The DOI matches its Crossref record; 37 of the 37 references it cites were found in a registry or an index.
The Role of Lockups in Initial Public Offerings
Abstract
In a sample of 2,794 initial public offerings (IPOs), we test three potential explanations for the existence of IPO lockups: lockups serve as (i) a signal of firm quality, (ii) a commitment device to alleviate moral hazard problems, or (iii) a mechanism for underwriters to extract additional compensation from the issuing firm. Our results support the commitment hypothesis. Insiders of firms that are associated with greater potential for moral hazard lockup their shares for a longer period of time. Insiders of firms that have experienced larger excess returns, are backed by venture capitalists, or go public with high-quality underwriters are more likely to be released from the lockup restrictions.
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Citations
Cites
Corporate financing and investment decisions when firms have information that investors do not have
Myers, S. C., & Majluf, N. S. (1984) · Journal of Financial Economics · doi:10.1016/0304-405x(84)90023-0 · Cited by 18,957
Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have
Myers, S., & Majluf, N. (1984) · doi:10.3386/w1396 · Cited by 6,745
INFORMATIONAL ASYMMETRIES, FINANCIAL STRUCTURE, AND FINANCIAL INTERMEDIATION
Brealey, R., Leland, H. E., & Pyle, D. H. (1977) · The Journal of Finance · doi:10.1111/j.1540-6261.1977.tb03277.x · Cited by 4,055
Informational Asymmetries, Financial Structure, and Financial Intermediation
Leland, H. E., & Pyle, D. H. (1977) · The Journal of Finance · doi:10.2307/2326770 · Cited by 3,760
Initial Public Offerings and Underwriter Reputation
CARTER, R., & MANASTER, S. (1990) · The Journal of Finance · doi:10.1111/j.1540-6261.1990.tb02426.x · Cited by 2,441
A Review of IPO Activity, Pricing, and Allocations
Ritter, J. R., & Welch, I. (2002) · The Journal of Finance · doi:10.1111/1540-6261.00478 · Cited by 2,408
Venture Capitalist Certification in Initial Public Offerings
MEGGINSON, W. L., & WEISS, K. A. (1991) · The Journal of Finance · doi:10.1111/j.1540-6261.1991.tb03770.x · Cited by 2,315
Do Demand Curves for Stocks Slope Down?
SHLEIFER, A. (1986) · The Journal of Finance · doi:10.1111/j.1540-6261.1986.tb04518.x · Cited by 1,521
Underwriter Reputation, Initial Returns, and the Long‐Run Performance of IPO Stocks
Carter, R. B., Dark, F. H., & Singh, A. K. (1998) · The Journal of Finance · doi:10.1111/0022-1082.104624 · Cited by 1,508
Seasoned Offerings, Imitation Costs, and the Underpricing of Initial Public Offerings
WELCH, I. (1989) · The Journal of Finance · doi:10.1111/j.1540-6261.1989.tb05064.x · Cited by 1,393
Cited by
Initial Public Offerings: An Analysis of Theory and Practice
BRAU, J. C., & FAWCETT, S. E. (2006) · The Journal of Finance · doi:10.1111/j.1540-6261.2006.00840.x · Cited by 837
Contracts and Exits in Venture Capital Finance
Cumming, D. (2008) · Review of Financial Studies · doi:10.1093/rfs/hhn072 · Cited by 559
Bruton, G. D., Filatotchev, I., Chahine, S., & Wright, M. (2010) · Strategic Management Journal · doi:10.1002/smj.822 · Cited by 443
Investment Banking and Securities Issuance
Ritter, J. R. (2003) · Handbook of the Economics of Finance · doi:10.1016/s1574-0102(03)01009-4 · Cited by 388
Metadata
- Authors
- Brav, A., & Gompers, P. A.
- Venue
- Review of Financial Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 2003-01
- Volume
- 16
- Issue
- 1
- Pages
- 1-29
- ISSN
- 0893-9454 (ISSN-L)
- 1465-7368
- OpenAlex
- W2029658985
- Cited by
- 397
- References
- 37
- FWCI
- 59.68
- Type
- journal article
- Language
- en
- Open access
- closed
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Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
