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Financial Management back issues
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The impact of fundamentals on IPO valuation.
June 22, 2009... We examine how initial public offering (IPO) valuation has changed over time by focusing on three time periods: 1986-1990, January 1997 to March 2000 (designated as the boom period), and April 2000 to December 2001 (designated as the crash period). Using a sample of 1,655 IPOs, we find that...
Does the market incorporate previous IPO withdrawals when pricing second-time IPOs?
June 22, 2009... This paper examines the initial public offering (IPO) valuations of issuers that return to the IPO market successfully after withdrawing their first IPO attempt. We find that these second-time IPOs sell at a significant discount relative to similar contemporaneous IPOs that succeed in their...
Capital structure decisions: which factors are reliably important?
March 22, 2009... This paper examines the relative importance of many factors in the capital structure decisions of publicly traded American firms from 1950 to 2003. The most reliable factors for explaining market leverage are: median industry leverage (+ effect on leverage), market-to-book assets ratio (-),...
Information, selective disclosure, and analyst behavior.
March 22, 2009... This paper examines whether the prohibition of selective disclosures to equity research analysts mandated by Regulation FD alters the amount olin formation and the manner in which it is revealed to the market. We demonstrate that equity research analysts are more responsive to information...
Liquidity: considerations of a portfolio manager.
March 22, 2009... This paper examines liquidity and how it affects the behavior of portfolio managers, who account for a significant portion of trading in many assets. We define an asset to be perfectly liquid if a portfolio manager can trade the quantity she desires when she desires at a price not worse than...