The Marketing Role Of Ipos

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The Marketing Role of Ipos

Author : Elizabeth Demers
Publisher :
ISBN 13 :
Total Pages : 35 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis The Marketing Role of Ipos by : Elizabeth Demers

Download or read book The Marketing Role of Ipos written by Elizabeth Demers and published by . This book was released on 2014 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores the potential marketing benefits of going public and of IPO underpricing. We identify an empirical setting which allows us to examine the impact of IPO underpricing on a direct and timely measure of the issuing firms' product market demand: visitors to B2C Internet companies' websites. If underpricing attracts media attention and creates valuable publicity, we expect an increase in web traffic following the IPO. Consistent with this hypothesis, we find that web traffic growth in the month after the IPO is positively and significantly associated with initial returns. Our analyses suggest that the marketing benefits of IPO underpricing for the B2C Internet firms in our sample are economically significant and that IPO underpricing may be less costly to B2C Internet firms than is indicated by the raw amount of money left on the table. We also investigate media reaction to initial returns for a broader sample of IPOs. Our evidence suggests that the marketing benefits of underpricing extend beyond the Internet sector and the quot;hot issuesquot; market of late 1990's.

Marketing Strategies for IPO Firms

Author : Suyun Mah
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.5/5 (169 download)

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Book Synopsis Marketing Strategies for IPO Firms by : Suyun Mah

Download or read book Marketing Strategies for IPO Firms written by Suyun Mah and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past three years, the number of private companies filing for an initial public offering (IPO) in the United States has almost doubled from 100 in 2016 to 196 in 2019, and IPOs in 2019 alone raised $56.3 billion which is the highest over the past five years (PwC 2020). Building on existing research on IPOs within the marketing literature, this dissertation focuses on marketing strategies for IPO firms, investigating how firm innovation drives IPO success (essay 1), and the extent to which an IPO stimulates a firm to modify its corporate social irresponsible (CSI) behaviors (essay 2). In my first essay, I show that more new product introductions help firms reduce IPO underpricing, thereby increasing IPO success. My findings also demonstrate that a firm's strategic orientation plays an important role, i.e., interfunctional, sustainability, and entrepreneurial orientations strengthen, whereas competitor orientation attenuates, the desired negative effect of new product introductions on IPO underpricing. I also show that macro-economic policies play an instrumental role in the effectiveness of a firm's different strategic orientations. In my second essay, my findings show that a firm's IPO increases its social and governance CSI behaviors after the IPO. Moreover, firms engage in more social CSI when there exist high levels of paid media or a high CSI industry trend, while they engage in more governance CSI when there are high levels of paid media or earned media. I further show that firms reduce their environmental CSI after IPO when they receive a high level of earned media.Overall, the two essays emphasize the role of marketing strategies as firms seek to make investments in new products, highlight their strategic orientations, shift their CSI behaviors, and employ communications with key stakeholders.

When Marketing Strategy First Meets Wall Street

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

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Book Synopsis When Marketing Strategy First Meets Wall Street by : Xueming Luo

Download or read book When Marketing Strategy First Meets Wall Street written by Xueming Luo and published by . This book was released on 2014 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article examines the role of marketing in the context of initial public offerings (IPOs), a neglected issue in the extant literature. The results from a large-scale, cross-industry study indicate that firms' pre-IPO marketing spendings help reduce IPO underpricing and boost IPO trading in the stock market. The econometric models also suggest that these effects are heterogeneous; that is, they are more salient for firms with higher cost reduction efficiency and in markets with a smaller number of historical IPOs. With regard to theory, this research ushers in a greenfield of IPOs, helping build more powerful theories of market-based assets and customer equity. With regard to practice, it builds the case for not cutting marketing before an IPO. Prudent investors may be better able to pick “star” IPOs if they can track pre-IPO marketing spendings and model firm cost reduction efficiency simultaneously. Overall, this article offers fresh implications for the marketing-finance interface, uncovering brand-new IPO-based reasons that marketing can help create shareholder value.

Pricing and Performance of Initial Public Offerings in the United States

Author : Arvin Ghosh
Publisher : Routledge
ISBN 13 : 1351496751
Total Pages : 137 pages
Book Rating : 4.3/5 (514 download)

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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

The Marketing Director's Role in Business Planning and Corporate Governance

Author : Gerald Michaluk
Publisher : John Wiley & Sons
ISBN 13 : 0470986654
Total Pages : 312 pages
Book Rating : 4.4/5 (79 download)

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Book Synopsis The Marketing Director's Role in Business Planning and Corporate Governance by : Gerald Michaluk

Download or read book The Marketing Director's Role in Business Planning and Corporate Governance written by Gerald Michaluk and published by John Wiley & Sons. This book was released on 2008-07-31 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate governance is a hot topic, as is the need for marketing to operate at board level. But no-one has yet brought the two issues together. This book changes that. Gerald MichIaluk builds on the latest research to help marketing directors incorporate marketing systems and best practice into a board’s decision-making process. Michaluk outlines marketing’s key role in alerting the board to market conditions that merit adjustment of the corporate strategy, thus ensuring that strategy is based on sound intelligence and grounded in market reality. The book is illustrated with examples from a host of top companies, as well as interviews with their CEOs and CMOs.

The Phenomenon of IPO Underpricing in the European and U.S. Stock Markets

Author : Oliver Reiche
Publisher : Anchor Academic Publishing (aap_verlag)
ISBN 13 : 3954892952
Total Pages : 105 pages
Book Rating : 4.9/5 (548 download)

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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?

Initial Public Offerings: Findings and Theories

Author : Seth Anderson
Publisher : Springer Science & Business Media
ISBN 13 : 1461522951
Total Pages : 126 pages
Book Rating : 4.4/5 (615 download)

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Book Synopsis Initial Public Offerings: Findings and Theories by : Seth Anderson

Download or read book Initial Public Offerings: Findings and Theories written by Seth Anderson and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 126 pages. Available in PDF, EPUB and Kindle. Book excerpt: Initial public offerings (IPOs) play a crucial role in allocating resources in market economies. Because of the enormous importance of IPOs, an understanding of how IPOs work is fundamental to an understanding of financial markets generally. Of particular interest is the puzzling existence of high initial returns to equity IPOs in the United States and other free-market economies. Audience: Designed for use by anyone wishing to perform further academic research in the area of IPOs and by those practitioners interested in IPOs as investment vehicles.

The Specific Underpricing of IPOs in U.S. Stock Markets

Author : Claus Birkenbeul
Publisher : GRIN Verlag
ISBN 13 : 3640713885
Total Pages : 87 pages
Book Rating : 4.6/5 (47 download)

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Book Synopsis The Specific Underpricing of IPOs in U.S. Stock Markets by : Claus Birkenbeul

Download or read book The Specific Underpricing of IPOs in U.S. Stock Markets written by Claus Birkenbeul and published by GRIN Verlag. This book was released on 2010-09-30 with total page 87 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2010 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,3, Munich Business School University of Applied Sciences, language: English, abstract: The economical development is improving and world trade volumes are expected to recover. The recorvery process is developing constantly but slowly: Share prices have rebounded within 2009, worldwide trade volumes have recovered slightly and are expected to catch up with values from the end of 2008 during the next year (cf. OECD 2009). The world is recovering from one of the most severe economic downturns since The Great Depression. Comparing GDP volumes from the previous period at the same time, OECD countries lost up to 2%. As a logical consequence the U.S. IPO market has been affected by the economic meltdown as well. "IPO activity tends to cluster in certain time periods, thus it appears in waves, so-called hot IPO markets" (Hamer 2007, 9). From 2007 to 2008 th e number of IPOs decreased. The U.S. market broke down by more than 85% in one year. In 2007 there were 160 IPOs whereas in 2008 21 securities went public fort the first time (cf. Ritter 2010, 2). After the slowest year for IPOs since the 1970s, the market began to show signs of life again in 2009. The number of offerings increased by 21% although the offering value decreased by almost 15% (cf. PWC 2010). [...]

IPOs and SEOs in the US Real Estate Industry

Author : Philip Radner
Publisher : Springer
ISBN 13 : 3658171391
Total Pages : 74 pages
Book Rating : 4.6/5 (581 download)

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Book Synopsis IPOs and SEOs in the US Real Estate Industry by : Philip Radner

Download or read book IPOs and SEOs in the US Real Estate Industry written by Philip Radner and published by Springer. This book was released on 2017-01-20 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: Philip Radner analyzes equity financing phenomena and researches IPO underpricing and SEO announcement effects using data sets for US REITs. Moreover, he discusses underpricing theories and their applicability in the REIT context and gives a theoretical background on IPOs and on underpricing in particular. With this background at hand, the results out of this dissertation imply to focus on the wording in IPO documents as it can help to maximize IPO proceeds. In addition, he analyzes how to better time and announce subsequent equity financing events. It is expected that significantly underpriced issues attract more investors and that subsequent SEOs are then easier to conduct and typically raise more capital.

Handbook of Research on IPOs

Author : Mario Levis
Publisher : Edward Elgar Publishing
ISBN 13 : 1781955379
Total Pages : 599 pages
Book Rating : 4.7/5 (819 download)

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Book Synopsis Handbook of Research on IPOs by : Mario Levis

Download or read book Handbook of Research on IPOs written by Mario Levis and published by Edward Elgar Publishing. This book was released on 2013-11-29 with total page 599 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 a

The Specific Underpricing of Ipos in U S Stock Markets

Author : Claus Birkenbeul
Publisher : GRIN Verlag
ISBN 13 : 3640714016
Total Pages : 89 pages
Book Rating : 4.6/5 (47 download)

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Book Synopsis The Specific Underpricing of Ipos in U S Stock Markets by : Claus Birkenbeul

Download or read book The Specific Underpricing of Ipos in U S Stock Markets written by Claus Birkenbeul and published by GRIN Verlag. This book was released on 2010-10 with total page 89 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2010 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,3, Munich Business School University of Applied Sciences, language: English, abstract: The economical development is improving and world trade volumes are expected to recover. The recorvery process is developing constantly but slowly: Share prices have rebounded within 2009, worldwide trade volumes have recovered slightly and are expected to catch up with values from the end of 2008 during the next year (cf. OECD 2009). The world is recovering from one of the most severe economic downturns since The Great Depression. Comparing GDP volumes from the previous period at the same time, OECD countries lost up to 2%. As a logical consequence the U.S. IPO market has been affected by the economic meltdown as well. "IPO activity tends to cluster in certain time periods, thus it appears in waves, so-called hot IPO markets" (Hamer 2007, 9). From 2007 to 2008 th e number of IPOs decreased. The U.S. market broke down by more than 85% in one year. In 2007 there were 160 IPOs whereas in 2008 21 securities went public fort the first time (cf. Ritter 2010, 2). After the slowest year for IPOs since the 1970s, the market began to show signs of life again in 2009. The number of offerings increased by 21% although the offering value decreased by almost 15% (cf. PWC 2010). [...]

The marketing of closed -end fund IPOs:Evidence from transactions Data.Workiing paper #9405-08

Author : Kathleen Weiss Hanley,Charles M.C.Lee and Paul J. Seguin
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.L/5 ( download)

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Book Synopsis The marketing of closed -end fund IPOs:Evidence from transactions Data.Workiing paper #9405-08 by : Kathleen Weiss Hanley,Charles M.C.Lee and Paul J. Seguin

Download or read book The marketing of closed -end fund IPOs:Evidence from transactions Data.Workiing paper #9405-08 written by Kathleen Weiss Hanley,Charles M.C.Lee and Paul J. Seguin and published by . This book was released on 1994 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:

New Age Marketing

Author : Upinder Dhar
Publisher : Excel Books India
ISBN 13 : 9788174465870
Total Pages : 868 pages
Book Rating : 4.4/5 (658 download)

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Book Synopsis New Age Marketing by : Upinder Dhar

Download or read book New Age Marketing written by Upinder Dhar and published by Excel Books India. This book was released on 2008 with total page 868 pages. Available in PDF, EPUB and Kindle. Book excerpt: The theme of NICOM 2008 being held between January 9 to 11, 2008 is 'Strategies and Trends in Marketing: A New Economy Perspective'. The issues, challenges and dimensions of the emerging scenario are grouped into the following sub-themes. 'Marketing Information System' brings together scholarly contributions on Marketing Research and Analytics, Business Intelligence and Forecasting Tools, Data Mining in Marketing and Decision Support System, Knowledge Management and Environment Sensing for Marketing. The sub-theme 'Value Creation: New Paradigms' has deliberations on Marketing Innovations, Trends in Pricing Strategy, Diffusion of New Products and Marketing Mix Decisions. 'Value Delivery in Marketing' covers topics on Disintermediation, Re-intermediation, Managing Marketing Channels, Logistics and Technology and 3PL and 4PL. 'Managing Marketing Communication' looks at Managing Brands, Changing Face of Advertising, Marketing Communication on Internet, Managing Content and Blogging The New Marketing Tool. 'Marketing Metrics' gets together papers on measuring Performance, Expectations, Customer Satisfaction, Loyalty and Preferences, Awareness, Attitudes and Usage. 'Business Markets in New Economy' looks at Business Integration, Managing Suppliers, E-Marketplaces, Extended Organization and Managing Procurement. 'Marketing and Technology' debates on the issues in Process Automation, Enterprise Resource Planning, Customer Relationship Management, Managing Customer Data Bases, E-commerce and Technology, Customer Information Security, Retail and Technology and Managing Online Services. 'Interdisciplinary Studies' gives a platform for Cross Cultural Studies, Marketing of Financial Services, Marketing of Hospitality and Tourism, Marketing of Healthcare Services, Managing Services, Retail - the Changing Face and Ethical Issues in Marketing. This book is the result of publication of selected works out of over a hundred papers presented at the Conference. It is appropriately titled 'NEW AGE MARKETING: Emerging Realities'. It is divided into four parts in line with the theme and sub-themes of the Conference as follows: Part-A: Marketing and TechnologyPart-B: Value Creation and DeliveryPart-C: Changing Face of MarketingPart-D: Marketing Metrics

Empirical Evidence on IPO-Underpricing

Author : Marius Hamer
Publisher : GRIN Verlag
ISBN 13 : 3638733432
Total Pages : 72 pages
Book Rating : 4.6/5 (387 download)

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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 2007-06-20 with total page 72 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 Schloß Reichartshausen Oestrich-Winkel, 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 Börse 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.

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 Oxford Handbook of IPOs

Author : Douglas Cumming
Publisher : Oxford University Press
ISBN 13 : 0190614587
Total Pages : 504 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 Oxford University Press. This book was released on 2018-11-15 with total page 504 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.

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.