Author: Katrina Louise EllisPublisher:
ISBN:
Category :
Languages : en
Pages : 196
Book Description
Essays on Initial Public Offering Underwriting
Author: Katrina Louise EllisPublisher:
ISBN:
Category :
Languages : en
Pages : 196
Book Description
Essays on reputation and IPO underwriting
Author: Sofia GueorgievaThree Essays on Initial Public Offerings and Market Information
Author: William C. JohnsonPublisher:
ISBN:
Category : Disclosure of information
Languages : en
Pages : 322
Book Description
The Role of the Underwriter in the Initial Public Offering Process
Author: Georgi GeorgievPublisher: GRIN Verlag
ISBN: 3656208905
Category : Business & Economics
Languages : en
Pages : 89
Book Description
Bachelor Thesis from the year 2005 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,7, Martin Luther University, 38 entries in the bibliography, language: English, abstract: The world of finance is complex. There are many aspects, which cannot be fully explained and still confuse the researchers. One of the most discussed topics is that of Initial Public Offerings (IPO) mainly because of the intricate connections between investment bankers (underwriters), issuers and buyers. This paper will try to summarize the whole process of going public and emphasize on the role of the (lead) underwriter in it. The paper discusses mainly the American "way" of going public, but the procedure is generally the same for the European market with some differences that are explained in the text. The advantages, disadvantages and the legal requirements for going public are enlightened, in order of understanding the important role, which the underwriter plays in the whole process. The structure and the legal consequences of the due diligence process are presented. The types of agreement between the underwriter and the issuer are described, with the consequences that originate from them. The ways of determining the price and the advantages and disadvantages of any of them are presented, with respect to the importance of the underwriter's role in them and the liabilities that she has. The problem with the underpricing is discussed more detailed, since this is one of the big challenges in the IPO process. Some theories that explain this phenomenon are briefly discussed, showing the mechanism that is behind the underpricing problem. Some of the unlawful allocation practices are listed, with examples that show that even the top underwriters use prohibited actions to ensure the successful completion of the IPO process. The importance of the pre-opening period for the determination of the right market price and the active participation of the underw
Essays on Underwriter Short Covering Transactions in Initial and Seasoned Public Offerings of Equity
Author: Aijun BesioPublisher:
ISBN:
Category : Going public (Securities)
Languages : en
Pages : 250
Book Description
Essays on the role of investment banks as IPO underwriters, mutual fund managers, and merger advisors
Author: Tim MooneyInitial Public Offering (IPO) and theories of underpricing
Author: Henning PadbergPublisher: GRIN Verlag
ISBN: 3638868680
Category : Business & Economics
Languages : en
Pages : 23
Book Description
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).
Essays on Initial Public Offerings
Author: Laura Bernadette FieldPublisher:
ISBN:
Category : Corporations
Languages : en
Pages : 324
Book Description
Initial Public Offerings and Real Estate Investment Trusts
Author: Sandra F. HolsonbackPublisher:
ISBN:
Category : Going public (Securities)
Languages : en
Pages : 262
Book Description
Initial Public Offerings (IPOs) are financial vehicles whereby firms can raise capital through public markets. These vehicles increased in importance in the 1990's when financial institutions were reluctant to lend money, especially to young or unestablished firms. Private real estate companies, hampered by these tight credit markets, formed Real Estate Investment Trusts (REITs), a public entity. REIT IPOs trade on the same markets and are subject to the same SEC regulations as equity stocks, but the lack luster behavior of their initial stock offerings is opposite to large initial day returns exhibited by equity stocks. In proposing that underpricing is a strategy utilized by the firm and the underwriter, this study, comparing IPOs of four industries: retail, manufacturer of communication equipment, software development, and REITs, validates the theory of asymmetric information, whereby investors are compensated for risk through underpricing.
Essays on Initial Public Offerings
Author: Hugh Monte Joseph ColacoPublisher:
ISBN: 9781109878288
Category :
Languages : en
Pages : 109
Book Description
In the second essay, it is argued that the time following an amendment in which demand is revealed has a cost. So, why do some firms take longer than others to go public following the amendment? It is hypothesized that the delay to the offer results from overestimation of demand and risk. As a result, underpricing predicted at the amendment is not indicative of the final level of underpricing. The firm and its investors bear the costs of the delay. This study highlights the distinction between partial and full information and the costs associated with SEC requirements.