10/31/2023 0 Comments Lock up expiration![]() Harrison Hong & Jose Scheinkman & Wei Xiong, 2005.ġ1367, National Bureau of Economic Research, Inc.Journal of Finance, American Finance Association, vol. Harrison Hong & José Scheinkman & Wei Xiong, 2006.Journal of Management Studies, Wiley Blackwell, vol. " Looking Attractive until You Sell: Earnings Management, Lockup Expiration, and Venture Capitalists," Dae-il Nam & Haemin Dennis Park & Jonathan D.Journal of Multinational Financial Management, Elsevier, vol. " IPO lockup expiration in the Middle East and North Africa," Hakim, Tatiana & Lypny, Gregory & Bhabra, Harjeet S., 2012." Initial Public Offerings and Underwriter Reputation," Carter, Richard B & Manaster, Steven, 1990.Managerial Finance, Emerald Group Publishing, vol. " Ownership dilution and earnings management: evidence from Indian IPOs," Priyesh Valiya Purayil & Jijo Lukose P.J., 2019.Research in International Business and Finance, Elsevier, vol. " The dynamics of earnings management in IPOs and the role of venture capital," de Carvalho, Antonio Gledson & Pinheiro, Roberto B." The Informational Content of Initial Public Offerings,"ģ259, National Bureau of Economic Research, Inc. The review is worth reading and targeted toward academic researchers, decision-makers in firms, policymakers, and investors in general. In line with this, we attempt to focus on the direction which extant literature has built upon thereafter, we specify directions for future research. We aim to minimize the recycled research in the field of IPO lock-ups and help researchers produce meaningful and novel research. The fifth theme discusses several exit strategies applied by locked insiders for a profitable exit on lock-up expiration. ![]() In line with the wealth maximization objective, insiders of the firm tend to profitable exit. Fourth, we throw light on the factors explaining these anomalous negative share price reactions around unlock events. We also discuss the macro-level effect of lock-up expiration linked to the crash of internet stocks. Third, we synthesize the literature on change in the market microstructure concerning the change in share prices, bid-ask spread, trading volume, and short selling activity around the IPO lock-up expiration. Second, we discuss the motives served through IPO lock-up, including signaling solution, firm commitment, and earnings forecast credibility. ![]() First, we discuss three types of lock-up settings across the globe and the changing role of the decision-makers in varying settings. Based on a rigorous reiterative systematic review, our study sub-divides lock-up literature into five major themes. We synthesize the theories and findings in the IPO lock-up literature. IPO lock-up has enormous implications in the real business world, and research on IPO lock-up is extremely broad. Initial public offering (IPO) lock-up is a bonding mechanism that restricts pre-IPO shareholders and insiders from selling a specific percentage of the shares over a stipulated period after the IPO.
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