Listings

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10 September 2020

Nepotism in IPOs: consequences for issuers and investors

Potential conficts of interest arise when IPO underwriters allocate IPO shares to their affiliated funds. We hypothesize that such nepotism incentives affect IPO pricing. Using a novel hand-collected dataset, we find support for...

François Degeorge | Giuseppe Pratobevera

International

Responsibility

10 December 2017

The relationship between public listing, context, multi-nationality and internal CSR

Are MNEs more socially responsible, and where is this more likely to occur? Are rms less responsible in emerging or transitional economies, and what impact does the dominant national corporate governance regime have? We explore the...

Chris Brewster | Salim Chahine | Marc Goergen | Geoffrey Wood

IPO

20 July 2017

Prospectus Liability and the Role of Gatekeepers as Informational Intermediaries: An Empirical Analysis of the Impact of the Statutory Provisions on Italian IPOs

This Article analyzes market reaction to the introduction into Italian legislation of a statutory system of (IPO) prospectus civil liability enacted in April 2007 on the basis of Directive 2003/71/EC. In particular, we study the...

Dmitri Boreiko | Stefano Lombardo

Private Equity

01 January 2016

The Incredible Shrinking Stock Market: On the Political Economy Consequences of Excessive Delistings

Over the past two decades, the U.S. stock market has halved in size as the "public firm model" has begun to fall out of favor. We develop a political economy model of delistings from the stock market to study the wider economic consequences...

Alexander Ljungqvist | Lars Persson | Joacim Tåg