable research has sought to understand financial and network foundations of entrepreneurial activity in places such as Silicon Valley and Boston, much has emphasized the urban ecology of talent and expertise. By contrast, this paper focuses upon the financing of clusters of...

Why is there such a strong Private Equity market in the United States, or the United Kingdom, why is activity relatively low in several other economically important countries, and why is it zero or close to zero in many emerging regions? Spatial variations of Private Equity activity result from...

In 2002, the SEC, citing a need for transparency, promulgated new disclosure rules pertaining to corporate stock repurchase programs. As a result, companies since 2004 have been required to provide monthly reports on the volume and pricing of their stock buybacks. Under the new reporting...

This paper ties together recent literature on the forecastability of commodity prices and exchange rates using insights from the study of leveraged financial institutions. I exhibit evidence that the Chen, Rogoff and Rossi (2008) quarterly predictability of commodity returns by changes in...

Previous research suggests it is not possible to generate positive abnormal returns from predicting takeover targets. Unlike previous research, we examine takeover offers rather than completed deals. Restricting attention to completed deals narrows the sample size since even unsuccessful bids...

In 2007-2009 the US financial and capital markets experienced an unprecedented collapse. This paper examines reasons which lead to the economic meltdown from the perspective of mortgage and derivatives trading, occurred in that period of time. It identifies the sources of 2007-2009 economical...

One of the characteristics of the venture capitalist's investment is sequential injection of capital. This practice is adopted in order to reduce agency problems and to give flexibility to the investment done by the venture capitalist (VC). Thus, at each stage, the investor can decide to stop...

We develop a theoretical model of the interaction between investors and entrepreneurs in a stylized private-equity market. Analysis of the entrepreneur's and the investor's optimization problems leads to the derivation of the equilibrium ownership share accruing to the investor;...