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Firm resources and quality signalling: evidence from UK initial public offerings

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Author Info
Beat Reber
Bob Berry
Steve Toms

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Abstract

This study examines the relative importance of financial structure, advisers’ reputations, and managerial experience on the market value achieved by an initial public offering (IPO). A sample of 172 UK IPOs on the Official list of the London Stock Exchange during the period 1992--1996 indicates that the extent to which existing owners keep a stake in the business, and managerial expertise at board level, have a significant impact on the performance of the IPO. Advisers’ reputations appear to be irrelevant. The findings are comparable to recent studies that cover a similar sample period.

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Publisher Info
Article provided by Taylor and Francis Journals in its journal Applied Financial Economics.

Volume (Year): 15 (2005)
Issue (Month): 8 (May)
Pages: 575-586
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Handle: RePEc:taf:apfiec:v:15:y:2005:i:8:p:575-586

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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.:

  1. Titman, Sheridan & Trueman, Brett, 1986. "Information quality and the valuation of new issues," Journal of Accounting and Economics, Elsevier, vol. 8(2), pages 159-172, June. [Downloadable!] (restricted)
  2. Baron, David P, 1982. " A Model of the Demand for Investment Banking Advising and Distribution Services for New Issues," Journal of Finance, American Finance Association, vol. 37(4), pages 955-76, September. [Downloadable!] (restricted)
  3. Rock, Kevin, 1986. "Why new issues are underpriced," Journal of Financial Economics, Elsevier, vol. 15(1-2), pages 187-212. [Downloadable!] (restricted)
  4. Trueman, Brett, 1986. "The Relationship between the Level of Capital Expenditures and Firm Value," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 21(02), pages 115-129, June. [Downloadable!]
  5. Mak, Y. T. & Roush, M. L., 2000. "Factors Affecting the Characteristics of Boards of Directors: An Empirical Study of New Zealand Initial Public Offering Firms," Journal of Business Research, Elsevier, vol. 47(2), pages 147-159, February. [Downloadable!] (restricted)
  6. Kim, Moonchul & Ritter, Jay R., 1999. "Valuing IPOs," Journal of Financial Economics, Elsevier, vol. 53(3), pages 409-437, September. [Downloadable!] (restricted)
  7. 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. [Downloadable!] (restricted)
  8. Akerlof, George A, 1970. "The Market for 'Lemons': Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, MIT Press, vol. 84(3), pages 488-500, August. [Downloadable!] (restricted)
  9. Bruce Johnson, W. & Magee, Robert P. & Nagarajan, Nandu J. & Newman, Harry A., 1985. "An analysis of the stock price reaction to sudden executive deaths : Implications for the managerial labor market," Journal of Accounting and Economics, Elsevier, vol. 7(1-3), pages 151-174, April. [Downloadable!] (restricted)
  10. Khurshed, Arif & Mudambi, Ram, 2002. "The Short-Run Price Performance of Investment Trust IPOs on the UK Main Market," Applied Financial Economics, Taylor and Francis Journals, vol. 12(10), pages 697-706, October. [Downloadable!] (restricted)
  11. White, Halbert, 1980. "Using Least Squares to Approximate Unknown Regression Functions," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 21(1), pages 149-70, February. [Downloadable!] (restricted)
  12. Steven N. Kaplan & Per Strömberg, 2000. "Financial Contracting Theory Meets the Real World: An Empirical Analysis of Venture Capital Contracts," CRSP working papers 513, Center for Research in Security Prices, Graduate School of Business, University of Chicago. [Downloadable!]
    Other versions:
  13. Amir, Eli & Lev, Baruch, 1996. "Value-relevance of nonfinancial information: The wireless communications industry," Journal of Accounting and Economics, Elsevier, vol. 22(1-3), pages 3-30, October. [Downloadable!] (restricted)
  14. Krinsky, I. & Rotenberg, W., 1989. "Signalling and the Valuation of Unseasoned New Issues Revisited," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 24(02), pages 257-266, June. [Downloadable!]
  15. Logue, Dennis E, et al, 2002. "What Is Special about the Roles of Underwriter Reputation and Market Activities in Initial Public Offerings?," Journal of Business, University of Chicago Press, vol. 75(2), pages 213-43, April. [Downloadable!]
  16. Beatty, Randolph P. & Bunsis, Howard & Hand, John R. M., 1998. "The indirect economic penalties in SEC investigations of underwriters1," Journal of Financial Economics, Elsevier, vol. 50(2), pages 151-186, November. [Downloadable!] (restricted)
  17. Spence, A Michael, 1973. "Job Market Signaling," The Quarterly Journal of Economics, MIT Press, vol. 87(3), pages 355-74, August. [Downloadable!] (restricted)
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Cited by:
(explanations, 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.)

  1. Beat Reber & Caroline Fong, 2006. "Explaining mispricing of initial public offerings in Singapore," Applied Financial Economics, Taylor and Francis Journals, vol. 16(18), pages 1339-1353, December. [Downloadable!] (restricted)
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