Who do you take to tango? Examining pairing mechanisms between underwriters and initial public offering firms in a nascent stock market

The Alternative to an Initial Public Offering

For over a year, the market for initial public offerings (IPO) for promising private companies has been slow. In 2007, there were just 234 IPOs, down from a decade high of 486 in 1999. As a result, private companies and their investors (including venture capital and private equity backed companies) have been left without a crucial exit strategy. More importantly, these private companies that mi...

Earnings Management and Ownership Retention for Initial Public Offering Firms: Theory and Evidence

This paper investigates, both theoretically and empirically, how earnings management and ownership retention interact, and how these two jointly affect the equilibrium market valuation of IPO firms in the presence of information asymmetry. Analytically, this paper extends the univariate signaling framework of Leland and Pyle (1977) and derives an efficient signaling equilibrium in which both re...

Insurer Information, Insiders and Initial Public Offering

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Do Take it Personal: It's Not What You Say, It's Who (and Where) You Are!

Issue management in market-driven software projects is constantly under time pressure. A limited set of developers must share their time between developing features for the next release and resolving reported issues. Project managers need to find the appropriate balance between a high quality product and fast time to market [1]. We study a telecom company in Sweden developing embedded systems f...

A truthful Screening Mechanism for Improving Information Asymmetry in Initial Public Offering Transactions