• The choice of seasoned-equity selling mechanism : theory and evidence 

      Eckbo, B. Espen; Norli, Øyvind (Discussion paper, Working paper, 2004-11)
      Extending the Myers and Majluf (1984) framework, we present a model for the choice of seasoned-equity selling mechanism. A sequential pooling equilibrium exists which implies a positive market reaction to certain flotation ...
    • Leverage, liquidity and long-run IPO returns 

      Eckbo, B. Espen; Norli, Øyvind (Discussion paper, Working paper, 2000-02)
      It is well known that IPO stocks on average substantially underperform (over 3-5 years) non-IPO stocks matched on firm size. With a large sample of Nasdaq IPOs, this paper presents systematic evidence that IPO stocks are ...
    • Liquidity risk, leverage and long-run IPO returns 

      Eckbo, B. Espen; Norli, Øyvind (Discussion paper, Working paper, 2002-07)
      We examine the risk-return characteristics of a rolling portfolio investment strategy where more than 6,300 Nasdaq IPO stocks are bought and held for up to five years over the 1973-2000 period. The puzzling low average ...
    • Pervasive liquidity risk 

      Eckbo, B. Espen; Norli, Øyvind (Discussion paper, Working paper, 2002-11)
      While there is no equilibrium framework for defining liquidity risk per se, several plausible arguments suggest that liquidity risk is pervasive and thus may be priced. For example, market frictions increase the cost of ...
    • Seasoned public offerings: Resolution of the "new issues puzzle" 

      Eckbo, Espen B.; Masulis, Ronald W.; Norli, Øyvind (Discussion paper;09/98, Working paper, 1998)
      The `new issues puzzle' is that stocks of common stock issuers subsequently underperform non- issuers matched on size and book-to-market ratio. With 7,000+ seasoned equity and debt issues, we document that issuer ...