Handbook of Corporate Finance Empirical Corporate Finance Volume 1

414 A. Ljungqvist of the relation between underpricing and the bank’s geographic reach (or underwriter reputation) must be inter ...

Ch. 7: IPO Underpricing 415 sentiment investors and short-sale constraints (seeMiller, 1977). Underperformance rel- ative to the ...

416 A. Ljungqvist same time, the reduction in offer size aggravates long-run underperformance, given the negative slope of the s ...

Ch. 7: IPO Underpricing 417 6.3.1. Testable implications and evidence Ljungqvist and Wilhelm (2005)use the structure suggested b ...

418 A. Ljungqvist this debate on both sides belies the fact that the truth is probably somewhere in be- tween. For the informati ...

Ch. 7: IPO Underpricing 419 Benveniste, L.M., Wilhelm Jr., W.J., 1990. A comparative analysis of IPO proceeds under alternative ...

420 A. Ljungqvist Hanley, K., 1993. The underpricing of initial public offerings and the partial adjustment phenomenon. Journal ...

Ch. 7: IPO Underpricing 421 Ljungqvist, A., Wilhelm, W.J., 2002. IPO allocations: Discriminatory or discretionary? Journal of Fi ...

422 A. Ljungqvist Schultz, P.H., Zaman, M.A., 1994. After-market support and underpricing of initial public offerings. Journal o ...

Chapter 8 CONGLOMERATE FIRMS AND INTERNAL CAPITAL MARKETS* VOJISLAV MAKSIMOVIC Robert H. Smith School of Business, University of ...

424 V. Maksimovic and G. Phillips Appendix A. Neoclassical model of resource allocation across industries 472 A.1. Shocks and gr ...

Ch. 8: Conglomerate Firms and Internal Capital Markets 425 Introduction In this chapter we survey the large literature on corp ...

426 V. Maksimovic and G. Phillips approaches that have been developed to explain the conglomerate discount and its in- vestment ...

Ch. 8: Conglomerate Firms and Internal Capital Markets 427 a conglomerate’s Tobin’sqand its comparableqcomputed in the manner de ...

428 V. Maksimovic and G. Phillips of diversifiers prior to diversification is not lower than that of non-diversifiers. Thus, the ...

Ch. 8: Conglomerate Firms and Internal Capital Markets 429 indistinguishable from zero for single-segment firms. They thus concl ...

430 V. Maksimovic and G. Phillips Fig. 1. Event-study showing the average wealth effect of focus changes for three groups of fir ...

Ch. 8: Conglomerate Firms and Internal Capital Markets 431 material by exceeding 10% of the firms’ consolidated totals.^9 The CI ...

432 V. Maksimovic and G. Phillips data is called the Annual Survey of Manufactures, reporting is not voluntary for large plants ...

Ch. 8: Conglomerate Firms and Internal Capital Markets 433 The firms classified as single segment in BITS are smaller than the f ...