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IPO lockups, long run returns, and growth opportunities

Haman, J, Chalmers, K and Fang, Victor 2017, IPO lockups, long run returns, and growth opportunities, Journal of international financial markets, institutions and money, vol. 49, pp. 1-16, doi: 10.1016/j.intfin.2017.05.002.

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Title IPO lockups, long run returns, and growth opportunities
Author(s) Haman, J
Chalmers, K
Fang, Victor
Journal name Journal of international financial markets, institutions and money
Volume number 49
Start page 1
End page 16
Total pages 16
Publisher Elsevier
Place of publication Amsterdam, The Netherlands
Publication date 2017-07
ISSN 1042-4431
Keyword(s) IPO
lockups
long run returns
growth opportunities
corporate governance
Social Sciences
Business, Finance
Economics
Business & Economics
And corporate governance
INITIAL PUBLIC OFFERINGS
OPERATING PERFORMANCE
INVESTMENT BANKING
FIRM PERFORMANCE
MANAGEMENT
EXPIRATION
REPUTATION
MARKET
AGREEMENTS
Summary Evidence suggests that IPO firms have negative returns and declining growth opportunities in the years post listing. We explore whether lockup type influences such returns and growth opportunities. Specifically, we investigate long run returns and growth opportunities of mandatory and non-mandatory lockup firms. We find that long run returns (growth opportunities) for mandatory lockup firms are significantly lower (higher) than for non-mandatory lockup firms. Examining the influence of corporate governance on these associations, we find that good corporate governance is positively associated with long run returns for both lockup type firms, with the differential effect insignificant. We also find that the listing survival rate of mandatory lockup firms is higher than for non-mandatory lockup firms. Further analysis reveals that the incremental effect of smaller firm size on higher growth opportunities is stronger for mandatory lockup firms relative to non-mandatory lockup firms.
Language eng
DOI 10.1016/j.intfin.2017.05.002
Field of Research 1502 Banking, Finance And Investment
1402 Applied Economics
HERDC Research category C1.1 Refereed article in a scholarly journal
Copyright notice ©2017, Elsevier
Persistent URL http://hdl.handle.net/10536/DRO/DU:30096952

Document type: Journal Article
Collection: Department of Finance
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