TITLE

THE 180-DAY LOCK-UP PERIOD AND INSIDERS' EQUITY SELLING

AUTHOR(S)
Ayayi, Ayi
PUB. DATE
March 2005
SOURCE
Journal of Economics & Finance;Spring2005, Vol. 29 Issue 1, p32
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
This article examines how insiders who provide capital and advisory services determine the proportion of common stock to be sold during an IPO and shows that, after the IPO, a high-value investee's insiders continue to hold a significant fraction of its equity stake relative to a low-value investee `s insiders. The result is consistent with the signaling of the insider trader reputation, the lock-up argument, and the only least-cost separating equilibrium that survives the intuitive criterion.
ACCESSION #
17362291

 

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