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Author :
Publisher : CEPS
ISBN 13 : 9290796588
Total Pages : 94 pages
Book Rating : 4.2/5 (97 download)
Download or read book A Survey of the European IPO Market written by and published by CEPS. This book was released on 2006 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Michelle Lowry
Publisher :
ISBN 13 : 9781680833416
Total Pages : 166 pages
Book Rating : 4.8/5 (334 download)
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.
Author : Tim Jenkinson
Publisher : Oxford University Press, USA
ISBN 13 : 9780198295990
Total Pages : 264 pages
Book Rating : 4.2/5 (959 download)
Download or read book Going Public written by Tim Jenkinson and published by Oxford University Press, USA. This book was released on 2001 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: Going Public investigates why companies routinely underprice themselves as they try to list themselves on the stock exchange. They subsequently underperform over the long-term and, in Going Public, the authors explore these 2 phenomena in plain English.
Author : Oliver Reiche
Publisher : Anchor Academic Publishing (aap_verlag)
ISBN 13 : 3954892952
Total Pages : 105 pages
Book Rating : 4.9/5 (548 download)
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?
Author : Bjørn Espen Eckbo
Publisher : Elsevier
ISBN 13 : 0080488919
Total Pages : 559 pages
Book Rating : 4.0/5 (84 download)
Download or read book Handbook of Corporate Finance written by Bjørn Espen Eckbo and published by Elsevier. This book was released on 2007-05-21 with total page 559 pages. Available in PDF, EPUB and Kindle. Book excerpt: Judging by the sheer number of papers reviewed in this Handbook, the empirical analysis of firms' financing and investment decisions—empirical corporate finance—has become a dominant field in financial economics. The growing interest in everything "corporate is fueled by a healthy combination of fundamental theoretical developments and recent widespread access to large transactional data bases. A less scientific—but nevertheless important—source of inspiration is a growing awareness of the important social implications of corporate behavior and governance. This Handbook takes stock of the main empirical findings to date across an unprecedented spectrum of corporate finance issues, ranging from econometric methodology, to raising capital and capital structure choice, and to managerial incentives and corporate investment behavior. The surveys are written by leading empirical researchers that remain active in their respective areas of interest. With few exceptions, the writing style makes the chapters accessible to industry practitioners. For doctoral students and seasoned academics, the surveys offer dense roadmaps into the empirical research landscape and provide suggestions for future work.*The Handbooks in Finance series offers a broad group of outstanding volumes in various areas of finance*Each individual volume in the series should present an accurate self-contained survey of a sub-field of finance*The series is international in scope with contributions from field leaders the world over
Author : John C. Burch
Publisher : Wolters Kluwer
ISBN 13 : 0735550328
Total Pages : 1458 pages
Book Rating : 4.7/5 (355 download)
Download or read book Capital Markets Handbook written by John C. Burch and published by Wolters Kluwer. This book was released on 2005-01-01 with total page 1458 pages. Available in PDF, EPUB and Kindle. Book excerpt: Capital Markets Handbook, Sixth Edition is the definitive desk reference for capital market professionals and a complete resource for anyone working in the financial markets field. Written by seasoned professionals in association with the SIA, Capital Markets Handbook covers the latest developments in major securities legislation, and all aspects of documentation, underwriting, pricing, distribution, settlement, immediate aftermarket trading of new issues, compliance issues, a glossary, a bibliography, and appendices containing the full text of the primary statutes and regulations. The Sixth Edition includes coverage of new developments, including compliance issues such as: New amendments to NASD Rule 2710 ("The Corporate Financing Rule") governing underwriting compensation Updates on PIPE and Registered Direct Transactions Amendments to Rule 10b-18 governing corporate repurchase of equity securities Online Dutch auction procedures in use for the Google, Inc. IPO United Kingdom Financial Service Authority guidance on conflict of interest regarding pricing and allocation issues which have been adopted by one major U.S. investment bank Amendments to Rule 105 Regulation M concerning short selling in connection with public offerings Currency conversion in settlement of a global offering NASD Rule 2790-Restriction on the Purchase and Sale of IPO equity securities NASD IPO Distribution Manager procedures for filing with NASD Corporate Financing Proposed NASD Rule 2712 concerning allocation and distribution of shares in an initial public offering A reorganized compliance chapter in a checklist format designed to ease and enhance CEO and CFO Compliance Certification required by a proposed amendment to NASD Rule 3010 (Supervision) and the adoption of Interpretive Material 3010-1 And more
Author : George J. Papaioannou
Publisher : Academic Press
ISBN 13 : 0128032839
Total Pages : 334 pages
Book Rating : 4.1/5 (28 download)
Download or read book Underwriting Services and the New Issues Market written by George J. Papaioannou and published by Academic Press. This book was released on 2017-07-27 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt: Underwriting Services and the New Issues Market integrates practice, theory and evidence from the global underwriting industry to present a comprehensive description and analysis of underwriting practices. After covering the regulation and mechanics of the underwriting process, it considers economic topics such as underwriting costs and compensation, the pricing of new issues, the stock price and operating performance of issuing firms, the evaluation of new issue decisions, and an analysis of the many choices issuers face in structuring new issues. Unlike other books, it systematically develops a critical perspective about underwriting practices, both in the U.S. and international markets, and with a level of detail unavailable elsewhere and an approach that reveals how financial institutions deliver underwriting services. Underwriting Services and the New Issues Market delivers an innovative and long overdue look at security issuance. Foreword by Frank Fabozzi - Covers underwriting contracts and arrangements on pricing and costs - Focuses on the financial consequences of the issuance decision for the firm - Describes and evaluates decisions regarding the features and structure of new security offerings.
Author : Greg N. Gregoriou
Publisher : Elsevier
ISBN 13 : 0080461670
Total Pages : 463 pages
Book Rating : 4.0/5 (84 download)
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
Author : Kose John
Publisher : Emerald Group Publishing
ISBN 13 : 1783501219
Total Pages : 269 pages
Book Rating : 4.7/5 (835 download)
Download or read book Advances in Financial Economics written by Kose John and published by Emerald Group Publishing. This book was released on 2013-12-18 with total page 269 pages. Available in PDF, EPUB and Kindle. Book excerpt: Advances in Financial Economics Vol. 16 contains a set of empirical papers by a set of global scholars who examine corporate governance and market regulation from a variety of perspectives.
Author : Douglas Cumming
Publisher : OUP USA
ISBN 13 : 0195391241
Total Pages : 937 pages
Book Rating : 4.1/5 (953 download)
Download or read book The Oxford Handbook of Entrepreneurial Finance written by Douglas Cumming and published by OUP USA. This book was released on 2012-03-22 with total page 937 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides a comprehensive picture of issues dealing with different sources of entrepreneurial finance and different issues with financing entrepreneurs. The Handbook comprises contributions from 48 authors based in 12 different countries.
Author : H. Kent Baker
Publisher : John Wiley & Sons
ISBN 13 : 0470769688
Total Pages : 1184 pages
Book Rating : 4.4/5 (77 download)
Download or read book Behavioral Finance written by H. Kent Baker and published by John Wiley & Sons. This book was released on 2010-10-01 with total page 1184 pages. Available in PDF, EPUB and Kindle. Book excerpt: A definitive guide to the growing field of behavioral finance This reliable resource provides a comprehensive view of behavioral finance and its psychological foundations, as well as its applications to finance. Comprising contributed chapters written by distinguished authors from some of the most influential firms and universities in the world, Behavioral Finance provides a synthesis of the most essential elements of this discipline, including psychological concepts and behavioral biases, the behavioral aspects of asset pricing, asset allocation, and market prices, as well as investor behavior, corporate managerial behavior, and social influences. Uses a structured approach to put behavioral finance in perspective Relies on recent research findings to provide guidance through the maze of theories and concepts Discusses the impact of sub-optimal financial decisions on the efficiency of capital markets, personal wealth, and the performance of corporations Behavioral finance has quickly become part of mainstream finance. If you need to gain a better understanding of this topic, look no further than this book.
Author : Douglas Cumming
Publisher :
ISBN 13 : 0190614579
Total Pages : 841 pages
Book Rating : 4.1/5 (96 download)
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?
Author : Ross Geddes
Publisher : Elsevier
ISBN 13 : 0080478786
Total Pages : 273 pages
Book Rating : 4.0/5 (84 download)
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
Author : Christiaan Heij
Publisher : OUP Oxford
ISBN 13 : 0191608408
Total Pages : 1132 pages
Book Rating : 4.1/5 (916 download)
Download or read book Econometric Methods with Applications in Business and Economics written by Christiaan Heij and published by OUP Oxford. This book was released on 2004-03-25 with total page 1132 pages. Available in PDF, EPUB and Kindle. Book excerpt: Nowadays applied work in business and economics requires a solid understanding of econometric methods to support decision-making. Combining a solid exposition of econometric methods with an application-oriented approach, this rigorous textbook provides students with a working understanding and hands-on experience of current econometrics. Taking a 'learning by doing' approach, it covers basic econometric methods (statistics, simple and multiple regression, nonlinear regression, maximum likelihood, and generalized method of moments), and addresses the creative process of model building with due attention to diagnostic testing and model improvement. Its last part is devoted to two major application areas: the econometrics of choice data (logit and probit, multinomial and ordered choice, truncated and censored data, and duration data) and the econometrics of time series data (univariate time series, trends, volatility, vector autoregressions, and a brief discussion of SUR models, panel data, and simultaneous equations). · Real-world text examples and practical exercise questions stimulate active learning and show how econometrics can solve practical questions in modern business and economic management. · Focuses on the core of econometrics, regression, and covers two major advanced topics, choice data with applications in marketing and micro-economics, and time series data with applications in finance and macro-economics. · Learning-support features include concise, manageable sections of text, frequent cross-references to related and background material, summaries, computational schemes, keyword lists, suggested further reading, exercise sets, and online data sets and solutions. · Derivations and theory exercises are clearly marked for students in advanced courses. This textbook is perfect for advanced undergraduate students, new graduate students, and applied researchers in econometrics, business, and economics, and for researchers in other fields that draw on modern applied econometrics.
Author : Bengi Özer
Publisher :
ISBN 13 :
Total Pages : 298 pages
Book Rating : 4.E/5 ( download)
Download or read book Price Performance of Initial Public Offerings in Turkey written by Bengi Özer and published by . This book was released on 1999 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt: Öz/Özet/İçindekiler CONTENTS TABLE OF CONTENTS vii LIST OF FIGURES x LIST OF TABLES xi 1. INTRODUCTION 1.1. Importance of IPOs as a Research Area 1 1.2. Purpose of the Study 2 2. LITERATURE REVIEW 5 2.1. Initial Performance of IPOs 5 2.1.1. Short Term Underpricing 5 2.1.2. Hot Issue Markets 7 2.2 Claims of Investor Irrationality 8 2.3. Alternative Equilibrium Explanations 10 2.3.1. Information Asymmetry Between Informed and Uninformed Investors 10 2.3.2. Partial Adjustment Hypothesis 11 2.3.3. Information Asymmetry Between the Underwriter and the Issuer 12 2.3.4. Monopsony Power Hypothesis 13 2.3.5. Signaling by Underwriter Reputation 13 2.3.6. Signaling by Choice of Offering Method 14 2.3.7. Underpricing as a Signal of Firm Quality 15 2.3.8. Signaling by the Amount of Equity Retained 16 2.3.9. Signaling by Third Party Certification 16 2.3.10. Implicit Insurance Hypothesis 17 2.3.11. Market Structure as a Source of Underpricing 19 2.4. International Evidence 20 3. DATA AND METHODOLOGY 23 3.1. Data and Data Collection Methods 23 3.2. Variables Used 24 3.2.1. Performance Variables 24 3.2.1.1. Raw Returns 25 3.2.1.2. Market Adjusted Returns 26 3.2.1.3. Market Adjusted Aftermarket Returns 27 3.2.2. Characteristic Variables 28 3.2.2.1. Market Related Characteristics 28 3.2.2.2. Issue Related Characteristics 28 3.2.2.3. Issuing Firm Characteristics 29 3.2.3.1. Underwriter Characteristics 30 3.3. Methodology 30 3.3.1. Documentation of Return Structures 30 3.3.2. Tests on the Presence of Abnormal Returns 31 3.3.3. Relationship Between Initial and Aftermarket Returns 32 3.3.4. Cross-sectional Differences in IPO Returns 32 3.3.5. Determinants of Initial Returns 33 4. RESULTS 35 4.1. Return Structures of IPOs 35 4.1.1. Raw Returns 35 4.1.2. Market Adjusted Returns 41 4.1.2.1. Excess-over-the market Appoach 41 4.1.2.2. Cross-sectional Regressions Method 45 4.1.3. Adjusted Aftermarket Returns 47 4.2. Relationship, Between Market Performance Masures 51 4.3. Characteristics of IPOs 54 4.3.1. Performance Variables 54 4.3.1.1. Initial Performance 54 4.3.1.2. Long Term Performance 54 4.3.2. Market Related Characteristics 55 4.3.2.1. Year of Issue 56 4.3.2.2. Indicators of Market Trend 57 4.3.2.3. Indicators of Market Volatility 58 4.3.3. Issue Related Characteristics 58 4.3.3.1. Real Offer Price 59 4.3.3.2. Place of Offer 59 4.3.3.3. Real Amount for Sale 59 4.3.3.4. Source of Equity Sold 60 4.3.3.5. Percentage of Equity Offered 60 4.3.3.6. Nature of the Issue 61 4.3.4. Issuing Firm Characteristics 61 4.3.4.1. Age at the Offer 63 4.3.4.2. Industry Classification 62 4.3.4.3. Number of Shareholders Be forethcIPO 63 4.3.5. Underwriter Characteristics 63 4:3.5.1. Identity of the Lead Underwriter 63 4.3.5.2. Number of Underwriters in an Offer 65 4.3.5.3. Relationship Between the Underw and Issuer 66 4. Cross-sectional Differences in IPO Returns 66 4.4.1. Market Related Characteristics 67 4.4.1.1. Year of Issue 67 4.4.1.1.1. Initial Returns 68 4.4.1.1.2. Adjusted After market Returns 70 4.4.1.2. Market Trend at the Time of IPO 75 4-4.2. Issue Related Characteristics 77 4.4.2.1. Nature of the Issue 77 4.4.2.2. Real Offer Price 81 4.4.2.3. Place of Offe 82 4.4.3. Issuing Firm Related Characteristics 84 4.4.4 Underwriter Characteristics 85 4.4.4.1. Identity of the Lead Underwriter 85 4.4.4.2. Number of Underwriters in an Offer 86 4.4.4.3. Relationship Between the Underwriter and Issuer 86 4.5. Determinants of Initial Returns 90 4.5.1. Total Sample 91 4.5.2. Excluding Initial Outliers 95 5. CONCLUSIONS 97 6. REFERENCES 101.
Author : Mario Levis
Publisher : Edward Elgar Pub
ISBN 13 : 9781781955369
Total Pages : 578 pages
Book Rating : 4.9/5 (553 download)
Download or read book Handbook of Research on IPOs written by Mario Levis and published by Edward Elgar Pub. This book was released on 2013 with total page 578 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Handbook of Research on IPOs provides a comprehensive review of the emerging trends and directions in the global initial public offerings (IPO) markets. The empirical evidence included in the book covers Europe, the US and the Far East, and presents a truly global perspective of IPO markets around the world and at the different stages of the entire IPO process.The Handbook is divided into six comprehensive parts:* why, when and where firms go public* preparation for the IPO* transaction structure and governance at the IPO* trading in the aftermarket* the aftermarket performance of IPOs* special types of IPOs. The chapters offer some important new insights into issues that will be of interest not only to the academic community but also to professionals involved in the preparation, structure and execution of such transactions, market regulators, and private and institutional investors.
Author : Dr. Manjusha marthadr.b.k.suryaprakasharao
Publisher : Archers & Elevators Publishing House
ISBN 13 : 9388805321
Total Pages : pages
Book Rating : 4.3/5 (888 download)
Download or read book Performance Of Initial Public Offerings (Ipos) In India written by Dr. Manjusha marthadr.b.k.suryaprakasharao and published by Archers & Elevators Publishing House. This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
