Nowak, Eric 2004 This chapter explores the stock price impact of expirations of lock-up provisions that prevent insiders from selling their shares after the Initial Public Offering (IPO). We examine 172 lock-up expirations of 142 IPOs floated on Germany’s Neuer Markt. We detect significant negative abnormal returns and a 25% increase in trading volume surrounding lock-up expiration. The negative abnormal returns are larger for firms with high volatility; superior performance after the IPO, low free float, and venture capital financed firms. The negative price reaction is significantly stronger for the expiration of voluntary lock-up agreements than for mandatory prohibitions of disposal. application/pdf https://susi.usi.ch/global/documents/317901 https://n2t.net/ark:/12658/srd1317901 https://susi.usi.ch/documents/317901/files/nowak_AFE_2004.pdf eng info:eu-repo/semantics/altIdentifier/ark/12658/srd1317901 info:eu-repo/semantics/openAccess License undefined Advances in Financial Economics / Hirschey, Mark ; John, Kose ; Makhija, Anil K.. - Bingley : Emerald. - 2004, vol. 10, p. 181- 200 Initial public offerings lock-up agreements info:eu-repo/classification/udc/33 The expiration of mandatory and voluntary IPO Lock-up provisions : empirical evidence from Germany’s Neuer Markt http://purl.org/coar/resource_type/c_3248