Deloof, Marc; Maeseneire, Wouter De; Inghelbrecht, Koen - In: Journal of Business Finance & Accounting 36 (2009-01) 1-2, pp. 130-160
We investigate the valuation and the pricing of initial public offerings (IPOs) by investment banks for a unique dataset of 49 IPOs on Euronext Brussels in the 1993-2001 period. We find that for each IPO several valuation methods are used, of which Discounted Free Cash Flow (DFCF) is the most...