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Handbook of Research on IPOs
The 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.
More Information
Contributors
Contents
More Information
The 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.
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
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
Contents
Contents:
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
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
