Private equity backed IPOs in UK

Author(s):

Mario Levis

Topic:
Finance
Industry:
Banking

In sharp contrast to the well established evidence of IPO aftermarket underperformance, the impact of venture capital and private equity backing on the subsequent performance of newly floated firms remains unresolved. I use a unique sample of private equity-backed IPOs during the period January 1992 to December 2004 to investigate the short and long run performance of venture capital-backed, private equity-backed buyouts and other IPOs in the London markets.

Updated: 22/09/2011
Comments:
Views: 4,453

Changes in block ownership in the London Stock Exchange

Author(s):

Meziane Lasfer

Topic:
Finance
Industry:
Banking

We analyze the time-series distribution of large blockholders and managerial ownership in the UK over the last decade.

Updated: 22/09/2011
Comments:
Views: 4,272

To trade or not to trade: the strategic trading of insiders around news announcements

Author(s):

Meziane Lasfer

Topic:
Finance
Industry:
Banking

In this paper, we provide evidence that insider buying is driven by the trade-off, while selling is primarily influenced by the deterring effect of the regulatory and reputation risks. We show that insiders strategically choose the amount of shares bought ahead of good news announcements.

Updated: 17/10/2012
Comments:
Views: 4,160

Why do companies lease their real estate assets?

Author(s):

Meziane Lasfer

Topic:
Finance
Industry:
Real Estate

This paper contrasts the costs and benefits of leasing, rather than owning, real estate assets.

Updated: 22/09/2011
Comments:
Views: 5,589

Does cross-listing mitigate insider trading?

Author(s):

Meziane Lasfer

Topic:
Finance
Industry:
Banking

This paper examines whether the increased legal and reputational constraints associated with cross-listing in the US reduces the propensity of insiders to trade on private information.

Updated: 22/09/2011
Comments:
Views: 4,048

Regression-based tests of the market pricing of accounting numbers: the Mishkin test and ordinary least squares

Author(s):

Arthur Kraft

 et al.
Topic:
Finance
Industry:
Banking

The test developed in Mishkin [1983] (hereafter, MT) is widely used to test the rational pricing of accounting numbers. However, contrary to the perception in the accounting literature, the exclusion of variables from the MT's forecasting and pricing equations leads to an omitted variables problem that affects inferences about the rational pricing of accounting variables.

Updated: 22/09/2011
Comments:
Views: 4,083

Dollar-weighted returns to stock investors: a new look at the evidence

Author(s):

Aneel Keswani

Topic:
Finance
Industry:
Banking

Dichev [2007. American Economic Review 97, 386-401], in an influential paper, examines the gap between the performance of major stock markets and the dollar-weighted performance of investors in these markets. He finds a significant gap of 1.3 percent per year for NYSE/AMEX and 1.5 percent internationally. We question these results.

Updated: 22/09/2011
Comments:
Views: 3,976

Mutual fund performance persistence and competition: a cross-sector analysis

Author(s):

Aneel Keswani

Topic:
Finance

Existing work on mutual fund performance persistence obtains diverse results, depending on the group of funds studied. We examine whether performance persistence within a peer group of competing mutual funds depends on the group's composition.

Updated: 22/09/2011
Comments:
Views: 4,545

Perpetual call options with non-tradability

Author(s):

Ashay Kadam

 et al.
Topic:
Finance
Industry:
Banking

We explicitly solve an optimal stopping problem related to the exercise of a perpetual American call option when the option holder cannot trade the underlying asset.

Updated: 22/09/2011
Comments:
Views: 4,105