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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 … bookbuilding provides information for IPO pricing, beyond the information that is required to set preliminary price ranges. Once …, the evidence suggests that such trading does not fully supplant information gathering through bookbuilding. …

Persistent link: https://www.econbiz.de/10011324885

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

Heterogeneous expectations, IPO Underpricing and issuing mechanism

Zhang, Xiao-cheng; Zhang, Miaomiao; Huang, Shao-an; … - In: Financial Innovation 1 (2015) 11, pp. 1-14

Background: Compared with the fixed-price mechanism, the bookbuilding mechanism has not changed the Chinese IPO high … using either fixed-price or bookbuilding mechanisms, but when the investors' heterogeneity expectation is the same, lower … IPO underpricing can be obtained by the issuing of bookbuilding compared with that of fixed price. Secondly, the IPO …

Persistent link: https://www.econbiz.de/10011808196

When and why do Austrian companies issue shares?

Burgstaller, Johann - 2005

This paper examines the issuance of share capital via the Vienna Stock Exchange between 1985 and 2004. Evidence is supplied concerning the aggregate factors that explain the time-series variation in both the numbers of and proceeds from initial public offerings (IPOs) and seasoned equity...

Persistent link: https://www.econbiz.de/10010294543

Are IPOs of Different VCs Different?

Tykvová, Tereza; Walz, Uwe - 2004

This paper sets out to analyze the influence of different types of venture capitalists on the performance of their portfolio firms around and after IPO. We investigate the hypothesis that different governance structures, objectives, and track records of different types of VCs have a significant...

Persistent link: https://www.econbiz.de/10010297354

Private benefits and minority shareholder expropriation: Empirical evidence from IPOs of German family-owned firms

Ehrhardt, Olaf; Nowak, Eric - 2001

Our study examines the existence and the nature of private benefits of control in Germany. We do this by analyzing initial public offerings of founding-family owned firms and tracking their fate up to ten years following the IPO. Our sample includes a uniquely rich data set of 105 IPOs of...

Persistent link: https://www.econbiz.de/10010298225

Are IPOs of different VCs different?

Tykvová, Tereza; Walz, Uwe - 2004

This paper aims to analyze the impact of different types of venture capitalists on the performance of their portfolio firms around and after the IPO. We thereby investigate the hypothesis that different governance structures, objectives and track record of different types of VCs have a...

Persistent link: https://www.econbiz.de/10010298255

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 …-issued trading may interfere with information gathering thorough bookbuilding, in the case that informative bookbuilding is not … needed. However, informative bookbuilding may be a prerequisite for the when-issued market to function. In this case the …

Persistent link: https://www.econbiz.de/10011324886

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

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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