Steven Manaster

Why Has IPO Underpricing Changed Over Time

Reputation and Financial Intermediation: An Empirical Investigation of the Impact of IPO Mispricing on Underwriter Market Value

Market efficiency, long-term returns, and behavioral finance1The comments of Brad Barber, David Hirshleifer, S.P. Kothari, Owen Lamont, Mark Mitchell, Hersh Shefrin, Robert Shiller, Rex Sinquefield, Richard Thaler, Theo Vermaelen, Robert Vishny, Ivo Welch, and a referee have been helpful. Kenneth French and Jay Ritter get special thanks.1

Conditional volatility and the informational efficiency of the PHLX currency options market

Price Reactions to Dividend Initiations and Omissions: Overreaction or Drift?

Can the Market Add and Subtract? Mispricing in Tech Stock Carve‐outs

UNDERWRITER REPUTATION AND REPETITIVE PUBLIC OFFERINGS

Giving Content to Investor Sentiment: The Role of Media in the Stock Market

Network Analysis in the Social Sciences

Forecasting S&P 100 volatility: the incremental information content of implied volatilities and high-frequency index returns

Variance Risk Premia

Overcoming the Liability of Foreignness

Trading costs for listed options

Divergence of Opinion, Uncertainty, and the Quality of Initial Public Offerings

Advances in Behavioral Finance.

The winner's curse, legal liability, and the long-run price performance of initial public offerings in Finland

Restructuring through spinoffs

Predicting Volatility in the Foreign Exchange Market

Why Do U.S. Firms Hold So Much More Cash than They Used To?

Can you have your Cake and Eat it too? Structural Holes' Influence on Status Accumulation and Market Performance in Collaborative Networks

The underpricing of initial public offerings and the partial adjustment phenomenon

The Pricing of Initial Public Offerings: A Dynamic Model with Information Production

Stock market volatility and the information content of stock index options

The determinants of corporate board size and composition: An empirical analysis

Inferring Future Volatility from the Information in Implied Volatility in Eurodollar Options: A New Approach

Borrowing relationships, intermediation, and the cost of issuing public securities

SOME EVIDENCE ON OPTION PRICES AS PREDICTORS OF VOLATILITY

Venture Capitalist Certification in Initial Public Offerings

A Model of Forum Shopping

Why Has IPO Underpricing Changed Over Time?

A Survey of Corporate Governance

Issuer Expenses and Legal Liability in Initial Public Offerings

A Closed-Form Solution for Options with Stochastic Volatility with Applications to Bond and Currency Options

FORECASTING VOLATILITY FOR PORTFOLIO SELECTION

The Pricing of Options on Assets with Stochastic Volatilities

Venture capitalists and the decision to go public

Social Structure and Competition in Interfirm Networks: The Paradox of Embeddedness

Option Pricing when the Variance is Changing

The Development of Secondary Market Liquidity for NYSE-Listed IPOs

Is Sound Just Noise?

Market Timing and Capital Structure

Litigation risk and IPO underpricing

Predicting currency return volatility

Do Behavioral Biases Affect Prices?

Forecasting Future Volatility from Option Prices

Forecasting S&P 100 Volatility: The Incremental Information Content of Implied Volatilities and High Frequency Index Returns

Errors in Implied Volatility Estimation

Measuring and Testing the Impact of News on Volatility

In Search of Attention

Trading Is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors

Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches

Grandstanding in the venture capital industry

Institutional Allocation in Initial Public Offerings: Empirical Evidence

Efficient Capital Markets: II

Pareto Optimality and Competition

Women in the boardroom and their impact on governance and performance☆

The Relational View: Cooperative Strategy and Sources of Interorganizational Competitive Advantage

The Forecasting Performance of Stock Options On the London Traded Options Market

Market Uncertainty and the Social Character of Economic Exchange

Factors affecting investment bank initial public offering market share

The Long-Run Performance of Initial Public Offerings

The Pricing of Initial Public Offerings: Tests of Adverse-Selection and Signaling Theories

Evidence on the strategic allocation of initial public offerings

Interorganizational Endorsements and the Performance of Entrepreneurial Ventures

Caveat Compounder: A Warning about Using the Daily CRSP Equal‐Weighted Index to Compute Long‐Run Excess Returns

Valuation of American call options on dividend-paying stocks

Investor Psychology and Security Market Under‐ and Overreactions

Relationship‐Specific Assets and the Pricing of Underwriter Services

IPO Pricing in the Dot-Com Bubble: Complacency or Incentives?

Fads in the Initial Public Offering Market?

Effects of differential information on the after-market valuation of initial public offerings

The Benefits of Lending Relationships: Evidence from Small Business Data

A test of two models in forecasting stock index futures price volatility

Underwriter warrants, underwriter compensation, and the costs of going public

Good Day Sunshine: Stock Returns and the Weather

A Status-Based Model of Market Competition

The Pricing of Foreign Currency Options

The New Issues Puzzle

The predictive power of implied stochastic variance from currency options

One Security, Many Markets: Determining the Contributions to Price Discovery

The Informational Content of Initial Public Offerings

Bid, ask and transaction prices in a specialist market with heterogeneously informed traders

Post-IPO capital expenditures and market feedback

Forecasting Volatility in Financial Markets: A Review

Seasoned Offerings, Imitation Costs, and the Underpricing of Initial Public Offerings

A comparative analysis of IPO proceeds under alternative regulatory environments

An empirical investigation of IPO returns and subsequent equity offerings

Strategic IPO Underpricing, Information Momentum, and Lockup Expiration Selling

The Development of Secondary Market Liquidity for NYSE‐Listed IPOs

The Search-Transfer Problem: The Role of Weak Ties in Sharing Knowledge across Organization Subunits

The Quiet Period Goes out with a Bang

Why do firms switch underwriters?

Complementarity, status similarity and social capital as drivers of alliance formation

Optimism Biases among Brokerage and Non-Brokerage Firms' Equity Recommendations: Agency Costs in the Investment Industry

Decentralized investment banking

Financial Intermediation, Loanable Funds, and The Real Sector

A Review of IPO Activity, Pricing, and Allocations

Informed Trading in Stock and Option Markets

Some anomalous evidence regarding market efficiency

Underwriter Reputation, Initial Returns, and the Long‐Run Performance of IPO Stocks

The Long‐Run Performance of initial Public Offerings

The quality of market volatility forecasts implied by S&P 100 index option prices

Forecasting Future Variance From Option Prices

When the Underwriter Is the Market Maker: An Examination of Trading in the IPO Aftermarket

IPO Underpricing and Insurance against Legal Liability

Hot Markets, Investor Sentiment, and IPO Pricing

Long-term returns from equity carveouts1I have benefited from comments of seminar participants at the Case Western Reserve University, the University of Iowa, the University of Oklahoma, the Eighth Annual Conference on Financial Economics and Accounting at the State University of New York, Buffalo, and the Financial Management Association. I wish to thank Jeffrey Allen, Tom George, Inmoo Lee, Tim Loughran, Harry Paarsch, William Schwert (the editor), Ajai Singh, and Mike Stutzer for useful comments. I also wish to thank Yao-Min Chiang and Sterling Yan for valuable assistance with the data collection, and Eugene Fama for sharing the data used in developing the Fama–French three factor model. I am especially obliged to Brad Barber (the referee) for many comments that improved this paper substantially.1

Underpricing and Entrepreneurial Wealth Losses in IPOs: Theory and Evidence

Stabilization, Syndication, and Pricing of IPOs

Investor Sentiment and the Cross‐Section of Stock Returns

Asset pricing and the bid-ask spread

Ownership dispersion, costly information, and IPO underpricing

The Forecasting Performance of the Implied Standard Deviation in Currency Options

Option Pricing when the Variance Changes Randomly: Theory, Estimation, and an Application

Share price and mortality: An empirical evaluation of newly listed Nasdaq stocks

The Significance of the Market Portfolio

The predictive power of implied volatility: Evidence from 35 futures markets

The Informational Content of Implied Volatility

Insider Trading Subsequent to Initial Public Offerings: Evidence from Expirations of Lock-Up Provisions

The Empirical Implications of the Cox, Ingersoll, Ross Theory of the Term Structure of Interest Rates

Time and the Price Impact of a Trade

Stochastic Processes for Interest Rates and Equilibrium Bond Prices

Predicting financial volatility: High‐frequency time‐series forecasts vis‐à‐vis implied volatility

The role of venture capital in the creation of public companies

New lists: Fundamentals and survival rates

Requiem for a Market: An Analysis of the Rise and Fall of a Financial Futures Contract

A simple test of Baron's model of IPO underpricing

Investment Bank Reputation, Information Production, and Financial Intermediation

Heuristics and Biases: The Psychology of Intuitive Judgment

Litigation Risk, Intermediation, and the Underpricing of Initial Public Offerings

INDEX FUTURES OPTIONS IN AUSTRALIA ‐AN EMPIRICAL FOCUS ON VOLATILITY

The Cross‐Section of Volatility and Expected Returns

Implicit delivery options and optimal delivery strategies for financial futures contracts

The quality option implicit in futures contracts

Option Prices as Predictors of Equilibrium Stock Prices

Option Prices as Predictors of Equilibrium Stock Prices

The Calculation of Implied Variances from the Black‐Scholes Model: A Note

Initial Public Offerings and Underwriter Reputation

Initial Public Offerings and Underwriter Reputation

Life in the Pits: Competitive Market Making and Inventory Control

The information content of option prices and a test of market efficiency

Initial Public Offerings and Underwriter Reputation

Tests of the Black-Scholes and Cox Call Option Valuation Models: Discussion

Initial Public Offerings and Underwriter Reputation