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Partial Adjustment to Public Information and IPO Underpricing
We examine the extent to which offer prices reflect public information for 3,325 IPOs over the period 1990–1999. We focus primarily on four variables: share overhang, file range amendments, ventureExpand
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The Quiet Period Goes out with a Bang
We examine the expiration of the IPO quiet period, which occurs after the 25th calendar day following the offering. For IPOs during 1996 to 2000, we find that analyst coverage is initiatedExpand
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Venture Capital and IPO Lockup Expiration: An Empirical Analysis
Most initial public offerings (IOPs) feature "lockup" agreements, which bar insiders from selling the stock for a set period following the IPO, usually 180 days. We examine stock price behavior inExpand
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Risk Aversion, Uncertain Information, and Market Efficiency
Abstract. We reexamine and extend tests of the uncertain information hypothesis (UIH) proposed by Brown, Harlow, and Tinic (1988, 1993). We find that their empirical results are sensitive to theExpand
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Negotiation and the IPO Offer Price: A Comparison of Integer Versus Non-Integer Ipos
We investigate the pricing of 4,989 equity IPOs with offer dates between 1981 and 2000. Approximately three-fourths of these IPOs have integer offer prices. Average initial returns for IPOs withExpand
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The Good News in Short Interest
Stocks with relatively high short interest subsequently experience negative abnormal returns, but the effect can be transient and of debatable economic significance. In contrast, relatively heavilyExpand
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Rehabilitation of persons with traumatic brain injury.
OBJECTIVE The objective of this NIH Consensus Statement is to inform the biomedical research and clinical practice communities of the results of the NIH Consensus Development Conference onExpand
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Analyst Behavior Following IPOs: The “Bubble Period” Evidence
We examine over 7400 analyst recommendations made in the year after going public for IPOs from 1999 to 2000. Initiations of coverage at the end of the quiet period come almost exclusively fromExpand
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Penny Stock Ipos
We examine underpricing, long-run returns, lockup periods, and gross spreads for penny stock IPOs over the 1990-1998 period. We find that penny stock IPOs have higher initial returns than ordinaryExpand
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Special Repo Rates: An Empirical Analysis
Darrell Duffie (1996) examines the theoretical impact of repo 'specials' on the prices of Treasury securities and concludes that, all else the same, an issue on special will carry a higher price thanExpand
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