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.
Table of Contents
1. IntroductionDouglas J. Cumming and Sofia A. Johan2. The Law and Economics of the Going-Public DecisionJay Kesten3. IPO Regulators Gone WildKevin K. Boeh and Craig G. Dunbar4. Determinants for Variation in IPO UnderpricingThomas J. Boulton, Scott B. Smart, and Chad J. Zutter5. IPO Valuation: The International EvidenceSanjai Bhagat, Jun Lu, and Srinivasan Rangan6. Survey and Synthesis of the IPO Underpricing Literature: The Fixed-Offer Price Constraint as a Unifying Core ExplanationSteven L. Jones and John C. Yeoman7. IPO Market Conditions and Timing Over the Long RunWei Wang and Chris Yung8. The Interplay of IPO and M&A Markets: The Many Ways One Affects the OtherNihat Aktas, Christian Andres, and Ali Ozdakak9. Lower Visibility Platforms Serving as Stepping Stones to National Stock Exchanges: The Case of Shell Reverse MergersJoseph J. Cecala, Jr. and Ioannis V. Floros10. Going Public in China: Reverse Mergers vs IPOs on Chinese MarketsZijian Cheng, Grant Fleming, and Zhangxin (Frank) Liu11. SPAC IPOsYochanan Shachmurove and Milos Vulanovic12. The Impact of IPOs' Analyst Coverage on the Choice and Timing of SEOs: A Survival AnalysisNesrine Bouzouita and Carole Gresse13. Auditor Selection and IPO Underpricing.Miriam Koning14. The Structure and Role of the Underwriting SyndicateSébastien Dereeper and Armin Schwienbacher15. Venture Capital and Financial Reporting in Newly Public FirmsLars Helge Hass and Monika Tarsalewska16. The Dark Side of Venture Capital Syndication and IPO Firm Performance: The Impact of Different Institutional EnvironmentsSalim Chahine, Igor Filatotchev, Robert E. Hoskisson, and Jonathan D. Arthurs17. All Ties Are Not Created Equal: Institutional Equity Ties, IPO Performance, and Market Growth of New VenturesYong Li and Beiqing (Emery) Yao18. Is Exchange Regulation Effective for Junior Public Equity Markets?J. Ari Pandes and Michael J. Robinson19. Corporate Governance in European IPOsFabio Bertoni, Michele Meoli, and Silvio Vismara20. Survival of Initial Public Offerings on Europe's New Stock MarketsTao Jiao, Peter Roosenboom, and Giancarlo Giudici21. Initial Public Offerings in Germany between 1997 and 2015Andreas Oehler, Tim A. Herberger, and Matthias Horn22. The Underpricing of Initial Public Offerings and Private Placements of Equity in ChinaG. Nathan Dong and Ming Gu23. IPOs in New Zealand: An Analysis of Benchmark-Adjusted PerformanceHuong Dang and Michael Jolly24. Initial Public Offerings in Hong KongQueenie Lai25. The Admission and Regulation of Overseas Issuers: A Survey of Top Four Financial CentersHorace Yeung26. IPOs in a major Emerging Market Economy - IndiaRajesh Chakrabarti27. Private Capital Marketplaces and IPOsSaman Adhami, Gianfranco Gianfrate, and Giuseppe Soda28. Crowdfunding: Business and Regulatory PerspectiveAlexandra Horváthová29. Regulatory Arbitrage in Cross-Border CrowdfundingArjya B. Majumdar
