Can liquidity shifts explain the lockup expiration effect in stock returns?
Several studies on the expiration of IPO lockups document a strong negative reaction even though the unlock event is devoid of any informational content. The empirical finding has remained a conundrum. In this paper, we find that changes in liquidity can account for the observed stock price reaction...
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| Main Authors: | , , |
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| 格式: | text |
| 語言: | English |
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Institutional Knowledge at Singapore Management University
2009
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| 在線閱讀: | https://ink.library.smu.edu.sg/lkcsb_research/6442 https://ink.library.smu.edu.sg/context/lkcsb_research/article/7441/viewcontent/SSRN_id1341465.pdf |
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