This essay examines market liquidity and underpricing of initial public offerings (IPOs) in the wake Chi- Next board's financial reform June 2020. The results show that IPO has grown improved since reform. channel by which affects can be explained investor sentiment. impact on also other firm-level characteristics, such as leverage firm life cycle.

When asset returns are normally distributed the risk of an asset over a long return interval may be estimated by scaling the risk from shorter return intervals. While it is well known that asset returns are not normally distributed a key empirical question concerns the effect that scaling the volatility of dependent processes will have on the pricing of related financial assets. This study prov...

This paper analyses if the proximity to financial centres affects costs and benefits to go public. First was tested, in the Italian case, the hypothesis that distance has a negative effect on the decision of a firm to go public. To this aim, we have compared firms which decided, during 1995-2004 period, to list to the Italian stock exchange with those not listed despite meeting the listing requ...

At the time of an initial public offering, shares in a firm are typically held by venture capitalists, insiders, corporate investors, and angel investors. We examine the role of angel investors in the IPO process. We find that angel investors provide equity capital in industries that venture capitalists are less likely to serve and that shareholders in angel backed IPO firms are more likely to ...