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Full-Text Articles in Finance and Financial Management
An International Survey Of Free Banking Periods: Us, California, France, Australia, Switzerland, And Scotland, Frank Doti, David Cassell
An International Survey Of Free Banking Periods: Us, California, France, Australia, Switzerland, And Scotland, Frank Doti, David Cassell
Economics Faculty Articles and Research
This article studies free banking periods worlwide.
Reverse Lbo Underpricing: Information Asymmetry Or Price Support, Gregory Noronha, Kenneth Yung
Reverse Lbo Underpricing: Information Asymmetry Or Price Support, Gregory Noronha, Kenneth Yung
Finance Faculty Publications
Most studies attribute the underpricing of initial public offerings of equity securities to the ex ante uncertainty resulting from the information differential between the firm going public and the market. Ruud (1991, 1993), however, proposes that underpricing could result from underwriter price support in the early after-market. A paper examines firms that were once public, went private via leveraged buyout, and then went public again. It is reasonable to expect that since these reverse LBOs (RLBO) were once publicly traded, they should have less of an information differential with the market than firms going public for the 1st time. Tests …