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Ipo Pricing In The Dot Com Bubble
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Book Synopsis IPO Pricing in the Dot-Com Bubble by : Alexander Ljungqvist
Download or read book IPO Pricing in the Dot-Com Bubble written by Alexander Ljungqvist and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: IPO underpricing reached astronomical levels during 1999 and 2000. We show that the regime shift in initial returns and other elements of pricing behavior can be at least partially accounted for by marked changes in pre-IPO ownership structure and insider selling behavior over the period, which reduced key decision makers' incentives to control underpricing. After controlling for these changes, the difference in underpricing between 1999 and 2000 and the preceding three years is much reduced. Our results suggest that it was firm characteristics that were unique during the quot;dot-com bubblequot; and that pricing behavior followed from incentives created by these characteristics.
Book Synopsis IPO Pricing in the Dot-Com Bubble by : Alexander Ljungqvist
Download or read book IPO Pricing in the Dot-Com Bubble written by Alexander Ljungqvist and published by . This book was released on 2014 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: IPO initial returns reached astronomical levels during 1999-2000. We show that the regime shift in initial returns and other elements of pricing behavior can be at least partially accounted for by a variety of marked changes in pre-IPO ownership structure and insider selling behavior over the period which reduced key decision-makers' incentives to control underpricing. After controlling for these changes, there appears to be little special about the 1999-2000 period, aside from the preponderance of internet and high-tech firms going public. Our results suggest that it was firm characteristics that were unique during the quot;dot-com bubblequot; and that pricing behavior followed from incentives created by these characteristics.
Book Synopsis IPO Pricing in the Dot-com Bubble by : Alexander Ljungqvist
Download or read book IPO Pricing in the Dot-com Bubble written by Alexander Ljungqvist and published by . This book was released on 2002 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Phenomenon of IPO Underpricing in the European and U.S. Stock Markets by : Oliver Reiche
Download or read book The Phenomenon of IPO Underpricing in the European and U.S. Stock Markets written by Oliver Reiche and published by Anchor Academic Publishing (aap_verlag). This book was released on 2014-06-23 with total page 105 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Initial Public Offering (IPO) marks one of the most important events of a company. Basically, the aim is to generate maximum proceeds by selling the company’s shares to investors. However, the shares that are sold seem to be underpriced as the price significantly soars on the first trading day. Since the very first detection of this phenomenon in the United States in 1969, several subsequent studies have documented the existence of worldwide IPO underpricing. This study focuses on IPO Underpricing in the European and United States Stock Markets by outlining and discussing the following essential issues: What is underpricing in the context of the IPO? Which motivations are there and how do they impact? Is there IPO underpricing in the markets of Europe and the United States of America?
Download or read book Boom and Bust written by William Quinn and published by Cambridge University Press. This book was released on 2020-08-06 with total page 297 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why do stock and housing markets sometimes experience amazing booms followed by massive busts and why is this happening more and more frequently? In order to answer these questions, William Quinn and John D. Turner take us on a riveting ride through the history of financial bubbles, visiting, among other places, Paris and London in 1720, Latin America in the 1820s, Melbourne in the 1880s, New York in the 1920s, Tokyo in the 1980s, Silicon Valley in the 1990s and Shanghai in the 2000s. As they do so, they help us understand why bubbles happen, and why some have catastrophic economic, social and political consequences whilst others have actually benefited society. They reveal that bubbles start when investors and speculators react to new technology or political initiatives, showing that our ability to predict future bubbles will ultimately come down to being able to predict these sparks.
Book Synopsis Empirical Evidence on IPO-Underpricing by : Marius Hamer
Download or read book Empirical Evidence on IPO-Underpricing written by Marius Hamer and published by GRIN Verlag. This book was released on 2008 with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt: Diploma Thesis from the year 2007 in the subject Business economics - Investment and Finance, grade: 1,3, European Business School - International University Schlo Reichartshausen Oestrich-Winkel, 80 entries in the bibliography, language: English, abstract: This paper aims at establishing a link between the average level of initial return of IPO shares, existing underpricing explanations and the dot-com bubble. In years prior to the boom of the new economy, underpricing was explained by various theories, which have extensively been developed since decades. However, in the years 1998 to 2001 IPOs were overly underpriced, leading to assumptions about behavioural aspects and investor irrationality. Analysing a comprehensive dataset of 371 IPOs on the Frankfurter B rse between 1997 and 2007, this paper aims at providing evidence that the observed lower levels of initial returns in recent years can indeed be aligned with existing theories on the basis of rational behaviour of market participants. Firstly, the IPO process and its major participants will be presented followed by a review of relevant studies on the IPO phenomenon. In the next step, established underpricing theories are recapitulated. A descriptive analysis of the data sample points out the particularities concerning the company and transaction characteristics of the sample firms. In a last step, a regression analysis relates various proxies for information asymmetry to established underpricing theories. It gives reason to believe that the irrationality at the turn of the century has vanished and that underpricing can again be explained by established theories.
Book Synopsis The Oxford Handbook of IPOs by : Douglas Cumming
Download or read book The Oxford Handbook of IPOs written by Douglas Cumming and published by Oxford University Press. This book was released on 2018-11-15 with total page 841 pages. Available in PDF, EPUB and Kindle. Book excerpt: Initial public offerings (IPOs), or new listings of companies on stock exchanges, are among the most important form of finance and generate considerable attention and excitement. They are used to raise capital or to monetize investments by the early generation of venture capital and other private investors. They are increasingly international in scope and reach, especially with non-American firms offering on American stock exchanges. This handbook provides a comprehensive overview of why companies list on stock exchanges, how IPOs are regulated, initially valued, and their performance in the short and long run. The first part examines the economics of IPOs, and offers statistics and regulatory insights from the United States and other countries around the world. The volume then covers mergers versus IPOs, as well as reverse mergers and special purpose acquisition companies. Part III analyzes institutional ties in IPOs, including analysts, investment banks, auditors, and venture capitalists. The fourth section provides international perspectives on IPOs from a number of countries around the world. Part V discusses alternatives to IPOs, including private marketplaces, and crowdfunding. Reflecting the range of disciplines that analyze IPOs, the contributors come from the fields of finance, international business and management, economics, and law. The chapters cover the latest information on a range of fundamental questions that are of interest to academics, practitioners, and policymakers alike.
Book Synopsis Pricing and Performance of Initial Public Offerings in the United States by : Arvin Ghosh
Download or read book Pricing and Performance of Initial Public Offerings in the United States written by Arvin Ghosh and published by Routledge. This book was released on 2017-07-05 with total page 137 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this timely volume on newly emerging financial mar- kets and investment strategies, Arvin Ghosh explores the intriguing topic of initial public offerings (IPOs) of securities, among the most significant phenomena in the United States stock markets in recent years. Before the 2000-2001 market turndown, hardly a week went by when more than a few companies did not become public, either in the organized stock exchange or in the Over the Counter (OTC) market. In the often over-burdened, technology-heavy Nasdaq market, the role of IPOs was crucial for the market's new vigor and growth. Internet stocks were able to find a mode to supply key momentum to the market. In the so-called "New Economy" of the 1990s, it was the seductively accessible IPO that ushered in the world's information technology revolution.Ghosh sets out to examine the pricing and financial performance of IPOs in the United States during the period 1990-2001. In the opening chapter he discusses the rise and fall of IPOs in the preceding decade. Chapter 2 further delineates the IPO process from the start of the prospectus to the end of the "quiet period" and aftermarket stabilization. In chapter 3 Ghosh analyzes the mispricing and deliberately deceptive underpricing, or "flipping," of Internet IPOs. Chapter 4 delves deeper into the pricing and operating efficiency of Nasdaq IPOs. Chapter 5 analyzes the pricing and long-run performance of IPOs both in the New York Stock Exchange and in the Nasdaq markets. In chapters 6 and 7 the author deals with the pricing and performance of the venture-blocked and nonventure-backed IPOs in general and Internet IPOs in particular. In chapter 8 he analyzes the role of underwriters as market makers. In chapter 9 Ghosh discusses the accuracy of analysts' earnings forecasts. In the concluding chapter, he summarizes the principal findings of the study and the recent revival of the IPO market and its place in capital formation as well as the latest developments in t
Book Synopsis Initial Public Offerings (IPO) by : Greg N. Gregoriou
Download or read book Initial Public Offerings (IPO) written by Greg N. Gregoriou and published by Elsevier. This book was released on 2011-04-01 with total page 463 pages. Available in PDF, EPUB and Kindle. Book excerpt: After the cooling off of IPOs since the dot com bubble, Google has rekindled the fire for IPOs. This IPO reader contains new articles exclusive to this reader by leading academics from around the world dealing with quantitative and qualitative analyses of this increasingly popular and important area of finance. Articles address new methods of IPO performance, international IPOs, IPO evaluation, IPO underwriting, evaluation and bookbuilding. Although numerous articles are technical in nature, with econometric and statistical models, particular attention has been directed towards the understanding and the applicability of the results as well as theoretical development in this area. This reader will assist researchers, academics, and graduate students to further understand the latest research on IPOs. *Interest in IPOs is increasing again after the Google IPO, and IPOs are up significantly from last year *Chapters by well known academics provide an international perspective, describing research results from IPO data in countries spanning the globe *Research is based on real results from IPO data collected over the past 5-7 years
Book Synopsis The Prince of Silicon Valley by : Randall Smith
Download or read book The Prince of Silicon Valley written by Randall Smith and published by Macmillan. This book was released on 2010-01-19 with total page 385 pages. Available in PDF, EPUB and Kindle. Book excerpt: RISE, FALL AND RETURN The Prince of Silicon Valley traces the rise of the foremost investment banker of the Internet stock-market bubble, from the back streets of South Philadelphia to the peak of finance as the highest paid banker on Wall Street. From Cisco to Netscape to Amazon, Frank Quattrone took some of the biggest names in technology public. During the bubble years of 1999 and 2000, his California-based technology banking group led the most hot initial public offerings, which lifted the entire stock market to record heights. But after the bubble burst, the hot stocks cooled and ordinary investors lost billions. It emerged that brokers in Quattrone's firm had created lucrative investment accounts, stuffed with hot IPOs, for banking clients who became known as "Friends of Frank." Some of the brokers, regulators charged, cut off other investors who refused to pay back a share of their IPO profits. And so Quattrone and his firm became embroiled in no less than four different investigations of bubble-related misconduct, culminating in two criminal trials against Quattrone for obstruction of justice, the first resulting in a mistrial, the second in a conviction in 2004. After his conviction was overturned by an appeals court in 2006, Quattrone returned in triumph to the banking business, advising no less than Internet search giant Google on corporate strategy. But the story of his fall from grace, however temporary, remains a cautionary tale of ambition gone wrong--of a Wall Street Icarus who flew too close to the sun. 'The Prince of Silicon Valley' is an absorbing noir detective story of the investigations and trials that brought him to the brink of disaster.
Book Synopsis Is Internet Industry Facing an IPO Bubble 2.0? by : Miguel Sousa
Download or read book Is Internet Industry Facing an IPO Bubble 2.0? written by Miguel Sousa and published by . This book was released on 2015 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the so called dot-com bubble period in the late 1990s, the question of whether the Internet stock prices could be explained or not by companies' fundamentals was intensely discussed and studied. Ten years later, the high valuations of recent Internet IPOs, justified mostly on the basis of a growing number of Internet users and less on the basis of the companies' fundamentals, led many to wonder if the Internet industry is facing a valuation bubble 2.0. This study explores the impact of the major (financial and non-financial) value-drivers, identified during the previous dot-com bubble, on the recent Internet companies' IPO stock price and whether that impact differs from the one observed in the previous dot-com wave. Additionally, by analyzing more than one non-financial measure at the same time we are able to identify the relative incremental explanatory power on the IPO stock price of those non-financial measures.
Download or read book Dot.con written by John Cassidy and published by . This book was released on 2003 with total page 395 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a sceptical history of the internet/stock market boom. John Cassidy argues that what we have just witnessed wasn't simply a stock market bubble; it was a social and cultural phenomenon driven by broad historical forces. Cassidy explains how these forces combined to produce the buying hysteria that drove the prices of loss-making companies into the stratosphere. Much has been made of Alan Greenspan's phrase irrational exuberance, but Cassidy shows that there was nothing irrational about what happened. The people involved - fund managers, stock analysts, journalists and pundits - were simply acting in their own self-interest.
Book Synopsis Validity of the efficient market hypothesis in times of speculative investment bubbles & Strategy of a successful IPO by : Johannes Walder
Download or read book Validity of the efficient market hypothesis in times of speculative investment bubbles & Strategy of a successful IPO written by Johannes Walder and published by GRIN Verlag. This book was released on 2013-04-10 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research Paper (undergraduate) from the year 2012 in the subject Business economics - Investment and Finance, grade: 89%, University of Greenwich (Business), course: Finance, language: English, abstract: It can be assumed that the internet was one of the most influential inventions of the 20th century. The internet opened up completely new ways of communicating and executing businesses. It enabled shopping portals like Amazon or eBay to emerge and revolutionise the shopping experience of millions of customers worldwide. The new economy was a Symbol for seemingly endless possibilities and a market with no limits. However, all those new ways of doing business could not prevent one of the biggest stock market crashes in modern history caused by the dot.com bubble. This essay examines if the dot.com bubble stands in contradiction to the efficient market hypothesis (EMH) and their underlying assumptions. It will be argued that in the short term the efficient market can be bypassed but it will regulate itself again in the long run. The second part describes the strategy of a successful initial public offering (IPO) and analyses if the EMH has an impact on this endeavour. This paper will claim that the EMH influences the pricing of stocks and that a long term strategy is a key for a successful IPO.
Book Synopsis Initial Public Offering (IPO) and theories of underpricing by : Henning Padberg
Download or read book Initial Public Offering (IPO) and theories of underpricing written by Henning Padberg and published by GRIN Verlag. This book was released on 2007-11-30 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essay from the year 2006 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,3, University of Glasgow (Department of Accounting and Finance), course: Financial Markets, language: English, abstract: Related to the issuance of shares there are different kinds of “puzzles” which motivate to take a closer look at: Short-run ‘underpricing’, hot and cold issue markets, spread clustering and longrun underperformance. Even though these phenomena are frequently discussed in several scientific papers and journals, there is no conclusively completed theory. This work will concentrate on the various approaches developed to explain ‘underpricing’. As an introduction into the topic it will also provide a summary of the process of an Initial Public Offering (IPO).
Book Synopsis IPOs and Equity Offerings by : Ross Geddes
Download or read book IPOs and Equity Offerings written by Ross Geddes and published by Elsevier. This book was released on 2003-06-06 with total page 273 pages. Available in PDF, EPUB and Kindle. Book excerpt: An initial public offering (IPO) is one of the most significant events in corporate life. It follows months, even years of preparation. During the boom years of the late 1990s bull market, IPOs of growth companies captured the imagination and pocketbooks of investors like never before. This book goes behind the scenes to examine the process of an offering from the decision to go public to the procedures of a subsequent equity offering. The book is written from the perspective of an experienced investment banker describing the hows and whys of IPOs and subsequent equity issues. Each aspect of an IPO is illustrated with plenty of international examples pitched alongside relevant academic research to offer a combination of theoretical rigour and practical application. Topics covered are: - the decision to go public- legal and regulatory aspects of an offering; marketing and research- valuation and pricing- allocations of shares to investors - examination of fees and commissions * Global perpective: UK, European and US practices, regulations and examples, and case studies* First hand experience written by an IPO trader with academic rigour* Includes the changes in the market that resulted from 1998-2000 equity boom
Book Synopsis Initial Public Offerings by : Michelle Lowry
Download or read book Initial Public Offerings written by Michelle Lowry and published by . This book was released on 2017 with total page 166 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this monograph is to provide an overview of the IPO literature since 2000. The fewer numbers of companies going public in recent years has raised many questions regarding the IPO process, in both academic and regulatory circles. As we all strive to understand these changes in the market, it is especially important to understand the dynamics underlying the IPO process. If the process of going public is too costly or the IPO mechanism is plagued by too many conflicts of interest among the various intermediaries, then private companies may rationally choose other methods of raising capital. In a related vein, it is imperative that new regulations not be based on research focusing solely on large, more mature firms. Newly public firms have unique characteristics, and an increased understanding of such issues will contribute positively to well-functioning public markets and further growth of the entrepreneurial sector. We also provide a detailed guide to researchers on how to obtain a research-quality sample of IPOs, from standard data sources. Related to this, we tabulate important corrections to these standard data sources.
Book Synopsis High-Profit IPO Strategies by : Tom Taulli
Download or read book High-Profit IPO Strategies written by Tom Taulli and published by John Wiley & Sons. This book was released on 2012-11-20 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: A detailed guide to the new era of IPO investing Typically generating a great deal of interest, excitement, and volatility, initial public offerings (IPOs) offer investors and traders with opportunities for both short-term and long-term profits. In the Third Edition of High-Profit IPO Strategies, IPO expert Tom Taulli explains all facets of IPO investing and trading, with a particular emphasis on the industries that are fueling the next generation of IPOs, from social networking and cloud computing to mobile technology. In the past year alone, many of these types of IPOs have provided enormous opportunities for nimble traders as prices have fluctuated widely for several months following the offering. This new edition reflects the new IPO environment and presents you with the insights needed to excel in such a dynamic arena. Discusses more sophisticated IPO trading strategies, explores the intricacies of the IPO process, and examines the importance of focused financial statement analysis Contains new chapters on secondary IPO markets, reverse mergers, and master limited partnerships Provides in-depth analysis of other major industries generating worthwhile IPOs Covers IPO investing from basic terms to advanced investing techniques Comprehensive in scope, the Third Edition of High-Profit IPO Strategies offers investors and traders with actionable information to profit in this lucrative sector of the financial market.
