The Phenomenon Of Ipo Underpricing In The European And U S Stock Markets
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The Phenomenon Of Ipo Underpricing In The European And U S Stock Markets
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Author : Oliver Reiche
language : en
Publisher: Anchor Academic Publishing (aap_verlag)
Release Date : 2014-06-23
The Phenomenon Of Ipo Underpricing In The European And U S Stock Markets written by Oliver Reiche and has been published by Anchor Academic Publishing (aap_verlag) this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-06-23 with Business & Economics categories.
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?
The Specific Underpricing Of Ipos In U S Stock Markets
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Author : Claus Birkenbeul
language : en
Publisher: GRIN Verlag
Release Date : 2010-10
The Specific Underpricing Of Ipos In U S Stock Markets written by Claus Birkenbeul and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-10 with categories.
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 Phenomenon Of Ipo Underpricing In The European And U S Stock Markets
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Author : Oliver Reiche
language : en
Publisher: diplom.de
Release Date : 2014-06-01
The Phenomenon Of Ipo Underpricing In The European And U S Stock Markets written by Oliver Reiche and has been published by diplom.de this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-06-01 with Business & Economics categories.
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?
A Survey Of The European Ipo Market
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Author :
language : en
Publisher: CEPS
Release Date : 2006
A Survey Of The European Ipo Market written by and has been published by CEPS this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
Empirical Evidence On Ipo Underpricing
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Author : Marius Hamer
language : en
Publisher: GRIN Verlag
Release Date : 2008
Empirical Evidence On Ipo Underpricing written by Marius Hamer and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.
Diploma Thesis from the year 2007 in the subject Business economics - Investment and Finance, grade: 1,3, European Business School - International University Schlo Reichartshausen Oestrich-Winkel, 80 entries in the bibliography, 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 B rse 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.
Going Public
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Author : Tim Jenkinson
language : en
Publisher: Oxford University Press, USA
Release Date : 2001
Going Public written by Tim Jenkinson and has been published by Oxford University Press, USA this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Business & Economics categories.
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.
Initial Public Offering Ipo And Theories Of Underpricing
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Author : Henning Padberg
language : en
Publisher: GRIN Verlag
Release Date : 2007-11-30
Initial Public Offering Ipo And Theories Of Underpricing written by Henning Padberg and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-11-30 with Business & Economics categories.
Essay from the year 2006 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,3, University of Glasgow (Department of Accounting and Finance), course: Financial Markets, language: English, abstract: Related to the issuance of shares there are different kinds of “puzzles” which motivate to take a closer look at: Short-run ‘underpricing’, hot and cold issue markets, spread clustering and longrun underperformance. Even though these phenomena are frequently discussed in several scientific papers and journals, there is no conclusively completed theory. This work will concentrate on the various approaches developed to explain ‘underpricing’. As an introduction into the topic it will also provide a summary of the process of an Initial Public Offering (IPO).
Financial Accounting Theory
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Author : William Robert Scott
language : en
Publisher:
Release Date : 1997
Financial Accounting Theory written by William Robert Scott and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Accounting categories.
Scott reveals vast amounts of financial accounting information drawn from recent research that has until now been hidden in academic journals. He provides a clear, easy-to-use framework for students to (1) place this information in a financial accounting context, (2) explain and analyze the information intuitively and (3) to reveal the informationOs relevance in understanding the practice of accounting.
Initial Public Offerings A Synthesis Of The Literature And Directions For Future Research
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Author : Michelle Lowry
language : en
Publisher:
Release Date : 2018-02-28
Initial Public Offerings A Synthesis Of The Literature And Directions For Future Research written by Michelle Lowry and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-02-28 with Business & Economics categories.
The purpose of this monograph on conducting an Initial Public Offering (IPO) is to review the existing evidence and suggest areas where our understanding is less complete of the process and would benefit from further research.
Initial Public Offerings Ipo
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Author : Greg N. Gregoriou
language : en
Publisher: Elsevier
Release Date : 2011-04-01
Initial Public Offerings Ipo written by Greg N. Gregoriou and has been published by Elsevier this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-04-01 with Business & Economics categories.
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