Executive Stock Options and IPO Underpricing Michelle Lowry• Smeal College of Business Penn State University E-mail: mlowry@psu.edu Phone: (814) 865-1483 Kevin J. Murphy Marshall School of Business University of Southern California E-mail: kjmurphy@usc.edu Phone: (213) 740-6553 July 31‚ 2006 Abstract In about one-third of US IPOs between 1996 and 2000‚ executives received stock options with an exercise price set equal to the IPO offer price (rather than a price determined by the market)
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When driving‚ being able to change CD’s while keeping both eyes on the road can be challenging. BJB Manufacturing Company is the supplier of high-end CD changers for aftermarket vehicles‚ and is focusing on taking their business to the next level. Team E’s responsibility is to develop a quality management proposal. This paper will focus on the needs of the stakeholders‚ provide an analysis of the product and business musts‚ and the role that leadership will play. Stakeholders are individuals‚ groups
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connected car software as the main drivers of near-future growth. Hence‚ growing awareness of digital safety features and entertainment options will spur sales. This‚ in turn‚ will encourage investment in connected car services‚ and give rise to aftermarket demand for connectivity equipment from owners of cars
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growth was largely the result of an economic upswing and increased demand from defense and aerospace industries during the mid- and late 1980s. Woodward Governor’s sales leapt 13 percent in 1987 to $275 million as net earnings rose 37 percent to $24 million. By the end of the decade‚ moreover‚ the company was generating more than $300 million in revenues annually. Although Woodward Governor was helped by strong markets during much of the 1980s‚ its success was also attributed to its proven management
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University of Toronto ECO 349 Money‚ Banking and Financial Markets G. Georgopoulos Student name: Kaiji Lin Student number: 997800535 Assignment 1. Find a recent (August 2011‐ present) money and banking related article in the media (the Economist‚ Globe and Mail‚ National Post‚ New York Times‚ etc.‚)‚ and attempt to explain parts or all of it using the tools we learned in class. Highlight the sentences that you analyze‚ and hand in the article along with your work. Use written and graphical
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University. Chen. H. and J. Ritter‚ 1998‚ “The seven percent solution‚” Working Paper‚ University of Florida‚ Gainesville‚ FL. Ellis‚ K‚ R. Michaely‚ and M. O’Hara‚ 1999a‚ “When the underwriter is the market maker: An examination of trading in the IPO Aftermarket‚” Working Paper‚ Cornell University‚ Ellis‚ K‚ R. Michaely‚ and M. O’Hara‚ 1999b‚ “The market microstructure of IPOs”‚ Work in progress‚ Cornell University‚ Ithaca NY. Michaely‚ R. and K. Womack‚ 1998‚ “Conflict of interest and the credibility of
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has been growing at a mammoth 28.05% per annum from 2002-03 onwards‚ which clarifies its emergence as one of India’s fastest growing manufacturing sectors. During 1990s‚ the auto components market in India used to be dominated by supplies to the aftermarket with only 35% exports sourced by global Tier 1 OEMs (Original equipment Manufacturers) The industry made a sustained shift to the global Tier 1 market and today‚ the component manufacturers supply 75%
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logistics channel? What Is Reverse Logistics? The Reverse Logistics Association (2008) defines reverse logistics as “all activity associated with a product/service after the point of sale‚ the ultimate goal to optimize or make more efficient aftermarket activity‚ thus saving money and environmental resources”. Because all of these processes take place post-sale‚ this portion of the company’s activities could simply be viewed as a cost center. This could not be further from the truth. The objective
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C A S E 1 3 Sony Corporation: Car Navigation Systems 31 I n April 1996‚ Masao Morita‚ president of the Sony Personal and Mobile Communication Company‚ a division of the Sony Corporation‚ pondered how to recover Sony’s initial leadership in car navigation systems in Japan. As the first company to launch a reasonably priced (around $2‚000) after-market model in 1993‚ Sony could claim to have created the world’s largest car navigation systems market in Japan. Since the late 1980s‚ Sony led
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An Industry White Paper: HD Radio By Renee Cassis‚ VP‚ RAB Corporate Marketing Radio For the 21st Century HD Radio™ is a new technology that enables AM and FM Radio stations to broadcast their programs digitally‚ a tremendous technological leap from today’s familiar analog broadcasts. These digital broadcasts provide listeners with radically improved audio quality and reception and new data services. Signal fading‚ static‚ hisses‚ and pops are a thing of the past. Data services such as displayed
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