Biases in the IPO Pricing Process

By investigating the entire IPO pricing process, beginning when the offering is filed, the paper contributes to the existing literature along four dimensions. First, price updates during the registration period are predictable based on firm and offer-specific characteristics known at the time the offer is filed. Second, price updates reflect market movements prior to the initial filing date as well as during the registration period. Third, positive and negative information learned during the registration period affect the offer price asymmetrically. Finally, public and private information learned during the registration period have different effects on the offer price. While a number of the biases that we uncover are consistent with one or more theories regarding IPOs, many remain a puzzle.

IPO Market Cycles: Bubbles or Sequential Learning?

We examine the strong cycles in the number of initial public offerings (IPOs) and in the average initial returns realized by investors who participated in the IPOs. At the aggregate level, initial returns are predictably related to past initial returns and also to future IPO volume from 1960-1997. To understand these patterns, we use firm-level data from 1985-97 to model the initial return. Our results show that aggregate IPO cycles occur because of the time it takes to complete an IPO, the clustering of similar types of IPOs in time, and information spillovers among IPOs.

Creating Human Insecurity: The National Security Focus in Canada’s Immigration System

This paper explores the processes through which Canada’s immigration system creates human insecurity for newcomers to Canada. With a focus on the new Immigration and Refugee Protection Act and post-September 11 security measures such as the Safe Third Country Agreement, I argue that the immigration system draws on and reaffirms national security discourses. Measures designed to create national security, in turn, create human insecurity for migrants and refugees. Using a feminist approach that explores how gender, race, and class oppressions intensify experiences of in/security, this paper suggests that the new national security measures within Canada’s immigration system will likely have a disproportionate impact on classed, raced, and gendered asylum seekers.Cet article examine comment les processus utilisés par le système d’immigration du Canada créent un environnement d’insécurité pour les nouveaux arrivés au Canada. Me concentrant sur la nouvelle Loi sur l’immigration et la protection des réfugiés et les mesures de sécurité mises en place après le 11 septembre, tel que l’Entente sur les tiers pays sûrs, je soutiens que le système d’immigration se fonde sur les discours de sécurité nationale et contribue à les avaliser. Les mesures destinées à renforcer la sécurité nationale créent à leur tour des conditions d’insécurité pour les immigrants et les réfugiés. Utilisant une approche féministe qui explore comment les abus d’autorité basés sur des considérations de sexe, de race et de classe intensifient les expériences d’insécurité, cet article suggère que les nouvelles mesures de sécurité contenues dans le système d’immigration du Canada auront un impact hors de toute proportion sur les demandeurs d’asile victimes de discrimination basées sur ces mêmes considérations de classe, de race et de sexe

The Variability of IPO Initial Returns

The monthly volatility of IPO initial returns is substantial, fluctuates dramatically over time, and is considerably larger during "hot" IPO markets. Consistent with IPO theory, the volatility of initial returns is higher among firms whose value is more difficult to estimate, i.e., among firms with higher information asymmetry. Our findings highlight underwriters' difficulty in valuing companies characterized by high uncertainty, and, as a result, raise serious questions about the efficacy of the traditional firm commitment underwritten IPO process. One implication of our results is that alternate mechanisms, such as auctions, may be beneficial, particularly for firms that value price discovery over the auxiliary services provided by underwriters.

Roundtable Report “No One Is Illegal”: The Fight for Refugee and Migrant Rights in Canada

On 8 December 2002, a roundtable discussion was held with members of the Action Committee for Non-Status Algerians (Montreal), the Ontario Coalition Against Poverty (Toronto), and No One Is Illegal (Montreal). In this transcription of the discussion, the non-status Algerian refugees share their experiences of living in Canada without formal status, a situation which they characterize as being degrading, unlivable, and absurd. The participants discuss the possibilities for organizing opposition to increasingly restrictive and repressive refugee and immigration policies. They examine the viability of anti-deportation campaigns, direct action casework, and the prospects for a broad-based movement in defence of refugee and migrant rights.Le 8 décembre 2002 a eu lieu une table ronde réunissant des membres du Comité d’action des sans-statut Algériens (Montréal), la Coalition ontarienne contre la pauvreté (Toronto) et No One is Illegal (« Personne n’est illégal ») (Montréal). Ce qui suit est une transcription des discussions qui ont eu lieu, au cours desquelles les Algériens sans statut partagent leur expérience de la vie au Canada sans un statut reconnu, une situation qu’ils qualifient de dégradante, invivable et absurde. Les participants examinent les possibilités d’organiser une opposition aux politiques en matière d’immigration et du traitement des réfugiés qui deviennent de plus en plus répressives et restrictives. Ils explorent la viabilité des campagnes anti-déportation, l’action directe et les possibilités d’organiser un mouvement rassembleur pour la défense des droits des réfugiés et des migrants

Taking a Seat at the Table: The Quest for CISO Legitimacy

The role of the chief information security officer (CISO) has emerged as critically important to organizations in managing cybersecurity risks. Unfortunately, many CISOs are limited by perceptions of boards and executive teams that the CISO is not a strategic partner. This study investigates CISOs’ struggles for legitimacy in their ascendancy into the executive suite and in directly reporting to the board of directors. In a grounded theory interview study, we use legitimacy theory as a lens to develop a model of a virtuous cycle of legitimacy, wherein a CISO’s legitimacy gains at the board level feed into successful bids for legitimacy within the executive suite, extending legitimacy theory to include legitimacy assessments within related hierarchal groups (i.e., the board and executive team). Given the growing importance of CISOs, we inform research and practice on how they can become full-fledged members of the executive team and legitimate partners of the board

Exploring Hispanic Immigrant Parents Literacy Needs In Navigating Life With Children In The United States

The responsibility of raising a child is demanding on all parents, but immigrant parents with limited literacy skills in English may find parenting even more demanding than native born parents. Hispanic immigrant parents are rarely consulted about their literacy needs. Furthermore, they are often overlooked as experts on their own needs. Using two of the most widely accepted models of literacy, The Simple View of Writing and The Simple View of Reading, this study explored Hispanic immigrant parents\u27 literacy needs in the United States. The current study was conducted on N=30 Hispanic Immigrant parents, ages early 30s to mid 70s. A qualitative open-ended questionnaire was used to provide information regarding Hispanic immigrant parents’ literacy needs. The conceptual frameworks used, emerging patterns of learners’ perspectives of their literacy needs were analyzed under six categories: Three reading elements- Decoding, language comprehension, and reading comprehension, and three writing elements- text generation, transcription, and self-regulation. Findings of the present study provide initial insights on the literacy needs of Hispanic immigrant parents in light of The Simple View of Writing and The Simple View of Reading literacy frameworks. These insights can be used to inform and advance literacy interventions and programs that can be tailored to parents\u27 specific needs moving forward as we seek to provide person centered care for this population. The implications of these findings of parents’ literacy needs are discussed in terms of its impact on parents education and the quality of the outcomes so that a literacy program that meets Hispanic immigrant parents’ needs can be built in the future

Macroinvertebrate abundance and richness in two constructed wetland systems

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