haku: @author Nowak, E. / yhteensä: 4
viite: 3 / 4
| Tekijä: | Nowak, E. Gropp, A. |
| Otsikko: | Ist der Ablauf der Lock-up-Frist bei Neuemissionen ein kursrelevantes Ereignis? |
| Lehti: | Schmalenbachs Zeitschrift für Betriebswirtschaftliche Forschung
2002 : FEB, VOL. 54:1, p. 19-45 |
| Asiasana: | SHARE PRICES INITIAL PUBLIC OFFERINGS GERMANY STOCK RETURNS |
| Kieli: | ger |
| Tiivistelmä: | This paper explores the stock price impact of expirations of lock-up provisions. These prevent insiders from selling their shares after the initial public offering (IPO) within the lock-up period. The authors examine the lock-up agreements of 142 IPOs floated on Germany's New Market. Since the date of the lock-up expiration is common knowledge at the IPO, the authors would not expect to find abnormal stock returns surrounding the event day, assuming that markets are informationally efficient. However, using an event-study methodology the authors detect statistically significant negative abnormal stock returns and a twenty-five percent increase in trading volume surrounding lock-up expiration (original in German). |
SCIMA