The Australian Securities and Investments Commission’s New Immunity Policy:...
In 2021, the Australian Securities and Investments Commission (ASIC) launched an immunity policy for certain market misconduct offenses, including insider trading and market manipulation. The ASIC...
View ArticleComments to the SEC on its Proposed Rule on Beneficial Ownership
The following post summarizes a comment letter to the SEC on its proposed rule to shorten the required filing time for disclosing the acquisition of more than five percent equity share in a public...
View ArticleOf standards and technology: ISDA and technological change in the OTC...
There is no lack of interest in new technologies such as distributed ledger technology (DLT) or smart contract technology (SCT). For enthusiasts, DLT and SCT are full of promise. Thanks to technology,...
View ArticleThe Media Goes Where They’re Needed: The Relation between Firms’ Investor...
The financial media provides information to investors by monitoring firms for malfeasance, such as fraud and excessive CEO pay (Miller, 2006; Core, Guay, and Larcker, 2008). The media also helps...
View ArticleSecondary markets and the power of the enforcement of insider trading laws
To facilitate small and high growth firms in need of finance, the London Stock Exchange (LSE) introduced a secondary market, the Alternative Investment Market (AIM), in 1995. The AIM is a lightly...
View ArticleThird-Party Litigation Finance and Public Capital Markets: The Case of the...
Imagine a company that invests in a portfolio of long-term financial assets. This company’s asset portfolio is, relative to the asset management industry, highly concentrated—a circumstance which...
View ArticleSPACs’ Directors Network: Conflicts of Interest, Compensation, and Competition
Special Purpose Acquisition Company (SPAC) IPO volumes have surged in recent years (Figure 1). In 2020-2021, SPAC’s IPO volume reached more than $200 billion. Merging with a SPAC has become an...
View ArticleThe IPO Overpricing Phenomenon – Debunking the Determinants of Negative...
The management board of a company rings the bell on the stock exchange floor in an evocative manner. Trading on the stock exchange has finally begun following months of the issuing process. But does...
View ArticleSecurity Issuance, Institutional Investors and Quid Pro Quo: Insights from...
Why is it So Costly to Go Public? The average first-day returns to investors of initial public offerings (“IPOs”) in the U.S. is 19%. These returns are even higher elsewhere, such as in China. For...
View ArticleLong-Run IPO Performance and the Role of Venture Capital
IPOs only offer a partial exit to Venture Capitalists (VCs). When a VC-backed company goes public, the VC typically refrains from selling all shares at the IPO. Due to the high levels of information...
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