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The purpose of this paper is to investigate the effect of equity market misvaluation on manager behavior. Using a sample of 535 French-listed over 2000–2018, the authors analyze whether corporate investment decision is sensitive to equity market overvaluation.

The study adopts market-to-book (M/B) decomposition developed by Rhodes-Kropf and Viswanathan (2004, RKV) that proxies for market misvaluation at the firm and industry levels. The authors conducted a long-term performance analysis via a portfolio sorting procedure and a Carhart (1997) four-factor pricing model. The authors tested the relationship between equity misvaluation, corporate investment decisions and equity issuance. The authors ran several robustness tests.

The empirical results show that equity market misvaluation affects corporate investment positively as the stock price deviates further away from its fundamental. Based on market timing theory, the authors find that corporate investment occurs in periods of high valuation motivated by equity issuance to benefit from the low cost of capital. This effect is more prominent for financially constrained firms. Consistent with the catering channel, the authors find that the misvaluation-investment nexus is more pronounced in firms with short-horizon investors. By examining the stocks’ long-term performance of misvalued firms, via a sorting portfolio procedure, the authors find that undervalued firms outperform and generate higher abnormal returns (Jensen’s alpha) than overvalued firms, suggesting that mispricing-driven investment appear to be short-lived and lead to lower return in the long term.

Corporate decision-makers and governance structures should pay attention to the rationality of the corporate investment decision in the context of equity market misvaluation. Managers who focus on maximizing the stock market value in the short-run at the expense of its long-term performance must give preference to value-creating investment, not driven by an external mechanism such as equity market mispricing. More generally, investors and portfolio managers must take into account the market mispricing process in decision-making. Nonetheless, from the portfolio sorting perspective, decision-makers must act in terms of high governance quality to mitigate suboptimal investment due to stock market mispricing (Jensen, 2005). Finally, equity market overvaluation, leading managers to invest via equity financing in particular, should be a signal to attract investors’ attention to seize the window of opportunity and embark on a short-term portfolio strategy. Such a strategy promises high returns in the short term.

This paper investigates jointly two theoretical channels: equity market timing and catering. The authors propose for the analysis three components of the M/B decomposition to dissociate market misvaluation at the firm and industry level from the fundamental component of market value (growth). This procedure provides a better understanding of the role of firm and industry misvaluation in explaining corporate investments. The authors provide evidence of the equity market misvaluation via a portfolio sorting procedure and a Carhart (1997) four-factor pricing model. The authors examine the effect of misvaluation on both the investment and the financing decisions.

During the Covid-19 crisis, schools around the world at all levels had to respond to the situation most often without any preparation or time to reorganize their teaching. This chapter investigates how the Covid-19 pandemic amplified the need for equity and how teacher agency evolved through this time period. The study was qualitative and data were collected from 29 individuals from the same number of countries through narratives, and virtual interviews written responses to semi-structured questions. This chapter focuses on two main concepts: equity and agency. The authors met 18 times to work with the data, clarifying understanding of concepts, analyzing meanings, and writing up findings. Findings indicate that equity of access to online teaching and learning was a major challenge during the early stages of the pandemic lockdowns. However, many universities initiated some innovative strategies to minimize the inequities created by the migration to online learning platforms. Both educators' and students' agency evolved during the online and digital tuition provisions and made some agentic decisions that impacted their teaching and learning, respectively. During the Covid-19 pandemic, educators had much to say about their teaching online. Their experience and thinking can be leveraged in discussions about the best way forward after the pandemic experience. The mutual learning that we experienced collaborating internationally in this study points to the significance of using online facility to create and enhance solidarity among educators globally.

This study investigates the media activities of firms issuing private equity placements and seasoned equity offerings in Taiwan, as firms have incentives to manage media coverage to influence their stock prices during private equity placement.

We collect a corpus of news stories and transform the news into term sets based on the part of speech. Then, we refer to Cecchini et al. (2010) to classify the news terms into positive, negative, and usual categories. Next, we employ the SVM algorithm to perform the classification tasks and the term frequency method to perform the text mining task. In last, we use a multiple regression model to verify the hypotheses.

We determine that issuing firms in a private placement have substantially more positive news stories and fewer negative news stories than those in public offerings. Furthermore, we evidence that the media management effects of postequity issues are more active than those of preequity issues. Finally, our results demonstrate that the timing and content of financial media coverage among different equity issuance methods may be biased by firm management. According to previous studies, they may attempt to manipulate stock prices to increase the number of highly profitable insider stakeholders.

To our knowledge, this is the first study to investigate that if private placement will associate with more active media management than the public offerings. According to our results of the difference-in-means test, the public offerings market may control news coverage; however, this result is inconsistent with that of the regression results. The private placements market may also exercise media management in the “before announcement day” and “after announcement day” periods by increasing positive news and reducing negative news.

This study aims to explore how educational leaders in South Korea adopted equity mindsets and how they organized changes to support students' deeper learning during COVID-19.

The authors developed a comprehensive framework of Equity Leadership for Deeper Learning, by revising the existing model of Darling-Hammond and Darling-Hammond (2022) and synthesizing equity leadership literature. Drawing upon this framework, this study analyzed data collected from individual interviews and a focus group with school and district administrators in the K-12 Korean education system.

The participants prioritized an equity stance of their leadership by critically understanding socio-political conditions, challenging unjust policies, and envisioning the big picture of equity-centered education. This led them to operationalize equity leadership in practice and create a more inclusive and supportive environment for student-centered deeper learning. District leaders established well-resourced systems by creating/developing instructional resources and making policies more useful. School leaders promoted quality teaching by strengthening access, developing student-centered curricula, and establishing individualized programs for more equitable deeper learning.

This study builds on scholarship of deeper learning and equity leadership by adding evidence from Korean educational leaders during COVID-19. First, the findings highlight the significance of leaders' equity mindsets in creating a safe and inclusive environment for deeper learning. This study further suggests that sharing an equity stance as a collective norm at the system level, spanning across districts and schools is important, which is instrumental to scale up innovation and reform initiatives. Second, this research also extends comparative, culturally informed perspectives to understand educational leadership. Most contemporary leadership theories originated from and are informed by Western and English-speaking contexts despite being widely applied to other contexts across the culture. This study's analysis underscores the importance of contextualizing leadership practices within the socio-historical contexts that influence how education systems are established and operate.

Leaders' adopting equity mindsets, utilizing bureaucratic resources in creative ways and implementing a school-wide quality curriculum are crucial to supporting students' deeper learning. District leaders can leverage existing vertical and horizontal networks to effectively communicate with teachers and local communities to establish well-recourced systems. As deeper learning is timeless and requires high levels of student engagement, school leaders' efforts to establish school-wide curricula is critical to facilitate deeper learning for students.

The study provides a nuanced understanding of how equity focused leaders responded to difficulties caused by the pandemic and strategized to support students' deeper learning. Existing studies tend to prioritize teacher effects on student learning, positing leadership effects as secondary or indirect. Alternatively, the authors argue that, without leadership supporting an inclusive environment, resourceful systems and student-centered school culture, deeper learning cannot be fully achieved in equitable ways.

This paper aims to study the underpricing phenomenon of initial public offerings (IPOs) of 355 Indian companies issued from 2007 to 2019. The research question this paper empirically examines is whether Indian corporate executives deliberately underprice IPOs from its fair value to attract investors, thereby causing an abnormal spike in the prices on the listing day. The findings of this study challenge a commonly held notion of leaving money on the table by IPO issuing companies. Of the overall average listing day returns of 17%, the deliberate premarket underpricing component is found to be mere 5.3%, while the remaining price fluctuation is, inter alia, a result of market momentum along with the unmet demands of impatient investors.

Following Koop and Li (2001), this study uses Stochastic frontier model (SFM) to study a routine anomaly of disparity between the primary market price (i.e. IPO issue price) and the secondary market price (listing price). The jump in the issue price observed on a listing day is decomposed into deliberate premarket underpricing component that reflects the extent of managerial manipulation and the after-market misvaluation component attributable to information asymmetry and prevailing market volatility.

This paper uses SFM to bifurcate initial returns into deliberate underpricing by managers and after-market mispricing by noise traders. This study finds that a significant part of the initial return is explained through after-market mispricing. This study finds that average initial returns are 17%, deliberate premarket underpricing is 5.3% and after-market mispricing averages 11.9%.

This study can isolate underpricing done at the premarket by estimating a systematic one-sided error term that measures the maximum predicted issue price deviation from the offered price. Consequentially, the disaggregation of initial returns may be especially informative for retail investors in planning their exit strategy from an IPO by separating the strength of the firm's fundamentals and its causal relationship with the initial returns. Substantial proportion of after-market mispricing implies that future research should focus on factors causing after-market mispricing. As underlying causes are identified, tailor-made policy responses can be formulated to benefit investors.

This paper has empirically validated that initial return is a mix of both components, i.e. deliberate underpricing and aftermarket mispricing. This disaggregation of initial returns can prove helpful for investors in planning their exit strategy. This study can help investors to become more aware of the importance of the fundamentals of the firm and its causal relation with the initial returns. This information in turn can help reduce the information asymmetry amongst investors and help them lessen the costs of adverse selection.

A large number of research studies on IPO pricing find overwhelming evidence of underpricing in public issues. This research attempts to decompose the extent of underpricing into deliberate underpricing and after-market mispricing, thereby supplementing the existing literature on the IPO pricing puzzle. To the best of the authors’ knowledge, this study is the first contribution to the literature on initial return decomposition for the Indian capital markets.

The purpose of this study is to investigate if a firm's exchange complexity profile (that is, the linkages between the firm and its environment) influences investor behavior at the negotiation table where a firm valuation is derived.

The authors utilize Qualitative Comparative Analysis (QCA). Specifically, the authors utilize fuzzy-set Qualitative Comparative Analysis (fsQCA), a QCA variant that allows the researcher to assign graduated membership in sets.

When the authors dichotomize their positions as either higher stakes that favor the seller (high capital, low equity, high valuation) or lower stakes that favor the buyer (low capital, high equity, low valuation), and when the authors focus primarily on the equity outcome, the authors find that investors adopt a reductionist stance that adheres to a transaction cost economics logic under conditions of lower stakes and higher complexity as well as higher stakes and lower complexity conditions. The authors interpret this to mean that equity serves as a counter-balancing lever for a firm's exchange complexity configuration.

On a theoretical level, the authors showcase the exchange complexity framework and differentiate its position within the extant frameworks that address a firm's competitive advantage. More generally, the authors note that this framework brings the discipline of micro-economics and the field of strategic management closer together, providing scholars with a new tool enabling research across industries for the portfolio level of analysis.

This case was researched using publicly available sources, including Mercury Systems financial filings and press releases, news stories about the seasoned equity offering, financial information from Bloomberg and industry information from IBISWorld Industry Reports and articles related to seasoned/secondary equity offerings, intangible asset valuation and the use of revolving lines of credit. Quotes are taken from Mercury financial reports and press releases and express the (optimistic) opinions of company executives.

Mercury Systems, a technology company in the aerospace and defense industry, announced a six million share seasoned stock offering in June 2019. This resulted in a 6% stock price decrease. A stock price decrease is a typical event when a firm announces the issuance of new common shares, but with Mercury Systems, there were concerns about how much money the firm needed to fund its strategy of growth through acquisitions. If internally generated funds were not sufficient, should the firm issue debt or have another seasoned equity issue? Students will look at the objectives and success of the most recent seasoned equity issue, determine future funds needs and how the firm should finance these needs.

This case is appropriate for undergraduate and graduate students in corporate finance electives. Typically, topics such as seasoned equity offerings are not covered in introductory courses, so this is recommended for finance electives. Even in advanced finance courses, sometimes there is insufficient time to cover seasoned equity offerings.

This paper aims to investigate the effect of learning styles on HyFlex learning towards equity of learning in higher education.

A quantitative approach was used, with data collection through a structured online questionnaire. The study participants were undergraduate students (n = 451) studying at various public and private universities in Indonesia. Measurement analysis is used to test the validity of the instrument used. Analysis of structural equations is used to test the relationships between the constructs under study.

Survey instruments have satisfactory internal validity and consistency. The learning style of students in higher education positively influences the use of HyFlex’s three learning modalities. All three modalities of HyFlex learning positively affect learning equity, especially the asynchronous online modality. However, the synchronous online effect is insignificant. Active/reflective learning styles only affect face-to-face mode but do not significantly affect the two online modalities, synchronous and asynchronous. Some of the learning style dimensions have an indirect effect on equity through three HyFlex learning modalities. Face-to-face and online asynchronous mediate well the indirect relationship between learning style and equity. The impact of gender and higher education status was not shown to strengthen the relationship between learning styles, HyFlex learning modalities and equity.

This study will provide valuable understanding for lecturers, educators and developers to adapt and develop HyFlex learning strategies based on the positive dimensions of the Felder–Silverman learning style that can support equitable and inclusive learning. The study forms a foundation for researchers to investigate more constructs that could improve HyFlex learning in future studies.

This research is a pioneer in using learning styles to investigate trends in using three HyFlex learning modalities, particularly emphasising modalities that can provide equitable learning.

School-university partnerships (SUPs) probe a range of P12 challenges and interests, with teacher residencies being chief among them. Because historically black colleges and universities (HBCUs) have impressive track records (Hill-Jackson, 2017) and knowhow (Marchitello & Trinidad, 2019; Petchauer & Mawhinney, 2017) in preparing teacher candidates to work effectively in diverse schools, this paper seeks deeper understandings of the types of SUPs for teacher residency collaborations employed by traditional versus HBCU programs.

This article draws upon the self-study as a methodology to review a SUP for a teacher residency at an HBCU in the southwestern United States to illustrate an equity-centric model.

Leveraging an equity and third space perspective, three separate approaches to the SUPs are unpacked to establish the outline for this proposal: ceremonial, conventional and communal teacher residency approaches.

A novel typology of three distinct approaches to SUPs for teacher residencies is outlined to establish the extent to which equity is foregrounded among teacher residencies.