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作者：Brav, A; Gompers, PA
作者单位：Duke University; Harvard University; National Bureau of Economic Research
摘要：In a sample of 2,794 initial public offerings (IPOs), we test three potential explanations for the existence of IPO lockups: lockups serve as (i) a signal of firm quality, (ii) a commitment device to alleviate moral hazard problems, or (iii) a mechanism for underwriters to extract additional compensation from the issuing firm. Our results support the commitment hypothesis. Insiders of firms that are associated with greater potential for moral hazard lockup their shares for a longer period of t...
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作者：Edelen, R; Gervais, S
作者单位：University of Pennsylvania
摘要：When a collection of specialists organize as an exchange, each can reap net private benefits at the expense of the exchange by quoting a privately optimal pricing schedule. Coordination makes all specialists and customers better off, but requires a system of monitoring and punishment that breaks down when information asymmetries between the exchange and a specialist are high. The specialist may then seek a temporary trading halt to alleviate unjustified punishment, or the exchange may halt tra...
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作者：Ljungqvist, AP; Jenkinson, T; Wilhelm, WJ Jr
作者单位：New York University; University of Oxford
摘要：We examine the costs and benefits of the global integration of initial public offering (IPO) markets associated with the diffusion of U.S. underwriting methods in the 1990s. Bookbuilding is becoming increasingly popular outside the United States and typically costs twice as much as a fixed-price offer. However, on its own, bookbuilding only leads to lower underpricing when conducted by U.S. banks and/or targeted at U.S. investors. For most issuers, the gains associated with lower underpricing ...
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作者：Derrien, F; Womack, KL
作者单位：Dartmouth College; University of Toronto
摘要：Market returns before the offer price is set affect the amount and variability of initial public offering (IPO) underpricing. Thus an important question is What IPO procedure is best adapted for controlling underpricing in hot versus cold market conditions? The French stock market offers a unique arena for empirical research on this topic, since three substantially different issuing mechanisms (auctions, bookbuilding, and fixed price) are used there. Using 1992-1998 data, we find that the auct...
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作者：Johnson, SA
作者单位：Louisiana State University System; Louisiana State University
摘要：I test the hypothesis that short debt maturity attenuates the negative effect of growth opportunities on leverage. Using simultaneous equations with leverage and maturity endogenous, I find strong support for an economically significant attenuation effect. The negative effect of growth opportunities on leverage for firms with all shorter-term debt is less than one-sixth as large as the effect for firms with all longer-term debt. Short maturity also increases liquidity risk, however, which nega...
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作者：Hui, OY
作者单位：Duke University; University of North Carolina; University of North Carolina Chapel Hill
摘要：This article studies the contracting problem between an individual investor and a professional portfolio manager in a continuous-time principal-agent framework. Optimal contracts are obtained in closed form. These contracts are of a symmetric form and suggest that a portfolio manager should receive a fixed fee, a fraction of the total assets under management, plus a bonus or a penalty depending upon the portfolio's excess return relative to a benchmark portfolio. The appropriate benchmark port...
