Refiling Behavior In The Ipo Pricing Process

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Refiling Behavior in the IPO Pricing Process

Author : Chuanli Sun
Publisher :
ISBN 13 :
Total Pages : 74 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Refiling Behavior in the IPO Pricing Process by : Chuanli Sun

Download or read book Refiling Behavior in the IPO Pricing Process written by Chuanli Sun and published by . This book was released on 2004 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the refiling behavior (updating a new price range in later amendments rather than in the final prospectus) in the price-setting process of Initial Public Offerings (IPOs). 185 out 422 IPOs in our sample (43.8%) have refiled at least once during their pricing period. The probability of refiling is primarily determined by firm-specific characteristics and valuation uncertainty rather than the ex ante uncertainty about the IPOs. The number of refilings is moderately predicted by firm-specific characteristics but seems to depend on the information learned during the pricing period. The refiling price revisions (the deviation between the midpoints of the refiling price range and the file price range) share similar determinants with the traditional price revisions (the difference between the offer price and the midpoint of the file price range). We find that the issuers tend to partially adjust the refiling price with respect to the negative information incurred at the refiling but partially adjust the offer price with respect to the positive information obtained from the refiling to the offering. It provides complementary evidence about how the negative information may be fully incorporated into the offer price. The refiling IPOs tend to have greater price revisions than the non-refiling IPOs but the effects of the refiling behavior on the initial returns is indirect. We investigate the underlying rationales of the refiling behavior. The argument that refiling is to conform to the SEC regulation cannot fully explain this behavior. Our empirical analysis mainly supports the hypothesis of refiling for information-acquisition. Limited evidence is found for the other hypotheses, such as refiling for uncertainty, quality signaling and the positive-feedback strategy.

The Role of Information in IPO Underpricing

Author : Chuanli Sun
Publisher :
ISBN 13 :
Total Pages : 37 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis The Role of Information in IPO Underpricing by : Chuanli Sun

Download or read book The Role of Information in IPO Underpricing written by Chuanli Sun and published by . This book was released on 2008 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the refiling behavior (updating a new price range in later amendments before the final prospectus) in the price-setting process of initial public offerings (IPOs). 185 out of 422 IPOs in our sample (43.8%) have refiled at least once during their pricing period. We concentrate on the probability of refiling and an empirical comparison between the refiling and non-refiling IPOs. Our empirical results show that the refiling behavior is predictable at a conventional level. The refiling behavior of IPOs results in 5% greater price revisions and 7% greater initial returns although the latter effects are indirect. The determinants of price revisions for the refiling IPOs are consistent with previous literature, while those of the non-refiling IPOs exhibit considerable difference. Moreover, these empirical results support one of the potential rationales underlying the refiling behavior, i.e., refiling for information-acquisition. Limited evidence is found for the other hypotheses, such as refiling for uncertainty, quality signaling and the positive-feedback strategy. Two key implications emerge: first, the IPO pricing process is not as universal as we expect; and second, underwriters may play a different role in the IPO price-setting process for the two groups.

Correcting the Empirical Foundations of Ipo-Pricing Regulation

Author : Royce de Rohan Barondes
Publisher :
ISBN 13 :
Total Pages : 35 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Correcting the Empirical Foundations of Ipo-Pricing Regulation by : Royce de Rohan Barondes

Download or read book Correcting the Empirical Foundations of Ipo-Pricing Regulation written by Royce de Rohan Barondes and published by . This book was released on 2005 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent events are replete with stories of fraudulent or opportunistic behavior in the initial public offering (IPO) process - behavior that extended to the highest-reputation investment banks. Curiously, notwithstanding this evidence, recent financial economics literature asserts investment bank conflicts of interest certify IPO issuers.This Article develops new empirical evidence that casts doubt on this certification hypothesis by examining the pre-IPO price adjustment of IPOs involving qualified independent underwriters (QIUs), particularly IPOs in which more than ten percent of the net proceeds are being directed to participating investment banks (e.g., to repay a prior extension of credit). These offerings have similar pre-IPO pricing patterns to those others interpret as involving certification. Investment bank exit, however, cannot comfortably be categorized as certification. These results, together with other recent results in the legal literature, support the view that factors other than quot;certificationquot; account for IPO pricing phenomena in IPOs involving investment bank conflicts of interest.The SEC has finally come to consider important proposals, put forward by the NASD and the NYSE, to reform IPO marketing, albeit five years after the internet bubble in IPOs and other securities transactions burst. These results support increased disclosure-focused regulation of the IPO process.

Dissertation Abstracts International

Author :
Publisher :
ISBN 13 :
Total Pages : 524 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Dissertation Abstracts International by :

Download or read book Dissertation Abstracts International written by and published by . This book was released on 2006 with total page 524 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Innovator's DNA

Author : Jeff Dyer
Publisher : Harvard Business Press
ISBN 13 : 142214271X
Total Pages : 272 pages
Book Rating : 4.4/5 (221 download)

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Book Synopsis The Innovator's DNA by : Jeff Dyer

Download or read book The Innovator's DNA written by Jeff Dyer and published by Harvard Business Press. This book was released on 2011-07-12 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: A new classic, cited by leaders and media around the globe as a highly recommended read for anyone interested in innovation. In The Innovator’s DNA, authors Jeffrey Dyer, Hal Gregersen, and bestselling author Clayton Christensen (The Innovator’s Dilemma, The Innovator’s Solution, How Will You Measure Your Life?) build on what we know about disruptive innovation to show how individuals can develop the skills necessary to move progressively from idea to impact. By identifying behaviors of the world’s best innovators—from leaders at Amazon and Apple to those at Google, Skype, and Virgin Group—the authors outline five discovery skills that distinguish innovative entrepreneurs and executives from ordinary managers: Associating, Questioning, Observing, Networking, and Experimenting. Once you master these competencies (the authors provide a self-assessment for rating your own innovator’s DNA), the authors explain how to generate ideas, collaborate to implement them, and build innovation skills throughout the organization to result in a competitive edge. This innovation advantage will translate into a premium in your company’s stock price—an innovation premium—which is possible only by building the code for innovation right into your organization’s people, processes, and guiding philosophies. Practical and provocative, The Innovator’s DNA is an essential resource for individuals and teams who want to strengthen their innovative prowess.

Entrepreneurship

Author : Marc J. Dollinger
Publisher :
ISBN 13 : 9780130909954
Total Pages : 0 pages
Book Rating : 4.9/5 (99 download)

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Book Synopsis Entrepreneurship by : Marc J. Dollinger

Download or read book Entrepreneurship written by Marc J. Dollinger and published by . This book was released on 2003 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: For junior/senior/graduate-level courses in Entrepreneurship, New Venture Creation, and Small Business Strategy. Based on the premise that entrepreneurship can be studied systematically, this text offers a comprehensive presentation of the best current theory and practice. It takes a resource-based point-of-view, showing how to acquire and use resources and assets for competitive advantage. FOCUS ON THE NEW ECONOMY * NEW-Use of the Internet-Integrated throughout with special treatment in Ch. 6. * Demonstrates to students how the new economy still follows many of the rigorous rules of economics, and gives them examples of business-to-business and business-to-customer firms so that they can build better business models. * NEW-2 added chapters on e-entrepreneurship-Covers value pricing; market segmentation; lock-in; protection of intellectual property; and network externalities. * Examines the new economy and the types of resources, capabilities, and strategies that are needed for success in the Internet world. * Resource-based theory-Introduced in Ch. 2 and revisited in each subsequent chapter to help tie concepts together. * Presents an overarching framework, and helps students focu

Business 2.0

Author :
Publisher :
ISBN 13 :
Total Pages : 562 pages
Book Rating : 4.:/5 (319 download)

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Download or read book Business 2.0 written by and published by . This book was released on 1998-08 with total page 562 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Guide to the International Registration of Marks under the Madrid Agreement and the Madrid Protocol

Author : World Intellectual Property Organization
Publisher : WIPO
ISBN 13 : 9280530542
Total Pages : 191 pages
Book Rating : 4.2/5 (85 download)

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Book Synopsis Guide to the International Registration of Marks under the Madrid Agreement and the Madrid Protocol by : World Intellectual Property Organization

Download or read book Guide to the International Registration of Marks under the Madrid Agreement and the Madrid Protocol written by World Intellectual Property Organization and published by WIPO. This book was released on 2019-09-11 with total page 191 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Guide is primarily intended for applicants and holders of international registrations of marks, as well as officials of the competent administrations of the Member States of the Madrid Union. It leads them through the various steps of the international registration procedure and explains the essential provisions of the Madrid Agreement, the Madrid Protocol and the Common Regulations.

Sustainable Business Models

Author : Adam Jabłoński
Publisher : MDPI
ISBN 13 : 3038975605
Total Pages : 515 pages
Book Rating : 4.0/5 (389 download)

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Book Synopsis Sustainable Business Models by : Adam Jabłoński

Download or read book Sustainable Business Models written by Adam Jabłoński and published by MDPI. This book was released on 2019-01-25 with total page 515 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a printed edition of the Special Issue "Sustainable Business Models" that was published in Sustainability

The Circle

Author : Dave Eggers
Publisher : Vintage
ISBN 13 : 0385351402
Total Pages : 464 pages
Book Rating : 4.3/5 (853 download)

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Book Synopsis The Circle by : Dave Eggers

Download or read book The Circle written by Dave Eggers and published by Vintage. This book was released on 2013-10-08 with total page 464 pages. Available in PDF, EPUB and Kindle. Book excerpt: INTERNATIONAL BESTSELLER • A bestselling dystopian novel that tackles surveillance, privacy and the frightening intrusions of technology in our lives—a “compulsively readable parable for the 21st century” (Vanity Fair). When Mae Holland is hired to work for the Circle, the world’s most powerful internet company, she feels she’s been given the opportunity of a lifetime. The Circle, run out of a sprawling California campus, links users’ personal emails, social media, banking, and purchasing with their universal operating system, resulting in one online identity and a new age of civility and transparency. As Mae tours the open-plan office spaces, the towering glass dining facilities, the cozy dorms for those who spend nights at work, she is thrilled with the company’s modernity and activity. There are parties that last through the night, there are famous musicians playing on the lawn, there are athletic activities and clubs and brunches, and even an aquarium of rare fish retrieved from the Marianas Trench by the CEO. Mae can’t believe her luck, her great fortune to work for the most influential company in the world—even as life beyond the campus grows distant, even as a strange encounter with a colleague leaves her shaken, even as her role at the Circle becomes increasingly public. What begins as the captivating story of one woman’s ambition and idealism soon becomes a heart-racing novel of suspense, raising questions about memory, history, privacy, democracy, and the limits of human knowledge.

Management Information Systems

Author : Kenneth C. Laudon
Publisher : Pearson Educación
ISBN 13 : 9789702605287
Total Pages : 618 pages
Book Rating : 4.6/5 (52 download)

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Book Synopsis Management Information Systems by : Kenneth C. Laudon

Download or read book Management Information Systems written by Kenneth C. Laudon and published by Pearson Educación. This book was released on 2004 with total page 618 pages. Available in PDF, EPUB and Kindle. Book excerpt: Management Information Systems provides comprehensive and integrative coverage of essential new technologies, information system applications, and their impact on business models and managerial decision-making in an exciting and interactive manner. The twelfth edition focuses on the major changes that have been made in information technology over the past two years, and includes new opening, closing, and Interactive Session cases.

The Oxford Handbook of IPOs

Author : Douglas Cumming
Publisher :
ISBN 13 : 0190614579
Total Pages : 841 pages
Book Rating : 4.1/5 (96 download)

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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 . This book was released on 2018 with total page 841 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a comprehensive analysis of IPOs. The chapters cover the latest information on a range of fundamental questions, including: How are IPOs regulated? How are IPOs valued? How well does an IPO perform in the short and long run, and what are the drivers of performance?

Corporate Governance

Author : Robert A. G. Monks
Publisher : Wiley-Blackwell
ISBN 13 : 9781405116985
Total Pages : 584 pages
Book Rating : 4.1/5 (169 download)

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Book Synopsis Corporate Governance by : Robert A. G. Monks

Download or read book Corporate Governance written by Robert A. G. Monks and published by Wiley-Blackwell. This book was released on 2003-12-19 with total page 584 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the wake of the dramatic series of corporate meltdowns: Enron; Tyco; Adelphia; WorldCom; the timely new edition of this successful text provides students and business professionals with a welcome update of the key issues facing managers, boards of directors, investors, and shareholders. In addition to its authoritative overview of the history, the myth and the reality of corporate governance, this new edition has been updated to include: analysis of the latest cases of corporate disaster; An overview of corporate governance guidelines and codes of practice in developing and emerging markets new cases: Adelphia; Arthur Andersen; Tyco Laboratories; Worldcom; Gerstner's pay packet at IBM Once again in the new edition of their textbook, Robert A. G. Monks and Nell Minow show clearly the role of corporate governance in making sure the right questions are asked and the necessary checks and balances in place to protect the long-term, sustainable value of the enterprise. A CD-ROM containing a comprehensive case study of the Enron collapse, complete with senate hearings and video footage, accompanies the text. Further lecturer resources and links are available at www.blackwellpublishing.com/monks

Weather Station Handbook--

Author : Arnold I. Finklin
Publisher :
ISBN 13 :
Total Pages : 252 pages
Book Rating : 4.:/5 (319 download)

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Book Synopsis Weather Station Handbook-- by : Arnold I. Finklin

Download or read book Weather Station Handbook-- written by Arnold I. Finklin and published by . This book was released on 1990 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt:

China After Covid-19

Author : Alessia Amighini
Publisher : Ledizioni
ISBN 13 : 8855265237
Total Pages : 126 pages
Book Rating : 4.8/5 (552 download)

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Book Synopsis China After Covid-19 by : Alessia Amighini

Download or read book China After Covid-19 written by Alessia Amighini and published by Ledizioni. This book was released on 2021-07-20 with total page 126 pages. Available in PDF, EPUB and Kindle. Book excerpt: The coronavirus pandemic that has rocked China since December 2019 has posed a gruelling test for the resilience of the country’s national economy. Now, as China emerges from its Covid-induced “recession”, it feels like the worst is behind it. How did China manage to come out almost unscathed from the worst crisis in over a century?This Report examines how China designed and implemented its post-Covid recovery strategy, focussing on both the internal and external challenges the country had to face over the short- and medium-run.The book offers a comprehensive argument suggesting that, despite China having lost economic and political capital during the crisis, Beijing seems to have been strengthened by the “pandemic test”, thus becoming an even more challenging “partner, competitor and rival” for Western countries.

Sustainable Prosperity in the New Economy?

Author : William Lazonick
Publisher : W.E. Upjohn Institute
ISBN 13 : 0880993510
Total Pages : 377 pages
Book Rating : 4.8/5 (89 download)

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Book Synopsis Sustainable Prosperity in the New Economy? by : William Lazonick

Download or read book Sustainable Prosperity in the New Economy? written by William Lazonick and published by W.E. Upjohn Institute. This book was released on 2009 with total page 377 pages. Available in PDF, EPUB and Kindle. Book excerpt: Lazonick explores the origins of the new era of employment insecurity and income inequality, and considers what governments, businesses, and individuals can do about it. He also asks whether the United States can refashion its high-tech business model to generate stable and equitable economic growth. --from publisher description.

Initial Public Offerings

Author : Michelle Lowry
Publisher :
ISBN 13 : 9781680833416
Total Pages : 166 pages
Book Rating : 4.8/5 (334 download)

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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.