Signalling, Insider Trading, And Post-Offering Performance: The Case Of Initial Public Offerings

Signalling in the Internet Craze of Initial Public Offerings∗

In this paper we analyze the clustering phenomenon of underpricing in initial public offerings (IPOs), where firms in a particular industry choose to issue their new shares at the same time and at great discounts. The industry consists of many firms that have private information about their own qualities (high or low) and that must raise external capital first before production. In the product ...

Insider Trading Problems Related to Japanese Seasoned Equity Offerings †

Insider trading problems relating to Japanese seasoned equity offerings (SEO) have attracted the attention of many investors. The purpose of this paper is to examine SEO insider problem and to provide suggestions to solve the problem. We have several findings. First, all four of the SEO insider firms experienced negative abnormal stock returns and high trading volume just two weeks before SEO a...

Initial public offerings , subsequent seasoned equity offerings , and long - run performance : Evidence from IPOs in Germany

Ownership Concentration and Initial Public Offering Performance: Evidence from Thailand

This study examines the relation between ownership concentration and performance of initial public offerings (IPOs) in Thailand during 1989-1993. Ownership concentration plays a crucial role in emerging capital markets such as Thailand and can significantly affect IPO performance. Several testable hypotheses are constructed from the IPO literature to examine short-term and long-term IPO perform...

Ownership Structure and Initial Public Offerings

The Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development issues. An objective of the series is to get the findings out quickly, even if the presentations are less than fully polished. The papers carry the names of the authors and should be cited accordingly. The findings, interpretations, and conclusions expresse...