Canadian IPO share releases : lockup designs, transparency and market behavior
Bibliographic record
Abstract
Since no Canadian evidence exists on Canadian IPO lockups, this thesis examines the design, impact and market behavior of two types of lockups for Canadian IPOs listed on the TSX during the 1997-2005 period. We find that the existence of lockup information in an issuer's prospectus does not significantly reduce IPO underpricing by underwriters. We also find that IPO firms with dual-class share structures tend to have higher proportions of shares locked up and longer escrow lockup periods, and that larger firms have higher proportions of shares locked up as "escrow shares". These findings partially support the evidence reported by Brau et al. (2005) that firms with less transparency will provide a signal that the interests of their insiders are better aligned with outside investors by including lockups in their prospectuses. Significant negative (cumulative) abnormal returns are found only for high-tech firms immediately around unlock days. Lower abnormal trading volumes and relative spreads are found after unlock days for only the sample of IPOs with escrow lockups with stipulated non-zero lockup length. Keywords: IPO, lockup, escrow, abnormal market behavior. JEL Classification: G10, G15
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How this classification was reachedexpand
Full frame distilled prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.
Codex and Gemma teacher scores by category
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.000 | 0.000 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.002 | 0.002 |
| Science and technology studies | 0.001 | 0.000 |
| Scholarly communication | 0.000 | 0.001 |
| Open science | 0.001 | 0.000 |
| Research integrity | 0.000 | 0.001 |
| Insufficient payload (model declined to judge) | 0.001 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one teacher head, not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".