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Underpricing, ownership and control in initial public offerings of equity securities in the UK

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  • Brennan, M. J.
  • Franks, J.
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    File URL: http://www.sciencedirect.com/science/article/B6VBX-3SX288N-B/2/3733699b5892f73fe0adcb610e9f6413
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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Financial Economics.

    Volume (Year): 45 (1997)
    Issue (Month): 3 (September)
    Pages: 391-413

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    Handle: RePEc:eee:jfinec:v:45:y:1997:i:3:p:391-413

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    Web page: http://www.elsevier.com/locate/inca/505576

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    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Zingales, Luigi, 1995. "Insider Ownership and the Decision to Go Public," Review of Economic Studies, Wiley Blackwell, vol. 62(3), pages 425-48, July.
    2. Holmstrom, Bengt & Tirole, Jean, 1993. "Market Liquidity and Performance Monitoring," Journal of Political Economy, University of Chicago Press, vol. 101(4), pages 678-709, August.
    3. Barry, Christopher B. & Muscarella, Chris J. & Peavy, John III & Vetsuypens, Michael R., 1990. "The role of venture capital in the creation of public companies*1: Evidence from the going-public process," Journal of Financial Economics, Elsevier, vol. 27(2), pages 447-471, October.
    4. Barclay, M.J. & Holderness, C.G. & Pontiff, J., 1991. "Private Benefits form Block Ownership and Discounts on Closed-end Funds," Papers 91-01, Rochester, Business - Financial Research and Policy Studies.
    5. Chowdhry, Bhagwan & Sherman, Ann, 1996. "International differences in oversubscription and underpricing of IPOs," Journal of Corporate Finance, Elsevier, vol. 2(4), pages 359-381, July.
    6. Benveniste, Lawrence M. & Spindt, Paul A., 1989. "How investment bankers determine the offer price and allocation of new issues," Journal of Financial Economics, Elsevier, vol. 24(2), pages 343-361.
    7. Franks, Julian & Mayer, Colin, 1996. "Hostile takeovers and the correction of managerial failure," Journal of Financial Economics, Elsevier, vol. 40(1), pages 163-181, January.
    8. Levis, Mario, 1990. "The Winner's Curse Problem, Interest Costs and the Underpricing of Initial Public Offerings," Economic Journal, Royal Economic Society, vol. 100(399), pages 76-89, March.
    9. Hanley, Kathleen Weiss, 1993. "The underpricing of initial public offerings and the partial adjustment phenomenon," Journal of Financial Economics, Elsevier, vol. 34(2), pages 231-250, October.
    10. Ritter, Jay R, 1991. " The Long-run Performance of Initial Public Offerings," Journal of Finance, American Finance Association, vol. 46(1), pages 3-27, March.
    11. Rock, Kevin, 1986. "Why new issues are underpriced," Journal of Financial Economics, Elsevier, vol. 15(1-2), pages 187-212.
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    Citations

    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Retornos de curto prazo de IPOs
      by Roberto Ushisima in Empresas e Mercados on 2011-09-20 22:21:00
    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
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    Cited by:
    1. Francis , Bill B & Hasan, Iftekhar & Sun, Xian, 2009. "Political connections and the process of going public: evidence from China," Research Discussion Papers 7/2009, Bank of Finland.
    2. Marc Goergen & Luc Renneboog, 1999. "Strong Managers and Passive Institutional Investors in the UK," Working Papers 1999.21, Fondazione Eni Enrico Mattei.
    3. Huyghebaert, Nancy & Van Hulle, Cynthia, 2004. "The role of institutional investors in corporate finance," Open Access publications from Katholieke Universiteit Leuven urn:hdl:123456789/85623, Katholieke Universiteit Leuven.
    4. Goergen, M. & Renneboog, L.D.R., 1998. "Strong Managers and Passive Institutional Investors in the UK: Stylized Facts," Discussion Paper 1998-131, Tilburg University, Center for Economic Research.
    5. FOUCAULT, Thierry & PARLOUR, Christine A., 1999. "Competition for Listings," Les Cahiers de Recherche 666, HEC Paris.
    6. Crama, Y. & Leruth, L. & Renneboog, L.D.R. & Urbain, J-P., 1999. "Corporate Governance Structures, Control and Performance in European Markets: A Tale of Two Systems," Discussion Paper 1999-97, Tilburg University, Center for Economic Research.
    7. Dimitris Kenourgios & Spyros Papathanasiou & Emmanouil Rafail Melas, 2005. "Initial Performance of Greek IPOs, Underwriter’s Reputation and Oversubscription," Finance 0512023, EconWPA.
    8. Su Han Chan & Ko Wang & Jing Yang, 2009. "IPO Pricing Strategies with Deadweight and Search Costs," Journal of Real Estate Research, American Real Estate Society, vol. 31(4), pages 481-542.
    9. Huyghebaert, Nancy, 2003. "The capital structure of business start-ups: policy implications," Open Access publications from Katholieke Universiteit Leuven urn:hdl:123456789/122575, Katholieke Universiteit Leuven.
    10. Tomas Mantecon & Paul Thistle, 2011. "The IPO market as a screening device and the going public decision: evidence from acquisitions of privately and publicly held firms," Review of Quantitative Finance and Accounting, Springer, vol. 37(3), pages 325-361, October.
    11. Arnoud W.A. Boot & Radhakrishnan Gopaian & Anjan V. Thakor, 2006. "Market Liquidity, Investor Participation and Managerial Autonomy: Why do Firms go Private?," Tinbergen Institute Discussion Papers 06-011/2, Tinbergen Institute.
    12. William Dimovski & Simmala Philavanh & Robert Brooks, 2011. "Underwriter reputation and underpricing: evidence from the Australian IPO market," Review of Quantitative Finance and Accounting, Springer, vol. 37(4), pages 409-426, November.
    13. Trauten, Andreas, 2004. "Zur Effizienz von Wertpapieremissionen über Internetplattformen," Working Papers 8, Competence Center Internet Economy and Hybrid Systems, European Research Center for Information Systems (ERCIS), University of Münster.
    14. Goergen, M. & Renneboog, L.D.R., 1999. "Prediction of Ownership and Control Concentration in German and UK Initial Public Offerings," Discussion Paper 1999-103, Tilburg University, Center for Economic Research.
    15. Dhillon, Amrita & Rossetto, Silvia, 2009. "Corporate Control and Multiple Large Shareholders," The Warwick Economics Research Paper Series (TWERPS) 891, University of Warwick, Department of Economics.
    16. Gajewski, Jean-François & Gresse, Carole, . "IPO Underpricing, Post-Listing Liquidity, and Information Asymmetry in the Secondary Market," Open Access publications from Université Paris-Dauphine urn:hdl:123456789/3199, Université Paris-Dauphine.

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