The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.
The Expiration of IPO Share Lockups
Open accessAbstract
We examine 1,948 share lockup agreements that prevent insiders from selling their shares in the period immediately after the IPO (typically 180 days). While lockups are in effect, there is little selling by insiders. When lockups expire, we find a permanent 40 percent increase in average trading volume, and a statistically prominent three‐day abnormal return of −1.5 percent. The abnormal return and volume are much larger when the firm is financed by venture capital, and we find that venture capitalists sell more aggressively than executives and other shareholders. We find limited support for several hypotheses that may explain the abnormal return, but no complete explanation.
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Cites
Valuation effects of security offerings and the issuance process
Mikkelson, W. H., & Partch, M. M. (1986) · Journal of Financial Economics · doi:10.1016/0304-405x(86)90049-8 · Cited by 1,213
The role of venture capital in the creation of public companies
Barry, C. B., Muscarella, C. J., Peavy, J. W., & Vetsuypens, M. R. (1990) · Journal of Financial Economics · doi:10.1016/0304-405x(90)90064-7 · Cited by 1,167
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
Economic Determinants of Audit Committee Independence
Klein, A. (2002) · The Accounting Review · doi:10.2308/accr.2002.77.2.435 · Cited by 624
A Review of IPO Activity, Pricing and Allocations
Ritter, J. R., & Welch, I. (2002) · SSRN Electronic Journal · doi:10.2139/ssrn.296393 · Cited by 466
Metadata
- Authors
- Field, L. C., & Hanka, G.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2001-04
- Volume
- 56
- Issue
- 2
- Pages
- 471-500
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W3124787240
- Cited by
- 496
- References
- 2
- FWCI
- 42.47
- Type
- journal article
- Language
- en
- Open access
- green
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