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Who knows what when? The Information content of pre-IPO market prices
Löffler, Gunter; Panther, Patrick F.; Theissen, Erik - 2002
To resolve the IPO underpricing puzzle it is essential to analyze who knows what when during the issuing process. In Germany, broker-dealers make a market in IPOs during the subscription period. We examine these pre-issue prices and find that they are highly informative. They are closer to the...
Persistent link: https://www.econbiz.de/10010316258
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Reducing Asymmetric Information in Venture Capital Backed IPOs
Escobari, Diego; Serrano, Alejandro - 2015
Purpose – The purpose of this paper is to model asymmetric information and study the profitability of venture capital (VC) backed initial public offerings (IPOs). Our mixtures approach endogenously separates IPOs into differentiated groups based on their returns’ determinants. We also...
Persistent link: https://www.econbiz.de/10011390741
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The Impact of the Sarbanes-Oxley Act on the Cost of Going Public
Kaserer, Christoph; Mettler, Alfred; Obernberger, Stefan - In: BuR - Business Research 4 (2011) 2, pp. 125-147
This paper examines the impact of the Sarbanes-Oxley Act (SOX), a legal framework intended to increase transparency and accountability of listed companies, on the cost of going public in the US. We expect SOX to increase the direct cost of going public, but decrease the underpricing because of...
Persistent link: https://www.econbiz.de/10010421362
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IPO Pricing with Bookbuilding and a When-Issued Market
Stomper, Alex; Aussenegg, Wolfgang; Pichler, Pegaret - 2004
This paper examines the German IPO pricing process which combines bookbuilding with a liquid pre-IPO when-issued market. We find no partial adjustment phenomenon, as has been documented for U.S. IPOs. We thus find no evidence that bookbuilding provides information for IPO pricing, beyond the...
Persistent link: https://www.econbiz.de/10011324885
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Primary Market Design: Direct Mechanisms and Markets
Stomper, Alex; Pichler, Pegaret - 2004
We develop a model that allows for the coexistence of bookbuilding and when-issued trading. We show that, due to interactions between these two processes, allowing for when-issued trading is for the most part beneficial for issuers. When-issued trading may interfere with information gathering...
Persistent link: https://www.econbiz.de/10011324886
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Pricing initial public offerings in premature capital markets: The case of Hungary
Schindele, Ibolya; Perotti, Enrico C. - 2002
This paper investigates the determinants of underpricing at initial public offerings in theHungarian Initial Public Offerings (IPO) market in 1990–1998, a period of transition from socialist to market economy and immaturity of the domestic capital market. The evidence suggests that political...
Persistent link: https://www.econbiz.de/10011335783
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Environmental regulation, asymmetric information and foreign ownership
Vislie, Jon - 2001
Regulating an export firm (or a homogeneous industry) with private information about emission technology is analysed, when the firm, owned partly by foreigners, has an option to bypass domestic regulation through costly relocation. If the firm chooses to relocate, it will set up a new plant in a...
Persistent link: https://www.econbiz.de/10010284476
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Quid Pro Quo in IPOs: Why Book-building is Dominating Auctions
Degeorge, François; Derrien, François; Womack, Kent L. - 2004
recommended by the lead underwriters and were also more likely to receive "booster shots" post issuance if the shares had fallen …. Even non-underwriters' analysts appear to promote book-built issues more, but only when their underwriters stood to gain … underwriters using the book-building procedure have convinced issuers of the questionable value of advertising and promotion of …
Persistent link: https://www.econbiz.de/10011325024
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Who benefits from IPO underpricing? Evidence form hybrid bookbuilding offerings
Pons-Sanz, Vicente - 2005
institutional abnormal profits. Underwriters are better informed about the companies they take public, and use that information to …
Persistent link: https://www.econbiz.de/10011604474
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Why Issue Equity Abroad? The Experience of Small Country Companies
Modén, Karl-Markus; Oxelheim, Lars - 1995
Persistent link: https://www.econbiz.de/10010334987