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Shareholder Lockup Agreements in the European New Markets

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  • Goergen, M.
  • Renneboog, L.D.R.
  • Khurshed, A.

    (Tilburg University, Center for Economic Research)

Abstract

We analyse the characteristics of lockup agreements of IPOs on the Neuer Markt and the Nouveau Marche from 1996 to 2000.Even though both markets were part of the same EuroNM network, the characteristics of their lockup agreements are substantially different.Firm characteristics have a major influence on lockup contracts.In addition, shareholder characteristics explain the diversity of contracts within the same firm.Although the French regulator offers two types of minimum lockup contracts, the market perceives a difference between the two contracts as the choice is influenced by the type of the firm and the type of shareholders.

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Bibliographic Info

Paper provided by Tilburg University, Center for Economic Research in its series Discussion Paper with number 2004-121.

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Date of creation: 2004
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Handle: RePEc:dgr:kubcen:2004121

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Related research

Keywords: Initial public offerings; IPO; lockup agreements; lockup agreements; underpricing; Neuer Markt; Nouveau Marché; EuroNM; asymmetric information;

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References

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  1. Patrick Bolton & Ernst-Ludwig von Thadden, 1998. "Liquidity and Control: A Dynamic Theory of Corporate Ownership Structure," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 154(1), pages 177-, March.
  2. Susanne Espenlaub & Marc Goergen & Arif Khurshed, 2001. "PO Lock-in Agreements in the UK," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 28(9&10), pages 1235-1278.
  3. Baker, Malcolm & Gompers, Paul A, 2003. "The Determinants of Board Structure at the Initial Public Offering," Journal of Law and Economics, University of Chicago Press, vol. 46(2), pages 569-98, October.
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  5. Espenlaub, S. & Goergen, M. & Khurshed, A. & Renneboog, L.D.R., 2002. "Lock-In Agreements in Venture Capital Backed UK IPOs," Discussion Paper 2002-46, Tilburg University, Center for Economic Research.
  6. 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, September.
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  10. 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.
  11. Goergen, M. & Khurshed, A. & McCahery, J.A. & Renneboog, L.D.R., 2002. "The Rise and Fall of the European New Markets: On the Short and Long-Run Performance of High-Tech Initial Public Offerings," Discussion Paper 2002-101, Tilburg University, Center for Economic Research.
  12. Laura Casares Field, 2001. "The Expiration of IPO Share Lockups," Journal of Finance, American Finance Association, vol. 56(2), pages 471-500, 04.
  13. Michaely, Roni & Shaw, Wayne H, 1994. "The Pricing of Initial Public Offerings: Tests of Adverse-Selection and Signaling Theories," Review of Financial Studies, Society for Financial Studies, vol. 7(2), pages 279-319.
  14. 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.
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