Lockup Agreements and Survival of UK IPOs

Ahmad, Wasim; Jelic, Ranko

doi:10.1111/jbfa.12068

Cited by 24 publications

(37 citation statements)

References 71 publications

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“…This implies that 41% of the IPO were delisted from the AIM. In comparison, Ahmad and Jelic (2014) found that the five years cumulative survival rate for Main Market IPOs listed from 1990 to 2006 in the London Stock Exchange (LSE) was 69%, which is higher than the survival rate of the AIM market (59%) as reported by Espenlaub et al (2012). Espenlaub et al (2012) and the rest of the figures were based on the paper published by the authors.…”

Section: Literature Reviewmentioning

confidence: 85%

“…The analysis of the survival rate of IPOs was conducted for the full samples (PANEL A), according to the listing year (PANEL B), and by sectors (PANEL C). This is because prior research has indicated that the listing year and sectors may affect the firm's survival (Seguin & Smoller 1997;Espenlaub et al 2012;Ahmad & Jelic 2014;Bhattacharya et al 2015).…”

Section: Methodsmentioning

confidence: 99%

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Survival of the Malaysian initial public offerings

Shari¹

2019

10.5267/j.msl

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This study addresses the extent to which Malaysian public listed firms survive after the IPO. The result reports that 7.72% of Malaysian IPOs were delisted from the market after five years, which is lower than the delisting rate reported in previous studies in developed markets. The delisting rate increased to 13.2% after seven years of listing. Further investigation shows that an unsatisfactory financial condition is the primary factor of failure. Comparison of the survival rate between the Main Market and the ACE market reveals that the cumulative survival rates over one through seven years after the IPO are consistently higher for the Main Market IPOs than the ACE Market IPOs, suggesting that the ACE Market IPOs have a higher probability to be delisted from the Market compared with the Main Market IPOs.

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Section: Literature Reviewmentioning

confidence: 85%

Section: Methodsmentioning

confidence: 99%

Survival of the Malaysian initial public offerings

Shari¹

2019

10.5267/j.msl

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“…Their findings indicate that the probability of post IPO survival is significantly positively affected by VC backing and the prestige of the investment bank leading the underwriting syndicate as well as by other factors likely to benefit from VC involvement such as road show success and analyst following. Ahmed and Jelic (2014) report evidence for a positive relation between survival rates and lock-up periods in U.K. IPOs.…”

Section: Literature and Research Questionsmentioning

confidence: 96%

Committed anchor investment and IPO survival – The roles of cornerstone and strategic investors

Espenlaub

Khurshed

Mohamed

et al. 2016

Journal of Corporate Finance

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Recent U.S. policy encourages anchor investments to facilitate initial public offerings (IPO) and increase companies' access to external finance. As access to external funds relies on stocks remaining listed, we study anchor investors' impact on how long IPOs stay listed. We examine two types of anchor investors in Hong Kong: strategic and cornerstone investors, that are similar to U.S. anchor investors, but make varying levels of commitment at and post-IPO. We find that IPOs backed by more committed investors, with longer post-IPO commitments (lockups), stay listed longer. This suggests that the success of U.S. policies may require investors' commitment.

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“…Buyout size, characteristics of PE backing (syndicated and highly leveraged deals) together with market conditions are the most important determinants of longevity . A recent study by Ahmad and Jelic (2014) highlighted the importance of lockup characteristics on the subsequent survival of UK IPOs.…”

Section: [Insert Table 272 About Here]mentioning

confidence: 99%

Buyout Longevity and Post-Exit Performance 1

Jelic.¹,

Mike²,

Victor³

et al. 2018

The Routledge Companion to Management Buyouts

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Lockup Agreements and Survival of UK IPOs

Cited by 24 publications

References 71 publications

Survival of the Malaysian initial public offerings

Survival of the Malaysian initial public offerings

Committed anchor investment and IPO survival – The roles of cornerstone and strategic investors

Buyout Longevity and Post-Exit Performance 1

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