The Long Run Performance Of Global Equity Offerings

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The Long-Run Performance of Global Equity Offerings

Author : Stephen R. Foerster
Publisher :
ISBN 13 :
Total Pages : 45 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis The Long-Run Performance of Global Equity Offerings by : Stephen R. Foerster

Download or read book The Long-Run Performance of Global Equity Offerings written by Stephen R. Foerster and published by . This book was released on 1999 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates the long-run return performance of non-U.S. firms that raise equity capital in U.S. markets. Overall, our sample of 333 global equity offerings with U.S. depositary receipt (ADR) tranches from 35 countries in Asia, Latin America, and Europe under-perform local and global benchmarks by 8% to 39% over the three years following issuance. We show that differences in long-run returns are related to the scope and magnitude of investment barriers that induce segmentation of capital markets around the world. Specifically, companies from emerging markets and those that issue equity by way of Rule 144A private placements significantly underperform publicly-listed issues and those of companies in developed markets. We also show that inter-market competition for order flow in the post-issuance period affects their long-run return performance. Post-issuance cumulative abnormal returns are most significantly and positively related to the ability of the offering to generate a larger share of U.S. trading volume.

The Long-run Performance of Global Equity Offerings

Author : Stephen R. Foerster
Publisher : London : Richard Ivey School of Business, University of Western Ontario
ISBN 13 : 9780771420580
Total Pages : 52 pages
Book Rating : 4.4/5 (25 download)

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Book Synopsis The Long-run Performance of Global Equity Offerings by : Stephen R. Foerster

Download or read book The Long-run Performance of Global Equity Offerings written by Stephen R. Foerster and published by London : Richard Ivey School of Business, University of Western Ontario. This book was released on 1998 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Long-run Performance of Seasoned Equity Offerings with Rights

Author : Michel Dubois
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (14 download)

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Book Synopsis The Long-run Performance of Seasoned Equity Offerings with Rights by : Michel Dubois

Download or read book The Long-run Performance of Seasoned Equity Offerings with Rights written by Michel Dubois and published by . This book was released on 2000 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Long Run Underperformance of Seasoned Equity Offerings

Author : Victor Soucik
Publisher :
ISBN 13 : 9780729804745
Total Pages : 45 pages
Book Rating : 4.8/5 (47 download)

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Book Synopsis Long Run Underperformance of Seasoned Equity Offerings by : Victor Soucik

Download or read book Long Run Underperformance of Seasoned Equity Offerings written by Victor Soucik and published by . This book was released on 2000 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Seasoned Equity Offerings and the Short and Long-run Performance of Initial Public Offerings

Author : Mario Levis
Publisher :
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4.:/5 (32 download)

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Book Synopsis Seasoned Equity Offerings and the Short and Long-run Performance of Initial Public Offerings by : Mario Levis

Download or read book Seasoned Equity Offerings and the Short and Long-run Performance of Initial Public Offerings written by Mario Levis and published by . This book was released on 1993 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:

IPOs and Equity Offerings

Author : Ross Geddes
Publisher : Elsevier
ISBN 13 : 0080478786
Total Pages : 273 pages
Book Rating : 4.0/5 (84 download)

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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

The Performance of Seasoned Equity Offerings in the Long-term Perspective

Author : Adrian Cremer
Publisher :
ISBN 13 :
Total Pages : 130 pages
Book Rating : 4.:/5 (717 download)

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Book Synopsis The Performance of Seasoned Equity Offerings in the Long-term Perspective by : Adrian Cremer

Download or read book The Performance of Seasoned Equity Offerings in the Long-term Perspective written by Adrian Cremer and published by . This book was released on 2000 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Empirical Issues in Raising Equity Capital

Author : Mario Levis
Publisher : North-Holland
ISBN 13 :
Total Pages : 420 pages
Book Rating : 4.3/5 ( download)

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Book Synopsis Empirical Issues in Raising Equity Capital by : Mario Levis

Download or read book Empirical Issues in Raising Equity Capital written by Mario Levis and published by North-Holland. This book was released on 1996 with total page 420 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hardbound. This volume covers issues of interest to corporate financiers, investment bankers, fund managers and investors involved in the process of raising long-term capital. The papers, which represent original contributions in their specific subject areas, cover a wide range of issues. These include initial public offerings, privatisation issues, seasoned issues and international equity offerings, with empirical evidence from more than eight countries in Europe, the Far East and the Americas. The volume makes a significant contribution to bridging the gap between modern finance theory and corporate financing practice. It is a vital book for postgraduate and Phd finance courses.

Three Essays on the Long-run Performance of Firms Issuing Seasoned Equity Offerings

Author : Pawel Tomasz Bilinski
Publisher :
ISBN 13 :
Total Pages : 179 pages
Book Rating : 4.:/5 (643 download)

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Book Synopsis Three Essays on the Long-run Performance of Firms Issuing Seasoned Equity Offerings by : Pawel Tomasz Bilinski

Download or read book Three Essays on the Long-run Performance of Firms Issuing Seasoned Equity Offerings written by Pawel Tomasz Bilinski and published by . This book was released on 2008 with total page 179 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Rationale for Global Equity Offerings

Author : Susan Chaplinsky
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis The Rationale for Global Equity Offerings by : Susan Chaplinsky

Download or read book The Rationale for Global Equity Offerings written by Susan Chaplinsky and published by . This book was released on 2000 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: If global capital markets are less than completely integrated, firms can create value for investors by issuing equity in foreign markets. We develop a theoretical framework to show that the offer price for an issuer's shares is increased by wider distribution of the shares in multiple markets. Using a sample of 276 global equity offerings from 1985 to 1992, we compare global equity issues to a control group of issues offered exclusively in the domestic U.S. market. We provide evidence on the direct issue costs (underwriting costs and fees) and the indirect information costs of these offers. After controlling for firm and issue characteristics, we find that the direct costs of issue are significantly lower on average for global issues. In addition, the negative stock price reaction that equity issue typically evokes is reduced when firms have a foreign tranche in their offer. Overall, the results suggest that the segmentation of international markets offers certain issuers an opportunity to raise equity capital at advantageous terms.

Mechanics of Global Equity Offerings:Structuring the Offering and Negotiating the Underwriting Agreement

Author : Meredith Brown
Publisher : Springer
ISBN 13 :
Total Pages : 202 pages
Book Rating : 4.3/5 (511 download)

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Book Synopsis Mechanics of Global Equity Offerings:Structuring the Offering and Negotiating the Underwriting Agreement by : Meredith Brown

Download or read book Mechanics of Global Equity Offerings:Structuring the Offering and Negotiating the Underwriting Agreement written by Meredith Brown and published by Springer. This book was released on 1995-08-18 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mechanics of a Global Equity Offering is a clear, accessible look at the key issues involved in a global equity offering, including: which capital markets to tap, and how (public offering vs. private placement); which stock exchanges to list on; structuring the underwriting syndicates; due diligence questions; road shows and marketing activities; whether to disclose forecasts; which lawyers should give `negative assurance' as to the disclosures in the prospectus; and how to negotiate representations, `outs', indemnification and other terms of the underwriting agreements. A group of leading securities practitioners from different capital markets--the US, Hong Kong, France, Canada, Japan and Australia--take the reader through each stage, using a case study of a global IPO of an emerging markets issuer to illustrate the process. This book is a road map for securities lawyers, investment bankers, and senior finance officers of companies contemplating a global equity capital-raising exercise.

Underwriting Services and the New Issues Market

Author : George J. Papaioannou
Publisher : Academic Press
ISBN 13 : 0128032839
Total Pages : 334 pages
Book Rating : 4.1/5 (28 download)

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Book Synopsis Underwriting Services and the New Issues Market by : George J. Papaioannou

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.

Considerations for an Equity Underwriting on Nasdaq from the Perspective of an Investment Bank

Author : Johann Sebastian Kann
Publisher : diplom.de
ISBN 13 : 3832449884
Total Pages : 114 pages
Book Rating : 4.8/5 (324 download)

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Book Synopsis Considerations for an Equity Underwriting on Nasdaq from the Perspective of an Investment Bank by : Johann Sebastian Kann

Download or read book Considerations for an Equity Underwriting on Nasdaq from the Perspective of an Investment Bank written by Johann Sebastian Kann and published by diplom.de. This book was released on 2002-02-01 with total page 114 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inhaltsangabe:Abstract: For the past ten years America has enjoyed a remarkably prolonged economic expansion. In 1998 and 1999 the international private investors community as well as institutional fund managers could follow an exceptional internet and e-commerce boom, reflected and followed by rising internet, biotech, pharmaceutical and new economy stocks. Especially Going Publics at that time were highly successful and an exceptionally easy way of raising capital for small and mid cap companies as well as new economy start ups. It must be said that the capital gains for day traders and speculators at that time were of low risk. This new economy boom, which was also called by pros dot com and new economy era ended in 2001, after sharp decreases in stock prices, massive losses on the US stock exchanges for institutional as well as private investors. Most of the dot com companies couldn t perform as they thought and struggled with high debt and losses. From today s perspective one can say that the massive international IPO floatings in the new economy were driven by too high expectations and wrong valuations. Unfortunately, in Austria, where the financial - and capital markets could be seen as rather thin , small and mid cap companies have not even tried to go public in the United States of America on Nasdaq to raise capital and gain international reputation and size. Nevertheless in the future IPO s are going to become more and more popular and important, also for Austrian companies. The goal of this Master s Thesis is to give Austrian and international operating companies an overview about the Nasdaq, the chances and risks of IPO s on Nasdaq and the important elements for an IPO. This thesis can be seen as equity offering manual for global operating companies that intend to go public on Nasdaq, because it puts special emphasis on the procedures of an IPO in an Investment Bank and analyses the most recent financial market developments. Furthermore it provides managements with detailed information about the parties involved in the floating and on the important steps for a successful IPO. In conclusion my thesis contains material that gives detailed information about the Initial Public Offering Process on The National Association of Securities Dealers Automated Quotations System (Nasdaq) between 1998 and 2001 in relation with global operating underwriters (Investment Banks). The author not only intends to give background information about the [...]

International Capital Flows

Author : Martin Feldstein
Publisher : University of Chicago Press
ISBN 13 : 0226241807
Total Pages : 500 pages
Book Rating : 4.2/5 (262 download)

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Book Synopsis International Capital Flows by : Martin Feldstein

Download or read book International Capital Flows written by Martin Feldstein and published by University of Chicago Press. This book was released on 2007-12-01 with total page 500 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent changes in technology, along with the opening up of many regions previously closed to investment, have led to explosive growth in the international movement of capital. Flows from foreign direct investment and debt and equity financing can bring countries substantial gains by augmenting local savings and by improving technology and incentives. Investing companies acquire market access, lower cost inputs, and opportunities for profitable introductions of production methods in the countries where they invest. But, as was underscored recently by the economic and financial crises in several Asian countries, capital flows can also bring risks. Although there is no simple explanation of the currency crisis in Asia, it is clear that fixed exchange rates and chronic deficits increased the likelihood of a breakdown. Similarly, during the 1970s, the United States and other industrial countries loaned OPEC surpluses to borrowers in Latin America. But when the U.S. Federal Reserve raised interest rates to control soaring inflation, the result was a widespread debt moratorium in Latin America as many countries throughout the region struggled to pay the high interest on their foreign loans. International Capital Flows contains recent work by eminent scholars and practitioners on the experience of capital flows to Latin America, Asia, and eastern Europe. These papers discuss the role of banks, equity markets, and foreign direct investment in international capital flows, and the risks that investors and others face with these transactions. By focusing on capital flows' productivity and determinants, and the policy issues they raise, this collection is a valuable resource for economists, policymakers, and financial market participants.

Are International Markets Integrated?

Author : Congsheng Wu
Publisher :
ISBN 13 :
Total Pages : 334 pages
Book Rating : 4.:/5 (49 download)

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Book Synopsis Are International Markets Integrated? by : Congsheng Wu

Download or read book Are International Markets Integrated? written by Congsheng Wu and published by . This book was released on 1998 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Triumph of the Optimists

Author : Elroy Dimson
Publisher : Princeton University Press
ISBN 13 : 9780691091945
Total Pages : 352 pages
Book Rating : 4.0/5 (919 download)

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Book Synopsis Triumph of the Optimists by : Elroy Dimson

Download or read book Triumph of the Optimists written by Elroy Dimson and published by Princeton University Press. This book was released on 2002-02-03 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: Investors have too often extrapolated from recent experience. In the 1950s, who but the most rampant optimist would have dreamt that over the next fifty years the real return on equities would be 9% per year? Yet this is what happened in the U.S. stock market. The optimists triumphed. However, as Don Marquis observed, an optimist is someone who never had much experience. The authors of this book extend our experience across regions and across time. They present a comprehensive and consistent analysis of investment returns for equities, bonds, bills, currencies and inflation, spanning sixteen countries, from the end of the nineteenth century to the beginning of the twenty-first. This is achieved in a clear and simple way, with over 130 color diagrams that make comparison easy. Crucially, the authors analyze total returns, including reinvested income. They show that some historical indexes overstate long-term performance because they are contaminated by survivorship bias and that long-term stock returns are in most countries seriously overestimated, due to a focus on periods that with hindsight are known to have been successful. The book also provides the first comprehensive evidence on the long-term equity risk premium--the reward for bearing the risk of common stocks. The authors reveal whether the United States and United Kingdom have had unusually high stock market returns compared to other countries. The book covers the U.S., the U.K., Japan, France, Germany, Canada, Italy, Spain, Switzerland, Australia, the Netherlands, Sweden, Belgium, Ireland, Denmark, and South Africa. Triumph of the Optimists is required reading for investment professionals, financial economists, and investors. It will be the definitive reference in the field and consulted for years to come.

Strategies on Initial Public Offering of Company Equity at Stock Exchanges in Imperfect Highly Volatile Global Capital Markets with Induced Nonlinearities

Download Strategies on Initial Public Offering of Company Equity at Stock Exchanges in Imperfect Highly Volatile Global Capital Markets with Induced Nonlinearities PDF Online Free

Author : Dimitri Ledenyov
Publisher :
ISBN 13 :
Total Pages : 138 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Strategies on Initial Public Offering of Company Equity at Stock Exchanges in Imperfect Highly Volatile Global Capital Markets with Induced Nonlinearities by : Dimitri Ledenyov

Download or read book Strategies on Initial Public Offering of Company Equity at Stock Exchanges in Imperfect Highly Volatile Global Capital Markets with Induced Nonlinearities written by Dimitri Ledenyov and published by . This book was released on 2015 with total page 138 pages. Available in PDF, EPUB and Kindle. Book excerpt: This research considers the strategies on the initial public offering of company equity at the stock exchanges in the imperfect highly volatile global capital markets with the nonlinearities. We provide the IPO definition and compare the initial listing requirements on the various markets. We analyze the IPO techniques: the fixed-price offerings, auctions, book-building. We focus on the IPO initial underpricing, long-run performance and after market liquidity problems. 1. We propose that the information absorption by the investors occurs in the evolving learning process about the company's value, taking to the consideration the fundamental purpose of investing and the responsibilities of investors. 2. We think that the information absorption capacity by the investors on the IPOs impacts the investor's investment decisions and serves as a pre-determinant for the successful IPO deal completion. We propose the Ledenyov theory on the origins of the IPO underpricing and long term underperformance effects, which states that the IPO underpricing and long term underperformance can be explained by the changing information absorption capacity by the investors on the IPO value. 3. We think that the IPO winning virtuous investment strategies can only be selected by the investors with the highest information absorption capacity through the decision making process on the IPO investment choices at the selected stock exchange in the imperfect highly volatile global capital markets with the nonlinearities; applying the econophysical econometrical analysis with the use of the inductive, deductive and abductive logics in the frames of the strategic choice structuring process, that is the winning through the distinctive choices process.