Committed anchor investment and IPO Survival – the roles of cornerstone and strategic investors

Show simple item record Espenlaub, Susanne Khurshed, Arif Mohamed, Abdulkadir Saadouni, Brahim 2016-09-08T16:16:50Z 2016-09-08T16:16:50Z 2016-08-31
dc.identifier.citation Susanne Espenlaub, Arif Khurshed, Abdulkadir Mohamed, Brahim Saadouni, Committed anchor investment and IPO survival – The roles of cornerstone and strategic investors, Journal of Corporate Finance, Vol. 41, December 2016, pp. 139-155 en_UK
dc.identifier.issn 0929-1199
dc.description.abstract Recent U.S. policy encourages anchor investments to facilitate initial public offerings (IPOs) 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 show varying levels of commitment to the 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. en_UK
dc.language.iso en en_UK
dc.publisher Elsevier en_UK
dc.rights Attribution-NonCommercial-NoDerivatives 4.0 International
dc.subject Anchor investment en_UK
dc.subject IPO en_UK
dc.subject Survival en_UK
dc.subject Share allocation en_UK
dc.subject Cornerstone investor en_UK
dc.subject Strategic investor en_UK
dc.title Committed anchor investment and IPO Survival – the roles of cornerstone and strategic investors en_UK
dc.type Article en_UK

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