Initial Public Offerings Findings And Theories

Author by : Seth Anderson
Languange : en
Publisher by : Springer Science & Business Media
Format Available : PDF, ePub, Mobi
Total Read : 58
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Description : 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.


Competition And Cooperation In Economics And Business

Author by : Lindawati Gani
Languange : en
Publisher by : CRC Press
Format Available : PDF, ePub, Mobi
Total Read : 13
Total Download : 111
File Size : 50,6 Mb
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Description : Asia and the Pacific have become the growth engine of the world economy with the contribution of two-third of the global growth. The book discusses current issues in economics, business, and accounting in which economic agents, as individuals, entrepreneurs and professionals, as well as countries in the Asia and Pacific regions compete and collaborate with each other and with the rest of the globe. Areas covered in the book include economic development and sustainability, labor market competition, Islamic economic and business, marketing, finance, accounting standard compliances, and taxation. It will help shed light on what business and economic scholars in regions have done in terms of research and knowledge development, as well as the new frontiers of research that have been explored and opening up.


Variables Influencing The Severity Of Ipo Underpricing An Empirical Analysis Of The German Market

Author by : Justyna Dietrich
Languange : en
Publisher by : Diplomica Verlag
Format Available : PDF, ePub, Mobi
Total Read : 19
Total Download : 448
File Size : 43,6 Mb
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Description : Underpricing refers to the phenomenon of abnormal first-day returns from initial public offerings (IPOs). Without doubt, any US investor would agree that one day-returns of 11.4% on average are exceptional and a worthwhile investment. Since then many studies have proven that it is a persistent phenomenon and also occurs on markets all over the world. The most puzzling question for scientists is why companies are leaving this money on the table and do not set an offering price that reflects the market demand at the offering date. The main focus of this paper is whether and how the findings of past research, primarily conducted for the US market, apply to the German IPO market. As a result, both investors and issuers shall receive practical implications for their decision-making within the IPO process. This study comprises a brief description of some important theoretical aspects that shape the price setting of an IPO. It focuses on business valuation as it is the basis for setting the price of an IPO. Furthermore, the most common price setting mechanisms are explained. Past research results and theories with regard to IPO underpricing will be outlined and put into relation to the upcoming analysis. This also includes the long-run performance of IPOs and deals especially with the question of whether IPOs are systematically overvalued by investors and, if so, why. The empirical analysis consists of a deduction of influencing variables and an applying theoretical model. Finally, OLS results will be presented and interpreted, which also includes practical implications for both, issuers and investors.


Initial Public Offerings Ipo

Author by : Greg N. Gregoriou
Languange : en
Publisher by : Elsevier
Format Available : PDF, ePub, Mobi
Total Read : 91
Total Download : 964
File Size : 40,5 Mb
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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


Handbook Of Research On Ipos

Author by : Mario Levis
Languange : en
Publisher by : Edward Elgar Publishing
Format Available : PDF, ePub, Mobi
Total Read : 59
Total Download : 371
File Size : 40,6 Mb
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Description : 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


Modelling An Initial Public Offering Using Action Theory

Author by : T. Whitfield
Languange : en
Publisher by : GRIN Verlag
Format Available : PDF, ePub, Mobi
Total Read : 71
Total Download : 955
File Size : 48,7 Mb
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Description : Bachelor Thesis from the year 2019 in the subject Statistics, grade: 79, , language: English, abstract: This paper examines the behaviour of bidders in an initial public offering auction (IPO) when a seller is offering a perfectly divisible share to potential buyers. Due to the massive effect and news coverage IPOs have on the modern day economy, this paper aims to unearth some of the mystery behind such auctions. It focuses mostly on the behaviour of bidders in a complete and incomplete information setting, where a bidder's incentives change given their information and competition. Using the theoretical framework of the paper, I then apply the findings to the real world and comment on the realism of the models. Lastly, I recommend possible extensions to the models in order to bring a new dimension to the analysis. An initial public offering is a major stepping stone for any company as it evolves from a private to a publicly traded company. The process of going public is a complicated procedure, so they often solicit the help from an investment bank to help price the stock as well as find suitable investment. The purpose of an IPO is to help the selling company gather capital in order to expand operations. They do this by offering equity to potential investors in the form of a share which can be traded publicly via the necessary stock market. There are currently sixteen stock exchanges around world with a market capitalization of over $1 trillion each, the biggest being the New York Stock Exchange which has a market capitalization of over $28.5 trillion which is larger than the US gross domestic product for 2018. This paper hopes to shine some light on the process of taking a company public by unearthing a bidder's behaviour and incentives under a range of different situations. Applying auction theory to an initial public offering is relatively unexplored in economic journals, so this paper aims to extend work already presented in the literature and give insightful explanations to problems which have presented themselves to sellers and buyers. These problems include but are not limited to the peculiar situation in which it is common that the stock price at the end of the first day of trading for a newly publicised company is higher than its offering price. However, according to UBS, around 60% of IPOs provide investors with negative returns in their first five years, suggesting an extraordinary hype in first day trading compared to a more rational long term view.


Finance India

Author by :
Languange : en
Publisher by :
Format Available : PDF, ePub, Mobi
Total Read : 88
Total Download : 923
File Size : 40,7 Mb
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Revue Canadienne Du Droit De Commerce

Author by :
Languange : en
Publisher by :
Format Available : PDF, ePub, Mobi
Total Read : 31
Total Download : 350
File Size : 46,7 Mb
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The Insurance Hypothesis And Auditor Limited Liability

Author by : Steven Robert Muzatko
Languange : en
Publisher by :
Format Available : PDF, ePub, Mobi
Total Read : 11
Total Download : 740
File Size : 49,5 Mb
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Information Risk And Long Run Performance Of Initial Public Offerings

Author by : Frank Ecker
Languange : en
Publisher by : Springer Science & Business Media
Format Available : PDF, ePub, Mobi
Total Read : 26
Total Download : 548
File Size : 50,5 Mb
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Description : Frank Ecker examines the performance of U.S. initial public offerings (IPOs) from 1980 to 2002. He links positive and negative abnormal returns to the deviation of the realized information risk from the expected information risk. The author proposes effective measures for a long-term profitable investment strategy in IPOs.