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| Author: | Casares Field, L. Hanka, G. |
| Title: | The expiration of IPO share lockups |
| Journal: | Journal of Finance
2001 : APR, VOL. 56:2, p. 471-500 |
| Index terms: | INITIAL PUBLIC OFFERINGS SHARES |
| Language: | eng |
| Abstract: | The authors examine 1948 share lockup agreements that prevent insiders from selling their shares in the period immediately after the IPO (typically 180 days). While lockups are in effect, there is little selling by insiders. When lockups expire, a permanent 40 percent increase in average trading volume, and a statistically prominent three-day abnormal return -1,5 percent can be found. |
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