Shareholder Lockup Agreements in the European New Markets

M. Goergen, L.D.R. Renneboog, A. Khurshed

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We analyse the characteristics of lockup agreements of IPOs on the Neuer Markt and the Nouveau Marche from 1996 to 2000.Even though both markets were part of the same EuroNM network, the characteristics of their lockup agreements are substantially different.Firm characteristics have a major influence on lockup contracts.In addition, shareholder characteristics explain the diversity of contracts within the same firm.Although the French regulator offers two types of minimum lockup contracts, the market perceives a difference between the two contracts as the choice is influenced by the type of the firm and the type of shareholders.
Original languageEnglish
Place of PublicationTilburg
Number of pages35
Publication statusPublished - 2004

Publication series

NameCentER Discussion Paper


  • Initial public offerings
  • IPO
  • lockup agreements
  • underpricing
  • Neuer Markt
  • Nouveau Marché
  • EuroNM
  • asymmetric information


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