Description
Book SynopsisThe
Handbook of Research on IPOs provides a comprehensive review of the emerging trends and directions in the global initial public offerings (IPO) markets. The empirical evidence included in the book covers Europe, the US and the Far East, and presents a truly global perspective of IPO markets around the world and at the different stages of the entire IPO process.
The Handbook is divided into six comprehensive parts:
- why, when and where firms go public
- preparation for the IPO
- transaction structure and governance at the IPO
- trading in the aftermarket
- the aftermarket performance of IPOs
- special types of IPOs.
The chapters offer some important new insights into issues that will be of interest not only to the academic community but also to professionals involved in the preparation, structure and execution of such transactions, market regulators, and private and institutional investors.
Contributors: N. Appadu, D.B. Audretsch, F. Bancel, S. Banerjee, F. Bertoni, W. Bessler, R. Boissin, M. Bonaventura, P. Brown, J. Cao, M. Cattaneo, S. Chaplinsky, S. Chattopadhyay, H.M.J. Colaco, D. Cumming, J. D Souza, S. Espenlaub, A. Faelten, A. Ferguson, C.S. Fernando, V.A. Gatchev, G. Giudici, M. Goergen, D. Gounopoulos, U. Güçbilmez, S. Gupta-Mukherjee, G. Gur-Gershgorn, S.P. Hegde, J. Hoebelt, S. Johan, A. Khurshed, P. Lam, E.E. Lehmann, M. Levis, W.L. Megginson, M. Meoli, J.-S. Michel, K. Migliorati, U.R. Mittoo, A.C. Mohliver, R. Nash, S. Owen, S. Paleari, J.A. Pandes, G. Pawlina, M. Remenar, J.R. Ritter, M.J. Robinson, M. Seim, A. Signori, P.A. Spindt, J.-A. Suchard, S. Vismara, K. Yamada
Table of ContentsContents: Preface Introduction Mario Levis and Silvio Vismara PART I: WHY AND WHEN FIRMS GO PUBLIC 1. Economies of Scope and IPO Activity in Europe Jay R. Ritter, Andrea Signori and Silvio Vismara 2. The Decline in Venture-backed IPOs: Implications for Capital Recovery Susan Chaplinsky and Swasti Gupta-Mukherjee 3. Survey Evidence: What Do We Know About European and US Firms’ Motivations for Going Public? Franck Bancel and Usha R. Mittoo 4. IPO Waves and Hot Markets in the UK Shantanu Banerjee, Ufuk Güçbilmez and Grzegorz Pawlina PART II: PREPARATION FOR THE IPO 5. IPO Offer Price Selection, Institutional Subscription, and the Value of the Firm: Theory and Evidence Chitru S. Fernando, Vladimir A. Gatchev and Paul A. Spindt 6. The Canadian Junior IPO Market and the Capital Pool Company Program J. Ari Pandes and Michael J. Robinson 7. Investor Protection and IPO Survival in the Italian Stock Market Mattia Cattaneo and Michele Meoli 8. Underwriter Reputation, Bookbuilding and IPO Duration Hugh M.J. Colaco and Shantaram P. Hegde PART III: TRANSACTION STRUCTURE AND GOVERNANCE AT THE IPO 9. Corporate Governance in Newly Listed Companies David B. Audretsch and Erik E. Lehmann 10. The Allotment of IPO Shares: Placing Strategies between Retail versus Institutional Investors Fabio Bertoni, Matteo Bonaventura and Giancarlo Giudici 11. VC Investment Timing and IPO Pricing Jean-Sébastien Michel 12. The Underwriters of IPOs in Europe’s Second Markets Katrin Migliorati and Stefano Paleari PART IV: TRADING IN THE AFTERMARKET 13. Orphan versus Non-orphan IPOs: The Difference Analyst Coverage Makes Romain Boissin 14. Do Directors Trade After IPO Lockup Expiry? Susanne Espenlaub, Marc Goergen, Arif Khurshed and Marko Remenar 15. Venture Capital and IPO Waves in Europe: An Analysis of Firm and Performance Characteristics Wolfgang Bessler and Martin Seim 16. IPO Pricing and Ownership Structure: The Business-group Effect Aharon Cohen Mohliver, Gitit Gur-Gershgorn and Shinjinee Chattopadhyay PART V: THE AFTERMARKET PERFORMANCE OF IPOs 17. Acquisitions, SEOs, Divestitures and IPO Performance Naaguesh Appadu, Anna Faelten and Mario Levis 18. Private Equity, RLBOs and IPO Performance Jerry Cao 19. The Impact of Venture Capital/Private Equity Investment on the Performance of IPOs in Australia Sian Owen and Jo-Ann Suchard 20. Development in Financial Markets and the Performance of German IPOs Dimitrios Gounopoulos and Johannes Hoebelt PART VI: SPECIAL TYPES OF IPOs 21. The IPO as an Exit Strategy for Venture Capitalists: Regional Lessons from Canada with International Comparisons Douglas Cumming and Sofia Johan 22. Choice between Alternative Routes to Go Public: Backdoor Listing versus IPO Philip Brown, Andrew Ferguson and Peter Lam 23. An Empirical Analysis of Cross-Listing Decisions in Share-Issue Privatizations: Evidence from Developed and Developing Countries Juliet D’Souza, William L. Megginson and Robert Nash 24. How Bank Health Affects the Capital Structure and Performance of IPO Firms: Evidence from the Japanese Financial Crisis in the 1990s Kazuo Yamada Index
