Why does IPO Volume Fluctuate so Much

By Michelle René Lowry. 2003

598 citations recorded by the source corpus.

Subfields: Accounting, Finance, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/dc8549e1a3b5c3ec7369107d7dc51543785c4c5e

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Citations in the corpus

Purchasing IPOs with Commissions (2011, unknown): “However, prior research reports that IPO activity is both clustered in calendar time and is related to aggregate market activity (Lowry (2003)).”
IPO Pricing in “Hot” Market Conditions: Who Leaves Money on the Table? (2005, background): “Lee, Shleifer, and Thaler (1991) and Lowry (2003) document that “hot issue” periods coincide with low discounts on closed-end funds, their measure of noise traders’ optimism.”
Corporate Fraud and Business Conditions: Evidence from IPOs (2010, methodology): “Our paper is related to the IPO literature that studies “hot” and “cold” IPO markets (e.g., Loughran and Ritter 2002, Lowry and Schwert 2002, Ljungqvist and Wilhelm 2003, Lowry 2003, Pastor and Veronesi 2005, and Cornelli, Goldreich, and Ljungqvist 2006).”
Liquidity Risk and Venture Capital Finance (2005, unknown): “This procedure is somewhat similar to the alternatives reported in Lowry (2003). We did consider numerous alternatives, and our predicted IPO numbers did not materially alter the results or qualitative conclusions presented herein.”
The U.S. left behind? Financial globalization and the rise of IPOs outside the U.S. (2013, background): “Lowry (2003) addresses why IPO volume fluctuates so much and concludes that changes in aggregate capital demands of private firms and in investor optimism are the primary determinants.”
The timing of financing decisions: An examination of the correlation in financing waves (2008, background): “We therefore follow existing literature on security issuance and sentiment (Baker and Wurgler, 2000, 2006; Lowry, 2003; Lee, Shleifer, and Thaler, 1991) and examine additional variables that might measure relative valuation in markets.”
Cycles in the IPO market (2008, methodology): “The connections between demand for capital and IPO volume, and between underpricing and IPO volume, are of course already widely documented; see for example Jenkinson and Ljungqvist (2001), Lowry and Schwert (2002), Lowry (2003), and Pastor and Veronesi (2005).”
Going Public to Acquire? The Acquisition Motive in IPOs (2010, unknown): “As proposed by Lowry, Officer and Schwert (2009) and Hsieh, Lyandres and Zhdanov (2007), this variable reflects the ex-ante uncertainty about the true value of an IPO firm.”
The Impact of a Strong Bank-Firm Relationship on the Borrowing Firm (2011, background): “Size, leverage, profitability (Frank and Goyal 2003), level of institutional ownership (Best, Hodges, and Lin 2004), and number of analysts (Krishnaswami and Subramaniam 1998;Lowry 2003) are all indicative of the firm’s information asymmetry.”
The JOBS Act and IPO Volume: Evidence that Disclosure Costs Affect the IPO Decision (2015, background): “12 Results are similar when including change in industry sales, the average standard deviation of earnings forecasts by industry, or the closed-end fund discount as in Lowry (2003). biotech/pharma firms (Models 1–4) and biotech/pharma firms (Models 5–8).”
Peer performance and stock market entry (2012, unknown): “Empirical studies find that these demand and pricing patterns are correlated with measures of investor sentiment (Lee, Shleifer, and Thaler 1991; Rajan and Servaes 1997; Lowry 2003; and Cornelli, Goldreich, and Ljungqvist 2006).”
Where Have All the IPOs Gone (2013, unknown): “Following concerns that the implementation of SOX, especially Section 404, was imposing excessive costs on small public companies, in June 2007 the SEC revised some of the rules, lessening the burdens on small companies.”
Does Asymmetric Information Drive Capital Structure Decisions (2009, background): “(Halov and Heider, 2004), R&D activity (Aboody and Lev, 2000), age (Berger and Udell, 1995), magnitude of earnings surprises (Barclay and Smith, 1995a, b; Hoven-Stohs and Mauer, 1996), intensity of public announcements (Dierkens, 1991), level of institutional ownership (Best, Hodges, and Lin, 2004),”
Do Investors Overweight Personal Experience? Evidence from IPO Subscriptions (2008, background): “…sentiment model; Derrien (2005) and Ljungqvist et al., (2006) for models of IPO markets and sentiment; Lee et al. (1991), Rajan and Servaes (1997), Lowry (2003), and Cornelli et al. (2006) for empirical evidence on the role of sentiment in IPOs; Baker and Wurgler (2006) for the role of sentiment…”