Are low demand IPOs underpriced evidence from biotech IPOs

... characteristics of low- demand IPOs that are underpriced. We divide low- demand IPOs into two groups, based on whether initial return is positive. Low- demand IPOs that are underpriced have, on ... Using a sample of 557 biotech IPOs over the 1990-2004 period, we show that more of IPOs are low- demand IPOs rather than high -demand IPOs. The higher propo...

Ngày tải lên: 03/06/2014, 00:52

... Laurent Weill Are private banks more efficient than public banks? Evidence from Russia 10 zation does not immediately improve efficiency, while foreign banks are substantially ... The share in ruble-denominated retail deposits is even higher - over 70%. Alexei Karas, Koen Schoors and Laurent Weill Are private banks more efficient than public banks? Eviden...

Ngày tải lên: 16/02/2014, 10:20

... deal with loan demand from corporations and four with demand from households. Finally, banks can also give free-formatted comments in response to an open-ended question. 23 The Euro Area results ... related to the demand for loans; however, in non-reported regressions we control using the loan demand answers. The results are qualitatively similar. 12 Following for instanc...

Ngày tải lên: 06/03/2014, 14:20

... post-January 1, 1986. Standard errors are in parentheses and t-statistics are in square brackets. and time-series correlation into the estimation. The GLS estimates are presented in Table 4. 16 If ... short-term bonds are added to the sample in 1984–1985 to supplement the sample’s short maturities. In addition, prerefunded transaction prices from J. J. Kenny’s interdealer broker ar...

Ngày tải lên: 15/03/2014, 03:20

... coefficients are reported in Table 6. Table 6: Gasoline price coefficients from used car transaction share specification Fuel Economy Coefficient SE Mean share % Change in share MPG Quartile 1 (lowest fuel ... elasticities of demand ranging from −2 to −5. Finally, the three columns use estimates of vehicle miles travelled from NHTSA, from the used car transactions in our data, and from...

Ngày tải lên: 23/03/2014, 10:20

... 2005), our evidence suggests excessive risk-taking when short-term rates are low, as compared to a situation with low agency problems in the banking sector. 35 All in all, we find that low short-term ... deducted from capital? Are unrealized losses in securities portfolios deducted? Are unrealized foreign exchange losses deducted? What fraction of revaluation gains is all...

Ngày tải lên: 29/03/2014, 13:20

... large companies are more responsive to environmental regulation and the reasons given for this phenomenon are that large companies are more exposed to the public eye, and that they are able to ... change in consideration to the competitiveness are stakeholders’ demand (from customers, suppliers, green groups, environmental legislatures etc.). Also are there internal pressur...

Ngày tải lên: 24/08/2013, 18:48

... suffered from an intensively sheared and metamorphosed during the collision of Indian with Eurasian plates. The published radiochronological data indicated that the cooling age took place from ... in order to separate rare earth elements (REE), followed by Sm and Nd separation using anionic polyteflon HDEHP LN-B50-A (100-200µm) resin. Nd and Sm were separated from the solution by...

Ngày tải lên: 13/02/2014, 12:20

... It therefore matters whether the total leaf area is arranged in a wide crown, giving a low leaf-area index (LAI) ( 5 area of leaf/area of canopy, low LAI means little shading of leaves); or in ... leaves and lower emissions). The crown area and the total leaf area of each tree specify the spatial distribution of leaf area. There are two major uncertainties in this approach: both crown a...

Ngày tải lên: 14/02/2014, 08:20