C H A P T E R 12 INITIAL PUBLIC OFFERINGS OF STOCK REFERENCES

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1 C H A P T E R 12 INITIAL PUBLIC OFFERINGS OF STOCK REFERENCES Affleck-Graves, J., R. E. Miller, Regulatory and Procedural Effects on the Underpricing of Initial Public Offerings. Journal of Financial Research, v. 12, no. 3, 1989, pp Affleck-Graves, J., S. P. Hegde, R. E. Miller, F. K. Reilly, The Effect of the Trading System on the Underpricing of Initial Public Offerings, Financial Management, v. 22, no. 1, 1993, pp Aggarwal, R., Stabilization Activities by Underwriters After Initial Public Offerings, Journal of Finance, v. 55, no. 3, 2000, pp Aggarwal, R., Allocation of Initial Public Offerings and Flipping Activity, Journal of Financial Economics, 2002 (forthcoming). Aggarwal, R., P. Conroy, Price Discovery in Initial Public Offerings and the Role of the Lead Underwriter, Journal of Finance, v. 55, no. 6, 2000, pp Aggarwal, R. K., L. Krigman, K. L. Womack, Strategic IPO Underpricing, Information Momentum, and Lockup Expiration Selling, Journal of Financial Economics, 2002 (forthcoming). Aggarwal, R., P. Rivoli, Fads in the Initial Public Offering Market? Financial Management, v. 19, no. 4, 1990, pp Aggarwal, R., N. R. Prabhala, M. Puri, Institutional Allocation in Initial Public Offerings:Empirical Evidence, Journal of Finance, v. 57, no. 3, Aharony, J., C.-J. Lin, M. P. Loeb, Initial Public Offerings, Accounting Choices, and Earnings Management, Contemporary Accounting Research, v. 10, no. 1, 1993, pp Alexander, J. C., The Lawsuit Avoidance Theory of Why Initial Public Offerings are Underpriced, UCLA Law Review, v. 41, no. 1, 1993, pp Allen, F., G. Faulhaber, Signalling by Underpricing in the IPO Market, Journal of Financial Economics, v. 23, 1989, pp Altschul. J. S., Staging the Small IPO, CFO, v. 7, Nov. 1992, pp Anderson, S. C., T. R. Beard, J. A. Born, Initial Public Offerings: Findings and Theories, Kluwer Academic Publ., Ang, J. S., J. C. Brau, Firm Transparency and the Costs of Going Public, Journal of Financial Research, 2002 (forthcoming). Ang, J. S., J. C. Brau, Concealing and Confounding Adverse Signals: Insider Wealth-Maximizing Behavior in the IPO Process, Journal of Financial Economics, 2002 (forthcoming). Arkebauer, J. B., R. Schultz, Going Public, Dearborn Financial Publ., Chicago, Asquith, D., J. D. Jones, R. Kieschnick, Evidence on Price Stabilization and Underpricing in Early IPO Returns, Journal of Finance, v. 53, no. 5, 1998, pp Asquith, P., D. Mullins, Equity Issues and Offering Dilution, Journal of Financial Economics, v. 15, 1986, pp Bachar, J., Optimal Underwriting Contracts and Underpricing of New Issues, Journal of Accounting, Auditing and Finance, v. 4, no. 4, 1989, pp Baker, H. K., M. Johnson, A Survey of Management Views on Exchange Listing, Quarterly Journal of Economics, v. 29, 1990, pp Balvers, R. J., J. Affleck-Graves, R. E. Miller, K. Scanlon, The Underpricing of Initial Public Offerings: A Theoretical and Empirical Reconsideration of the Adverse Selection Hypothesis, Review of Quantitative Finance and Accounting, v. 3, no. 2, 1993, pp Balvers, R. J., B. McDonald, R. E. Miller, Underpricing of New Issues and the Choice of Auditor as a Signal of Investment Banker Reputation. The Accounting Review, v. 63, no. 4, 1988, pp Banerjee, A.V., A Simple Model of Herd Behavior, Quarterly Journal of Economics, v.107, 1992, pp Baron, D. P., A Model of the Demand for Investment Bank Advising and Distribution Services for New Issues, Journal of Finance, v. 37, 1982, pp Baron, D. P., B. Holmstrom, The Investment Banking Contract for New Issues Under Asymmetric Information: Delegation and the Incentive Problem, Journal of Finance, v. 35, no. 5, 1980, pp

2 Barry, C. B., Initial Public Offering Underpricing: The Issuer s View-A Comment, Journal of Finance, v. 44, no. 4, 1989, pp Barry, C. B., R. H. Jennings, The Opening Price Performance of Initial Public Offerings of Common Stock, Financial Management, v. 22, no.1, 1993, pp Barry, C. B., C. J. Muscarella, M. R. Vetsuypens, Underwriter Warrants, Underwriter Compensation, and the Cost of Going Public, Journal of Financial Economics, v. 29, no. 1, 1991, pp Barry, C. B., C. Muscarella, J. Peavy, M. Vetsuypens, The Role of Venture Capital in the Creation of Public Companies: Evidence from the Going-Public Process, Journal of Financial Economics v. 27, no. 2, 1990, pp Beatty, R. P., Auditor Reputation and The Pricing of Initial Public Offerings, Accounting Review, v., 64, no. 4, 1989, pp Beatty, R. P., The Economic Determinants of Auditor Compensation in the Initial Public Offerings Market, Journal of Accounting Research, v. 31, no. 2, 1993, pp Beatty, R., J. Ritter, Investment Banking, Reputation and the Underpricing of Initial Public Offerings, Journal of Financial Economics, v. 15, 1986, pp Beatty, R. P., I. Welch, Issuer Expenses and Legal Liability in Initial Public Offerings, Journal of Law and Economics, v. 39, no. 2, 1996, pp Beatty, R. P., E. J. Zajac, Managerial Incentives, Monitoring, and Risk in Initial Public Offerings, Journal of Applied Corporate Finance, v. 8, no. 2, 1995, pp Bennedsen, M., D. Wolfenzon, The Balance of Power in Closely Held Corporations, Journal of Financial Economics, v. 58, nos. 1-2, 2000, pp Benveniste, L. M., W. Y. Busaba, Bookbuilding vs. Fixed Price: An Analysis of Competing Strategies for Marketing IPOs, Journal of Financial and Quantitative Analysis, v. 32, no. 4, 1997, pp Benveniste L. M., W. Y. Busaba, W. J. Wilhelm, Jr., Price Stabilization as a Bonding Mechanism in New Equity Issues, Journal of Financial Economics, v. 42, no. 2, 1996, pp Benveniste L. M., W. Y. Busaba, W. J. Wilhelm, Jr., Information Externalities and the Role of Underwriters in Primary Equity Markets, Journal of Financial Intermediation, v. 11, 2002 (forthcoming). Benveniste L. M., S. M. Erdal, W. J. Wilhelm Jr., Who Benefits from Secondary Market Price Stabilization of IPOs? Journal of Banking & Finance, v. 22, nos. 6-8, 1998, pp Benveniste L. M., P. Spindt, How Investment Bankers Determine the Offer Price and Allocation of New Issues, Journal of Financial Economics, v. 24, no. 2, 1989, pp Benveniste, L..M., W. J. Wilhelm, A Comparative Analysis of IPO Proceeds Under Alternative Regulatory Environments, Journal of Financial Economics v. 28, no. 1-2, 1990, pp Benveniste, L. M.., W. J. Wilhelm, Initial Public Offerings: Going by the Book, Journal of Applied Corporate Finance, v. 10, no. 1, 1997, pp Bernanke, B., M. Gertler, Financial Fragility and Economic Performance, Quarterly Journal of Economics, v. 105, no. 1, 1990, pp Biais, B., A. M. Faugeron-Crouzet, IPO Auctions: English, Dutch,... French and Internet, Journal of Financial Intermediation, v. 11, 2002 (forthcoming). Black, B. S., R. J. Gilson, Venture Capital and the Structure of Capital Markets: Banks Versus Stock Markets, Journal of Financial Economics v. 47, no. 3, 1998, pp Boehmer, E., The Informational Content of Initial Public Offerings: A Critical Analysis of the Ownership-Retention Signalling Model, International Review of Financial Analysis, v. 2, no. 2, 1993, pp Booth, J. R., L. Chua, Ownership Dispersion, Costly Information, and IPO Underpricing, Journal of Financial Economics, v. 41, no. 2, 1996 pp Booth, J. R. Smith, Capital Raising, Underwriting and the Certification Hypothesis, Journal of Financial Economics, v. 15, 1986, pp Bower, N. L., Firm Value and the Choice of Offering Method in Initial Public Offerings, Journal of Finance, v. 44, no. 3, 1989, pp Bradley, D., B. Jordan, I. Roten, H-C. Yi, Venture Capital and IPO Lockup Expiration: An Empirical Analysis, Journal of Financial Research, v. 24, no. 4, Brau, J., An Empirical Analysis of the IPO Lockup Period, working paper, Brigham Young University, Brav, A., P. A. Gompers, Myth or Reality? The Long-Run Underperformance of Initial Public Offerings: Evidence from Venture and Nonventure Capital-Backed Companies, Journal of Finance, v. 52, no. 5, 1997, pp

3 Brav, A., P. A. Gompers, Insider Trading Subsequent to Initial Public Offerings: Evidence from Expirations of Lock-Up Provisions, Working paper, Harvard University, Brav, A., C. Geczy, P. A. Gompers, Is the Abnormal Return Following Equity Issuances Anomalous? Journal of Financial Economics, v. 56, no. 2, 2000, pp Brown, J. M., Post-Offering Experience of Companies Going Public, Journal of Business, v. 43, no. 1, 1970, pp Busaba, W. Y., L. M. Benveniste, R.-J. Guo, The Option to Withdraw IPOs During the Premarket: Empirical Analysis, Journal of Financial Economics, v. 60, no. 1, 2001, pp Cao, M., S. Shi, Publicity and Clustering of IPO Underpricing, Working Paper, Queen s Univ., Carow, K. A., Underwriting Spreads and Reputational Capital: An Analysis of New Corporate Securities, Journal of Financial Research, v. 22, no. 1, 1999, pp Carter, R. B., F. H. Dark, The Overallotment Option and Initial Public Offerings of Equity: Risks and Underwriter Prestige, Financial Management, v. 19, no. 3, 1990, pp Carter, R. B., F. H. Dark, A. K. Singh, Underwriter Reputation, Initial Returns, and the Long-Run Performance of IPO Stocks, Journal of Finance v. 53, no. 1, 1998, pp Carter, R., S. Manaster, Initial Public Offerings and Underwriter Reputation, Journal of Finance, v. 45, no. 4, 1990, pp Chalk, A. J., J. W. Peavy, III, Initial Public Offerings: Daily Returns, Offering Types and the Price Effect, Financial Analyst Journal, v. 43, no. 5, 1987, pp Chalk, A. J., J. W. Peavy, III, Understanding the Pricing of Initial Public Offerings. Research in Finance, v. 8, 1990, pp Chaney, P. K., C. M. Lewis, Income Smoothing and Underperformance in Initial Public Offerings, Journal of Corporate Finance, v. 4, no. 1, 1998, pp Chemmanur, T. J., The Pricing of Initial Public Offerings: A Dynamic Model with Information Production, Journal of Finance, v. 48, no. 1, 1993, pp Chemmanur, T. J., P. Fulghieri, Why Include Warrants in New Equity Issues? A Theory of Unit IPOs, Journal of Financial and Quantitative Analysis, v. 32, no. 1, 1997, pp Chemmanur, T. J., P. Fulghieri, A Theory of the Going-Public Decision, Review of Financial Studies, v. 12, no. 2, 1999, pp Chen, H-C, J. Ritter, The Seven Percent Solution, Journal of Finance, v, 55, no. 3, 2000, pp Cheung, C. S., I. Krinsky, Information Asymmetry and the Underpricing of Initial Public Offerings: Further Empirical Evidence, Journal of Business Finance And Accounting, v. 21, no. 5, 1994, pp Cho, S. I., The Possibility of Failure and the Pricing of Best Efforts Initial Public Offerings, Quarterly Review of Economics and Finance, v. 32, 1992, pp Cho, S. I., Who Failed to go Public with Best Efforts Initial Public Offerings, Journal of Small Business Finance, v. 3, 1993, pp Cho, S-I., A Model for IPO Pricing and Contract Choice Decision, Quarterly Review of Economics and Finance, v. 41, no. 3, 2001, pp Chowdhry, B., V. Nanda, Stabilization, Syndication, and Pricing of IPOs, Journal of Financial and Quantitative Analysis, v. 31, no. 1, 1996, pp Chua, L., A Reexamination of the Costs of Firm Commitment and Best Efforts IPOs, Financial Review, v. 30, no. 2, 1995, pp Clarkson, P. M., A. Dontoh, G. Richardson, S.E. Sefcik, The Voluntary Inclusion of Earnings Forecasts in IPO Prospectuses, Contemporary Accounting Research, v. 8, no. 2, 1992, pp Clarkson, P. M., The Underpricing of Initial Public Offerings Ex Ante Uncertainty, and Proxy Selection, Accounting and Finance, v. 34, no. 2, 1994, pp Clyde, P., P. Schultz, M. Zaman, Trading Costs and Exchange Delisting: The Case of Firms that Voluntarily Move From the American Stock Exchange to the Nasdaq, Journal of Finance, v. 52, no. 5, 1997, pp Conroy, R., J. S. Hughes, On the Observability of Ownership Retention by Entrepreneurs With Private Information in the Market for New Issues, Contemporary Accounting Research, v. 6, no. 1, 1989, pp Cooper, A., Challenges in Predicting New Firm Performance, Journal of Business Venturing, v. 8, 1993, pp Cooper, I. A., W. T. Carleton, Dynamics of Borrower-Lender Interaction: Partitioning Final Payoff in Venture Capital Finance, Journal of Finance, v. 34, 1979, pp Corwin, S. A., J. H. Harris, The Initial Listing Decisions of Firms that Go Public, Financial Management, v. 30, no. 1, 2001, pp

4 Courteau, L., Under-Diversification and Retention Commitments in IPOs, Journal of Financial and Quantitative Analysis, v. 30, no. 4, 1995, pp Cowan, A. R., R. B. Carter, F. H. Dark, A. K. Singh, Explaining the NYSE Listing Choices of NASDAQ Firms, Financial Management, v. 21, no. 4, 1992, pp Dandapani, K., R. Dossani, A. J. Prakash, M. A. Reside, Personal Taxes and the Underpricing of Initial Public Offerings, Managerial Decision Economics, v. 13, no. 4, 1992, pp Datar, S. M., G. A. Feltham, J. S. Hughes, The Role of Audits and Audit Quality in Valuing New Issues, Journal of Accounting and Economics, v. 14, no. 1, 1991, pp Davis, E. W., K. A. Yeomans, Market Discount on New Issues of Equity: The Influence of Firm Size, Method of Issue and Market Volatility, Journal of Business Finance and Accounting, v. 3, no. 4, 1976, pp Dawson, S. M., Initial Public Offer Underpricing: The Issuer's View--A Note, Journal of Finance, v. 42, no. 1, 1987, pp Denning, K. C., S. P. Ferris, G. Wolfe, IPO Underpricing, Firm Quality, And Subsequent Reissuance Activity, Journal of Small Business Finance, v. 2, no. 1, 1992, pp Dharan, B. G., D. L. Ikenberry The Long-Run Negative Drift of Post-Listing Stock Returns, Journal of Finance, v. 50, no. 5, 1995, pp Diltz, J. D., L. J. Lockwood, S. Min, Sources of Wealth Loss In New Equity Issues, Journal of Banking and Finance, v. 16, no. 3, 1992, pp Downes, D. H., R. Heinkel, Signaling and the Valuation of Unseasoned New Issues, Journal of Finance, v. 37, no. 1, 1982, pp Drake, P. D., M. R. Vetsuypens, IPO Underpricing and Insurance Against Legal Liability, Financial Management, v. 22, no. 1, 1993, pp Dunbar, C. G., The Use of Warrants as Underwriter Compensation in Initial Public Offerings, Journal of Financial Economics, v. 38, no. 1, 1995, pp Dunbar, C. G., Overallotment Option Restrictions and Contract Choice in Initial Public Offerings, Journal of Corporate Finance, v. 3, no. 3, 1997, pp Dunbar, C. G., Factors Affecting Investment Bank Initial Public Offering Market Share, Journal of Financial Economics, v. 55, no. 1, 2000, pp Eckbo, B. E., O. Norli, Leverage, Liquidity, and Long-Run IPO Returns, Working paper, Dartmouth College, Eckbo, B. E., R. W. Masulis, O. Norli, Seasoned Public Offerings: Resolution of the New Issues Puzzle, Journal of Financial Economics, v. 56, 2000, pp Ellis, K., R. Michaely, M. O Hara, When the Underwriter is the Market Maker: An Examination of Trading in the IPO Aftermarket, Journal of Finance, v. 55, no. 3, 2000, pp Feltham, G. A., J. S. Hughes, D. A. Simunic, 1991, Empirical Assessment of the Impact of Auditor Quality on the Valuation of New Issues, Journal of Accounting and Economics, v. 14, no. 4, 1991, pp Field, L. C., J. Karpoff, Takeover Defenses at IPO Firms, Working paper, Penn. State University, Field, L. C., G. Hanka, The Expiration of IPO Share Lockups, Journal of Finance, v. 56, no. 2, 2001, pp Firth, M., Entrepreneurial Shareholdings, Signalling, and the Valuation of Unseasoned New Issues, International Journal of Finance, v. 5, no. 1, 1992, pp Firth, M., A. Smith, Auditor Quality, Corporate Risk, and the Valuation of New Issues, Review of Quantitative Finance and Accounting, v. 5, no. 3, 1995, pp Francis, B. B., I. Hasan, The underpricing of Venture and Nonventure Capital IPOs: An Empirical Investigation, Journal of Financial Services Research, v. 19, nos. 2-3, 2001, pp Friedlan, J. M., Accounting Choices of Issuers of Initial Public Offerings, Contemporary Accounting Research, v. 11, no. 1, 1994, pp Fulghieri, P., T. Chemmanur, Investment Banker Reputation, Information Production, and Financial Intermediation, Journal of Finance, v. 49, no. 1, 1994, pp Gale, I., J. E. Stiglitz, The Informational Content of Initial Public Offerings, Journal of Finance, v. 44, no. 2, 1989, pp Garfinkel, J. A., IPO Underpricing, Insider Selling and Subsequent Equity Offerings: Is Underpricing a Signal of Quality? Financial Management, v. 22, no. 1, 1993, pp Gompers, P., J. Lerner, Conflict of Interest in the Issuance of Public Securities: Evidence from Venture Capital, Journal of Law and Economics, v. 42, 1999, pp Goody, B. K., J. Owen, Initial Public Offerings: An Equilibrium Model of Price Determination, Journal of Accounting, Auditing and Finance, v. 2, no. 3, 1987, pp

5 Gordon, M. J., J. Jin, Risk, Asymmetric Payoffs, And The Underpricing Of Initial Public Offerings, Research in Finance, v. 11, no. 1, 1993, pp Grammatikos, T., G. Papaloannou, Market Reaction to the NYSE Listings: Tests of the Marketability Gains Hypothesis, Journal of Financial Research, v. 9, 1986, pp Grinblatt, M., C. Y. Huang, Signalling and the Pricing of New Issues, Journal of Finance, v. 44, 1989, pp Guenther, A. S., The Pricing of Best Efforts New Issues, Journal of Finance, v. 47, no. 2, 1992, pp Guenther D. A., M. Willenborg, Capital Gains Tax Rates and the Cost of Capital for Small Business: Evidence From the IPO Market, Journal of Financial Economics, v. 53, no. 3, 1999, pp Habib, M. A., A. P. Ljungqvist, Underpricing and Entrepreneurial Wealth Losses in IPOs: Theory and Evidence, Review of Financial Studies, v, 14, no. 2, 2001, pp Halloran, M. J., L. F. Benton, R. V. Gunderson Jr., K. L. Kearney, J. del Calvo, Venture Capital and Public Offering Negotiation, Aspen Law and Business, v. 2, Englewood Cliffs, NJ, Hanley, K. W., The Underpricing of Initial Public Offerings and the Partial Adjustment Phenomenon, Journal of Financial Economics, v. 34, no. 2, 1993, pp Hanley, K. W., A. A. Kumar, P. J. Seguin, Price Stabilization in the Market for New Issues, Journal of Financial Economics, v. 34, no. 2, 1993, pp Hanley, K. W., W. J. Wilhelm, Jr., Evidence on the Strategic Allocation of Initial Public Offerings, Journal of Financial Economics v. 37, no. 2, 1995, pp Hansen, R. S., Do Investment Banks Compete in IPOs? The Advent of the 7% Plus Contract, Journal of Financial Economics, v. 59, no. 3, 2001, pp Hansen, R. S., B. Fuller, V. Janjigian, The Over-Allotment Option and Equity Financing Flotation Costs: An Empirical Investigation, Financial Management, v. 16, 1987, pp Hegde, S. P., R. E. Miller, Market-Making in Initial Public Offerings of Common Stocks: An Empirical Analysis, Journal of Financial and Quantitative Analysis, v. 24, no. 1, 1989, pp Hellman, T., M. Puri, Venture Capital and the Professionalization of Start-up Firms: Empirical Evidence, Journal of Finance, v. 57, no. 1. Helwege, J., N. Liang, Is There a Pecking Order? Evidence from a Panel of IPO Firms, Journal of Financial Economics, v. 40, no. 3, 1996, pp Helwege, J., N. Liang, Financing Growth after the IPO, Journal of Applied Corporate Finance, v. 8, no. 4, 1996, pp Hensler, D. A., R. C. Rutherford, T. M. Springer, The Survival of Initial Public Offerings in the Aftermarket, Journal of Financial Research, v. 20, no. 1, 1997, pp Houge, T., T. Loughran, G. Suchanek, X. Yan, Divergence of Opinion, Unvertainty, and the Quality of Initial Public Offerings, Financial Management, v. 30, no. 4, 2001, pp How, J. C. Y, J. S. Howe: Warrants in Initial Public Offerings: Empirical Evidence, Journal of Business, v. 74, no. 3, 2001, pp Hunt-McCool, J., S. C. Koh, B. B. Francis, Testing for Deliberate Underpricing in the IPO Premarket: A Stochastic Frontier Approach, Review of Financial Studies, f. 9, no. 4, 1996, pp Janice Y.C. How, J. Y. C., J. G. Low, Fractional Ownership And Underpricing: Signals Of IPO Firm Value? Pacific-Basin Finance Journal, v. 1, no. 1, 1993, pp Hughes, P. J., A. V. Thakor Litigation Risk, Intermediation, and the Underpricing of Initial Public Offerings, Review of Financial Studies, v. 5, no. 4, 1992, pp Hunt-McCool, J., S. C. Koh, B. B. Francis, Testing for Deliberate Underpricing in the IPO Premarket: A Stochastic Frontier Approach, Review of Financial Studies, v. 9, no. 4, 1996, pp Huntsman, B., J. P. Hoban, Jr., Investment in New Enterprise: Some Empirical Observations on Risk, Return, and Market Structure, Financial Management, v. 9, 1980, pp Ibbotson, R. G., Price Performance of Common Stock New issues, Journal of Financial Economics, v. 2, 1975, pp Ibbotson, R. G., J. L. Sindelar, J. R. Ritter, Initial Public Offerings, Journal of Applied Corporate Finance, 1988, pp Ibbotson, R. G., J. L. Sindelar, J. R. Ritter, The Market s Problems with the Pricing of Initial Public Offerings, Journal of Applied Corporate Finance, v. 7, 1994, pp Jain, B. A., The Underpricing Of 'Unit' Initial Public Offerings, Quarterly Review of Economics and Finance, v. 34, no. 3, 1994, pp Jain, B. A., O. Kini, The Post-Issue Operating Performance of IPO Firms, Journal of Finance, v. 49, no. 5, 1994, pp

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