Download or read book The Oxford Handbook of IPOs written by Douglas Cumming and published by Oxford University Press. This book was released on 2018-11-15 with total page 841 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Essays in Financial Economics written by Francisco Jose Guedes dos Santos and published by Stanford University. This book was released on 2011 with total page 153 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three essays that examine various problems in financial economics. Chapter 1 fills in a gap in the IPO literature by documenting a close connection between IPO underpricing and the long-term underperformance of IPOs. Firms going public in periods of low underpricing do not underperform in the long run, while firms going public in high underpricing periods do. Furthermore, IPOs in later stages of high underpricing periods underperform even relative to their offer prices, which suggests that many of the most "underpriced" IPOs are in fact priced above fundamental value. This result is unlikely to be explained by differences in risk, or to be driven by a peso problem. I also find that firms going public in later stages of high underpricing periods display worse operating performance and profitability, lower asset growth, lower investment rates and higher cash holdings. Finally, I provide evidence that investor sentiment is stronger in high-underpricing periods. These results are consistent with a setting in which low quality firms, in periods in which the average underpricing in the market is high, try to exploit investors' sentiment by going public. Chapter 2 looks at the return predictability information in Single Country Closed-End Fund (SCCEF) discounts. It is long argued that discounts in closed-end funds are caused by differences in sentiment between investors that trade the fund and investors that trade the underlying assets. SCCEFs provide an interesting setting given the clear market segmentation. American SCCEFs are priced by American investors, while underlying assets are mainly traded by investors in the respective country. I argue that if cross-sectional and time-series variation in SCCEFs are linked to differences in sentiment, then the SCCEF discount can be used to predict future performance of SCCEFs, international stock markets, or both. The evidence on international stock markets' return predictability using SCCEF discounts is mixed. A trading strategy designed to exploit potential differences in sentiment by buying and selling international stock indices delivers alphas of around 90bps per month in an International CAPM. Adding three extra factors: value, size and momentum in U.S. equity does not change the result. However, once we control for international value and momentum in stock markets, we no longer observe positive alphas for short-horizon investments. The evidence on SCCEF return predictability from SCCEF discounts is very strong. For all three asset pricing models considered, a strategy that exploits differences in sentiment yields positive alphas, with magnitudes ranging from 2% to 4% per month. In Chapter 3, I investigate how the stock market reacts to earnings surprises announced during major sport events in the U.S. In a rational and frictionless market, investors should not react differently to announcements released during sport events. However, major sport events combine two known psychological biases. First, sports can be distracting, impairing investors' judgment. Second, sports can change people's mood. Hence, through these biases, market prices could be affected. Considering the Super Bowl, World Series of Baseball and NBA finals I find that investors, immediately after sport events, underreact to positive surprises, and overreact to negative surprises in earnings. After this initial reaction, I find that, investors undo their 'mistakes' in the following weeks to the announcement. However, for the most negative and positive surprises, they over-compensate. In this study, I show that non relevant financial events have an impact on market prices. Moreover, I show that the observed impact cannot be explained only by limited attention, as investor mood seems to be crucial to explain investors' reactions.
Download or read book IPOs and SEOs in the US Real Estate Industry written by Philip Radner and published by Springer. This book was released on 2017-01-20 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: Philip Radner analyzes equity financing phenomena and researches IPO underpricing and SEO announcement effects using data sets for US REITs. Moreover, he discusses underpricing theories and their applicability in the REIT context and gives a theoretical background on IPOs and on underpricing in particular. With this background at hand, the results out of this dissertation imply to focus on the wording in IPO documents as it can help to maximize IPO proceeds. In addition, he analyzes how to better time and announce subsequent equity financing events. It is expected that significantly underpriced issues attract more investors and that subsequent SEOs are then easier to conduct and typically raise more capital.
Download or read book Essays on Financial Analytics written by Pascal Alphonse and published by Springer Nature. This book was released on with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Dissertation Abstracts International written by and published by . This book was released on 2009 with total page 634 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Knowledge Innovation and Internationalisation written by Piergiuseppe Morone and published by Routledge. This book was released on 2013-04-17 with total page 319 pages. Available in PDF, EPUB and Kindle. Book excerpt: As firms increasingly rely on knowledge as a key factor for innovation, the ability to innovate is increasingly perceived as a key asset for being competitive in international markets. This new volume argues that innovation, knowledge and internationalisation should be viewed as tightly related concepts. It provides a stimulating and comprehensive framework for understanding key tendencies in modern economics, as well as an overview of the state of the art in the three fields covered. The first section explores in detail the relationship between knowledge and the innovative capability of firms, focussing on key topics such as social capital, intentional knowledge diffusion and unintentional knowledge spillovers. Section two examines the drivers and the impact of innovation strategies, assessing the role of technological advantage, networking and R & D investments in innovation, as well as the impact on innovation on the labour market. The third and final section examines the ongoing internationalisation process faced by ‘global’ economies. The topics explored in each section are tightly linked, ensuring that a strong thematic thread runs through the collection.
Download or read book Microsoft Antitrust and the New Economy Selected Essays written by David S. Evans and published by Springer Science & Business Media. This book was released on 2006-04-11 with total page 486 pages. Available in PDF, EPUB and Kindle. Book excerpt: No antitrust case in recent history has attracted as much public attention as U.S v. Microsoft Corp. Nor has any antitrust case in memory raised as many complex, substantive issues of law, economics and public policy. Microsoft, Antitrust and the New Economy: Selected Essays constitutes an early effort to analyze some of the central issues and to put the case in the context of the ongoing debate over the role of government in managing markets - especially in technology driven New Economy industries. All of these essays, it should be noted, are written by critics of the government's efforts to regulate Microsoft. Indeed, many are by individuals who were closely involved in the company's legal defense and served as consultants to Microsoft. But their work should be judged on the merits rather than their provenance. For all represent serious scholarship by researchers committed to advancing the debate over government regulatory policies.
Download or read book Everywhere You Look written by Tim Soerens and published by InterVarsity Press. This book was released on 2020-07-07 with total page 149 pages. Available in PDF, EPUB and Kindle. Book excerpt: The emerging generation is opting out of the church in large numbers. They're embarrassed at how the church is portrayed and dismayed at their options for participation. What's the point of the church anyway? With practical, actionable steps, Tim Soerens offers a vision of the church grounded in a grassroots movement of ordinary people living out the church in their everyday lives.
Download or read book Essays on the Equilibrium Valuation of IPOs and Bonds written by Kehong Wen and published by . This book was released on 2000 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Why I Write written by George Orwell and published by Renard Press Ltd. This book was released on 2021-01-01 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt: George Orwell set out ‘to make political writing into an art’, and to a wide extent this aim shaped the future of English literature – his descriptions of authoritarian regimes helped to form a new vocabulary that is fundamental to understanding totalitarianism. While 1984 and Animal Farm are amongst the most popular classic novels in the English language, this new series of Orwell’s essays seeks to bring a wider selection of his writing on politics and literature to a new readership. In Why I Write, the first in the Orwell’s Essays series, Orwell describes his journey to becoming a writer, and his movement from writing poems to short stories to the essays, fiction and non-fiction we remember him for. He also discusses what he sees as the ‘four great motives for writing’ – ‘sheer egoism’, ‘aesthetic enthusiasm’, ‘historical impulse’ and ‘political purpose’ – and considers the importance of keeping these in balance. Why I Write is a unique opportunity to look into Orwell’s mind, and it grants the reader an entirely different vantage point from which to consider the rest of the great writer’s oeuvre. 'A writer who can – and must – be rediscovered with every age.' — Irish Times
Download or read book India Transformed written by Rakesh Mohan and published by Brookings Institution Press. This book was released on 2018-09-25 with total page 491 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this commemorative volume, India's top business leaders and economic luminaries come together to provide a balanced picture of the consequences of the country’s economic reforms, which were initiated in 1991. What were the reforms? What were they intended for? How have they affected the overall functioning of the economy? With contributions from Mukesh Ambani, Narayana Murthy, Sunil Mittal, Kiran Mazumdar-Shaw, Shivshankar Menon, Montek Singh Ahluwalia, T.N. Ninan, Sanjaya Baru, Naushad Forbes, Omkar Goswami and R. Gopalakrishnan, India Transformed delves deep into the life of an economically liberalized India through the eyes of the people who helped transform it.
Download or read book Recent Applications of Financial Risk Modelling and Portfolio Management written by Škrinjari?, Tihana and published by IGI Global. This book was released on 2020-09-25 with total page 432 pages. Available in PDF, EPUB and Kindle. Book excerpt: In today’s financial market, portfolio and risk management are facing an array of challenges. This is due to increasing levels of knowledge and data that are being made available that have caused a multitude of different investment models to be explored and implemented. Professionals and researchers in this field are in need of up-to-date research that analyzes these contemporary models of practice and keeps pace with the advancements being made within financial risk modelling and portfolio control. Recent Applications of Financial Risk Modelling and Portfolio Management is a pivotal reference source that provides vital research on the use of modern data analysis as well as quantitative methods for developing successful portfolio and risk management techniques. While highlighting topics such as credit scoring, investment strategies, and budgeting, this publication explores diverse models for achieving investment goals as well as improving upon traditional financial modelling methods. This book is ideally designed for researchers, financial analysts, executives, practitioners, policymakers, academicians, and students seeking current research on contemporary risk management strategies in the financial sector.
Download or read book Essays on Capital Structure and Dividend Policy written by Mark Allen Taranto and published by . This book was released on 2001 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Market augmenting Government written by Omar Azfar and published by University of Michigan Press. This book was released on 2003 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt: Shows how governments and markets are complementary rather than opposing forces
Download or read book Nietzsche written by R. J. Hollingdale and published by Cambridge University Press. This book was released on 2001-04-09 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: The ideal book for anyone interested in Nietzsche's life and work.
Download or read book Dwight Waldo written by Richard Stillman and published by Routledge. This book was released on 2020-10-26 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: From the early postwar period until his death at the turn of the century, Dwight Waldo was one of the most authoritative voices in the field of public administration. Through probing questions, creative ideas, and novel insights, he perhaps contributed more than any other single figure to the development of public administration as a discipline in the mid-20th century, from his classic, masterful debut The Administrative State (1948) to his last published book, The Enterprise of Public Administration (1980). In this new look at Dwight Waldo’s writing, Richard Stillman offers a representative selection of Waldo’s most important works alongside introductory essays to help a seasoned public administration scholar as well as the novice student alike appreciate and comprehend Waldo’s remarkable contribution to this critical field of study. Selections have been chosen for their ability to speak to current and ongoing concerns of the field in the 21st century as well as for their utility, readability, and importance. This anthology provides new generations of readers with a fresh look at the work of this prolific, profoundly influential author, while offering both administrative scholars and practitioners renewed access to many of his hard-to-find works. This book will be required reading for all those interested in public administration as a field of inquiry and practice.
Download or read book Book Building Methods of Public issues in India written by Dr P Roopa and published by Archers & Elevators Publishing House. This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
