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Do differences in institutional and legal environments explain cross-country variations in IPO underpricing?
Hopp, Christian; Dreher, Axel - 2007
We empirically analyze the determinants of Initial Public Offering (IPO) underpricing using panel data for 29 countries … variations in underpricing. When more information is available price discovery is facilitated, allowing for more effective … the market and require higher underpricing in return. Overall, we conclude that better investor protection and better …
Persistent link: https://www.econbiz.de/10010277774
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Do differences in institutional and legal environments explain cross-country variations in IPO underpricing?
Hopp, Christian (contributor); Dreher, Axel (contributor) - 2007
We empirically analyze the determinants of Initial Public Offering (IPO) underpricing using panel data for 29 countries … variations in underpricing. When more information is available price discovery is facilitated, allowing for more effective … the market and require higher underpricing in return. Overall, we conclude that better investor protection and better …
Persistent link: https://www.econbiz.de/10003763979
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Do differences in institutional and legal environments explain cross-country variations in IPO underpricing?
Hopp, Christian; Dreher, Axel - In: Applied economics 45 (2013) 4/6, pp. 435-454
Persistent link: https://www.econbiz.de/10009715064
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Do differences in institutional and legal environments explain cross-country variations in IPO underpricing?
Hopp, Christian (contributor); Dreher, Axel (contributor) - 2007
Persistent link: https://www.econbiz.de/10003598649
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How Does Private Firm Disclosure Affect Demand for Public Firm Equity? Evidence from the Global Equity Market
Kim, Jinhwan; Olbert, Marcel - 2021
We investigate the relationship between private firms’ disclosures and the demand for the equity of their publicly traded peers. Using data on the global movement of public equity, we find that a one standard deviation increase in private firm disclosure transparency – proxied by the number...
Persistent link: https://www.econbiz.de/10013230835
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How Does Private Firm Disclosure Affect Demand for Public Firm Equity? Evidence from the Global Equity Market
Kim, Jinhwan; Olbert, Marcel - 2021
We investigate the relationship between private firms’ disclosures and the demand for the equity of their publicly traded peers. Using data on the global movement of public equity, we find that a one standard deviation increase in private firm disclosure transparency – proxied by the number...
Persistent link: https://www.econbiz.de/10013222302
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Taxes and IPO Pricing : Evidence from U.S. Tax Reform
Edwards, Alexander - 2020
This study examines when and how tax reform impacts the pricing of IPOs. Using the Tax Cuts and Jobs Act of 2017 (TCJA), we examine IPO pricing during the periods of anticipated and post-tax reform. First, we document that firms completing an IPO following the passage of the TCJA experience an...
Persistent link: https://www.econbiz.de/10012836213
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Strategies on Initial Public Offering of Company Equity at Stock Exchanges in Imperfect Highly Volatile Global Capital Markets with Induced Nonlinearities
Ledenyov, Dimitri - 2015
-building. We focus on the IPO initial underpricing, long-run performance and after market liquidity problems. 1. We propose that …-determinant for the successful IPO deal completion. We propose the Ledenyov theory on the origins of the IPO underpricing and long … term underperformance effects, which states that the IPO underpricing and long term underperformance can be explained by …
Persistent link: https://www.econbiz.de/10013026463
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Re-Examining Investor Protection in Europe and the US
Burke, John J. A. - 2009
The year 2009 is a propitious time to evaluate systems of investor protection in financial markets as global bank losses exceed the 1 trillion mark and market losses equally exceed the 1 trillion mark. Prior to the Global Financial Crisis, the European Union enacted sweeping legislation to...
Persistent link: https://www.econbiz.de/10013157246
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Signaling by underpricing the initial public offerings of primary listings in an emerging market
Čornanič, Aleš; Novák, Jiri - 2013
The signaling hypothesis suggests that firms have incentives to underprice their initial public offerings (IPOs) to signal their quality to the outside investors and to issue seasoned equity (SEO) at more favorable terms. While the initial empirical evidence on the signaling hypothesis was weak,...
Persistent link: https://www.econbiz.de/10009775653