Returns and Volume at IPO Lockup Expiration

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dc.contributorAalto Universityen
dc.contributorAalto-yliopistofi
dc.contributor.advisorKeloharju, Matti
dc.contributor.authorRöyskö, Anton
dc.contributor.departmentRahoituksen laitosfi
dc.contributor.schoolKauppakorkeakoulufi
dc.contributor.schoolSchool of Businessen
dc.date.accessioned2024-05-19T16:03:37Z
dc.date.available2024-05-19T16:03:37Z
dc.date.issued2024
dc.description.abstractI examine 1914 share lockup agreements from IPOs between 2004 and 2023 in the US. The lockup agreement prohibits insiders from selling their shares for the length of the lockup and it usually lasts 180 days after the trading has started on the exchange. I find that there is statistically significant -0.7 percent abnormal return over the three-day event period. Average trading volume peaks at 90 percent above the long-term average on day 1. The expiration causes permanent around 40 percent increase in average trading volume post-expiration.en
dc.format.extent18 + 2
dc.format.mimetypeapplication/pdfen
dc.identifier.urihttps://aaltodoc.aalto.fi/handle/123456789/127807
dc.identifier.urnURN:NBN:fi:aalto-202405193415
dc.language.isoenen
dc.programmeRahoitusen
dc.subject.keywordIPOen
dc.subject.keywordlockup expirationen
dc.subject.keywordabnormal volumeen
dc.subject.keywordabnormal returnsen
dc.titleReturns and Volume at IPO Lockup Expirationen
dc.typeG1 Kandidaatintyöfi
dc.type.ontasotBachelor's thesisen
dc.type.ontasotKandidaatintyöfi

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