All Star Analyst Turnover Investment Bank Market Share And The Performance Of Initial Public Offerings
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All Star Analyst Turnover Investment Bank Market Share And The Performance Of Initial Public Offerings
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Author : Jonathan Clarke
language : en
Publisher:
Release Date : 2015
All Star Analyst Turnover Investment Bank Market Share And The Performance Of Initial Public Offerings written by Jonathan Clarke and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
The impact of all-star analyst turnover on initial public offering market share and the performance of initial public offerings is examined. Overall, we find that neither quot;winnersquot; nor quot;losersquot; in the battle for all-star analysts experience a significant change in market share. In order to offset the loss of a star analyst, investment banks become more aggressive by taking on more speculative deals. The banks gaining the all-stars also take on more speculative issuers. Although forecast accuracy increases following the arrival of a star, forecast optimism does not change, which suggests that analyst objectivity is not affected. Overall, the evidence is not consistent with the commonly held view that analysts have a significant impact on a bank's ability to attract IPO deal flow.
The Ipo Decision
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Author : Jason Draho
language : en
Publisher: Edward Elgar Publishing
Release Date : 2004-01-01
The Ipo Decision written by Jason Draho and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-01-01 with Business & Economics categories.
Annotation Initial public offerings (IPOs) garnered unprecedented positive attention in the 1990s for their spectacular returns and central role in entrepreneurial activity. Subsequent revelations of unscrupulous IPO allocation and promotion practices cast a less fa.
Journal Of Investment Management
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Author :
language : en
Publisher:
Release Date : 2006
Journal Of Investment Management written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Investment analysis categories.
Factors Affecting Investment Bank Initial Public Offering Market Share
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Author : Craig Gordon Dunbar
language : en
Publisher:
Release Date : 1997
Factors Affecting Investment Bank Initial Public Offering Market Share written by Craig Gordon Dunbar and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with categories.
Factors Affecting Investment Bank Initial Public Offering Market Share
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Author : Craig G. (Craig Gordon) Dunbar
language : en
Publisher: London : Richard Ivey School of Business, University of Western Ontario
Release Date : 1997
Factors Affecting Investment Bank Initial Public Offering Market Share written by Craig G. (Craig Gordon) Dunbar and has been published by London : Richard Ivey School of Business, University of Western Ontario this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with categories.
Initial Public Offerings A Synthesis Of The Literature And Directions For Future Research
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Author : Michelle Lowry
language : en
Publisher:
Release Date : 2018-02-28
Initial Public Offerings A Synthesis Of The Literature And Directions For Future Research written by Michelle Lowry and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-02-28 with Business & Economics categories.
The purpose of this monograph on conducting an Initial Public Offering (IPO) is to review the existing evidence and suggest areas where our understanding is less complete of the process and would benefit from further research.
A Survey Of The European Ipo Market
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Author :
language : en
Publisher: CEPS
Release Date : 2006
A Survey Of The European Ipo Market written by and has been published by CEPS this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
The Global Settlement All Star Analyst Departures And Their Impact On The Capital Markets
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Author : Xin Wu Mahaney-Walter
language : en
Publisher:
Release Date : 2015
The Global Settlement All Star Analyst Departures And Their Impact On The Capital Markets written by Xin Wu Mahaney-Walter and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
The Global Research Analyst Settlement prohibited twelve large investment banks from tying equity analysts' compensation to investment banking revenues, causing a large number of Institutional Investor "all-star" analysts to exit the sell-side industry. Using a difference-in-differences specification, I find that the departure of all-stars caused their bank-industry underwriting groups to lose equity issuance market share. Market share losses were more severe for IPOs than for IPOs and follow-on underwritings combined. The higher the average quality of all-stars in a bank-industry, the more severe were the bank-industry's losses. Additionally, the departure of all-stars raised the cost of equity capital for IPOs underwritten by their bank-industry groups, particularly for IPOs that were more difficult to value. Ultimately, the loss of sell-side research talent, an unintended consequence of regulation, forced issuers to accept research coverage of inferior quality, raising the cost of obtaining public capital.
The Role Of Investment Banker Reputation In Initial Public Offerings
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Author : Yan Xie
language : en
Publisher:
Release Date : 2002
The Role Of Investment Banker Reputation In Initial Public Offerings written by Yan Xie and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Bankers categories.
The certification role of investment banks in the initial public offering (IPO) market has been well documented. Extant literature reports a negative relationship between the prestige of the investment banker and both the first-day price run-up (Carter and Manaster (1990) and long run performance of IPOs (Michaely and Shaw (1994)). However, the robustness of this relationship under different market conditions, particularly in times of greater uncertainty and increased market volatility, has not been tested. Using data on U.S. IPOs from 1996 to 2000, a "historical period" in the stock market, this paper addresses the following three research questions: (1) Do previous findings with respect to the relationship between investment banker prestige and performance of IPOs continue to hold in the "NASDAQ bubble" era? (2) Which issuer characteristics influence a prestigious investment banker's decision to underwrite an individual IPO in a hot issue market? (3) Does the choice of a reputable investment banker to underwrite the IPO help the issuing firm to reduce other costs, such as liquidity costs, associated with its IPO?
Financial Gatekeepers
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Author : Yasuyuki Fuchita
language : en
Publisher: Brookings Institution Press
Release Date : 2007-02-01
Financial Gatekeepers written by Yasuyuki Fuchita and has been published by Brookings Institution Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-02-01 with Business & Economics categories.
Developed country capital markets have devised a set of institutions and actors to help provide investors with timely and accurate information they need to make informed investment decisions. These actors have become known as "financial gatekeepers" and include auditors, financial analysts, and credit rating agencies. Corporate financial reporting scandals in the United States and elsewhere in recent years, however, have called into question the sufficiency of the legal framework governing these gatekeepers. Policymakers have since responded by imposing a series of new obligations, restrictions, and punishments—all with the purpose of strengthening investor confidence in these important actors. F inancial Gatekeepers provides an in-depth look at these new frameworks, especially in the United States and Japan. How have they worked? Are further refinements appropriate? These are among the questions addressed in this timely and important volume. Contributors include Leslie Boni (University of New Mexico), Barry Bosworth (Brookings Institution), Tomoo Inoue (Seikei University), Zoe-Vonna Palmrose (University of Southern California), Frank Partnoy (University of San Diego School of Law), George Perry (Brookings Institution), Justin Pettit (UBS), Paul Stevens (Investment Company Institute), Peter Wallison (American Enterprise Institute)