منابع مشابه
Moral hazard, asymmetric information and IPO lockups
Article history: Received 3 November 2009 Received in revised form 11 December 2009 Accepted 11 December 2009 Available online 7 January 2010 Moral hazard and asymmetric information have both been proposed as the motive behind the use of IPO lockup provisions, with each receiving empirical support in the literature. Rather than consider them to be mutually exclusive motivations, we hypothesize ...
متن کاملRole of asymmetric information and moral hazard on IPO underpricing and lockup ¬リニ
This paper analyses the role of asymmetric information and moral hazard on IPO underpricing and lockups. I document that high information asymmetry is related to underpricing while the lockup length and lockup expiration return is related to moral hazard. Accordingly, lockup length and underpricing work as substitute signals. These results relate to the UK’s unique institutional settings: long ...
متن کاملComplete information pivotal - voter model with asymmetric group size ∗
In this note, we characterize the equilibria of the standard pivotal-voter participation game between two groups of voters of asymmetric sizes, as originally proposed by Palfrey and Rosenthal [1983. A strategic calculus of voting. Public Choice. 41, 7-53].
متن کاملIPO Information Production, New Issue Quality and Participation Restrictions
We endogenize both 1) investment bankers' screening of new issues and 2) information production of investors, making ours the ̄rst model to characterize double-sided information production. The two sides are nontrivially linked ¡ if investors' information production were low, the banker would sell to an essentially uninformed pool. However, sale outcomes uncorrelated with true value would give ...
متن کاملInvestment Banks' Entry into New IPO Markets and IPO Underpricing
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2014
ISSN: 1556-5068
DOI: 10.2139/ssrn.2401787