Suchergebnisse

AbstractIn this paper, we investigate the initial public offering (IPO) first‐day returns. Our focus is to examine the irrational component of the agent behavior towards IPO lotteries. Based on 234 French IPOs performed between 2002 and 2012, we find that IPOs with high initial returns have higher idiosyncratic skewness, turnover and momentum. This finding provides empirical evidence for investors' preference for stocks with lottery‐like features and investor sentiment. In addition, we show that the skewness preference and the investor sentiment effect are stronger during periods of favorable market conditions. Our results are robust to the integration of uncertainty underlying factors.

The first day of class has always presented something of a dilemma for me, and the contribution offered here is a suggestion for dealing with the first day of an Introduction to Politics course. This class centers around a lone textbook (Magstadt and Schotten's Understanding Politics, St. Martin's Press) and is designed to introduce government majors and nonmajors alike to the broad range of questions examined by political scientists. In this respect the course is similar to any number of other introduction courses, and colleagues tell me that they have been able to use a variant of the idea presented here in their own introductions to Sociology, Criminal Justice, or History.

"She was born in 1930 in El Paso and grew up on a cattle ranch in Arizona. At a time when women were expected to be homemakers, she set her sights on Stanford University. When she graduated near the top of her class at law school in 1952, no firm would even interview her. But Sandra Day O'Connor's story is that of a woman who repeatedly shattered glass ceilings--doing so with a blend of grace, wisdom, humor, understatement, and cowgirl toughness. She became the first-ever female majority leader of a state senate. As a judge on the Arizona State Court of Appeals, she stood up to corrupt lawyers and humanized the law. When she arrived at the Supreme Court, appointed by Reagan in 1981, she began a quarter-century tenure on the court, hearing cases that ultimately shaped American law. Diagnosed with cancer at fifty-eight, and caring for a husband with Alzheimer's, O'Connor endured every difficulty with grit and poise. Women and men today will be inspired by how to be first in your own life, how to know when to fight and when to walk away, through O'Connor's example. This is a remarkably vivid and personal portrait of a woman who loved her family and believed in serving her country, who, when she became the most powerful woman in America, built a bridge forward for the women who followed her"--

AbstractWe examine seasoned equity offering (SEO) initial‐day returns after controlling for the dilution effect from the SEO discount and new shares offered. Contrary to the existing literature that ignores the effect of dilution, we find that initial‐day returns are not consistently positive. Modeling adjusted initial‐day returns, we show that dilution‐adjusted initial‐day returns respond to partial price adjustments reflecting both private and public information. Additional determinants of SEO offer‐day returns include lockup length, discount reversal, prior operating performance, and underwriter reputation. Long‐run tests reveal that adjusted initial‐day returns are not predictive of postissuance long‐term performance.