{"id":"https://openalex.org/W2109853285","doi":"https://doi.org/10.1111/j.1540-6288.2000.tb01433.x","title":"The Pricing of Equity Carve\u2010Outs","display_name":"The Pricing of Equity Carve\u2010Outs","publication_year":2000,"publication_date":"2000-11-01","ids":{"openalex":"https://openalex.org/W2109853285","doi":"https://doi.org/10.1111/j.1540-6288.2000.tb01433.x","mag":"2109853285"},"language":"en","primary_location":{"id":"doi:10.1111/j.1540-6288.2000.tb01433.x","doi":"https://doi.org/10.1111/j.1540-6288.2000.tb01433.x","is_oa":false,"landing_page_url":"https://doi.org/10.1111/j.1540-6288.2000.tb01433.x","pdf_url":null,"source":{"id":"https://openalex.org/S9351053","display_name":"Financial Review","issn_l":"0732-8516","issn":["0732-8516","1540-6288"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-scientific","cwts-core","fnege-3","jufo-1","norway-1","poland-70","russia-white-list-2"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Financial Review","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5001296386","display_name":"Alexandros P. Prezas","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I24306055","display_name":"Suffolk University","ror":"https://ror.org/05y50nr98","country_code":"US","type":"education","lineage":["https://openalex.org/I24306055"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Alexandros P. Prezas","raw_affiliation_strings":["Suffolk University"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Suffolk University","institution_ids":["https://openalex.org/I24306055"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5110066860","display_name":"Murat Tarimcilar","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I193531525","display_name":"George Washington University","ror":"https://ror.org/00y4zzh67","country_code":"US","type":"education","lineage":["https://openalex.org/I193531525"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Murat Tarimcilar","raw_affiliation_strings":["The George Washington University"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"The George Washington University","institution_ids":["https://openalex.org/I193531525"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5088919272","display_name":"Gopala K. Vasudevan","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I12912129","display_name":"Northeastern University","ror":"https://ror.org/04t5xt781","country_code":"US","type":"education","lineage":["https://openalex.org/I12912129"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"Gopala K. Vasudevan","raw_affiliation_strings":["Northeastern University","northeastern Univ"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Northeastern University","institution_ids":["https://openalex.org/I12912129"]},{"raw_affiliation_string":"northeastern Univ","institution_ids":["https://openalex.org/I12912129"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":3,"corresponding_author_ids":["https://openalex.org/A5088919272"],"corresponding_institution_ids":["https://openalex.org/I12912129"],"apc_list":{"value":2900,"currency":"USD","value_usd":2900},"apc_paid":null,"fwci":0.0,"has_fulltext":false,"cited_by_count":46,"citation_normalized_percentile":{"value":0.48072946,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":88,"max":98},"biblio":{"volume":"35","issue":"4","first_page":"123","last_page":"138"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.6039999723434448,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.6039999723434448,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.37299999594688416,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.00930000003427267,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/equity-carve-outs","display_name":"equity carve-outs","score":0.9929999709129333},{"id":"https://openalex.org/keywords/ipo-underpricing","display_name":"IPO underpricing","score":0.7279999852180481},{"id":"https://openalex.org/keywords/initial-public-offerings","display_name":"initial public offerings","score":0.7620000243186951},{"id":"https://openalex.org/keywords/stock-pricing","display_name":"stock pricing","score":0.6959999799728394},{"id":"https://openalex.org/keywords/buy-and-hold-returns","display_name":"buy-and-hold returns","score":0.8209999799728394},{"id":"https://openalex.org/keywords/investment-bankers","display_name":"investment bankers","score":0.7089999914169312},{"id":"https://openalex.org/keywords/offer-price","display_name":"offer price","score":0.8370000123977661},{"id":"https://openalex.org/keywords/book-to-market-ratio","display_name":"book-to-market ratio","score":0.7160000205039978},{"id":"https://openalex.org/keywords/long-run-stock-returns","display_name":"long-run stock returns","score":0.4009999930858612}],"concepts":[{"id":"https://openalex.org/C12559387","wikidata":"https://www.wikidata.org/wiki/Q185142","display_name":"Initial public offering","level":2,"score":0.8848230838775635},{"id":"https://openalex.org/C199728807","wikidata":"https://www.wikidata.org/wiki/Q2578557","display_name":"Equity (law)","level":2,"score":0.7053766846656799},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5310112833976746},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.501875638961792},{"id":"https://openalex.org/C2778329345","wikidata":"https://www.wikidata.org/wiki/Q919978","display_name":"Prestige","level":2,"score":0.4793604016304016},{"id":"https://openalex.org/C86637286","wikidata":"https://www.wikidata.org/wiki/Q7317264","display_name":"Rate of return","level":2,"score":0.4436601996421814},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.4406951367855072},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.4205326735973358},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.40969377756118774},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.3376513123512268},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.0},{"id":"https://openalex.org/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","level":0,"score":0.0},{"id":"https://openalex.org/C78519656","wikidata":"https://www.wikidata.org/wiki/Q101333","display_name":"Mechanical engineering","level":1,"score":0.0},{"id":"https://openalex.org/C41895202","wikidata":"https://www.wikidata.org/wiki/Q8162","display_name":"Linguistics","level":1,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1111/j.1540-6288.2000.tb01433.x","doi":"https://doi.org/10.1111/j.1540-6288.2000.tb01433.x","is_oa":false,"landing_page_url":"https://doi.org/10.1111/j.1540-6288.2000.tb01433.x","pdf_url":null,"source":{"id":"https://openalex.org/S9351053","display_name":"Financial Review","issn_l":"0732-8516","issn":["0732-8516","1540-6288"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-scientific","cwts-core","fnege-3","jufo-1","norway-1","poland-70","russia-white-list-2"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Financial Review","raw_type":"journal-article"}],"best_oa_location":null,"sustainable_development_goals":[],"sustainable_development_goals_aurora":[{"display_name":"Partnerships for the goals","score":0.4399999976158142,"id":"https://metadata.un.org/sdg/17"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":29,"referenced_works":["https://openalex.org/W1580205108","https://openalex.org/W1588553128","https://openalex.org/W1942011503","https://openalex.org/W1979647837","https://openalex.org/W1981566670","https://openalex.org/W1983829311","https://openalex.org/W2004501718","https://openalex.org/W2013631662","https://openalex.org/W2018474480","https://openalex.org/W2019712056","https://openalex.org/W2020970716","https://openalex.org/W2058141370","https://openalex.org/W2073488258","https://openalex.org/W2077257927","https://openalex.org/W2085162670","https://openalex.org/W2087865081","https://openalex.org/W2089858078","https://openalex.org/W2095912707","https://openalex.org/W2104796460","https://openalex.org/W2131456352","https://openalex.org/W2132582515","https://openalex.org/W2147760655","https://openalex.org/W2148198877","https://openalex.org/W2148402268","https://openalex.org/W2149170345","https://openalex.org/W2154585860","https://openalex.org/W2165162554","https://openalex.org/W3121912094","https://openalex.org/W3124114405"],"related_works":["https://openalex.org/W1584616555","https://openalex.org/W7100205570","https://openalex.org/W317876479","https://openalex.org/W2077386158","https://openalex.org/W3125570925","https://openalex.org/W2067054705","https://openalex.org/W1996533291","https://openalex.org/W1586377494","https://openalex.org/W2011182215","https://openalex.org/W2109453593"],"abstract_inverted_index":{"Abstract":[0],"This":[1],"article":[2],"examines":[3],"the":[4,13,33,106,110],"pricing":[5],"of":[6,22,29,69,99],"stock":[7],"for":[8,38,81,109],"251":[9,57],"equity":[10],"carve\u2010outs":[11],"during":[12],"1986\u20131995":[14],"period.":[15],"We":[16],"document":[17],"a":[18,25,50,96],"mean":[19,26],"initial\u2010day":[20,75],"return":[21,28,98,108],"5.83%":[23],"and":[24,46,66,83],"one\u2010week":[27],"5.43%.":[30],"Among":[31],"carve\u2010outs,":[32],"initial":[34,58],"underpricing":[35],"is":[36,102],"lower":[37,51,74],"issues":[39],"represented":[40],"by":[41,64],"high":[42],"prestige":[43],"investment":[44],"bankers":[45],"those":[47],"that":[48],"have":[49,95],"offer":[52],"price.":[53],"In":[54],"comparison":[55],"with":[56],"public":[59],"offering":[60],"(IPO)":[61],"firms":[62,94],"matched":[63],"size":[65],"book\u2010to\u2010market":[67],"ratio":[68],"equity,":[70],"carveouts":[71],"exhibit":[72],"significantly":[73,88,103],"returns,":[76],"but":[77],"their":[78],"buy\u2010and\u2010hold":[79],"returns":[80],"sixmonth":[82],"one\u2010year":[84],"periods":[85],"are":[86],"not":[87],"different":[89],"from":[90],"IPOs.":[91],"The":[92],"IPO":[93],"three\u2010year":[97],"28.82%":[100],"which":[101],"higher":[104],"than":[105],"21.07%":[107],"carve\u2010out":[111],"firms.":[112]},"counts_by_year":[{"year":2025,"cited_by_count":1},{"year":2024,"cited_by_count":2},{"year":2023,"cited_by_count":3},{"year":2022,"cited_by_count":5},{"year":2021,"cited_by_count":2},{"year":2020,"cited_by_count":1},{"year":2019,"cited_by_count":2},{"year":2018,"cited_by_count":1},{"year":2017,"cited_by_count":3},{"year":2015,"cited_by_count":3},{"year":2014,"cited_by_count":1},{"year":2013,"cited_by_count":3},{"year":2012,"cited_by_count":1}],"updated_date":"2026-10-30T12:39:25.321706","created_date":"2016-06-24T00:00:00"}
