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Citations for "IPO Market Cycles: Bubbles or Sequential Learning?"

by Michelle Lowry & G. William Schwert

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  1. Maria Borges, 2007. "Underpricing of Initial Public Offerings: The Case of Portugal," International Advances in Economic Research, Springer, vol. 13(1), pages 65-80, February.
  2. G. William Schwert, 2001. "Stock Volatility in the New Millennium: How Wacky Is Nasdaq?," NBER Working Papers 8436, National Bureau of Economic Research, Inc.
  3. Malcolm Baker & Jeffrey Wurgler, 2004. "Investor Sentiment and the Cross-Section of Stock Returns," NBER Working Papers 10449, National Bureau of Economic Research, Inc.
  4. Michelle Lowry & Micah S. Officer & G. William Schwert, 2006. "The Variability of IPO Initial Returns," NBER Working Papers 12295, National Bureau of Economic Research, Inc.
  5. Subadar Agathee, Ushad & Brooks, Chris & Sannassee, Raja Vinesh, 2012. "Hot and cold IPO markets: The case of the Stock Exchange of Mauritius," Journal of Multinational Financial Management, Elsevier, vol. 22(4), pages 168-192.
  6. Liu, Xiaoding & Ritter, Jay R., 2011. "Local underwriter oligopolies and IPO underpricing," Journal of Financial Economics, Elsevier, vol. 102(3), pages 579-601.
  7. Martynova, Marina & Renneboog, Luc, 2009. "What determines the financing decision in corporate takeovers: Cost of capital, agency problems, or the means of payment?," Journal of Corporate Finance, Elsevier, vol. 15(3), pages 290-315, June.
  8. Alan Hughes & Jaeho Lee, 2006. "What's in a name and when does it matter? The hot and cold market impacts on underpricing of certification, reputation and conflicts of interest in venture capital backed Korean IPOs," ESRC Centre for Business Research - Working Papers wp336, ESRC Centre for Business Research.
  9. Otchere, Isaac, 2006. "Stock exchange self-listing and value effects," Journal of Corporate Finance, Elsevier, vol. 12(5), pages 926-953, December.
  10. Reena Aggarwal & Nagpurnanand R. Prabhala & Manju Puri, 2002. "Institutional Allocation In Initial Public Offerings: Empirical Evidence," NBER Working Papers 9070, National Bureau of Economic Research, Inc.
  11. Lawrence M. Benveniste & Alexander Ljungqvist & William J. Wilhelm & Xiaoyun Yu, 2002. "Evidence of Information Spillovers in the Production of Investment Banking Services," OFRC Working Papers Series 2002fe06, Oxford Financial Research Centre.
  12. Oehler, Andreas & Rummer, Marco & Smith, Peter N., 2004. "IPO Pricing and the Relative Importance of Investor Sentiment: Evidence from Germany," Discussion Papers 26, University of Bamberg, Chair of Finance.
  13. Ljungqvist, Alexander P, 2003. "Conflicts of Interest and Efficient Contracting in IPOs," CEPR Discussion Papers 4163, C.E.P.R. Discussion Papers.
  14. Alexander Ljungqvist & Vikram Nanda & Rajdeep Singh, 2006. "Hot Markets, Investor Sentiment, and IPO Pricing," The Journal of Business, University of Chicago Press, vol. 79(4), pages 1667-1702, July.
  15. Altinkilic, Oya & Hansen, Robert S., 2003. "Discounting and underpricing in seasoned equity offers," Journal of Financial Economics, Elsevier, vol. 69(2), pages 285-323, August.
  16. Edelen, Roger M. & Kadlec, Gregory B., 2005. "Issuer surplus and the partial adjustment of IPO prices to public information," Journal of Financial Economics, Elsevier, vol. 77(2), pages 347-373, August.
  17. Busaba, Walid Y., 2006. "Bookbuilding, the option to withdraw, and the timing of IPOs," Journal of Corporate Finance, Elsevier, vol. 12(2), pages 159-186, January.
  18. Hirshleifer, David & Teoh, Siew Hong, 2001. "Herd Behavior and Cascading in Capital Markets: A Review and Synthesis," MPRA Paper 5186, University Library of Munich, Germany.
  19. Hale, Galina & Santos, João A.C., 2008. "The decision to first enter the public bond market: The role of firm reputation, funding choices, and bank relationships," Journal of Banking & Finance, Elsevier, vol. 32(9), pages 1928-1940, September.
  20. Giannetti, Mariassunta & Yu, Xiaoyun, 2007. "Favouritism or Markets in Capital Allocation?," CEPR Discussion Papers 6124, C.E.P.R. Discussion Papers.
  21. William Wilhelm & Alexander Ljungqvist, 2001. "IPO Allocations: Discriminatory or Discretionary?," Economics Series Working Papers 2001-FE-08, University of Oxford, Department of Economics.
  22. Aussenegg, Wolfgang & Pichler, Pegaret & Stomper, Alex, 2006. "IPO Pricing with Bookbuilding and a When-Issued Market," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 41(04), pages 829-862, December.
  23. Jay Ritter & Ivo Welch, 2002. "A Review of IPO Activity, Pricing and Allocations," Yale School of Management Working Papers ysm258, Yale School of Management, revised 01 Apr 2002.
  24. Chemmanur, Thomas & Yan, An, 2009. "Product market advertising and new equity issues," Journal of Financial Economics, Elsevier, vol. 92(1), pages 40-65, April.
  25. Low, Soo-Wah & Yong, Othman, 2011. "Explaining over-subscription in fixed-price IPOs -- Evidence from the Malaysian stock market," Emerging Markets Review, Elsevier, vol. 12(3), pages 205-216, September.
  26. L. Cassia & G. Giudici & S. Paleari & R. Redondi, 2004. "IPO underpricing in Italy," Applied Financial Economics, Taylor & Francis Journals, vol. 14(3), pages 179-194.
  27. Cho, Jaemin & Lee, Jaeho, 2013. "The venture capital certification role in R&D: Evidence from IPO underpricing in Korea," Pacific-Basin Finance Journal, Elsevier, vol. 23(C), pages 83-108.
  28. Michael Stolpe, 2004. "Non-Market Interaction in Primary Equity Markets: Evidence from France and Germany," Kiel Working Papers 1211, Kiel Institute for the World Economy.
  29. Qiao, Yongyuan, 2008. "Analysis into IPO underpricing and clustering in Hong Kong equity market," MPRA Paper 7876, University Library of Munich, Germany.
  30. Johann Burgstaller, 2009. "When and why do Austrian companies issue shares?," Empirica, Springer, vol. 36(3), pages 229-244, August.
  31. Garner, Jacqueline L. & Marshall, Beverly B., 2010. "The non-7% solution," Journal of Banking & Finance, Elsevier, vol. 34(7), pages 1664-1674, July.
  32. Achleitner, Ann-Kristin & Kaserer, Christoph & Ampenberger, Markus & Bitsch, Florian, 2009. "The German entrepreneurial index (GEX®): a primer on an ownership-based style index in Germany," CEFS Working Paper Series 2009-13, Center for Entrepreneurial and Financial Studies (CEFS), Technische Universität München.
  33. Bertoni, Fabio & Giudici, Giancarlo, 2014. "The strategic reallocation of IPO shares," Journal of Banking & Finance, Elsevier, vol. 39(C), pages 211-222.
  34. Klein, Dan & Li, Mingsheng, 2009. "Factors affecting secondary share offerings in the IPO process," The Quarterly Review of Economics and Finance, Elsevier, vol. 49(3), pages 1194-1212, August.
  35. Steven Zheng & Joseph Ogden & Frank Jen, 2005. "Pursuing Value Through Liquidity in IPOs: Underpricing, Share Retention, Lockup, and Trading Volume Relationships," Review of Quantitative Finance and Accounting, Springer, vol. 25(3), pages 293-312, November.
  36. Carmen Cotei & Joseph Farhat, 2013. "Informational externalities of initial public offerings: Does venture capital backing matter?," Journal of Economics and Finance, Springer, vol. 37(1), pages 80-99, January.
  37. Michelle Lowry & G. William Schwert, 2001. "Biases in the IPO Pricing Process," NBER Working Papers 8586, National Bureau of Economic Research, Inc.
  38. Mary Robinson & Richard Robinson, 2012. "Dutch-auction IPOs: institutional development and underpricing performance," Journal of Economics and Finance, Springer, vol. 36(3), pages 521-554, July.
  39. Kaneko, Takashi & Pettway, Richard H., 2003. "Auctions versus book building of Japanese IPOs," Pacific-Basin Finance Journal, Elsevier, vol. 11(4), pages 439-462, September.
  40. Minardi, Andrea Maria Accioly Fonseca & Moita, Rodrigo Menon & Castanho, Rafael Plantier, 2013. "An investigation of the partial adjustment effect of Brazilian IPOs," Insper Working Papers wpe_313, Insper Working Paper, Insper Instituto de Ensino e Pesquisa.
  41. Daily, Catherine M. & Certo, S. Trevis & Dalton, Dan R., 2005. "Investment bankers and IPO pricing: does prospectus information matter?," Journal of Business Venturing, Elsevier, vol. 20(1), pages 93-111, January.
  42. Stolpe, Michael, 2003. "Learning and Signalling in The French and German Venture Capital Industries," EIFC - Technology and Finance Working Papers 24, United Nations University, Institute for New Technologies.
  43. Chemmanur, Thomas J. & He, Jie, 2011. "IPO waves, product market competition, and the going public decision: Theory and evidence," Journal of Financial Economics, Elsevier, vol. 101(2), pages 382-412, August.
  44. Ritter, Jay R. & Zhang, Donghang, 2007. "Affiliated mutual funds and the allocation of initial public offerings," Journal of Financial Economics, Elsevier, vol. 86(2), pages 337-368, November.
  45. Carter, Richard B. & Dark, Frederick H. & Sapp, Travis R.A., 2010. "Underwriter reputation and IPO issuer alignment 1981-2005," The Quarterly Review of Economics and Finance, Elsevier, vol. 50(4), pages 443-455, November.
  46. Bharat A. Jain & Omesh Kini, 2006. "Industry clustering of initial public offerings," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 27(1), pages 1-20.
  47. Zhiqiang HU & Yizhu WANG, 2013. "The IPO Cycles in China's A-share IPO Market: Detection Based on a Three Regimes Markov Switching Model," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(3), pages 115-131, October.
  48. Becher, David A. & Frye, Melissa B., 2011. "Does regulation substitute or complement governance?," Journal of Banking & Finance, Elsevier, vol. 35(3), pages 736-751, March.
  49. Jean Helwege & Nellie Liang, 2003. "Initial public offerings in hot and cold markets," Finance and Economics Discussion Series 2003-04, Board of Governors of the Federal Reserve System (U.S.).
  50. G. William Schwert, 2002. "Anomalies and Market Efficiency," NBER Working Papers 9277, National Bureau of Economic Research, Inc.
  51. Kathleen Weiss Hanley & Gerard Hoberg, 2011. "Litigation risk, strategic disclosure and the underpricing of initial public offerings," Finance and Economics Discussion Series 2011-12, Board of Governors of the Federal Reserve System (U.S.).
  52. Ampenberger, Markus & Schmid, Thomas & Achleitner, Ann-Kristin & Kaserer, Christoph, 2009. "Capital structure decisions in family firms: empirical evidence from a bank-based economy," CEFS Working Paper Series 2009-05, Center for Entrepreneurial and Financial Studies (CEFS), Technische Universität München.
  53. Kaserer, Christoph & Mettler, Alfred & Obernberger, Stefan, 2008. "The impact of the Sarbanes-Oxley act on the cost of going public," CEFS Working Paper Series 2008-07, Center for Entrepreneurial and Financial Studies (CEFS), Technische Universität München.
  54. Çolak, Gönül & Günay, Hikmet, 2011. "Strategic waiting in the IPO markets," Journal of Corporate Finance, Elsevier, vol. 17(3), pages 555-583, June.
  55. Hirshleifer, David & Teoh, Siew Hong, 2008. "Thought and Behavior Contagion in Capital Markets," MPRA Paper 9164, University Library of Munich, Germany.
  56. Pukthuanthong, Kuntara, 2006. "Underwriter learning about unfamiliar firms: Evidence from the history of biotech IPOS," Journal of Financial Markets, Elsevier, vol. 9(4), pages 366-407, November.
  57. Guillermo Yañez & Carlos Maquieira, 2009. "Rendimiento de Ofertas Públicas Iniciales de Acciones en Chile: Evidencia Empírica entre 1994 y 2007," Serie de Documentos de Trabajo 02, Superintendencia de Valores y Seguros.
  58. Lowry, Michelle & Murphy, Kevin J., 2007. "Executive stock options and IPO underpricing," Journal of Financial Economics, Elsevier, vol. 85(1), pages 39-65, July.
  59. Lubos Pastor & Pietro Veronesi, 2003. "Stock Prices and IPO Waves," NBER Working Papers 9858, National Bureau of Economic Research, Inc.
  60. Colla, Paolo & Ippolito, Filippo & Wagner, Hannes F., 2012. "Leverage and pricing of debt in LBOs," Journal of Corporate Finance, Elsevier, vol. 18(1), pages 124-137.
  61. Smart, Scott B. & Zutter, Chad J., 2003. "Control as a motivation for underpricing: a comparison of dual and single-class IPOs," Journal of Financial Economics, Elsevier, vol. 69(1), pages 85-110, July.
  62. Pennacchio, Luca, 2013. "The causal effect of venture capital backing on the underpricing of Italian IPOs," MPRA Paper 48695, University Library of Munich, Germany.
  63. Kedar Kulkarni & Tarun Sabarwal, 2007. "To what extent are investment bank-differentiating factors relevant for firms floating moderate-sized IPOs?," Annals of Finance, Springer, vol. 3(3), pages 297-327, July.
  64. Leite, Tore, 2004. "Excess initial returns in IPOs," Journal of Financial Intermediation, Elsevier, vol. 13(3), pages 359-377, July.
  65. Carey, Peter & Steen, Adam, 2006. "Changing conditions in the Hong Kong new issues market," Pacific-Basin Finance Journal, Elsevier, vol. 14(5), pages 484-500, November.
  66. Kirkulak, Berna & Davis, Colin, 2005. "Underwriter reputation and underpricing: Evidence from the Japanese IPO market," Pacific-Basin Finance Journal, Elsevier, vol. 13(4), pages 451-470, September.
  67. Pons-Sanz, Vicente, 2005. "Who benefits from IPO underpricing? Evidence form hybrid bookbuilding offerings," Working Paper Series 0428, European Central Bank.
  68. Brailsford, Tim & Heaney, Richard & Shi, Jing, 2004. "Modelling the behaviour of the new issue market," International Review of Financial Analysis, Elsevier, vol. 13(2), pages 119-132.
  69. Silvia Rossetto, 2008. "The price of rapid exit in venture capital-backed IPOs," Annals of Finance, Springer, vol. 4(1), pages 29-53, January.
  70. Boehme, Rodney & Çolak, Gönül, 2012. "Primary market characteristics and secondary market frictions of stocks," Journal of Financial Markets, Elsevier, vol. 15(2), pages 286-327.
  71. Kolympiris, Christos & Kalaitzandonakes, Nicholas & Miller, Douglas, 2014. "Public funds and local biotechnology firm creation," Research Policy, Elsevier, vol. 43(1), pages 121-137.
  72. Ljungqvist, Alexander & Boehmer, Ekkehart, 2004. "On the decision to go public: Evidence from privately-held firms," Discussion Paper Series 1: Economic Studies 2004,16, Deutsche Bundesbank, Research Centre.
  73. Chod, Jiri & Lyandres, Evgeny, 2011. "Strategic IPOs and product market competition," Journal of Financial Economics, Elsevier, vol. 100(1), pages 45-67, April.
  74. Akhigbe, Aigbe & Johnston, Jarrod & Madura, Jeff, 2006. "Long-term industry performance following IPOs," The Quarterly Review of Economics and Finance, Elsevier, vol. 46(4), pages 638-651, September.
  75. Tomas Meluzin, Marek Zinecker, 2013. "Trends in IPOs: The Evidence From Financial Markets," Equilibrium, Uniwersytet Mikolaja Kopernika, vol. 8, pages 46-63.
  76. Colaco, Hugh M.J. & Ghosh, Chinmoy & Knopf, John D. & Teall, John L., 2009. "IPOs, clustering, indirect learning and filing independently," Journal of Banking & Finance, Elsevier, vol. 33(11), pages 2070-2079, November.
  77. Yung, Chris & Çolak, Gönül & Wei Wang, 2008. "Cycles in the IPO market," Journal of Financial Economics, Elsevier, vol. 89(1), pages 192-208, July.
  78. Loughran, Tim & McDonald, Bill, 2013. "IPO first-day returns, offer price revisions, volatility, and form S-1 language," Journal of Financial Economics, Elsevier, vol. 109(2), pages 307-326.
  79. Cécile Carpentier & Jean-François L’Her & Jean-Marc Suret, 2008. "Does securities regulation constrain small business finance? An empirical analysis," Small Business Economics, Springer, vol. 31(4), pages 363-377, December.
  80. Gonul Colak, 2012. "IPO characteristics of index firms," Managerial Finance, Emerald Group Publishing, vol. 38(12), pages 1134-1159.