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Quiet Period

Definition

In United States securities law, the quiet period has "historically [meant], a quiet period of time extended from the time a company files a registration statement with the SEC until SEC staff declared the registration statement effective. During that period, the federal securities laws limited what information a company and related parties can release to the public."

What is 'Quiet Period'

In terms of an IPO, the period where an issuer is subject to a SEC ban on promotional publicity. The quiet period usually lasts either 40 or 90 days from the IPO.

Explaining 'Quiet Period'

In other words, If you take your company public, you can't talk about your stock to anybody for 3 months.


Further Reading


The quiet period is making noise again
www.tandfonline.com [PDF]
We examine the initial public offering quiet period following the implementation of NYSE and NASD rules extending the quiet period from 25 to 40 days for lead underwriters. While early studies found positive excess returns at the expiration of the quiet period, more recent …

The quiet period has something to sayThe quiet period has something to say
www.tandfonline.com [PDF]
We examine the initial public offering quiet period following the implementation of NYSE and NASD rules extending the quiet period from 25 to 40 days for lead underwriters. While early studies found positive excess returns at the expiration of the quiet period, more recent …

Analyst behavior following IPOs: the “bubble period” evidenceAnalyst behavior following IPOs: the “bubble period” evidence
academic.oup.com [PDF]
We examine the initial public offering quiet period following the implementation of NYSE and NASD rules extending the quiet period from 25 to 40 days for lead underwriters. While early studies found positive excess returns at the expiration of the quiet period, more recent …

Joining the conversation: How quiet is the IPO quiet period?Joining the conversation: How quiet is the IPO quiet period?
papers.ssrn.com [PDF]
We examine the initial public offering quiet period following the implementation of NYSE and NASD rules extending the quiet period from 25 to 40 days for lead underwriters. While early studies found positive excess returns at the expiration of the quiet period, more recent …

Do quiet period and lock-out period affect the risk of initial public offerings?Do quiet period and lock-out period affect the risk of initial public offerings?
go.gale.com [PDF]
We examine the initial public offering quiet period following the implementation of NYSE and NASD rules extending the quiet period from 25 to 40 days for lead underwriters. While early studies found positive excess returns at the expiration of the quiet period, more recent …

The Halloween effect during quiet and turbulent timesThe Halloween effect during quiet and turbulent times
papers.ssrn.com [PDF]
We examine the initial public offering quiet period following the implementation of NYSE and NASD rules extending the quiet period from 25 to 40 days for lead underwriters. While early studies found positive excess returns at the expiration of the quiet period, more recent …

The IPO quiet period and analyst recommendations.The IPO quiet period and analyst recommendations.
elibrary.ru [PDF]
We examine the initial public offering quiet period following the implementation of NYSE and NASD rules extending the quiet period from 25 to 40 days for lead underwriters. While early studies found positive excess returns at the expiration of the quiet period, more recent …

Does the media help or hurt retail investors during the IPO quiet period?Does the media help or hurt retail investors during the IPO quiet period?
www.sciencedirect.com [PDF]
We examine the initial public offering quiet period following the implementation of NYSE and NASD rules extending the quiet period from 25 to 40 days for lead underwriters. While early studies found positive excess returns at the expiration of the quiet period, more recent …



Q&A About Quiet Period


Who can invest in IPOs?

Anyone can invest in IPOs; however there are some restrictions on who can buy certain types of securities such as private equity offerings and debt offerings.

What is an initial public offering?

An initial public offering, or IPO, is a process in which shares of a company are sold to institutional investors and usually also retail (individual) investors.

What does a free float refer to?

The free float refers to the number of shares that are available for trading.

What is quiet period?

The quiet period is the time when an issuer is subject to a SEC ban on promotional publicity.

What does the quiet period last for?

The quiet period lasts either 4 or 9 days from the IPO.

Why do companies have a quiet period?

Companies have a quiet period because they are not allowed to promote their stock until it has been publicly traded for three months.

Who can you talk about your stock with during this time frame?

You can only talk about your stock with accredited investors, which are individuals who meet certain net worth or income requirements set by the SEC.

When does the quiet period begin and end?

The quiet period begins at the time of an IPO and ends three months later.

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