The Economics of Primary Markets

Hanley, Kathleen Weiss

doi:10.2139/ssrn.3046256

SSRN Journal

2017

DOI: 10.2139/ssrn.3046256

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The Economics of Primary Markets

Kathleen Weiss Hanley

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Cited by 4 publications

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“…All of these provisions remain in effect for up to five years after a firm's IPO. 2 See, for example,Bargeron, Lehn, and Zutter (2010),Kang, Liu, and Qi (2010),Albuquerque and Zhu (2018),Coates and Srinivasan (2014),Gao and Zhang (2018),Hanley (2017), andLeuz and Wysocki (2016).…”

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confidence: 99%

Do the Burdens to Being Public Affect the Investment and Innovation of Newly Public Firms?

Dambra

Gustafson

2021

Management Science

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We examine how regulatory burdens affect the investment and innovation of newly public firms. To do so, we exploit the Jumpstart Our Business Startups (JOBS) Act, which eliminates certain disclosure, auditing, and governance requirements for a subset of newly public firms. Firms treated with these reduced burdens invest more and more efficiently after going public relative to untreated firms. These findings are concentrated in innovative investments and are nonexistent in dual-class firms. Overall, our findings suggest that the burdens to being public exacerbate agency frictions, which lead managers to take on fewer risky projects. This paper was accepted by Suraj Srinivasan, accounting.

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confidence: 99%

Do the Burdens to Being Public Affect the Investment and Innovation of Newly Public Firms?

Dambra

Gustafson

2021

Management Science

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Lifting the veil: The price formation of corporate bond offerings

Wang

2021

Journal of Financial Economics

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Institutional Allocations in the Primary Market for Corporate Bonds

Nikolova

Wang

2018

SSRN Journal

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The Economics of Primary Markets

Cited by 4 publications

References 120 publications

Do the Burdens to Being Public Affect the Investment and Innovation of Newly Public Firms?

Do the Burdens to Being Public Affect the Investment and Innovation of Newly Public Firms?

Lifting the veil: The price formation of corporate bond offerings

Institutional Allocations in the Primary Market for Corporate Bonds

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