The Expiration of IPO Share Lockups

By Laura Casares Field, Gordon R. Hanka. 2000

514 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/e2e7aab1b2498165a0e21e5308be7091199e8264

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Accounting

In Finance

Citations in the corpus

Economic Determinants of Audit Committee Independence (2002, background): “13 Following Field and Hanka (2000), Hi-tech encompasses all firms with primary three-digit SIC codes in computer and office equipment (357), electronic components and accessories (367), miscellaneous electrical machinery, equipment, and supplies (369), laboratory apparatus and analytical, optical, ”
Paper millionaires: how valuable is stock to a stockholder who is restricted from selling it? ☆ (2001, unknown): “One example that has attracted substantial interest in the recent academic literature is that of stock lockups in IPOs (see Brav and Gompers (1999), Ofek and Richardson (2000), and Field and Hanka (2001)).”
Investment Banking and Securities Issuance (2003, background): “Bradley, Jordan, Roten and Yi (2001), Field and Hanka (2001) and Brav and Gompers (2003) document that, in the week that the lockup expires, share prices fall approximately 2%. This is not an announcement effect, in that the date that the lockup will end is known at the time of the IPO.”
Separating Winners from Losers among LowBook-to-Market Stocks using Financial Statement Analysis (2005, methodology): “Huberts and Fuller (1995) show that firms with less predictable earnings underperform in terms of stock returns in future periods.”
Perceptions and Price: Evidence from CEO Presentations at IPO Roadshows (2017, methodology): “Second, using a two-year horizon allows two prominent features that impact the secondary market pricing of IPOs to expire (insiders’ lockup provisions (Field and Hanka, 2001) and underwriters’ overallotment options (Lewellen, 2006)), removing concerns that the final price is not a true”
Does Insider Trading Impair Market Liquidity? Evidence from IPO Lockup Expirations (2004, methodology): “Bradley, Jordan, Roten, and Yi (2001), Field and Hanka (2001), and Ofek and Richardson (2000) find that lockup expirations result in a permanent, 40% increase in trading volume, and statistically significant stock price declines of about 1.5%.”
Institutional versus Individual Investment in IPOs: The Importance of Firm Fundamentals (2009, unknown): “4For example, shares subject to lock-up provisions and Rule 144A restrictions are not part of the float (see Field and Hanka (2001)).”
Does Sentiment Drive the Retail Demand for IPOs? (2009, unknown): “…six months after the IPO (Nowak and Gropp (2002)) and can be interpreted as a relaxation of short-sale constraints (Ofek and Richardson (2003) or Field and Hanka (2001)); presumably, insiders who think their equity overvalued at lock-up expiration will sell more aggressively, other things being…”
Does investor identity matter? An empirical examination of investments by venture capital funds and hedge funds in PIPEs ☆ (2007, background): “18 Gompers and Lerner (1998), Field and Hanka (2001), Ljungqvist and Wilhelm (2003), and Dai, Anderson, and Bittlingmayer (2005).”
The Outbreak of COVID-19 and Stock Market Responses: An Event Study and Panel Data Analysis for G-20 Countries (2020, background): “…for direct impact of COVID-19 on the stock market; trading volume accounts for the market activity (Bradley et al., 2001; Brau et al., 2004; Field & Hanka, 2001; Plerou et al., 2001); the performance of Dow Jones global index accounts for market return; and proxy of developing and…”