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: 5,392

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: 5,278

Taxes and ex-day returns: evidence from Germany and the UK

Author(s):

Meziane Lasfer

Topic:
Accounting
Industry:
Banking

This study was based on an analysis of the tax systems and tax reforms in Germany and the UK and tested the hypothesis that ex-day returns are related to each country's tax differential between dividends and capital gains.

Updated: 21/10/2011
Comments:
Views: 4,711

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: 4,951

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: 4,839

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: 4,898

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: 4,833

An overview of the issues surrounding stock market volatility

Author(s):

Elena Kalotychou

Topic:
Finance
Industry:
Banking

The current chapter provides an overarching review of the equity market volatility, covering areas that have caught the attention of practitioners and academics alike.

Updated: 22/09/2011
Comments:
Views: 4,916

IPO lockup arrangements and trading by insiders

Author(s):

Meziane Lasfer

Topic:
Finance
Industry:
Banking

We document that the average lockup of 365 days in the UK is higher than the US 180 days and many insiders trade within the lockup period. We find that prestigious underwriters and underwriter power (longer lockup) drive their trades.

Updated: 02/12/2014
Comments: 2
Views: 6,528