Prop Ups During Lockups

Jens Martin
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引用次数: 6

Abstract

The end of the lockup period for initial public offerings generally constitutes the first time corporate insiders sell significant numbers of shares on the market. I test the hypothesis that shareholders pressure analysts to support the share price until the end of the lockup period. In a sample of U.S. initial public offerings from 1996 to 2006, I find that analysts issue overly optimistic recommendations until the end of the lockup period. Furthermore, I find a significant downward revision of recommendations for the whole sample of firms as soon as the lockup period ends.
锁锁期间的道具
首次公开发行(ipo)的锁定期结束,通常意味着公司内部人士首次在市场上出售大量股票。我检验了一个假设,即股东向分析师施压,要求他们在禁售期结束前支持股价。在1996年至2006年的美国首次公开募股(ipo)样本中,我发现分析师在禁售期结束前都会给出过于乐观的建议。此外,我发现,一旦禁售期结束,整个样本公司的建议都大幅下调。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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