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NOTE: Since 2009 the title of the International Journal of Entrepreneurship Education (IJEE) has been changed to the title above.  ISSN numbers: IJEE 1649-2269 and IRE 2009-2822

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#1553 - Managerial Stability and the Pricing of New Equity Issuances: The Effects of State Enforcement of Noncompetition Agreements

IRE Vol 15: Issue 2, 2017 , Pages 131-150

Author(s): Yin-chi Liao (Western Illinois University, USA), Bill Francis (Rensselaer Polytechnic Institute, USA), Iftekhar Hasan (Fordham University, USA; Bank of Finland; University of Sydney, Australia) and Haizhi Wang (Illinois Institute of Technology, USA)

Abstract:
In this paper, we empirically investigate the relationship between managerial stability induced by the legal enforcement of noncompetition agreements and the pricing of new equity issuances. Making use of the variation in the enforceability of noncompetition contracts across states in the U.S., we find that managerial stability is negatively related to underpricing and price revision for our sample of new equity issuing firms. Our results demonstrate that the stability of management is important for an issuing firm to convey its intrinsic value credibly to the market.

Keywords: noncompetition agreements, managerial stability, new equity issuances


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