We examine IPO underpricing, valuation, and wealth allocation in relation to investor sentiment, information asymmetry, and underwriter reputation. We find that underpricing is significantly higher for overvalued IPOs than for undervalued IPOs, and is positively correlated to investor sentiment. Information asymmetry is also positively correlated to the magnitude of underpricing but only for un...

PURPOSE We aimed to clearly visualize heterogeneous distribution of hypoxia-inducible factor 1α (HIF) activity in tumor tissues in vivo. METHODS We synthesized of (125)I-IPOS, a (125)I labeled chimeric protein probe, that would visualize HIF activity. The biodistribution of (125)I-IPOS in FM3A tumor-bearing mice was evaluated. Then, the intratumoral localization of this probe was observed by ...

This study examines the relationship between investor demand for IPOs prior to offerings and aftermarket performance of IPO firms during the period from 1993 to 1997 in the Hong Kong stock market. The paper finds that the IPOs with high investor demand have large positive initial returns but negative longer-run excess returns, while the IPOs with low investor demand have negative initial return...

This research investigates the relationship between lockup decision and post-IPO underperformance, a relationship that has not yet been empirically examined. Three main results are reached. First, the stock performance of IPOs with lockup declines significantly after lockup expired. Specifically, relative to period before lockup expiration and to firms without lockup, firms with lockup signific...

This study aims to answer to three different questions. First, whether we could observe the short-term abnormal return anomaly or the long-term underperformance in the IPOs of a small economy. Second, if these anomalies exist, whether they are distinct when ownership categories (private versus state owned) are compared. And third, if these categories show different patterns, i. e., whether priv...

BACKGROUND To expand our clinical and scientific knowledge about holistic outcomes within palliative care, there is a need for agreed-upon patient-reported outcome measures. These patient-reported outcome measures then require translation and cultural adaptation, either from country-specific languages to English, or the other way around. The aim of this study was to translate and cross-cultural...

In this study, we examine the relation between pre-offering demand and aftermarket performance of IPO firms in the Hong Kong stock market. We find that IPOs with high investor demand realize large positive initial returns but negative long-run excess returns, while IPOs with low investor demand realize negative initial returns but positive long-run excess returns. This result suggests that (1) ...

Reputation of a venture capitalist (VC) is based on experience, expertise and past performance. We investigate the relation between VC reputation measures and both the probability of future IPOs and their long-run performance. We measure long-run firm performance following three widely used approaches, namely industry-adjusted operating performance, market-to-book ratio, and long-run listing su...

There is a general perception that the large trading volume in initial public offerings is mostly due to ‘‘flippers’’ that are allocated shares in the offering and immediately resell them. On average, however, flipping accounts for only 19% of trading volume and 15% of shares offered during the first two days of trading. Institutions do more flipping than retail customers and hot IPOs are flipp...

We examine the evidence from the long-run abnormal returns using data for 76 health care and biopharmaceutical initial public offerings (IPOs) listed in a 29-year period between 1986 and 2014 in the Association of Southeast Asian Nations (ASEAN) countries such as Indonesia, Malaysia, Singapore, Thailand, the Philippines, Vietnam, Myanmar, and Laos. Based on the event-time approach, the 3-year s...