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| Author: | Hill, P. Hillier, D. |
| Title: | Market feedback, investment constraints, and managerial behavior |
| Journal: | European Financial Management
2009 : JUN, VOL. 15:3, p. 584-605 |
| Index terms: | financing initial public offerings investment management behaviour |
| Language: | eng |
| Abstract: | The joint role of market feedback and investment constraints on managerial behaviour are examined in this paper. A sample of UK fixed price initial public offerings is used to show that underperformance of share returns at he IPO significantly affects managerial investment decisions in the period after the offering. Companies with better investment opportunities and proportionately lower fixed (higher intangible) assets are more sensitive to negative market feedback. |
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