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 …

We examine the impact of auditor choice on debt pricing in firms' early public years when
they are lesser known. Our evidence suggests that retaining a Big Six auditor, which can …

ABSTRACT IPO underpricing reached astronomical levels during 1999 and 2000. We show
that the regime shift in initial returns and other elements of pricing behavior can be at least …

This study investigates whether a private firm's decision to go public affects the IPO
decisions of its competitors. Using detailed data from the drug development industry, we …

Both IPO volume and average initial returns are highly autocorrelated. Further, more
companies tend to go public following periods of high initial returns. However, we find that …

This paper documents aggregate trends in the foreign listings of companies, and analyzes
their distinctive prelisting characteristics and postlisting performance. In 1986–1997, many …

This paper examines the impact of tax avoidance on the cost of debt and its interaction effect
with shareholder activism. Using Korean firms, I find a negative relationship between tax …

The literature offers many explanations for why the IPO market cycles from hot to cold. These
include theories in which hot markets represent clusters of IPOs in a new industry, and …

How does competition in firms' product markets influence their behavior in equity markets?
Do product market imperfections spread to equity markets? We examine these questions in …

We argue that the number of firms going public changes over time in response to time
variation in market conditions. We develop a model of optimal initial public offering (IPO) …