TY  - JOUR
AB  - Initial public offering (IPO) lockup agreements prevent insider sale of shares for specified periods of time (often 180 days). This study investigates share price reactions at and around the time the lockup agreements expire. Results indicate statistically significant negative abnormal returns in the event window surrounding the expiration date. The results are consistent with informational asymmetries and decreasing incentive alignment between insiders and general shareholders. In addition, multivariate analysis identifies several variables that help explain these abnormal returns.
VL  - 30
IS  - 1
SN  - 0307-4358
DO  - 10.1108/03074350410768859
UR  - https://doi.org/10.1108/03074350410768859
AU  - Brau James C.
AU  - Carter David A.
AU  - Christophe Stephen E.
AU  - Key Kimberly G.
PY  - 2004
Y1  - 2004/01/01
TI  - Market reaction to the expiration of IPO lockup provisions
T2  - Managerial Finance
PB  - Emerald Group Publishing Limited
SP  - 75
EP  - 91
Y2  - 2024/04/25
ER  -