581 research outputs found
Global integration in primary equity markets: the role of U.S. banks and U.S. investors
No full textWe examine the costs and benefits of the global integration of IPO markets associated with the diffusion of U.S. underwriting methods in the 1990s. Bookbuilding is becoming increasingly popular outside the U.S. and typically costs twice as much as a fixed-price offer. However, on its own bookbuilding only leads to lower underpricing when conducted by U.S. banks and/or targeted at U.S. investors. For most issuers, the gains associated with lower underpricing outweighed the additional costs associated with hiring U.S. banks or marketing in the U.S. This suggests a quality/price trade-off contrasting with the findings of Chen and Ritter [Journal of Finance], particularly since non-U.S. issuers raising USS20m-80m also typically pay a 7% spread when U.S. banks and investors are involved
Two essays on the cross-section of stock returns
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Previous issue date: 1994Item marked as restricted to the 'UIUC Users [automated]' Group (id=2) by Howard Ding ([email protected]) on 2011-05-07T14:50:24Z
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Two essays in finance
No full text"In the first essay, ""Do Firms Knowingly Sell Overvalued Equity?"", I develop a simple equilibrium model which shows that insider trading around seasoned equity offerings (SEO) depends on both the quality of issuing firms and insiders' exogenous consumption shocks, neither of which are known by outside investors in the model. The empirical evidence indicates that insider trading is not reliably related to the future long-term stock returns of issuing firms even though it is reliably related to their announcement period abnormal returns. Issuing firms underperform their benchmarks regardless of the prior insider trading pattern. This suggests that insiders who have purchased shares before issuing do not realize that the market has overcapitalized prior good news, and are not knowingly selling overvalued equity.""The second essay, ""Deposit Insurance with Changing Volatility: An Application of Exotic Options"", develops a model to incorporate the bank managers' incentives to change the bank's volatility into the pricing of deposit insurance. It is assumed that the volatility of the bank's assets changes or can be changed when the assets first hit a certain level. The results show that the shareholders' equity and the deposit insurance premium can be represented as combinations of generalized versions of particular barrier options known as down-and-out and down-and-in options. Numerical examples are used to illustrate the properties of the model."Made available in DSpace on 2011-05-07T12:27:58Z (GMT). No. of bitstreams: 2
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Previous issue date: 1995Item marked as restricted to the 'UIUC Users [automated]' Group (id=2) by Howard Ding ([email protected]) on 2011-05-07T14:41:22Z
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A Review of IPO Activity, Pricing, and Allocations
No full textWe review the theory and evidence on IPO activity: why firms go public, why they reward first-day investors with considerable underpricing, and how IPOs perform in the long run. Our perspective on the literature is three-fold: First, we believe that many IPO phenomena are not stationary. Second, we believe research into share allocation issues is the most promising area of research in IPOs at the moment. Third, we argue that asymmetric information is not the primary driver of many IPO phenomena. Instead, we believe future progress in the literature will come from non-rational and agency conflict explanations. We describe some promising such alternatives.
Global Integration in Primary Equity Markets: The Role of U.S. Banks and U.S. Investors.
No full textThree Essays on the Long-Run Performance of New Issues and Extreme Performers
No full textThis dissertation documents the poor long-run performance of new equity issues during 1970-90. The poor long-run performance of initial public offerings (IPOs) result in lower returns on NASDAQ than on the New York Stock Exchange. New equity issues appear to time their offerings to lower their equity cost of capital. I find that with an average timing ability, firms lower their cost of equity capital by 700 basis points for IPOs and 400 basis points for seasoned equity offerings. I also document that low-priced stocks are not solely responsible for the success of the contrarian strategy and that pooled cross-section time-series regressions should not be used in studies using stock returns as the dependent variable when one is attempting to discern cross-sectional patterns.Made available in DSpace on 2014-12-17T23:38:46Z (GMT). No. of bitstreams: 1
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Previous issue date: 1993Embargo set by: Seth Robbins for item 72755
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Reason: Restricted to the U of I community idenfinitely during batch ingest of legacy ETDsRestricted to the U of I community idenfinitely during batch ingest of legacy ETDsU of I Only93 p.Thesis (Ph.D.)--University of Illinois at Urbana-Champaign, 1993
Introduction - Volume 4, Number 2, August 1994
No full textThis special issue of Great Plains Research was edited by Clare McKanna, Jr., and Beth R. Ritter. The issue represents a unique interdisciplinary examination of a number of current issues facing Plains Indian peoples. These issues include gaming, education, medical problems, land titles, retribalization, and cultural retention. Initially the idea of a special issue was proposed by Beth R. Ritter. Clare McKanna, Jr., editor of Great Plains Research, decided this would be an excellent opportunity to pursue a variety of social science approaches to Native studies, and he agreed to the proposal. Together McKanna and Ritter selected possible essays for inclusion in the special issue. The essays were read by outside reviewers resulting in acceptances and rejections, and each editor revised the various articles, McKanna editing those contributions involving Ritter as an author
Pavao Ritter Vitezović\u27s private records and verse correspondence as sources of insight into the quotidian life of the author in the pre-modern Habsburg Empire
No full textThis paper presents the results of research into several aspects of the everyday life of the Croatian polymath Pavao Ritter Vitezović during his stay in Vienna in the period from 1710 to 1712. It contains an introduction, two case studies, and final remarks, as well as the renditions of several epistles into Croatian language by Zrinka Blažević. The first study is based on the critical edition published in 2019 under the title Pavao Ritter Vitezović, Epistolae Metricae (edited by Violeta Moretti and Gorana Stepanić). It thematizes an episode from Vitezović\u27s life exploring a few striking elements that can be inferred from the epistolary conversation between Vitezović and the secretary for correspondence of the Hungarian Court Office Éliás Wanyeczy concerning a joint meal on St Leonard\u27s day. These elements include the question of the menu, and the nature of the relationship between the two correspondents. The letter addressed to Ritter (NSK, R 3953 b) facilitates the reconstruction of Vitezović\u27s relationship with Wanyeczy, and supplements the conclusions about the role of the Latin epistle in the conversational culture of the early eighteenth century.
The second study presents several insights into Vitezović\u27s work habits based on the exploration of the author\u27s personal notes contained within the booklet bearing the title Varia extracta et notitiae (archived in the National and University Library in Zagreb, Croatia, as manuscript R 3463). It shows that Vitezović, who is well known today as an extremely productive author, continues to build his own fund of proverbs, sayings and quotes in his mature years. Of special interest are two Croatian verses with atypical content compared to the rest of Vitezović\u27s œuvre, as well as his personal notes on sold copies of his recent editions. Although the selected sources are not diaries in the strict sense – considering the fact that epistolae metricae are verse epistles addressed to both the various correspondents from Vitezović\u27s time and to posterity, while Varia extracta et notitiae are prose records of a private character – yet they offer insight into Vitezović\u27s everyday life and, as such, need to be further explored if we wish to provide a basis for presenting Vitezović\u27s private life in greater detail
Strategies of Communication in Agonistic Epigrams
No full textInscribed agonistic epigrams of the archaic and classical time represent a privileged field of work on strategies of communication because they share topics and function with another major literary genre: the epinician ode. Victorious athletes, in fact, could choose to celebrate their victory either by dedicating a statue with an inscribed epigram or by commissioning an ode to a poet. The two forms had the same function (celebrating the victory), and shared some common topoi and expressions, but the results are radically different, not only because of the extension. The material support of inscriptions influences the poet, who pays great attention to the visual disposal of words and to the relationship of the epigram with the statue it accompanies. Agonistic statues, in fact, become from the fifth century B.C. more and more lifelike and epigrams gradually assume the function of expressing their words. First-person utterances thus become a mean to express victors’ own voice before the future generations with a continuous play on the absence/presence of the dedicator.
Simonides plays a crucial in role in the relationship between the text and the material support, because he is the first author who gives literary dignity to a genre so far considered as “ancillary” like the epigram. As a lyric poet, author of epinician and encomiastic odes, he intends the epigram as a poetic product and not as a mere “complement” of the statue and its base. At the same time, he is well aware that the material support is a fundamental trait of this genre, which makes his art unique: this is the reason why he never forgets to obey to the laws of the stone and to the stylistic conventions which took place in the epigraphic field. The brevity imposed by the material support forces the poet to invent new modes in order to concentrate all the necessary informations in two lines and, possibly, find some artistic variations to the most essential lists.
Another difference between agonistic epigrams and epinician odes is the context of performance: epigrams we know were mainly dedicated in Panhellenic sanctuaries, whereas the great part of epinicians were performed in the victor’s home town. This implies a different mode of self-presentation of the victor in accordance to the audience (local or panhellenic), which becomes particularly evident in those few lucky cases in which we possess both odes and epigrams of the same dedicator (e.g. Hieron of Syracuse)
Europe’s Second Markets for Small Companies
No full textEuropean stock exchanges have repeatedly opened second markets to list small companies. We explain the motivation for the creation of these second markets, and the reasons why many of them have failed. We find that the average long-run performance of initial public offerings (IPOs) on second markets is dramatically worse than for main market IPOs. However, the second markets have provided firms with the opportunity to raise funds at the IPO and in follow-on offerings. The relative success of London’s AIM, which is an exchange-regulated market with minimal regulations, has led other European stock exchanges to establish similar non-EU regulated second markets. Most of the IPOs on these exchange-regulated markets are offered exclusively to institutional investors, and are equivalent to private placements. These IPOs, which frequently raise only a few million euros, rarely develop liquid trading
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