India has the unique distinction of being the only country that releases information on the IPO bookbuilding process live to investors. Against this backdrop, we investigate the role this mechanism plays in generating investor interest during the bookbuilding process and the subsequent...

We study the post-issue operating performance of UK Initial Public Offerings. Using several measures, we find that the performance of firms going public on the Official List deteriorates significantly after the issue. On the contrary, IPO-firms on the Alternative Investment Market (AIM) use the...

This paper investigates the valuation and merger and acquisition (M&A) dynamics of the population of 254 biotech firms that went public in Europe between 1990 and 2009. Among these, we identify a high proportion (40%) of firms affiliated with a university or another public research organization....

Purpose -The purpose of this paper is to contribute to the literature on the valuation of initial public offerings (IPOs). In particular, it tests the presence of over-optimism when pricing IPOs on the Italian Nuovo Mercato. Design/methodology/approach -The paper investigates whether the...

type="main" <p>Valuing initial public offerings (IPOs) using multiples allows underwriters discretion when selecting comparable firms. We find that they systematically exclude candidate comparable firms that make a given IPO appear overvalued. On average, comparable firms published in official...</p>

We question whether an evolution in the national legal system leads to higher valuations for companies going public. We investigate this issue with reference to the population of firms going public on the main and second stock markets in the three largest economies of Continental Europe over the...

This paper studies the valuation of companies going public and defines a methodology to infer the growth expectations implicit in their IPO prices. The proposed reverse-engineered DCF model is operable by individual investors, as it does not require access to private information or sell-side...

This paper investigates the dynamics of a sample of 131 Science-Based Entrepreneurial Firms (SBEFs), selected out of 500 innovative SMEs that went public in Europe in the period 1995- 2003. We found that the market for the control of these firms was active, with most of our sample firms being...