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Explaining the diversity in shareholder lockup agreements

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  • Goergen, Marc
  • Renneboog, Luc
  • Khurshed, Arif

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File URL: http://www.sciencedirect.com/science/article/B6WJD-4HP6G8V-3/2/cfb09be867e42fe5a13166748d3609ca
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Bibliographic Info

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

Volume (Year): 15 (2006)
Issue (Month): 2 (April)
Pages: 254-280

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Handle: RePEc:eee:jfinin:v:15:y:2006:i:2:p:254-280

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Web page: http://www.elsevier.com/locate/inca/622875

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References

References listed on IDEAS
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  1. Bharat A. Jain & Omesh Kini, 2000. "Does the Presence of Venture Capitalists Improve the Survival Profile of IPO Firms?," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 27(9&10), pages 1139-1183.
  2. Alon Brav & Paul A. Gompers, 2003. "The Role of Lockups in Initial Public Offerings," Review of Financial Studies, Society for Financial Studies, vol. 16(1), pages 1-29.
  3. Laura Casares Field, 2001. "The Expiration of IPO Share Lockups," Journal of Finance, American Finance Association, vol. 56(2), pages 471-500, 04.
  4. Tim Loughran & Jay Ritter, 2004. "Why Has IPO Underpricing Changed Over Time?," Financial Management, Financial Management Association, vol. 33(3), Fall.
  5. Carter, Richard B & Manaster, Steven, 1990. " Initial Public Offerings and Underwriter Reputation," Journal of Finance, American Finance Association, vol. 45(4), pages 1045-67, September.
  6. Hayne E. Leland and David H. Pyle., 1976. "Informational Asymmetries, Financial Structure, and Financial Intermediation," Research Program in Finance Working Papers 41, University of California at Berkeley.
  7. Lin, Timothy H. & Smith, Richard L., 1998. "Insider reputation and selling decisions: the unwinding of venture capital investments during equity IPOs," Journal of Corporate Finance, Elsevier, vol. 4(3), pages 241-263, September.
  8. Tim Loughran & Jay R. Ritter, 2002. "Why Don't Issuers Get Upset About Leaving Money on the Table in IPOs?," Review of Financial Studies, Society for Financial Studies, vol. 15(2), pages 413-444, March.
  9. Brau, James C. & Lambson, Val E. & McQueen, Grant, 2005. "Lockups Revisited," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 40(03), pages 519-530, September.
  10. Jon A. Garfinkel, 1993. "IPO Underpricing, Insider Selling and Subsequent Equity Offerings: Is Underpricing a Signal of Quality?," Financial Management, Financial Management Association, vol. 22(1), Spring.
  11. Christopher B. Barry, 1994. "New Directions in Research on Venture Capital Finance," Financial Management, Financial Management Association, vol. 23(3), Fall.
  12. Megginson, William L & Weiss, Kathleen A, 1991. " Venture Capitalist Certification in Initial Public Offerings," Journal of Finance, American Finance Association, vol. 46(3), pages 879-903, July.
  13. Jenkinson, Tim & Ljungqvist, Alexander, 2001. "Going Public: The Theory and Evidence on How Companies Raise Equity Finance," OUP Catalogue, Oxford University Press, edition 2, number 9780198295990, Octomber.
  14. Dimson, Elroy, 1979. "Risk measurement when shares are subject to infrequent trading," Journal of Financial Economics, Elsevier, vol. 7(2), pages 197-226, June.
  15. Cao, Charles & Field, Laura Casares & Hanka, Gordon, 2004. "Does Insider Trading Impair Market Liquidity? Evidence from IPO Lockup Expirations," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 39(01), pages 25-46, March.
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Citations

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Cited by:
  1. Angenandt, P.P. & Goergen, M. & Renneboog, L.D.R., 2005. "Shareholder Lock-In Contracts: Share Price and Trading Volume Effects at the Lock-In Expiry," Discussion Paper 2005-115, Tilburg University, Center for Economic Research.
  2. Gresse, Carole & Gajewski, Jean-Fran├žois, 2006. "A Survey of the European IPO Market," Economics Papers from University Paris Dauphine 123456789/8670, Paris Dauphine University.
  3. Gajewski, Jean-Fran├žois & Gresse, Carole, 2006. "A Survey of the European IPO Market," ECMI Papers 1207, Centre for European Policy Studies.
  4. Goergen, Marc & Mazouz, Khelifa & Yin, Shuxing, 2010. "Price, volume and spread effects associated with the expiry of lock-in agreements: Evidence from the Hong Kong IPO market," Pacific-Basin Finance Journal, Elsevier, vol. 18(5), pages 442-459, November.
  5. Karpoff, Jonathan M. & Lee, Gemma & Masulis, Ronald W., 2013. "Contracting under asymmetric information: Evidence from lockup agreements in seasoned equity offerings," Journal of Financial Economics, Elsevier, vol. 110(3), pages 607-626.

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