Financial Management articles from March 2008

Financial Management archives from March 2008

The impact of firm location on equity issuance.(Report)
March 22, 2008... In this paper, I use location as a proxy for the ability of a firm to issue equity. Numerous studies indicate that investors are better able to obtain information on nearby companies. I posit that costs in generating information will be higher...

IPO listings: where and why?(initial public offering)
March 22, 2008... According to most research, firms benefit from being listed on the New York Stock Exchange (NYSE). Nevertheless, 224 of 640 firms that went public from 1993 through 2000 and were eligible for a NYSE listing chose to list their stock on Nasdaq....

The IPO derby: are there consistent losers and winners on this track?(initial public offering)(Report)
March 22, 2008... We examine the individual and joint relation of discretionary accounting accruals, underwriter reputation, and venture capital backing with the long-run performance of initial public offerings (IPOs). We find that although correlated to some...

Moving from private to public ownership: selling out to public firms versus initial public offerings.(Report)
March 22, 2008... We study two alternative means to move assets from private to public ownership: through the acquisition of private companies by firms that are public (sellouts) or through initial public share offerings (IPOs). We consider firm-specific...

An empirical analysis of the stockholder-bondholder conflict in corporate spin-offs.(Report)
March 22, 2008... We analyze the effect of daily stock and bond abnormal returns around spin-off announcements. Over a three-day event window, we find statistically significant abnormal returns of 3.0 7% for stocks and O. 11% for straight bonds. Both stock and...

Tracking stock or spin-off? Determinants of choice.(Report)
March 22, 2008... I examine the roles of valuable internal capital markets, cross-subsidization, and insider ownership as determinants of choice between tracking stock and spin-offs in corporate equity restructuring. I show that conglomerates are more likely to...

Ownership structure and IPO valuation--evidence from Taiwan.
March 22, 2008... We investigate the effect of ownership structure on initial public offering (IPO) valuation in the Taiwanese market, in which many large shareholders exert control through pyramidal structures and cross-shareholdings with voting rights that are...