Research@Smith: Fall 2004

Strategic Underwriting in Initial Public Offers

Gerard Hoberg, assistant professor of finance, is one of many academians exploring the lines between ethical and unethical conduct in the wake of the spectacular corporate scandals of recent times. In his paper, “Strategic Underwriting in Initial Public Offers,” Hoberg examines IPO underpricing, partial adjustment phenomenon and underwriter persistence. His is believed to be the first study to document that some underwriters persistently experience initial returns that are higher than others—significantly higher, in fact.

Strategic Underwriting in Initial Public Off

Gerard Hoberg, assistant professor of finance, is one of many academians exploring the lines between ethical and unethical conduct in the wake of the spectacular corporate scandals of recent times. In his paper, “Strategic Underwriting in Initial Public Offers,” Hoberg examines IPO underpricing, partial adjustment phenomenon and underwriter persistence. His is believed to be the first study to document that some underwriters persistently experience initial returns that are higher than others—significantly higher, in fact.

A New Look At The Debate Over Sending Jobs Overseas

Multinational corporations are an increasingly important source of production and employment in industrialized countries. These firms have higher accounting profits, higher stock market valuations and higher advertising and R&D than firms that only produce and sell domestically. In their paper, “Growth, Capital Market Development and Competition for Resources within MNCs,” Susan Feinberg, assistant professor of international business, and Gordon Phillips, professor of finance, look at the factors that affect the growth of these firms.

Modeling the Dynamics of Online Auctions

Galit Shmueli, assistant professor of decision and information technologies, and Wolfgang Jank, assistant professor of decision and information technologies, investigate the bidding dynamics of auctions in their paper “Modeling the Dynamics of Online Auctions: A Modern Statistical Approach.” Shmueli and Jank describe the process as similar to that of studying a NASCAR race. Rather than focusing solely on the winner’s score, they look at route, speed, acceleration and other dynamic characteristics.

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