Abstract Going public by merging with a Special Purpose Acquisition Company (SPAC) is much more expensive than conducting traditional IPO. We rationalize why some companies merge SPAC listing the potential benefits. analyze agency problems that certain features address. IPO investors and deal sponsors have earned remarkably high annualized average returns, although we warn recent deals are likely to disappoint. Public in merged very low market-adjusted returns on an equally weighted basis,...

Abstract Using a sample of 2,281 seasoned equity offerings (SEOs) from 1995 to 2004, we show that the marketing securities is important issuers. The number managing underwriters for an SEO negatively related offer price discount, especially when relative size large and stock return volatility high. Larger investor networks comanaging also lower discounts. We argue evidence supportive hypothesis: underwriters’ efforts can discount by shifting up flattening demand curve SEO.

Using within-loan estimations to remove the impact of demand-side factors, we find that capital levels banks participating in same syndicated loan are positively associated with banks’ contributions loan. Consistent argument higher reduces cost uninsured debt, positive effect bank on lending is stronger among rely more wholesale funding. Furthermore, increase their loans after receiving Troubled Asset Relief Program (TARP) Taken together, provide new evidence importance and causal lending.

Abstract A popular view is that private equity (PE) firms tend to expropriate other stakeholders of their portfolio companies. Bonds offered during 1992–2011 by companies after initial public offerings (IPOs) do not reflect this view. We find yield spreads on bonds PE-backed are, average, 70 basis points lower, holding things constant. also have more conservative investment and dividend policies bond compared with non-PE-backed These results suggest PE firms’ reputational concerns dominate...

Abstract I argue that overallocation is used as a marketing strategy to increase the offer price and aftermarket of an initial public offering (IPO). show that, when there weak demand, it can be optimal for underwriter oversell issue take naked short position. The issuing firm benefits from higher expected price. This in spite fact equilibrium, allocating more shares demand requires greater underpricing strong demand.

After two decades of low initial public offering (IPO) activity and a number regulatory changes, the IPOs both operating companies special purpose acquisition (SPACs) boomed in United States 2021 before collapsing 2022. In recent years, surging valuations have resulted many private achieving “unicorn” status, valuation $1 billion or more, partly fueled by investments from mutual funds. Many unicorns that gone done so with dual-class share structures. We compare three alternative mechanisms...

Introduction This protocol for a systematic review and meta-analysis aims to provide synthesized evidence determine whether pericapsular nerve group (PENG) block is superior local anesthetic infiltration in controlling postoperative pain total hip arthroplasty. Methods analysis PubMed, EMBASE, Web of science, the Cochrane library will be systematically searched from their inception December 30, 2024. Randomized controlled trials (RCTs) that compared analgesic effects PENG with arthroplasty...

Using a dataset on syndicated loan primary market pricing adjustments, we examine whether relationship banks’ information advantage facilitates price discovery in issuances. We find that the lead bank makes fewer adjustments to initial terms of and shortens syndication time when it has stronger with borrower. A also reduces underpricing. relies less from syndicate members. Exogenous shocks relationships caused by mergers closures confirm our findings. contribute literature showing lending...

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Going public by merging with a Special Purpose Acquisition Company (SPAC) is much more expensive than conducting traditional IPO. We rationalize why some companies merge SPAC listing the potential benefits. analyze agency problems that certain features address. IPO investors and deal sponsors have earned remarkably high annualized average returns, although we warn recent deals are likely to disappoint. Public in merged very low market-adjusted returns on an equally weighted basis,...

We examine how investment banks use initial public offerings (IPOs) in relation to their affiliated mutual funds. The dumping ground hypothesis predicts that the lead underwriter allocates cold IPOs its funds so more deals can be completed when demand for these is weak. Affiliated may also receive because uses allocations of hot unaffiliated gain trading commission business. nepotism boost performance and thus attract money. find little evidence supporting hypothesis, although there some...

Underwriters using bookbuilding have discretionary power for allocating shares of initial public offerings (IPOs). Commissions paid to underwriters by investors are one the determinants IPO allocations. We test hypothesis that trade liquid stocks in order affect their Consistent with this hypothesis, we find money left on table IPOs affects trading volume 50 most close offer date. For an leaves $1 billion table, six days ending day commences there is abnormal 2.7 4.1%, although only during...

To evaluate the effect of dezocine combined with propofol on painless gastroscopy in patients suspect gastric carcinoma.Forty-three carcinoma who have underwent were retrospectively analyzed. For 43 patients, 21 received 1 mg/kg for (control group) and other 22 cases 20 µg/kg plus (experiment group). The vital indexes (heart rate [HR], respiratory [RR], mean arterial pressure [MAP], SpO2%), side effects, recovery time recorded at point T1 (before dosing), T2 (disappearance eyelash reflex),...

We find that analyst coverage and optimism for an IPO before it starts trading have positive impacts on both its offer price revision first-day return. Pre-IPO research is also positively associated with long-run returns. Analysts connections to the underwriter are more likely cover provide optimistic forecasts. The impact of pre-IPO pricing remains, however, if connected analysts excluded. Unlike U.S. other markets, revisions negatively related initial returns in China. Our findings policy...

Evidence suggests that electroacupuncture (EA) protects against arrhythmia and myocardial injury induced by ischaemia-reperfusion. However, to our knowledge, it remains unknown whether EA could alleviate bupivacaine-induced cardiotoxicity. Therefore, we aimed explore the effect of pretreatment on cardiac arrest outcomes cardiopulmonary resuscitation (CPR) in rats.24 adult male Sprague-Dawley rats were randomly divided into two groups: (n=12), minimal acupuncture (MA) (n=12). Rats both groups...

We provide novel evidence on the loan market benefits of high IPO underpricing. show that greater underpricing is associated with a significantly larger within-firm reduction post-IPO borrowing costs. This benefit less pronounced for firms ex-ante information asymmetry and concentrated in demand advertisements. In addition, neither price revision before nor short-term or long-term stock return after has similar effect. Our results are supportive affects costs through an attention channel...

We find that credit lines (CLs) play special roles in syndicated lending, committing lead banks to screen, monitor, and invest relationships with borrowers. Institutional term loans (ITLs) packaged CLs have lower interest rate spreads the primary market narrower bid-ask secondary market. Findings support Bank Specialness Hypothesis significantly alleviate information problems loan Additional tests using Lehman bankruptcy as a quasi-natural experiment confirm our conclusions. Our extend...

Using within-loan estimations to remove the impact of demand side factors, we find that capital levels banks participating in same syndicated loan are positively associated with banks’ contributions loan. Consistent argument higher reduces cost uninsured debt, positive effect bank on lending is stronger among rely more wholesale funding. Furthermore, increase their loans after receiving TARP Taken together, provide new evidence importance and causal lending.