The Structure and Role of the Underwriting Syndicate

2018 ◽  
pp. 389-411
Author(s):  
Sébastien Dereeper ◽  
Armin Schwienbacher
Keyword(s):  
United States ◽  
Initial Public Offering ◽  
The United States ◽  
Future Research ◽  
Comprehensive Picture ◽  
Research Findings ◽  
Syndicate Structure ◽  
Research Questions ◽  
Public Offering

This chapter presents research findings on the structure and role of underwriter syndicates in the initial public offering (IPO) process, thereby extending the list of participants beyond the lead underwriter. The authors rely on recent studies to offer a more comprehensive picture of syndicate structure and size in Europe and the United States. Research questions being addressed include the following: How are underpricing and reputation linked to syndicates? How many banks should be included in the syndicate? What responsibilities can be shared? Finally, the chapter concludes with a discussion of avenues for future research on IPO syndicate structure.

scholarly journals The Impact of R&D Alliance on the Survival of Newly Listed High Tech Firms

2016 ◽  
Vol 6 (2) ◽  
pp. 197
Author(s):  
Vicar S. Valencia
Keyword(s):  
United States ◽  
Longitudinal Data ◽  
Financial Performance ◽  
Initial Public Offering ◽  
The United States ◽  
High Tech ◽  
Estimation Strategy ◽  
Public Offering ◽  
The Impact

This paper investigates the extent to which R&D alliance participation affects the survival performance of newly listed high tech firms. The estimation strategy identifies the impact through changes on a firm’s alliance status. Using longitudinal data on high tech firms that had an initial public offering in the United States, results suggest that R&D collaborating firms experience greater survival, relative to non-R&D collaborating firms. In particular, participation in an R&D alliance is associated with an attenuation of delistment due to poor financial performance.

Cross-Border LBOs, Human Capital, and Proximity: Value Addition through Monitoring in Private Equity Investments

2020 ◽  
pp. 1-41
Author(s):  
Thomas J. Chemmanur ◽  
Tyler J. Hull ◽  
Karthik Krishnan
Keyword(s):  
United States ◽  
Human Capital ◽  
Initial Public Offering ◽  
Private Equity ◽  
The United States ◽  
Efficient Allocation ◽  
Value Addition ◽  
Cross Border ◽  
Target Firms ◽  
Public Offering

We show that cross-border leveraged buyout investments involving U.S. rather than non-U.S. private equity (PE) investors are more likely to have a successful exit (initial public offering or acquisition). Exogenous increases in effective proximity following the signing of “open sky agreements” between the United States and target firms’ home countries increases both the propensity of U.S. PE firms to invest in these firms and the value addition by these investors. We show that such increases in value addition by U.S. PE investors following proximity increases are at least partially due to better monitoring, facilitated by the more efficient allocation of experienced U.S. PE managers to cross-border deals.

scholarly journals Political Uncertainty and IPO Activity: Evidence from U.S. Gubernatorial Elections

2017 ◽  
Vol 52 (6) ◽  
pp. 2523-2564 ◽  
Author(s):  
Gönül Çolak ◽  
Art Durnev ◽  
Yiming Qian
Keyword(s):  
United States ◽  
Initial Public Offering ◽  
The United States ◽  
Control Group ◽  
Government Contracts ◽  
Political Uncertainty ◽  
Gubernatorial Elections ◽  
Public Offering

We analyze initial public offering (IPO) activity under political uncertainty surrounding gubernatorial elections in the United States. There are fewer IPOs originating from a state when it is scheduled to have an election. To establish identification, we develop a neighboring-states method that uses bordering states without elections as a control group. The dampening effect of elections on IPO activity is stronger for firms with more concentrated businesses in their home states, firms that are more dependent on government contracts (particularly state contracts), and harder-to-value firms. This dampening effect is related to lower IPO offer prices (hence, higher costs of capital) during election years.

scholarly journals The Synthesis and Future Directions of Empirical Research on International Students in the United States: The Insights from One Decade

2020 ◽  
Vol 11 (1) ◽  
Author(s):  
Masha Krsmanovic
Keyword(s):  
United States ◽  
International Students ◽  
Empirical Research ◽  
International Student ◽  
The United States ◽  
Future Research ◽  
Future Directions ◽  
Academic Level ◽  
Research Questions ◽  
And Control

The purpose of this systematic review was to identify the trends in empirical research on international students in the United States produced between 2010 and 2019. After reviewing and synthesizing the characteristics of 334 research articles published over the past decade, the author identified the areas that have been overly researched and the domains that have not yet been adequately explored. The overall findings of this review indicated that recent scholarly efforts were not always aligned with the international student representation on U.S. campuses. Consequently, the author generated nine critical recommendations for future research in the field. The recommendations were produced and presented in the context of overly- and under-researched institutional sites (i.e. institutional type and control), international student populations (i.e. academic level, field of study, and country of origin), research methods employed, and research questions examined.

scholarly journals Re-envisioning Doctoral Mentorship in the United States: A Power-Conscious Review of the Literature

10.28945/4735 ◽  
2021 ◽  
Vol 16 ◽  
pp. 237-252
Author(s):  
Genia M. Bettencourt ◽  
Rachel E. Friedensen ◽  
Megan L Bartlett
Keyword(s):  
United States ◽  
Doctoral Students ◽  
Doctoral Education ◽  
The United States ◽  
Future Research ◽  
Power Dynamics ◽  
Research Findings ◽  
Direct Applicability ◽  
Important Form ◽  
The U.S

Aim/Purpose: Multiple barriers exist within doctoral education in the United States that can undermine the success of students, particularly for students with marginalized identities. While mentorship can provide an important form of support, it must be done in an intentional way that is mindful of issues of equity and power. Background: By applying a power-conscious framework to current practices of doctoral mentorship in the U.S., we propose key considerations to help support doctoral students and shift power imbalances. Methodology: As a scholarly paper, this work draws upon a comprehensive review of existing research on doctoral mentorship in the U.S. Contribution: As a relatively recent development, the power-conscious framework provides an important tool to address issues of inequity that has not yet been applied to doctoral mentorship to our knowledge. Such a framework provides clear implications for mentorship relationships, institutional policies, and future research. Findings: The power-conscious framework has direct applicability to and possibility for reshaping doctoral mentorship in the U.S. as well as elsewhere. Each of the six foci of the framework can be integrated with research on doctoral students to help formal and informal mentors enhance their practice. Recommendations for Practitioners: Throughout our analysis, we pose questions for mentors to consider in order to reflect upon their practice and engage in further exploration. Recommendation for Researchers: Research on doctoral mentorship should explicitly engage with broader dynamics of power, particularly as related to understanding the experiences of marginalized student populations. Impact on Society: The demanding nature of and precarity within U.S. doctoral education leads to high rates of departure and burnout amongst students. By re-envisioning mentorship, we hope to begin a broader re-imagining of doctoral education to be more equitable and supportive of students. Future Research: To examine these claims, future research should explore doctoral student mentorship relationships and how power dynamics are contained therein both within the U.S. and in international contexts.

Who Is Wary of User Design? The Role of Power-Distance Beliefs in Preference for User-Designed Products

2019 ◽  
Vol 83 (3) ◽  
pp. 91-107 ◽  
Author(s):  
Neeru Paharia ◽  
Vanitha Swaminathan
Keyword(s):  
United States ◽  
Field Experiments ◽  
Power Distance ◽  
The United States ◽  
Political Orientation ◽  
Brand Preference ◽  
User Design ◽  
Research Findings ◽  
High Power Distance

This article evaluates when a user-design approach is and is not effective in strengthening brand preference. It specifically delves into the role of power-distance beliefs in influencing preferences for user-designed products and brands. The authors demonstrate that low-power-distance consumers prefer user-designed products to company-designed products, whereas this effect is attenuated or reversed for high-power-distance consumers. The authors find process evidence that both feelings of empowerment and values of expertise differentially mediate brand preferences depending on power-distance beliefs, thus extending prior research findings. Field experiments conducted in the United States and cross-culturally (Austria and Guatemala) with Facebook’s advertising platform provide convergent evidence using country and political orientation as managerially accessible proxies. This research sheds light on when and why firms should be wary of user-design approaches, based on how power-distance beliefs drive consumers’ preferences.

scholarly journals MAKING MARKETS: INFORMATION AND PARODY IN VICTORIAN COMMERCIAL REPRESENTATION

2018 ◽  
Vol 46 (1) ◽  
pp. 157-180
Author(s):  
Aeron Hunt
Keyword(s):  
United States ◽  
New York ◽  
Social Media ◽  
Initial Public Offering ◽  
New York Times ◽  
The United States ◽  
General Motors ◽  
Public Offering ◽  
Red Bull ◽  
Media Company

In the early months of 2012 excitement built for the initial public offering of Facebook, the behemoth social media company with the boy-wonder CEO. Two days before shares began trading on May 18, the IPO was expected to generate $16 billion for the company, placing it third after General Motors and Visa in the list of largest IPOs in the United States to that date. In the “frenzy” leading up to the IPO, the New York Times reported waiting lists at events for potential investors and speculation about where “newly minted Facebook billionaires” would go for a drink, while the company revealed its plans to celebrate with a “hackathon” featuring employee DJs and Red Bull (Rusli and Eavis).

scholarly journals Marketability Discount in Various Economic Environments. Comparison of Developed and Emerging Markets on the Example of the USA and Poland

2020 ◽  
Vol 13 (6) ◽  
pp. 132
Author(s):  
Radosław Pastusiak ◽  
Jakub Keller ◽  
Michał Radke
Keyword(s):  
United States ◽  
Emerging Markets ◽  
Initial Public Offering ◽  
United States Of America ◽  
The United States ◽  
Econometric Analysis ◽  
T Test ◽  
Linear Modelling ◽  
The Usa ◽  
Public Offering

The aim of the presented article is to compare and evaluate the occurrence and level of marketability discount in developed and emerging markets in the example of the United States of America (USA) and Poland. According to the hypothesis put forward in the article, due to the smaller degree of development and depth of emerging markets, the marketability discount obtained in the context of the initial public offering (IPO) is lesser in its extent, as compared to the case when the IPO takes place in the developed market. The authors have made a statistic and econometric analysis based on a sample of nearly 200 IPOs in Poland and 1200 IPOs in the USA. The study used an analysis of the statistical differences between the groups (t-test), and also a linear modelling of the determinants of liquidity discount volume. The obtained results show that the stated hypothesis was correct, and that there are significant differences between the studied markets in reference to the marketability discount. The authors also concluded that the discount is not related to the condition of the company.

Business Enterprises and Global Worlds

2002 ◽  
Vol 3 (4) ◽  
pp. 581-605 ◽  
Author(s):  
Geoffrey Jones
Keyword(s):  
United States ◽  
Nineteenth Century ◽  
Emerging Markets ◽  
Host Country ◽  
The United States ◽  
Business Enterprise ◽  
Traditional Organization ◽  
Research Questions ◽  
To Receive

The role of business enterprise in integrating economies is one of the central historical themes of the last two centuries. Although globalization—both in its current iteration and in its nineteenth-century form—has been widely studied, the role of the firm, as opposed to macroeconomic forces, has yet to receive sufficient attention. Many research questions remain, including the role of the United States as a host country, the place of multinationals based in emerging markets, and the importance of understudied sectors such as retailing. Business historians should shift the focus of queries from “why” to “how” and go beyond the discipline's traditional organization along national lines to study the behavior of firms worldwide.

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