Initial public offerings : an international perspective / edited by Greg N. Gregoriou.

Format:

Book

Contributor:

Gregoriou, Greg N., 1956-

Charles R. Anderson Endowment Fund.

Series:

Quantitative finance series

Language:

English

Subjects (All):

Going public (Securities).

Physical Description:

xxiv, 437 pages : illustrations ; 24 cm.

Place of Publication:

Oxford ; Burlington, MA : Butterworth-Heinemann, 2006.

Summary:

After the cooling off of IPOs since the dot com bubble, Google has rekindled the fire for them. Initial Public Offerings contains new articles exclusive to this reader by leading academics and practitioners 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 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. Initial Public Offerings is a wide-ranging, innovative and accessible book that will be a valued reference work for scholars and practitioners.

Contents:

Part 1 Performance of IPOs 1

1 Nasdaq IPOs around the market peak in 2000 / Niklas Wagner 3

1.2 Literature review 4

1.3 The Nasdaq IPO dataset 5

1.4 Nasdaq IPO returns 8

2 Returns to style investments in initial public offerings / Kojo Menyah, Krishna Paudyal 13

2.2 Prior studies on investment styles and their returns 14

2.3 Data, sample, and empirical methods 15

2.4 Empirical evidence 19

3 The effect of IPO characteristics on long-run performance of Taiwan's IPOs: evidence from efficiently learning markets / Anlin Chen, Sue L. Chiou, Chinshun Wu 29

3.2 Data 31

3.3 Measuring IPO performance under the efficient markets hypothesis 32

3.4 IPO performance under efficiently learning markets 35

3.5 Dependence of long-run performance on issue characteristics 40

4 Short- and long-run performance of IPOs traded on the Istanbul Stock Exchange / Mehmet Orhan 45

4.2 IPO performance during different time intervals 47

4.3 Testing for the structural change of the CAPM at the 2001 economic crisis of Turkey 50

4.4 Long-run relationship of the CAPM 52

5 Indexing the IPO sector with IPOX Indices / Josef A. Schuster 57

5.2 Why are IPOs unique? The academic perspective 58

5.3 IPOX Index methodology 60

5.4 IPOX Index analytics 61

6 The size effect of firms going public on the Spanish capital market / Susana Alvarez-Otero, Victor M. Gonzalez-Mendez 65

6.2 Database 67

6.3 Effect of the firm's size on underpricing: long-term performance and the firm's performance 69

7 Earnings management and the long-run performance of Spanish initial public offerings / Maria J. Pastor-Llorca, Francisco Poveda-Fuentes 81

7.2 Sample and data sources 82

7.3 Post-offering stock return performance 85

7.4 Measuring earnings management 89

7.5 Earnings management in initial public offerings 94

7.6 Earnings management and post-offering stock return underperformance 100

8 IPO initial returns on European 'new markets' / Giancarlo Giudici, Peter Roosenboom 113

8.2 Review of the literature 115

8.3 Data and sample description 116

8.4 Hypothesis and variable measurement 122

8.5 Empirical results 123

9 Efficiency of US IPOs: a DEA approach / Greg N. Gregoriou, Maher Kooli 129

9.2 Data 130

9.3 Methodology 131

9.4 Empirical results 133

Part 2 IPO Underpricing: International Evidence 139

10 Generalizing the winner's curse hypothesis: the case of the Belgian IPO market / Michel Boelen, Georges Hubner 141

10.2 Data and methodology 142

10.3 Empirical results 145

11 Flipping activity in fixed offer price mechanism allocated IPOs / Dimitrios Gounopoulos 159

11.2 Methodology and sample description 160

11.3 Descriptive results on flipping 161

11.4 Specification of the models 171

11.5 Cross-sectional regression results 172

12 Getting IPO pricing right: vive la France? / Edel Barnes 177

12.2 IPO pricing methods 178

12.3 IPOs and the French stock market 180

12.4 Study motivations, data, and analysis 181

12.5 Results and discussion 183

13 Underpricing and the aftermarket performance of initial public offerings: the case of Austria / Wolfgang Aussenegg 187

13.2 The new issue market in Austria 190

13.3 Data description 190

13.4 Initial returns 191

13.5 Aftermarket performance 199

14 The hot-issue period in Germany: what factors drove IPO underpricing? / Stefan Gunther, Marco Rummer 215

14.2 Related research and methodology 216

14.3 The dataset 222

14.4 Empirical analysis 224

15 Reassessing Canadian IPO underpricing: evidence from common share, Capital Pool Company, and unit offerings / Maher Kooli 247

15.2 Background and hypothesis development 248

15.3 Data and methodology 251

15.4 Results 253

16 IPO underpricing and ownership structure: evidence from the Istanbul Stock Exchange / M. Banu Durukan 263

16.2 Theoretical background 265

16.3 Sample and data 268

16.4 Empirical findings 269

Part 3 Corporate Structure and IPO Evaluation 279

17 IPOs and earnings management in Germany / Tereza Tykvova 281

17.2 Data 283

17.3 Methodology of accrual measurement 284

17.4 Earnings management by fiscal years 287

17.5 Earnings management and stock performance 290

18 Signaling and the valuation of IPOs: regression tests / Steven Xiaofan Zheng 297

18.2 Regression model misspecification 298

18.3 Simulated regressions 300

18.4 Correcting the misspecification 304

19 The role of venture capitalists in IPO performance: empirical evidence from German IPO data / Andreas Hack, Erik E. Lehmann 311

19.2 Venture capitalists as shareholders and IPO returns 313

19.3 Data, measurement, and estimation methods 315

19.4 Descriptive statistics and empirical results 317

20 Ownership structure and initial public offerings in Portugal / Jose Miguel Almeida, Joao Duque 323

20.2 Reasons and findings around initial public offering patterns 324

20.3 Data and methodology 327

20.4 Empirical results 330

Part 4 Bookbuilding, Listing, and Underwriting 343

21 Bookbuilding and share pre-allocation in IPOs / Nancy Huyghebaert, Cynthia Van Hulle 345

21.2 Theory and hypotheses 347

21.3 Sample selection and description 351

21.4 Empirical results on bookbuilding and pre-allocation decisions 355

21.5 Effects on underpricing and stock liquidity 359

22 Costs and benefits in the choice of the audit and underwriting quality in the IPO market: an empirical analysis of competing theories / Joseph Aharony, Ran Barniv, Chan-Jane Lin 369

22.2 Contribution to the literature 370

22.3 Supply-side and demand-side hypotheses 371

22.4 Data and sample statistics 372

22.5 Research method 375

22.6 Results 378

23 Siamese twins and virtual mergers: dual-listed companies in Australia / Paul Ali 387

23.2 Dual-listed companies 388

23.3 Some legal issues 393

24 Equity issuance trends in Australia's listed investment fund markets / Martin Gold 399

24.2 Institutional details and market structure 399

24.3 Supply factors 404

24.4 Recent issuance trends 406

24.5 Performance of listed funds sector, including recent fund IPOs 407

24.6 Return performance of recent listed investment fund IPOs 409

25 Do underwriters create value for issuers by subjectively determining offer prices? / Steven Dolvin 413

25.3 Data and summary statistics 416

25.4 Determining offer prices 420

Appendix Derivation of the Residual Income Model 429.

Notes:

Includes bibliographical references and index.

Local Notes:

Acquired for the Penn Libraries with assistance from the Charles R. Anderson Endowment Fund.

ISBN:

0750679751

OCLC:

62929490

Publisher Number:

9780750679756