%0 Journal Article
%J Pacific-Basin Finance Journal
%D 2018
%T Board members' influence on resource investments to start-ups and IPO outcomes: Does prior affiliation matter?
%A Mathew,Prem
%A Takahashi,Hidenori
%A Yamakawa,Yasuhiro
%K Finance
%X Using data that contains career paths of start-up board members, we examine how their prior affiliations with various types of venture capital (VC) firms promote financial and human resource investments from the affiliated VC firm. We find that the likelihood of affiliation-based resource investments such as financing and board member engagement depends on the type of VC firms (e.g., bank-affiliated, corporate). Meanwhile, we find little evidence that affiliation-based resource investments lead to lower IPO costs and better post-IPO performances (i.e., return on assets, buy-and-hold abnormal returns, and failure rate). While prior affiliation could improve the inflow of resources, it might worsen screening and monitoring activities.
%B Pacific-Basin Finance Journal
%V 49
%P 30-42
%8 2018
%G eng
%U https://www.sciencedirect.com/science/article/pii/S0927538X17304468
%N June 2018
%2 a
%4 162678636544
%$ 162678636544

%0 Journal Article
%J Applied Economics
%D 2015
%T Does Director Affiliation Lead to Analyst Bias?
%A Mathew,Prem
%A Yildirim,H. Semih
%K Finance
%B Applied Economics
%V 47
%P 272-287
%8 2015
%G eng
%N 3
%2 a
%4 98447046656
%$ 98447046656

%0 Journal Article
%J Journal of Financial Markets
%D 2014
%T When-issued trading in the Indian IPO market
%A Brooks,Raymond
%A Mathew,Prem
%A Yang,Jimmy
%K Finance
%B Journal of Financial Markets
%V 19
%P 170-196
%8 2014
%G eng
%2 a
%4 53120905216
%$ 53120905216

%0 Generic
%D 2012
%T When-issued trading in the Indian IPO market
%A Mathew,Prem
%K Finance
%B Midwest Finance Association Conference
%C New Orleans
%8 2012
%G eng
%2 c
%4 49968719872
%$ 49968719872

%0 Generic
%D 2010
%T Entrepreneurial Foresight and the Endogenous Choice of Market Intermediaries in Japanese IPOs
%A Khoury,Theodore
%A Mathew,Prem
%A Hibara,Nobuhiko
%K Entrepreneurship
%K Finance
%K Strategy & Entrepreneurship
%B Academy of Management Annual Meeting
%C Montreal, Canada
%8 2010
%G eng
%2 c
%4 22397325313
%$ 22397325313

%0 Journal Article
%J International Review of Financial Analysis
%D 2009
%T The efficiency of international information flow: Evidence from the ETF and CEF Prices
%A Hughen,C.
%A Mathew,Prem
%K Finance
%X While similar in their trading and organization, closed-end funds (CEFs) and exchange-traded funds (ETFs) differ in their liquidity and ease of arbitrage. We compare their price transmission dynamics using a sample of funds that invest in foreign securities and are most likely to show the deficiencies in the manner in which they process information. Our analysis shows that ETF returns are more closely related to their portfolio returns than CEF returns. However, both fund types underreact to portfolio returns but overreact to domestic stock market returns. A simple trading strategy using these results is profitable with roundtrip trading costs less than 1.38% for CEFs and 0.71% for ETFs.
%B International Review of Financial Analysis
%V 18
%P 40-49
%8 2009
%G eng
%N 1-2
%2 a
%4 12547627009
%$ 12547627009

%0 Generic
%D 2008
%T The Efficiency of International Information Flow: Evidence from the ETF and CEF Prices
%A Mathew,Prem
%A Hughen,J Chris
%K Finance
%B Financial Management Association International
%C Dallas, Texas
%8 2008
%G eng
%2 c
%4 14217467905
%$ 14217467905

%0 Generic
%D 2008
%T How Does Bunching Affect Bid-Ask Spread Component Estimation?
%A Mathew,Prem
%A Michayluk,David
%K Finance
%B Financial Management Association International
%C Dallas, Texas
%8 2008
%G eng
%2 c
%4 14217410561
%$ 14217410561

%0 Journal Article
%J Applied Financial Economics
%D 2008
%T The Value of Stability Ratings to the Canadian Income Trust Market
%A Neeliah-Chinniah,Priscilla
%A Mathew,Prem
%A Yildirim,Semih
%K Finance
%B Applied Financial Economics
%V 18
%P 1465-1474
%8 2008
%G eng
%N 18
%2 a
%4 2718355457
%$ 2718355457

%0 Journal Article
%J Journal of International Financial Markets, Institutions and Money
%D 2007
%T Are Foreign Issuers Complying with Regulation Fair Disclosure?
%A Mathew,Prem
%A Michayluk,D.
%A Kofman,P.
%K Finance
%B Journal of International Financial Markets, Institutions and Money
%V 17
%P 246-260
%8 2007
%G eng
%N 3
%2 a
%4 648288256
%$ 648288256

%0 Generic
%D 2006
%T The Dynamics of International Information Flow: Evidence from Daily Country FUnds
%A Mathew,Prem
%A Hughen,Chris
%K Finance
%B Academy of Financial Services
%C Salt Lake City, Utah
%8 2006
%G eng
%2 c
%4 2718386177
%$ 2718386177

%0 Generic
%D 2006
%T The Dynamics of International Information Flow: Evidence from Daily Data on Country Funds
%A Mathew,Prem
%A Hughen,Chris
%K Finance
%B Midwest Finance Association
%C Chicago
%8 2006
%G eng
%2 c
%4 2718427137
%$ 2718427137

%0 Journal Article
%J Financial Review
%D 2006
%T An Examination of the Differential Impact of Regulation FD on Analysts' Forecast Accuracy
%A Findlay,S.
%A Mathew,Prem
%K Finance
%X Regulation fair disclosure (FD) requires companies to publicly disseminate information, effectively preventing the selective pre-earnings announcement guidance to analysts common in the past. We investigate the effects of Regulation FD's reducing information disparity across analysts on their forecast accuracy. Proxies for private information, including brokerage size and analyst company-specific experience, lose their explanatory power for analysts' relative accuracy after Regulation FD. Analyst forecast accuracy declines overall, but analysts that are relatively less accurate (more accurate) before Regulation FD improve (deteriorate) after implementation. Our findings are consistent with selective guidance partially explaining variation in the forecasting accuracy of analysts before Regulation FD.
%B Financial Review
%V 41
%P 9-31
%8 2006
%G eng
%N 1
%2 a
%4 648292352
%$ 648292352

%0 Generic
%D 2005
%T The Dynamics of International Information Flow: Evidence from Daily Data on Country Funds
%A Mathew,Prem
%A Hughen,Chris
%K Finance
%B Financial Management Association
%C Chicago
%8 2005
%G eng
%2 c
%4 2718445569
%$ 2718445569

%0 Journal Article
%J International Journal of Finance
%D 2005
%T The Effects of Market Inefficiencies on Trading Strategies for Country Funds
%A Hughen ,J. Christopher
%A Mathew,Prem
%A Ragan,Kent P.
%K Finance
%X Economists disagree about how sensitive country fund prices are to U.S. market returns. We provide additional evidence on this issue through an examination of daily fund discounts. Fund shares provide significant average returns in the three days following large positive and negative discount changes. This finding suggests that large short-term changes in the relation between price and underlying value are not quickly mitigated in the market for country fund shares. Following large negative discount changes, the returns on fund shares and NAVs are of greater magnitude when the S&P 500 Index declines by more than 1%. This is consistent with negative changes in U.S. market sentiment affecting both country fund prices and NAVs in the short-term. Simple trading strategies that take advantage of large discount changes around big changes in the U.S. market appear generally profitable even after adjusting for transaction costs. The limited liquidity in country fund shares suggests that it may be difficult to implement such strategies.
%B International Journal of Finance
%V 16
%P 2964-84
%8 2005
%G eng
%N 2
%2 a
%4 648286208
%$ 648286208

%0 Generic
%D 2005
%T A NAV a Day Keeps the Inefficiency Away?  Fund Trading Strategies using Daily Values
%A Mathew,Prem
%A Hughen ,J. C.
%A Ragan,K.
%K Finance
%B Academy of Finance Meeting
%8 2005
%G eng
%2 c
%4 648304640
%$ 648304640

%0 Journal Article
%J Financial Services Review
%D 2005
%T A NAV a Day Keeps the Inefficiency Away?  Fund Trading Strategies using Daily Values
%A Hughen,J. C.
%A Mathew,Prem
%A Ragan,K.
%K Finance
%X Previous research documents the value of closed-end fund trading rules based on the size of theweekly discount. The growing number of closed-end funds that provide daily net asset value data  provides an opportunity to test the profitability of short-term fund trading strategies. We find that  short-term trading strategies that purchase fund shares after large negative discount changes are  profitable, on average, even when transaction costs are incorporated. However, strategies that short  sell fund shares after large positive discount changes do not produce an average profit. The limited  amount of trading in closed-end funds may make it difficult to achieve short-term profits from discount  fluctuations. © 2005 Academy of Financial Services. All rights reserved.
%B Financial Services Review
%V 14
%P 213-230
%8 2005
%G eng
%2 a
%4 648290304
%$ 648290304

%0 Generic
%D 2005
%T A NAV A DAY Keeps the Inefficiency Away? Fund Trading Strategies Using Daily Values
%A Mathew,Prem
%A Hughen,Chris
%A Ragan,Kent
%K Finance
%B Financial Management Association
%C Chicago
%8 2005
%G eng
%2 c
%4 2718496769
%$ 2718496769

%0 Generic
%D 2004
%T The Effectiveness of VC Firm Involvement in the Japanese IPO Process
%A Mathew,Prem
%A Hibara ,N.
%K Finance
%B Financial Management Association Meeting
%8 2004
%G eng
%2 c
%4 648302592
%$ 648302592

%0 Journal Article
%J Journal of Entrepreneurial Finance
%D 2004
%T Grandstanding and Venture Capital Firms in Newly Established IPO Markets
%A Hibara,Nobuhiko
%A Mathew,Prem
%K Finance
%X The grandstanding theory posits that young venture capital firms (VCs) will seek to build their reputations by taking ventures public early. In this study, we examine this theory in the Japanese IPO market. With the introduction of MOTHERS and NASDAQ Japan in 1999 and 2000, respectively, with the explicit intent of catering to smaller and younger companies, we are able to examine the influence of these new markets on grandstanding and the IPO process. We find that young lead VC-backed ventures go public at a younger age than mature lead VC-backed ventures and that young lead VC-backed ventures are more underpriced. However, we do not find that young lead VCs have relatively lower equity stakes at IPO. This latter finding is most likely a result of the introduction of the new markets.
%B Journal of Entrepreneurial Finance
%8 2004
%G eng
%2 a
%4 648294400
%$ 648294400

%0 Journal Article
%J Quarterly Journal of Finance and Accounting
%D 2004
%T A Re-examination of Information Flow in Financial Markets: The Impact of Reg FD and Decimalization
%A Mathew,Prem
%A Hughen,C.
%A Ragan,K.
%K Finance
%X We investigate the impact of Regulation FD on information flow in the equities market. Our analysis indicates that information flow around earnings announcements, proxied by abnormal return volatility around those announcements, of U.S. stocks increased in the first effective quarter of Regulation FD (the fourth quarter of 2000). The information flow of ADRs, which are exempt from Regulation FD, does not change. This supports the inference that Regulation FD, not general market conditions, caused the increase in volatility, but Regulation FD did not have a persistent impact on information flow. A multivariate regression analysis shows that our results are robust to controls that include decimalization, which was implemented concurrently with Regulation FD and has reduced return volatility. Our comparison of return volatilities across firm size indicates that small firms temporarily had larger return volatilities, thus Regulation FD only temporarily had a differential impact on the information environment of small firms.
%B Quarterly Journal of Finance and Accounting
%V 43
%P 123-147
%8 2004
%G eng
%N 1-2
%2 a
%4 648298496
%$ 648298496

%0 Journal Article
%J Journal of Financial Research
%D 2004
%T When-Issued Shares, Small Trades and the Variance of Returns around Stock Splits
%A Angel,James
%A Brooks,Raymond
%A Mathew,Prem
%K Finance
%X The increases in volatility after stock splits have long puzzled researchers. The usual suspects of discreteness and bid-ask spread do not provide a complete explanation. We provide new clues to solve this mystery by examining the trading of when-issued shares that are available before the split. When-issued trading permits noise traders to compete with a more homogenous set of traders, decreasing the volatility of the stock before the split. Following the split, these noise traders reunite in one market and volatility increases. Thus, the higher volatility after the ex date of a stock split is a function of the introduction of when-issued trading, the new lower price level after the split date, and the increased activity of small-volume traders around a stock split.
%B Journal of Financial Research
%V 27
%P 415-433
%8 2004
%G eng
%N 3
%2 a
%4 644726784
%$ 644726784

%0 Journal Article
%J Review of Financial Economics
%D 2002
%T Long-Horizon Seasoned Equity Performance in the Pacific Rim Financial Markets
%A Mathew,Prem
%K Finance
%X Previous studies of firms that issue seasoned equity in the US and Japan have found that these firms significantly underperform over the long-run subsequent to the issue. I offer further evidence of this by examining Japanese seasoned offerings (SEOs) from 1975 to 1992. I find similar results for firms issuing seasoned equity in Hong Kong. However, I also find that Korean SEOs generate insignificant abnormal returns over a 36-month period following the issue. These results suggest that the asymmetric information argument offered for the US and Japanese markets do not always hold, especially in markets where the regulatory and market structures vary greatly. Cross-sectional results suggest that younger firms tend to perform worse than older firms.
%B Review of Financial Economics
%V 11
%P 317-333
%8 2002
%G eng
%N 4
%2 a
%4 648296448
%$ 648296448

%0 Generic
%D 1999
%T When-Issued Shares, Small Traders and the Variance of Returns around Stock Splits
%A Brooks,Raymond
%A Angel,James J.
%A Mathew,Prem
%K Finance
%B Annual Meeting of American Finance Association
%C New York, NY
%8 1999
%G eng
%2 c
%4 644741120
%$ 644741120