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 …

We survey 336 chief financial officers (CFOs) to compare practice to theory in the areas of
initial public offering (IPO) motivation, timing, underwriter selection, underpricing, signaling …

We document the frequent use of lockup agreements in seasoned equity offerings (SEOs)
and examine the determinants of their use, duration, and early release. We find that the …

Abstract Research Summary Venture capital firms (VCs) sometimes continue to hold
significant equity stakes in entrepreneurial ventures after venture IPO. The information …

We investigate the impact of pre-issue ownership structure on the key decisions surrounding
an IPO. We find that managerial ownership is significantly related to (1) the proportion of …

A lock-up agreement ensures that major shareholders retain significant economic interest in
the companies following the IPOs. Rationally, these insiders will not adhere to the lock-up …

Initial public offering (IPO) lock-up is a bonding mechanism that restricts pre-IPO
shareholders and insiders from selling a specific percentage of the shares over a stipulated …

This paper investigates whether shareholder lockup agreements in France and Germany
mitigate problems of agency and asymmetric information. Despite minimum requirements in …

While earnings management around IPOs has been researched in a number of settings,
there has been a relative absence of work that analyses the impact of the regulatory …

Moral hazard and asymmetric information have both been proposed as the motive behind
the use of IPO lockup provisions, with each receiving empirical support in the literature …