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

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dc.contributor.authorEspenlaub, Susanne
dc.contributor.authorKhurshed, Arif
dc.contributor.authorMohamed, Abdulkadir
dc.contributor.authorSaadouni, Brahim
dc.date.accessioned2016-09-08T16:16:50Z
dc.date.available2016-09-08T16:16:50Z
dc.date.issued2016-08-31
dc.description.abstractRecent 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.identifier.citationSusanne 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. 139-155en_UK
dc.identifier.issn0929-1199
dc.identifier.urihttp://dx.doi.org/10.1016/j.jcorpfin.2016.08.016.
dc.identifier.urihttp://dspace.lib.cranfield.ac.uk/handle/1826/10501
dc.language.isoenen_UK
dc.publisherElsevieren_UK
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 International
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/
dc.subjectAnchor investmenten_UK
dc.subjectIPOen_UK
dc.subjectSurvivalen_UK
dc.subjectShare allocationen_UK
dc.subjectCornerstone investoren_UK
dc.subjectStrategic investoren_UK
dc.titleCommitted anchor investment and IPO Survival – the roles of cornerstone and strategic investorsen_UK
dc.typeArticleen_UK

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