When companies go public, the equity they sell in an initial public offering tends to be
underpriced, resulting in a substantial price jump on the first day of trading. The underpricing …

This essay surveys the extant literature and adds to the empirical evidence on issuance
activity, flotation costs, and valuation effects of security offerings. We focus primarily on …

Going public by merging with a Special Purpose Acquisition Company (SPAC) is much more
expensive than conducting a traditional IPO. We rationalize why some companies merge …

We show that banking relationships promote corporate environmental, social, and
governance (ESG) policies. Specifically, banks are more likely to grant loans to borrowers …

In the 1980s, the average first-day return on initial public offerings (IPOs) was 7%. The
average first-day return doubled to almost 15% during 1990-1998, before jumping to 65 …

ABSTRACT I find that companies funded by more experienced VCs are more likely to go
public. This follows both from the direct influence of more experienced VCs and from sorting …

This paper examines local bias in the context of venture capital (VC) investments. Based on
a sample of US VC investments between 1980 and June 2009, we find more reputable VCs …

This paper examines whether there are efficiencies that benefit issuers and underwriters
when a financial intermediary concurrently lends to an issuer while also underwriting its …

This article extends signaling theory to research on acquisition premiums and investigates
the value that newly public targets capture in post-IPO acquisitions. We complement …

Research summary: Strategic alliances are undertaken to create value through
complementarities of resources and capabilities of the partner firms. This paper uses a …