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The IPO Lock-Up Period: Implications for Market Efficiency And Downward Sloping Demand Curves

Ofek, Eli et al.
NYU Faculty Digital Archive · Papers
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multidisciplinary
After an initial public offering, most existing shareholders are subject to a lock-up period in which they cannot sell their shares for a prespecifed time. At the end of the lock-up, there is a permanent and large shift in the supply of shares. The lock-up expiration is a particularly interesting ev
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