Ditapis dengan
The Underwriter persistence phenomenon
This study presents new evidence that initial IPO returns have persistent underwriter-specific components. These components cannot be explained by existing measures of underwriter quality, underwriter service, or controls for several known predictors of initial IPO returns. Tests that trace the roots of persistence most broadly support theories of asymmetric information among underwriters. I pr…
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- ISBN/ISSN
- 221082
- Deskripsi Fisik
- -
- Judul Seri
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- No. Panggil
- JOF6203
Why do firms become widely held? an analysis of the dynamics of corporate own…
We examine the evolution of insider ownership of IPO firms from 1970 to 2001 to understand how U.S. firms become widely held. A majority of these firms has insider ownership below 20% after 10 years. Stock market performance and liquidity play an extremely important role in ownership dynamics. Firms with stocks that are highly valued, are liquid, and have performed well experience large decreas…
- Edisi
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- ISBN/ISSN
- 221082
- Deskripsi Fisik
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- Judul Seri
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- No. Panggil
- JOF6203
Geographic distance and corporate acquisitions: signals from IPO firms
This paper examines acquisitions of firms after they have undergone initial public offerings (IPOs). Combining insights from information economics with recent research on geographic distance in various market settings, the analysis investigates whether the presence or absence of different signals on IPO firms has an impact on the geographic proximity of acquirers. The central proposition we dev…
- Edisi
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- ISBN/ISSN
- 1432095
- Deskripsi Fisik
- -
- Judul Seri
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- No. Panggil
- SMJ3208
The Development of capabilities in new firms
This research explores evidence of corporate capabilities for conducting acquisition and alliance deals in young firms. We hypothesize that investors conjecture about the future based on information about a firm's capabilities. Each successive deal carries intrinsic value, creates experience, generates feedback, and yields information about the firm's underlying capabilities. We evaluate whethe…
- Edisi
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- ISBN/ISSN
- 1432095
- Deskripsi Fisik
- -
- Judul Seri
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- No. Panggil
- -
IPO research in management and entrepreneurship: moving the agenda forward
Building on research from multiple fields, management and entrepreneurship scholars have shown increasing interest in the causes and consequences of initial public offerings (IPO). The authors summarize this emerging literature and categorize research on IPOs into four broad themes: corporate governance, upper echelons, social influence, and innovation. They also review the various measures use…
- Edisi
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- ISBN/ISSN
- 1492063
- Deskripsi Fisik
- -
- Judul Seri
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- No. Panggil
- -
Dance with the one that brought you? venture capital firms and the retention …
We consider how a venture capital firm's perceived uncertainty in new and uncertain industry environments affects its decisions to retain founder-CEOs at companies they take public. We further consider how the human capital of the founder-CEO, the overall experience of the venture capital firm (VCF), and the VCF's specific experience with the new industry moderate the relationship between indus…
- Edisi
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- ISBN/ISSN
- 19324391
- Deskripsi Fisik
- -
- Judul Seri
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- No. Panggil
- -
Manajemen Laba melalui akrual dan Aktivitas Real pada Penawaran Perdana dan H…
Printed Journal, baca ditempat
- Edisi
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- ISBN/ISSN
- 18295843
- Deskripsi Fisik
- -
- Judul Seri
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- No. Panggil
- JAKI0501
What matters more in growth companies: the leader or the idea?
Investing in the stock market seems more like gambling for many investors these days. But the role of venture capitalists is to place bets on the companies they believe will emerge as winners in the marketplace. And that's where new research from Steven Kaplan (University of Chicago), Berk Sensoy (University of Southern California), and Per Stromberg (Swedish Institute for Financial Research) c…
- Edisi
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- ISBN/ISSN
- 15589080
- Deskripsi Fisik
- -
- Judul Seri
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- No. Panggil
- -
Do Investors overweight personal experience? evidence from IPO subscriptions
We find a strong positive link between past IPO returns and future subscriptions at the investor level in Finland. Our setting allows us to trace this effect to the returns personally experienced by investors; the effect is not explained by patterns related to the IPO cycle, or wealth effects. This behavior is consistent with reinforcement learning, where personally experienced outcomes are ove…
- Edisi
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- ISBN/ISSN
- 221082
- Deskripsi Fisik
- -
- Judul Seri
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- No. Panggil
- -
Public information, IPO price formation, and long-run returns: Japanese evidence
The price formation process of JASDAQ IPOs is more transparent than in the United States. The transparency facilitates analysis of important issues in the IPO literature - why offer prices only partially adjust to public information and adjust more fully to negative information, and why adjustments are related to initial returns. The evidence indicates that early price information conveys the u…
- Edisi
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- ISBN/ISSN
- 221082
- Deskripsi Fisik
- -
- Judul Seri
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- No. Panggil
- -
Should investors bet on the jockey or the horse? evidence from the evolution …
We study how firm characteristics evolve from early business plan to initial public offering (IPO) to public company for 50 venture capital (VC)-financed companies. Firm business lines remain remarkably stable while management turnover is substantial. Management turnover is positively related to alienable asset formation. We obtain similar results using all 2004 IPOs, suggesting that our main r…
- Edisi
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- ISBN/ISSN
- 221082
- Deskripsi Fisik
- -
- Judul Seri
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- No. Panggil
- -
IPO underpricing over the very long run
A central measure of the efficiency of the Initial Public Offering (IPO) market is the extent to which issues are underpriced. We present new and comprehensive evidence covering British IPOs since World War I. During the period from 1917 to 1945, public offers were underpriced by an average of only 3.80%, as compared to 9.15% in the period from 1946 to 1986, and even more after the U.K. stock m…
- Edisi
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- ISBN/ISSN
- 221082
- Deskripsi Fisik
- -
- Judul Seri
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- No. Panggil
- -
Puttin' on the Ritz: pre-IPO enlistment of prestigious affliliates as deadlin…
We describe two theoretical explanations for the amount, pace, and costs of the prestige enhancement a firm engages in during the year before its initial public offering. The "snowball model" captures well-known processes whereby prestige-rich organizations accumulate even more prestige. The "dressing-up model" builds upon deadline-induced remediation, a phenomenon not previously studied in a m…
- Edisi
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- ISBN/ISSN
- 14273
- Deskripsi Fisik
- -
- Judul Seri
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- No. Panggil
- -
When Marketing strategy first meets Wall Street: marketing spendings and firm…
This article examines the role of marketing in the context of initial public offerings (IPOs), a neglected issue in the extant literature. The results from a large-scale, cross-industry study indicate that firms' pre-IPO marketing spendings help reduce IPO underpricing and boost IPO trading in the stock market. The econometric models also suggest that these effects are heterogeneous; that is, t…
- Edisi
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- ISBN/ISSN
- 222429
- Deskripsi Fisik
- -
- Judul Seri
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- No. Panggil
- -
Market watch: information and availability cascades among the media and inves…
In this study we advance current research on social influence in markets by examining how the recency and availability of information about others' actions within and between different communities influence their allocation of attention and their evaluations. Specifically, we examine how the media and investors allocate attention to and evaluate newly public firms in the days following their in…
- Edisi
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- ISBN/ISSN
- 14273
- Deskripsi Fisik
- -
- Judul Seri
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- No. Panggil
- -
Managerial agents wathing other agents: multiple agency conflicts regarding u…
We contribute to multiple agency theory by examining cases in which ventures making initial public offerings (IPOs) have managerial agents on their boards whose goals conflict with those of the investment bank agents hired to underwrite the stock. Underwriters have an incentive to underprice IPOs to maintain strong ties with institutional investors. We develop theory on agent differences based …
- Edisi
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- ISBN/ISSN
- 14273
- Deskripsi Fisik
- -
- Judul Seri
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- No. Panggil
- -
IPO pricing and share allocation: the importance of being ignorant
Since an underwriter sets an IPO's offer price without knowing its market value, investors can acquire information about its value and avoid overpriced deals ("lemon-dodge"). To mitigate this well-known risk, the bank enters into a repeat game with a coalition of investors who do not lemon-dodge in exchange for on-average underpriced shares. We (i) derive and test a quantitative IPO pricing rul…
- Edisi
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- ISBN/ISSN
- 221082
- Deskripsi Fisik
- -
- Judul Seri
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- No. Panggil
- -
The Impact of board composition and top management team ownership structure o…
We explore the relationship between the composition of boards of directors and firm performance in young, entrepreneurial firms having recently completed initial public offerings. In contrast to traditional agency theory prescriptions for board composition, we contend that boards of young firms having recently gone public are best comprised of a majority of original top management team (TMT) me…
- Edisi
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- ISBN/ISSN
- 14273
- Deskripsi Fisik
- -
- Judul Seri
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- No. Panggil
- -
Do The Stories they tell get them the money they need? the role of entreprene…
Adopting a narrative approach to resource acquisition research, we examine the effects of storytelling on a firm's ability to secure capital. We argue that narratives act as a resource-leveraging mechanism by conveying a comprehensible identity for an entrepreneurial firm, elaborating the logic behind proposed means of exploiting opportunities, and embedding entrepreneurial endeavors within bro…
- Edisi
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- ISBN/ISSN
- 14273
- Deskripsi Fisik
- -
- Judul Seri
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- No. Panggil
- -
The Initial public offerings of listed firms
A number of firms in the United Kingdom list without issuing equity and then issue equity shortly thereafter. We argue that this two-stage offering strategy is less costly than an initial public offering (IPO) because trading reduces the valuation uncertainty of these firms before they issue equity. We find that initial returns are 10% to 30% lower for these firms than for comparable IPOs, and …
- Edisi
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- ISBN/ISSN
- 221082
- Deskripsi Fisik
- -
- Judul Seri
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- No. Panggil
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