The Expiration of IPO Share Lockups  

Oleh:

Field, Laura Casares ; Hanka, Gordon

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 56 no. 2 (2001), page 471-500.
Topik: ipo; initial public offerings; secuirites trading volume; insider trading; mathematical models; studies; securities analysis; venture capital rates of return
Fulltext: p 471.pdf (713.71KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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An examination of 1,948 share lockup agreements that prevent insiders from selling their shares in the period immediately after the initial public offering is presented. While lockups are in effect, there is little selling by insiders. When lockups expire, there is a permanent 40% increase in average trading volume, and a statistically prominent three-day abnormal return of -1.5%. The abnormal return and volume are much larger when the firm is financed by venture capital, and it is found that venture capitalists sell more aggressively than executives and other shareholders. Limited support is found for several hypotheses that may explain the abnormal return, but no complete explanation.

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