[PDF] Top 20 Essays on initial public offerings

... Initial public offering (IPO) is one of the key decisions in the life of a ...to public equity markets include lower cost of capital, the attraction of more institutional investors, liquidity of ... See full document

... The IPO data come from the SDC New Issues Database. The sample in this paper comprises all non financial firms that go public between 1980 and 2004 that have both CRSP and Compustat data. Since the literature has ... See full document

... go public, the shares they sell tend to be underpriced, in that the share price jumps substantially on the first day of ...going public for issuing ...firms public, Krigman et ... See full document

... Besides, underwriters, who are repeated players in the competitive underwriting market, concern about the value of their reputation capital (Carter and Manaster, 1990; Chemmanur and Fulghieri, 1994). If they lower their ... See full document

... kets. The years that involve the highest IPO proceeds and the highest number of IPOs relative to the average number of annual IPOs are considered hot markets (1990, 1997, and 2000), whereas the years with the lowest ... See full document

... provide equity financing to companies engaged in a variety of industries. In addition, they focus on management buyouts, industry consolidations, re-capitalization of existing business and other private equity ... See full document

... They are all characterisedby three significant stylised facts: first, on the first trading day of the IPO firm and on the announcement of the SEO or the takeover bid, the share price of [r] ... See full document

... with sufficient coverage of high quality investor bids. Occasionally, the underwriters update the price range during the book building period based on feedback from the investor community. This was done for a couple of ... See full document

... potentially value added investment projects arise with little or none internal funds available for the projects. The equity markets provide a means for firms to sell stock and use the proceeds for investment tenacities, ... See full document

... An initial public offering (IPO) or going public is the recognition of achievement for entrepreneurs, venture capitalists and board of directors to establish strong business ...general public. ... See full document

... an initial period during which the cumulative average return is negative, the returns are sufficiently high to indicate a positive return that lasts over the interval from two to six months after the ... See full document

... that initial returns are significantly negatively correlated with past IPO volume and significantly positively correlated with future IPO ...average initial returns indicate that the sentiment is especially ... See full document

... In order to advance hypotheses it is insightful to first look at the existing body of literature that evaluates the role and impact of private equity backing on the the underpricing of new issues. In the vanguard of ... See full document

... Our hypothesis that accounting accruals predict post-IPO stock return un- derperformance requires the presence of both earnings management and in- vestor credulity. The presence of earnings management alone does not ... See full document

... IPO related data was gathered from Thomson Investment Banker available at Bocconi University. We searched the 370 brand companies; however, we end up with 104 companies that have available IPO data on Thomson database. ... See full document

... This article investigates the return behavior of privatization initial public offerings (PIPOs) in Eu- rope over both the short- and long-run horizons. Using data from a sample of 162 PIPOs over the ... See full document

... This study examines the association between financial expert CEOs and earnings management (EM) around initial public offerings. We identify financial expert CEOs as those having past experience in ... See full document

... Mexican bank is no better than an old-fashioned loan shark, earning its huge profits by charging poor borrowers a usurious interest rate” (Cagna and Santos). A large profit was generated for shareholders at the expense ... See full document

... The initial sample is comprised of all IPOs listed on the ASX from 1 January 2009 to 30 June 2015. Of these IPOs, 32 made it into the ASX 200 during the sample period. However, six of these firms were demergers ... See full document

... with Initial Public Of­ ferings ...positive initial re­ turns were found in all stock markets, although the magnitude of underpricing differs across countries (Loughran et ... See full document