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Whom You Know Matters: Venture Capital Networks and Investment Performance
Many financial markets are characterized by strong relationships and networks, rather than arm's-length, spot-market transactions. We examine the performance consequences of this organizational… Expand
Underpricing and Entrepreneurial Wealth Losses in Ipos:Theory and Evidence
We model underpricing as being endogenous to the wealth loss minimization problem encountered in a stock market flotation. The benefits of reducing underpricing depend on the entrepreneur's… Expand
Corporate Investment and Stock Market Listing: A Puzzle?
We investigate whether short-termism distorts the investment decisions of stock market-listed firms. To do so, we compare the investment behavior of observably similar public and private firms, using… Expand
Hot Markets, Investor Sentiment, and IPO Pricing
Our model of the initial public offering process links the three main empirical IPO anomalies underpricing, hot issue markets, and long-run underperformance and traces them to a common source of… Expand
Testing Asymmetric-Information Asset Pricing Models
Theoretical asset pricing models routinely assume that investors have heterogeneous information. We provide direct evidence of the importance of information asymmetry for asset prices and investor… Expand
Going Public: The Theory and Evidence on How Companies Raise Equity Finance
In recent years there has been an enormous amount of research into the way companies raise finance from stock markets. There are many reasons for this interest in 'initial public offerings' (IPOs):… Expand
IPO Pricing in the Dot-Com Bubble: Complacency or Incentives
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 partially accounted for by… Expand
Do Measures of Financial Constraints Measure Financial Constraints?
Financial constraints are fundamental to empirical research in finance and economics. We propose two tests to evaluate how well measures of financial constraints actually capture constraints. We find… Expand
Shaping Liquidity: On the Causal Effects of Voluntary Disclosure
- K. Balakrishnan, Mary Brooke Billings, Bryan T. Kelly, A. Ljungqvist
- Economics, Business
- 1 December 2011
Can managers influence the liquidity of their firms’ shares? We use plausibly exogenous variation in the supply of public information to show that firms actively shape their information environments… Expand
Evidence of Information Spillovers in the Production of Investment Banking Services
We provide evidence that firms attempting IPOs condition offer terms and the decision whether to carry through with an offering on the experience of their primary market contemporaries. Moreover,… Expand