Description : A major international study on corporate governance and Initial Public Offerings (IPOs) in twenty-one countries.
Description : One of the biggest casualties of the aftermath of the dot com bubble was the IPO market. The early part of this century saw minimal IPO activity all over the world especially in western stock markets such as those of the UK and the US. However, for the last two or three years both firms considering an IPO and potential investors in those firms are back in business. 'The Investor's Guide to IPOs' is primarily written to benefit investors who wish to gain an in-depth understanding of the IPO market and to profit from investing in this market. The main aim of the book is to provide information on some fundamental questions related to investment in IPO markets such as how to pick up a good IPO investment and when is a good time to sell IPO shares. The book not only covers issues such as how to make an investment in the IPO market, it also throws light on what happens once an investment has been made.
Description : A fully revised and updated second edition of the essential guide that tells you everything you want to know about IPOs in the UK. An initial public offering (IPO) - the occasion when a firm's shares are issued to the public for the first time - is one of the most exciting events in the life of a company, providing new opportunities for the business, its managers and for investors. IPOs attract a lot of attention from stock market researchers, academics and investors seeking to understand more about how they work and how the shares of IPO companies perform once they are listed. In this second edition of Initial Public Offerings, Arif Khurshed delves into the history of IPOs on the London Stock Exchange, explains the mechanics of how IPOs are arranged and how they are priced, and provides an analysis - with detailed but lucid reference to past academic studies - of how the shares of IPO companies perform in the short and long term. The book provides valuable insight into many fundamental IPO matters, including: - the different methods of flotation that are used, - the alternative ways in which IPO shares are priced, - how common it is for IPO shares to over or underperform, - the survival of IPO firms once they are listed. There are also detailed case studies of the short- and long-run performance of a number of high-profile IPOs, including those of Facebook, Alibaba and Royal Mail. If you are an academic, finance professional or serious investor looking to broaden your knowledge of stock market flotations then you will find Initial Public Offerings to be an indispensable guide.
Description : This Handbook provides a unique collection of research addressing issues of corporate governance in entrepreneurial contexts, including start-ups, owner-managed firms, fast-growing firms, and IPOs, as well as how corporate governance and board leadership is associated with entrepreneurship and innovation in both small and large established companies. The chapters span a wide range of topics, methodologies, and levels of analysis, all designed to contribute to a comprehensive understanding of when and how corporate governance matters in different entrepreneurial contexts.
Description : The new second edition of Initial Public Offerings: A Practical Guide to Going Public provides battle-tested, real-world advice on how to create a winning IPO. Packed with best practices, planning tips, checklists and sample documents to help implement its guidance, Initial Public Offerings gives you the actionable insight you need to Understand market requirements and lay the groundwork for an IPO Weigh an IPO s advantages, drawbacks, demands and alternatives Prepare for the rigors of due diligence Master accounting matters vital to the IPO process Take advantage of pre-IPO tax and financial planning opportunities Put together a powerful IPO team Consider a dual track strategy Numerous developments originating from the SEC, Congress, and the private sector continue to change the IPO landscape. Completely revised and substantially expanded, the second edition addresses key changes in legal requirements and market practices of critical interest to IPO companies, lawyers, and market professionals alike. Among other new and updated topics, the book covers the impact of the JOBS Act on private company fundraising, pre-IPO activities, Form S-1 disclosure requirements, and the IPO process; ongoing changes in corporate governance requirements and practices; and important developments in accounting preparation, SEC review, and underwriting practices. The new edition also includes updated market data, IPO forms, and planning tips to help ensure a smooth IPO in the post-Dodd-Frank, post-JOBS Act world."
Description : 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
Description : Why did financial keiretsu develop in Japan, but not in Germany and the United States? Why is bank intermediation more dominant in Germany and Japan than in the United States? What are the advantages and disadvantages of each system? Capital Markets and Corporate Governance in Japan, Germany and the United States answers these and related questions
Description : This report provides four regulatory strategies for consideration by policy makers in Indonesia, in order to support their efforts to improve listing and corporate governance standards.
Description : Countries vary in their policies and regulations imposing selling restrictions on insiders' shares when a firm lists on a stock exchange. The US and UK adopt a free market approach, allowing insiders of an initial public offering (IPO) firm to select whether to voluntarily impose selling restrictions on their shares. Other countries (e.g., Germany, France, the Netherlands, Italy, and Singapore) mandate selling restrictions on insiders' shares for all IPOs on their exchanges. In Australia, the Australian Securities Exchange (ASX) imposes mandatory selling restrictions on insiders' shares (MSRs) for IPO firms that do not satisfy a profit test or an assets test. Using an Australian IPO setting where insiders' shares can be subject to MSRs, the study investigates whether there is a difference in the IPO discount (underpricing) between firms with and without MSRs. The study also examines whether the IPO discount (underpricing) for firms with MSRs is affected by (i) the extent to which insider equity ownership is subject to MSRs, (ii) the length of MSRs, and (iii) the strength of firm corporate governance. To investigate these issues, the study employs a sample of Australian IPO firms listing from 1 March 2003 to 31 December 2008. In the primary tests the IPO discount (underpricing) is measured using the difference in the first-day closing price and issue price. In robustness tests, the price at the end of 3 months is used. The study reports that 81 per cent of the 711 IPO firms included in this study, failed to satisfy the profit test or the assets test and therefore had MSRs. The study finds that the IPO discount (underpricing) of firms with MSRs is significantly lower than that of firms without MSRs. This finding is contrary to the prediction that the IPO discount (underpricing) is higher for MSRs firms due to their higher financial risk. The findings suggest that primary investors of IPO firms with MSRs enjoy lower returns on the first-day of trading compared to those of IPQ firms without MSRs. Consistent with the prediction, the study finds a significant positive association between insider equity ownership subject to MSRs and the IPO discount (underpricing). However, the length of MSRs is insignificantly associated with the IPO discount (underpricing) of firms with MSRs. Furthermore, the study predicts and finds that the strength of corporate governance is significantly negatively associated with the IPO discount (underpricing) of firms with MSRs. The study contributes to the literature in the following ways. The findings provide practical insights for investors, regulatory authorities, and insiders. They inform primary investors that they are more likely to obtain higher IPO discount (underpricing) on the first-day of trading if they subscribe for the shares of IPO firms without MSRs than for those of firms with MSRs. The findings suggest that the presence of MSRs in Australian IPOs do not benefit primary investors in terms of higher underpricing relative to IPO firms without MSRs. The study suggests that the regulatory requirement for MSRs benefits the insiders of IPO firms when raising equity by listing. The ASX is reviewing the threshold levels associated with the profit and assets tests that determine the imposition of selling restrictions. The findings from this study can inform these deliberations. The findings inform investors that greater insider equity ownership subject to MSRs is associated with higher IPO discount (underpricing), favouring primary investors. However, the AXS's policy of differing lengths of selling restrictions on insiders' shares has no impact on the IPO discount (underpricing). The implication is that the length of MSRs is not an important consideration for investors. The findings that firms with MSRs and stronger corporate governance have lower IPO discount (underpricing) than firms with MSRs and weaker corporate governance suggest that governance characteristics are determinants of the issue price. Insiders of IPO firms with MSRs and strong governance can set a higher IPO issue price resulting in a lower IPO discount (underpricing).