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Full Description
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.
Contents
1. Introduction
Douglas J. Cumming and Sofia A. Johan
2. The Law and Economics of the Going-Public Decision
Jay Kesten
3. IPO Regulators Gone Wild
Kevin K. Boeh and Craig G. Dunbar
4. Determinants for Variation in IPO Underpricing
Thomas J. Boulton, Scott B. Smart, and Chad J. Zutter
5. IPO Valuation: The International Evidence
Sanjai Bhagat, Jun Lu, and Srinivasan Rangan
6. Survey and Synthesis of the IPO Underpricing Literature: The Fixed-Offer Price Constraint as a Unifying Core Explanation
Steven L. Jones and John C. Yeoman
7. IPO Market Conditions and Timing Over the Long Run
Wei Wang and Chris Yung
8. The Interplay of IPO and M&A Markets: The Many Ways One Affects the Other
Nihat Aktas, Christian Andres, and Ali Ozdakak
9. Lower Visibility Platforms Serving as Stepping Stones to National Stock Exchanges: The Case of Shell Reverse Mergers
Joseph J. Cecala, Jr. and Ioannis V. Floros
10. Going Public in China: Reverse Mergers vs IPOs on Chinese Markets
Zijian Cheng, Grant Fleming, and Zhangxin (Frank) Liu
11. SPAC IPOs
Yochanan Shachmurove and Milos Vulanovic
12. The Impact of IPOs' Analyst Coverage on the Choice and Timing of SEOs: A Survival Analysis
Nesrine Bouzouita and Carole Gresse
13. Auditor Selection and IPO Underpricing.
Miriam Koning
14. The Structure and Role of the Underwriting Syndicate
Sébastien Dereeper and Armin Schwienbacher
15. Venture Capital and Financial Reporting in Newly Public Firms
Lars Helge Hass and Monika Tarsalewska
16. The Dark Side of Venture Capital Syndication and IPO Firm Performance: The Impact of Different Institutional Environments
Salim Chahine, Igor Filatotchev, Robert E. Hoskisson, and Jonathan D. Arthurs
17. All Ties Are Not Created Equal: Institutional Equity Ties, IPO Performance, and Market Growth of New Ventures
Yong Li and Beiqing (Emery) Yao
18. Is Exchange Regulation Effective for Junior Public Equity Markets?
J. Ari Pandes and Michael J. Robinson
19. Corporate Governance in European IPOs
Fabio Bertoni, Michele Meoli, and Silvio Vismara
20. Survival of Initial Public Offerings on Europe's New Stock Markets
Tao Jiao, Peter Roosenboom, and Giancarlo Giudici
21. Initial Public Offerings in Germany between 1997 and 2015
Andreas Oehler, Tim A. Herberger, and Matthias Horn
22. The Underpricing of Initial Public Offerings and Private Placements of Equity in China
G. Nathan Dong and Ming Gu
23. IPOs in New Zealand: An Analysis of Benchmark-Adjusted Performance
Huong Dang and Michael Jolly
24. Initial Public Offerings in Hong Kong
Queenie Lai
25. The Admission and Regulation of Overseas Issuers: A Survey of Top Four Financial Centers
Horace Yeung
26. IPOs in a major Emerging Market Economy - India
Rajesh Chakrabarti
27. Private Capital Marketplaces and IPOs
Saman Adhami, Gianfranco Gianfrate, and Giuseppe Soda
28. Crowdfunding: Business and Regulatory Perspective
Alexandra Horváthová
29. Regulatory Arbitrage in Cross-Border Crowdfunding
Arjya B. Majumdar
