Handbook of Corporate Finance Empirical Corporate Finance Volume 1

274 B.E. Eckbo et al. ture characteristics in the two marketplaces. He reports that underpricing is positively related to return ...

Ch. 6: Security Offerings 275 Of course accurate determination of the timing of an offering is critical to measure its price rea ...

276 B.E. Eckbo et al. Ta b l e 8 Evidence on underpricing in IPOs and SEOs Study Sample period Explanatory variable Sign A. IPO ...

Ch. 6: Security Offerings 277 Ta b l e 8 (Continued) Study Sample period Explanatory variable Sign Log(offer size) − Leverage (D ...

278 B.E. Eckbo et al. Ta b l e 8 (Continued) Study Sample period Explanatory variable Sign Issuer leverage − Over-allotment opti ...

Ch. 6: Security Offerings 279 Ta b l e 8 (Continued) Study Sample period Explanatory variable Sign Inverse of stock price + Stoc ...

280 B.E. Eckbo et al. Ta b l e 9 Summary of determinants of underpricing in IPOs and SEOs Variables with significantly positive ...

Ch. 6: Security Offerings 281 Ta b l e 9 (Continued) Variables with significantly positive effects Variables with significantly ...

282 B.E. Eckbo et al. 3.5. Offering delays and withdrawals Another component of expected flotation costs is the costs of bearing ...

Ch. 6: Security Offerings 283 Department of Justice investigation of collusion allegations following the release of the Chen and ...

284 B.E. Eckbo et al. and market making ability being moderately important and underwriting fees being the least important attri ...

Ch. 6: Security Offerings 285 Fernando, Gatchev, and Spindt (2005)develops and empirically tests a model of firm- underwriter se ...

286 B.E. Eckbo et al. level of competition in the investment banking industry and find that it has weaken the competitive positi ...

Ch. 6: Security Offerings 287 greater timing flexibility. These results hold up after adjusting for the self-selection bias high ...

288 B.E. Eckbo et al. Other direct flotation expenses. The analysis of the other expenses such as registra- tion and listing fee ...

Ch. 6: Security Offerings 289 (2)Stock liquidity and transaction costs of reselling rights. The resale of rights by current shar ...

290 B.E. Eckbo et al. volatility falls, then bid–ask spreads will also fall since the expected costs of market making decline. T ...

Ch. 6: Security Offerings 291 nouncements (by about an hour) and attribute it the differences in the organizational structure of ...

292 B.E. Eckbo et al. underwriter market share, underwriter reputation and analyst quality can explain this phenomenon. As discu ...

Ch. 6: Security Offerings 293 this result to the fact that because of their longer book building experience, U.S. banks are more ...