Second time lucky? Withdrawn IPOs that return to the market

Journal of Financial Economics

Volumn 87, Issue 3, 2008, Pages 610-635

  Dunbar, Craig G ^a   Foerster, Stephen R ^a  

^a UNIVERSITY OF WESTERN ONTARIO   (Canada)

Author keywords

Investment bank reputation; IPOs; Return performance; Switching; Withdrawals

Indexed keywords

EID: 40849086517     PISSN: 0304405X     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jfineco.2006.08.007     Document Type: Article

References (33)

1. Akerlof G. The market for 'lemons': quality and the market mechanism. Quarterly Journal of Economics 84 (1970) 488-500
2. Barry C., Muscarella C., Peavy J., and Vetsuypens M. The role of venture capital in the creation of public companies: evidence from the going public process. Journal of Financial Economics 27 (1990) 447-471
3. Bates, T., Dunbar, C., 2002. Investment bank reputation, market power, and the pricing and performance of IPOs. Unpublished working paper. University of Arizona and University of Western Ontario.
4. Benveniste L., Ljungqvist A., Wilhelm W., and Yu X. Evidence of information spillovers in the production of investment banking services. Journal of Finance 58 (2003) 577-608
5. Benveniste L., and Spindt P. How investment bankers determine the offer price and allocation of new issues. Journal of Financial Economics 24 (1989) 343-361
6. Booth J., and Chua L. Ownership dispersion, costly information, and IPO underpricing. Journal of Financial Economics 41 (1996) 291-310
7. Booth J., and Smith R. Capital raising, underwriting and the certification process. Journal of Financial Economics 15 (1986) 261-281
8. Bradley D., and Jordan B. Partial adjustment to public information and IPO underpricing. Journal of Financial and Quantitative Analysis 37 (2002) 595-617
9. Busaba W., Benveniste L., and Guo R.-J. The option to withdraw IPOs during the premarket: empirical analysis. Journal of Financial Economics 60 (2001) 73-102
10. Carter R., Dark F., and Singh A. Underwriter reputation, initial returns, and the long-run performance of IPO stocks. Journal of Finance 53 (1998) 285-311
11. Carter R., and Manaster S. Initial public offerings and underwriter reputation. Journal of Finance 45 (1990) 1045-1067
12. Cho S.-I. The possibility of failure and the pricing of best-efforts initial public offerings. Quarterly Review of Economics and Finance 31 (1992) 30-45
13. Clarke J., Dunbar C., and Kahle K. Long-run performance and insider trading in completed and canceled seasoned equity offerings. Journal of Financial and Quantitative Analysis 36 (2001) 415-430
14. Daniel K. Discussion of "Why don't issuers get upset about leaving money on the table in IPOs?". Review of Financial Studies 15 (2002) 445-454
15. Dunbar C. The choice between firm-commitment and best-efforts offering methods in IPOs: the effect of unsuccessful offers. Journal of Financial Intermediation 7 (1998) 60-90
16. Dunbar C. Factors affecting investment bank initial public offering market share. Journal of Financial Economics 55 (2000) 3-41
17. Fama E., and French K. Industry costs of equity. Journal of Financial Economics 43 (1997) 153-193
18. Gompers P. Grandstanding in the venture capital industry. Journal of Financial Economics 42 (1996) 133-156
19. Grinblatt M., and Hwang C.-Y. Signalling and the pricing of new issues. Journal of Finance 44 (1989) 393-420
20. Hanley K. The underpricing of initial public offerings and the partial adjustment phenomenon. Journal of Financial Economics 34 (1993) 231-250
21. James C. Relationship-specific assets and the pricing of underwriter services. Journal of Finance 47 (1992) 1865-1885
22. Johnson J., and Miller R. Investment banker prestige and the underpricing of initial public offerings. Financial Management 17 (1988) 19-29
23. Krigman L., Shaw W., and Womack K. Why do firms switch underwriters?. Journal of Financial Economics 60 (2001) 245-284
24. Lerner J. Venture capitalists and the decision to go public. Journal of Financial Economics 35 (1994) 293-316
25. Loughran T., and Ritter J. Why don't issuers get upset about leaving money on the table in IPOs?. Review of Financial Studies 15 (2002) 413-443
26. Loughran T., and Ritter J. Why has IPO underpricing changed over time?. Financial Management 33 (2004) 5-37
27. Lowry M., and Schwert G.W. Is the IPO Pricing Process Efficient?. Journal of Financial Economics 71 (2004) 3-26
28. Megginson W., and Weiss K. Venture capitalist certification in initial public offerings. Journal of Finance 46 (1991) 879-903
29. Mikkelson W., and Partch M. Withdrawn security offerings. Journal of Financial and Quantitative Analysis 23 (1988) 119-133
30. Ritter J. The costs of going public. Journal of Financial Economics 19 (1987) 269-281
31. Seguin P., and Smoller M. Share price and mortality: an empirical evaluation of newly listed Nasdaq stocks. Journal of Financial Economics 45 (1997) 333-363
32. Titman S., and Wessels R. The determinants of capital structure choice. Journal of Finance 53 (1988) 1935-1974
33. Welch I. Sequential sales, learning, and cascades. Journal of Finance 47 (1992) 695-732