Initial public offerings: an international perspective

✍ Scribed by Greg N. Gregoriou

• Publisher: Butterworth-Heinemann
• Year: 2006
• Tongue: English
• Leaves: 463
• Series: Quantitative finance series
• Category: Library

✦ Synopsis

An excellent collection of papers covering both short and long term performance of IPOs and their determinants with a strong focus on international evidence. An interesting reading for academics and practitioners.

Fabio Bertoni, PhD, CFA

✦ Table of Contents

Initial Public Offerings......Page 4
Contents......Page 6
Preface and Acknowledgments......Page 14
About the editor......Page 16
List of contributors......Page 18
Part One Performance of IPOs......Page 26
Introduction......Page 28
Literature review......Page 29
The Nasdaq IPO dataset......Page 30
Nasdaq IPO returns......Page 33
References......Page 36
Introduction......Page 38
Prior studies on investment styles and their returns......Page 39
Data, sample, and empirical methods......Page 40
Empirical evidence......Page 44
References......Page 52
Introduction......Page 54
Data......Page 56
Measuring IPO performance under the efficient markets hypothesis......Page 57
IPO performance under efficiently learning markets......Page 60
Dependence of long-run performance on issue characteristics......Page 65
Conclusion......Page 67
References......Page 68
Introduction......Page 70
IPO performance during different time intervals......Page 72
Testing for the structural change of the CAPM at the 2001 economic crisis of Turkey......Page 75
Conclusion......Page 77
References......Page 79
Introduction......Page 82
Why are IPOs unique? The academic perspective......Page 83
IPOX Index methodology......Page 85
IPOX Index analytics......Page 86
Conclusion......Page 88
References......Page 89
Introduction......Page 90
Database......Page 92
Effect of the firm’s size on underpricing: long-term performance and the firm’s performance......Page 94
Conclusion......Page 102
References......Page 103
Introduction......Page 106
Sample and data sources......Page 107
Post-offering stock return performance......Page 110
Measuring earnings management......Page 114
Earnings management in initial public offerings......Page 119
Earnings management and post-offering stock return underperformance......Page 125
Conclusion......Page 134
References......Page 135
Introduction......Page 138
Review of the literature......Page 140
Data and sample description......Page 141
Hypothesis and variable measurement......Page 147
Empirical results......Page 148
Conclusion......Page 151
References......Page 152
Introduction......Page 154
Data......Page 155
Methodology......Page 156
Empirical results......Page 158
References......Page 162
Part Two IPO Underpricing: International Evidence......Page 164
Introduction......Page 166
Data and methodology......Page 167
Empirical results......Page 170
References......Page 180
Appendix......Page 182
Introduction......Page 184
Methodology and sample description......Page 185
Descriptive results on flipping......Page 186
Specification of the models......Page 196
Cross-sectional regression results......Page 197
Conclusion......Page 199
References......Page 200
Introduction......Page 202
IPO pricing methods......Page 203
IPOs and the French stock market......Page 205
Study motivations, data, and analysis......Page 206
Results and discussion......Page 208
Conclusion......Page 209
References......Page 210
Introduction......Page 212
Data description......Page 215
Initial returns......Page 216
Aftermarket performance......Page 224
Conclusion......Page 234
References......Page 236
Introduction......Page 240
Related research and methodology......Page 241
The dataset......Page 247
Empirical analysis......Page 249
Conclusion......Page 267
References......Page 268
Introduction......Page 272
Background and hypothesis development......Page 273
Data and methodology......Page 276
Results......Page 278
References......Page 285
Introduction......Page 288
Theoretical background......Page 290
Sample and data......Page 293
Empirical findings......Page 294
Conclusion......Page 299
References......Page 300
Part Three Corporate Structure and IPO Evaluation......Page 304
Introduction......Page 306
Data......Page 308
Methodology of accrual measurement......Page 309
Earnings management by fiscal years......Page 312
Earnings management and stock performance......Page 315
Conclusion......Page 318
References......Page 319
Introduction......Page 322
Regression model misspecification......Page 323
Simulated regressions......Page 325
Correcting the misspecification......Page 329
Conclusion......Page 333
References......Page 334
Introduction......Page 336
Venture capitalists as shareholders and IPO returns......Page 338
Data, measurement, and estimation methods......Page 340
Descriptive statistics and empirical results......Page 342
Conclusion......Page 344
References......Page 345
Introduction......Page 348
Reasons and findings around initial public offering patterns......Page 349
Data and methodology......Page 352
Empirical results......Page 355
Conclusion......Page 363
References......Page 364
Part Four Bookbuilding, Listing, and Underwriting......Page 368
Introduction......Page 370
Theory and hypotheses......Page 372
Sample selection and description......Page 376
Empirical results on bookbuilding and pre-allocation decisions......Page 380
Effects on underpricing and stock liquidity......Page 384
Conclusion......Page 388
References......Page 390
Introduction......Page 394
Contribution to the literature......Page 395
Supply-side and demand-side hypotheses......Page 396
Data and sample statistics......Page 397
Research method......Page 400
Results......Page 403
Conclusion......Page 409
References......Page 410
Introduction......Page 412
Dual-listed companies......Page 413
Some legal issues......Page 418
Conclusion......Page 420
References......Page 421
Institutional details and market structure......Page 424
Supply factors......Page 429
Recent issuance trends......Page 431
Performance of listed funds sector, including recent fund IPOs......Page 432
Return performance of recent listed investment fund IPOs......Page 434
Bibliography......Page 436
Introduction......Page 438
Background......Page 439
Data and summary statistics......Page 441
Determining offer prices......Page 445
Conclusion......Page 451
References......Page 452
Appendix: Derivation of the Residual Income Model......Page 454
Index......Page 456