Underwriter Quality And Long Run Ipo Performance
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| Author | : Ming Dong |
| Publisher | : |
| Total Pages | : 52 |
| Release | : 2010 |
| Genre | : |
| ISBN | : |
We analyze the relationship between the quality of underwriters and the long-run performance of IPOs in the light of underwriter marketing, certification and screening, and information production. We find that higher underwriter quality (measured by the number of managing underwriters, underwriter reputation and absolute price adjustment) predicts better long-run performance, even when returns are value-weighted. We run a horse race between underwriter quality measures and find the effects of the number of managing underwriters and underwriter reputation are mutually complementary and especially strong among IPOs with high uncertainty, while absolute price adjustment ndash; which is more likely to be associated with information production than marketing or certification/screening ndash; loses significance. Our findings are consistent with the marketing, certification and screening roles of investment banks, but lend little support for the information production role of underwriters.
| Author | : Vikram Nanda |
| Publisher | : |
| Total Pages | : 42 |
| Release | : 1995 |
| Genre | : |
| ISBN | : |
| Author | : Frank Ecker |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 146 |
| Release | : 2009-02-14 |
| Genre | : Business & Economics |
| ISBN | : 3834981176 |
Frank Ecker examines the performance of U.S. initial public offerings (IPOs) from 1980 to 2002. He links positive and negative abnormal returns to the deviation of the realized information risk from the expected information risk. The author proposes effective measures for a long-term profitable investment strategy in IPOs.
| Author | : Georgi Georgiev |
| Publisher | : GRIN Verlag |
| Total Pages | : 89 |
| Release | : 2012-06 |
| Genre | : Business & Economics |
| ISBN | : 3656208905 |
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
| Author | : Arvin Ghosh |
| Publisher | : Routledge |
| Total Pages | : 137 |
| Release | : 2017-07-05 |
| Genre | : Business & Economics |
| ISBN | : 1351496751 |
In this timely volume on newly emerging financial mar- kets and investment strategies, Arvin Ghosh explores the intriguing topic of initial public offerings (IPOs) of securities, among the most significant phenomena in the United States stock markets in recent years. Before the 2000-2001 market turndown, hardly a week went by when more than a few companies did not become public, either in the organized stock exchange or in the Over the Counter (OTC) market. In the often over-burdened, technology-heavy Nasdaq market, the role of IPOs was crucial for the market's new vigor and growth. Internet stocks were able to find a mode to supply key momentum to the market. In the so-called "New Economy" of the 1990s, it was the seductively accessible IPO that ushered in the world's information technology revolution.Ghosh sets out to examine the pricing and financial performance of IPOs in the United States during the period 1990-2001. In the opening chapter he discusses the rise and fall of IPOs in the preceding decade. Chapter 2 further delineates the IPO process from the start of the prospectus to the end of the "quiet period" and aftermarket stabilization. In chapter 3 Ghosh analyzes the mispricing and deliberately deceptive underpricing, or "flipping," of Internet IPOs. Chapter 4 delves deeper into the pricing and operating efficiency of Nasdaq IPOs. Chapter 5 analyzes the pricing and long-run performance of IPOs both in the New York Stock Exchange and in the Nasdaq markets. In chapters 6 and 7 the author deals with the pricing and performance of the venture-blocked and nonventure-backed IPOs in general and Internet IPOs in particular. In chapter 8 he analyzes the role of underwriters as market makers. In chapter 9 Ghosh discusses the accuracy of analysts' earnings forecasts. In the concluding chapter, he summarizes the principal findings of the study and the recent revival of the IPO market and its place in capital formation as well as the latest developments in t
| Author | : Douglas Cumming |
| Publisher | : Oxford University Press |
| Total Pages | : 841 |
| Release | : 2018-11-15 |
| Genre | : Business & Economics |
| ISBN | : 0190614587 |
Initial public offerings (IPOs), or new listings of companies on stock exchanges, are among the most important form of finance and generate considerable attention and excitement. They are used to raise capital or to monetize investments by the early generation of venture capital and other private investors. They are increasingly international in scope and reach, especially with non-American firms offering on American stock exchanges. This handbook provides a comprehensive overview of why companies list on stock exchanges, how IPOs are regulated, initially valued, and their performance in the short and long run. The first part examines the economics of IPOs, and offers statistics and regulatory insights from the United States and other countries around the world. The volume then covers mergers versus IPOs, as well as reverse mergers and special purpose acquisition companies. Part III analyzes institutional ties in IPOs, including analysts, investment banks, auditors, and venture capitalists. The fourth section provides international perspectives on IPOs from a number of countries around the world. Part V discusses alternatives to IPOs, including private marketplaces, and crowdfunding. Reflecting the range of disciplines that analyze IPOs, the contributors come from the fields of finance, international business and management, economics, and law. The chapters cover the latest information on a range of fundamental questions that are of interest to academics, practitioners, and policymakers alike.
| Author | : Tim Jenkinson |
| Publisher | : Oxford University Press, USA |
| Total Pages | : 264 |
| Release | : 2001 |
| Genre | : Business & Economics |
| ISBN | : 9780198295990 |
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.
| Author | : George J. Papaioannou |
| Publisher | : Academic Press |
| Total Pages | : 334 |
| Release | : 2017-07-27 |
| Genre | : Business & Economics |
| ISBN | : 0128032839 |
Underwriting Services and the New Issues Market integrates practice, theory and evidence from the global underwriting industry to present a comprehensive description and analysis of underwriting practices. After covering the regulation and mechanics of the underwriting process, it considers economic topics such as underwriting costs and compensation, the pricing of new issues, the stock price and operating performance of issuing firms, the evaluation of new issue decisions, and an analysis of the many choices issuers face in structuring new issues. Unlike other books, it systematically develops a critical perspective about underwriting practices, both in the U.S. and international markets, and with a level of detail unavailable elsewhere and an approach that reveals how financial institutions deliver underwriting services. Underwriting Services and the New Issues Market delivers an innovative and long overdue look at security issuance. Foreword by Frank Fabozzi - Covers underwriting contracts and arrangements on pricing and costs - Focuses on the financial consequences of the issuance decision for the firm - Describes and evaluates decisions regarding the features and structure of new security offerings.
| Author | : Dildar Khan Jadoon |
| Publisher | : |
| Total Pages | : 22 |
| Release | : 2020 |
| Genre | : |
| ISBN | : |
In this paper, it is defined that how the IPOs are affected by the underwriter reputation. What will happen to IPOs who are backed by reputed underwriter and who is not? And evaluate the IPOs short-run and long-run performance. Also try to explain the relationship between IPOs and underwriter. Also tried to compare some of the international return and Pakistani returns. Also determine the relation of the investor to the underwriter. There is a set of investors who have their relationship with the underwriters how they will affect on the IPOs in the market.
| Author | : Katrina Louise Ellis |
| Publisher | : |
| Total Pages | : 196 |
| Release | : 2000 |
| Genre | : |
| ISBN | : |
