Strategic Timing of IPOs and Disclosure: A Dynamic Model of Multiple Firms

2020 ◽  
Author(s):  
Cyrus Aghamolla ◽  
Ilan Guttman
Keyword(s):  
Dynamic Model ◽  
Investor Sentiment ◽  
Lower Proportion ◽  
Timing Game ◽  
Ipo Pricing ◽  
Threshold Equilibrium ◽  
Over Time ◽  
Mean Reverting Process ◽  
Sequential Clustering

We study a dynamic timing game between multiple firms, who decide when to go public in the presence of possible information externalities. A firm's IPO pricing is a function of its privately observed idiosyncratic type and the level of investor sentiment, which follows a stochastic, mean-reverting process. Firms may wish to delay their IPOs in order to observe the market reception of the offerings of their peers. We characterize the unique symmetric threshold equilibrium, whereby pioneer firms with high idiosyncratic types endogenously emerge. The results provide novel implications regarding variation in IPO timing, sequential clustering, IPO droughts, the composition of new issues over time, and how IPO volume fluctuates over time. These include, among others, that in more populated industries, a lower proportion of firms emerge as industry pioneers, but follower IPO volume is intensified. Additionally, heightened uncertainty over investor sentiment exacerbates delay and leads to lower IPO volume.

Forecasting Interconnections in International Housing Markets: Evidence from the Dynamic Model Averaging Approach

2020 ◽  
Vol 42 (1) ◽  
pp. 37-103
Author(s):  
Hardik A. Marfatia
Keyword(s):  
Dynamic Model ◽  
Model Averaging ◽  
Housing Markets ◽  
The United States ◽  
Forecasting Model ◽  
Change Over Time ◽  
The United Kingdom ◽  
Novel Approach ◽  
Dynamic Model Averaging ◽  
Over Time

In this paper, I undertake a novel approach to uncover the forecasting interconnections in the international housing markets. Using a dynamic model averaging framework that allows both the coefficients and the entire forecasting model to dynamically change over time, I uncover the intertwined forecasting relationships in 23 leading international housing markets. The evidence suggests significant forecasting interconnections in these markets. However, no country holds a constant forecasting advantage, including the United States and the United Kingdom, although the U.S. housing market's predictive power has increased over time. Evidence also suggests that allowing the forecasting model to change is more important than allowing the coefficients to change over time.

scholarly journals OPTIMAL AIRLINE SEAT INVENTORY CONTROL FOR MULTI‐LEG FLIGHTS

Aviation ◽  
2004 ◽  
Vol 8 (4) ◽  
pp. 10-15
Author(s):  
Edgars K. Vasermanis ◽  
Nicholas A. Nechval ◽  
Konstantin N. Nechval ◽  
Kristine N. Rozite
Keyword(s):  
Dynamic Model ◽  
Inventory Control ◽  
Dynamic Models ◽  
Difficult Problem ◽  
Seat Allocation ◽  
The Right ◽  
Seat Inventory Control ◽  
Demand And Capacity ◽  
Over Time

Airline seat inventory control is about “selling the right seats to the right people at the right time”. In this paper, the problem of determining optimal booking policy for multiple fare classes in a pool of identical seats for multi‐leg flights is considered. During the time prior to departure of a multi‐leg flight, decisions must be made concerning the allocation of reserved seats to passengers requesting space on the full or partial spans of the flight. It will be noted that in the case of multi‐leg flights the long‐haul passengers are often unable to obtain seats because the shorter‐haul passengers block them. For large commercial airlines, efficiently setting and updating seat allocation targets for each passenger category on each multi‐leg flight is an extremely difficult problem. This paper presents static and dynamic models of airline seat inventory control for multi‐leg flights with multiple fare classes, which allow one to maximize the expected contribution to profit. The dynamic model uses the most recent demand and capacity information and allows one to allocate seats dynamically and anticipatorily over time.

Types of union participators over time: Toward a person‐centered and dynamic model of participation

2019 ◽  
Vol 73 (2) ◽  
pp. 271-304
Author(s):  
Alexander S. McKay ◽  
Elizabeth M. Grimaldi ◽  
Gordon M. Sayre ◽  
Michael E. Hoffman ◽  
Robert D. Reimer ◽  
...  
Keyword(s):  
Dynamic Model ◽  
Over Time

scholarly journals Tempting goods, self-control fatigue, and time preference in consumer dynamics

2020 ◽  
Author(s):  
Shinsuke Ikeda ◽  
Takeshi Ojima
Keyword(s):  
Consumer Behavior ◽  
Dynamic Model ◽  
Time Preference ◽  
Consumer Preferences ◽  
Self Regulation ◽  
Self Control ◽  
Long Run ◽  
Regulatory Behavior ◽  
Good Setting ◽  
Over Time

Abstract We propose a dynamic model of consumer behavior under limited self-control, emphasizing the fatiguing nature of self-regulation. The temptation theory is extended in a two-good setting with tempting and non-tempting goods, where self-regulation in moderating tempting good consumption depreciates mental capital (willpower). The resulting non-homothetic feature of consumer preferences helps describe self-regulatory behavior in such an empirically relevant way that it depends on the nature of the tempting good (luxury or inferior) and on consumer wealth. First, richer consumers are more self-indulgent and impatient in consuming tempting luxuries, whereas less so in consuming tempting inferiors: impatience is marginally increasing in wealth for jewels whereas decreasing for junk foods. Second, self-control fatigue weakens implied patience for tempting good consumption. Third, upon a stressful shock, with the resulting increasing scarcity of willpower, self-indulgence and impatience for tempting good consumption increase over time. Fourth, naive consumers, unaware of the willpower constraint, display weaker self-control in the long run than sophisticated consumers in the same wealth class would do.

How Does the Change in Investor Sentiment over Time Affect Stock Returns?

2014 ◽  
Vol 50 (sup2) ◽  
pp. 144-158 ◽  
Author(s):  
Cherng G. Ding ◽  
Hung-Jui Wang ◽  
Meng-Che Lee ◽  
Wen-Chi Hung ◽  
Chieh-Peng Lin
Keyword(s):  
Stock Returns ◽  
Investor Sentiment ◽  
Over Time

Dynamics on the Interactions between Vegetable Growth and Water Erosion

2013 ◽  
Vol 864-867 ◽  
pp. 2550-2553
Author(s):  
Biao Feng ◽  
Huang Yong Zhang ◽  
Tou Sheng Huang ◽  
Fei Fan Zhang
Keyword(s):  
Numerical Analysis ◽  
Equilibrium Point ◽  
Dynamic Model ◽  
Equilibrium Distribution ◽  
Water Erosion ◽  
Vegetation Growth ◽  
Vegetable Growth ◽  
Unique Distribution ◽  
Theoretical And Numerical Analysis ◽  
Over Time

This research investigates the interaction between vegetation growth and water erosion by a new dynamic model. According to the theoretical and numerical analysis of the research, there are three cases of equilibrium distribution and their dynamics over time. And the dynamics between vegetation and erosion is disparate under the condition of different parameters. Every equilibrium point also has a unique distribution under every set of parameters. When there are two interior equilibriums, a critical curve exists and divides the system into two areas, one is coexistence area and another is dominated by vegetation or erosion.

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