Beschreibung The Phenomenon of IPO Underpricing in the European and U.S. Stock Markets. Master's Thesis from the year 2013 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 2.3, University of Duisburg-Essen, course: Energy & Finance, language: English, abstract: The Initial Public Offering (IPO) which marks one the most important events of a company basically aims to generate maximum proceeds by selling company's shares to investors. Nevertheless, the shares they sell often seem to be underpriced, insofar that the price significantly soars on the first trading day. Consequently, the company generates fewer proceeds and, hence "leaves money on the table." Since the very first detection of this phenomenon in the United States in 1969, several subsequent studies documented the existence of worldwide IPO underpricing nowadays. Considering that underpricing is costly for the company, a question arises why, therefore, despite the fact that the companies "leave money on the table", they do not try to avoid this by setting the issuing price on the very high? One of the most striking features of this question is that it had inspired many researchers who tried to explain in various models why IPOs are generally underpriced. Besides, a lot of theoretical explanations concerning this phenomenon have been given by now; however, no common sense has been so far developed.[...]
The Phenomenon of IPO Underpricing in the European and U.S ~ The Phenomenon of IPO Underpricing in the European and U.S. Stock Markets College University of Duisburg-Essen Course Energy & Finance Grade 2.3 Author Oliver Reiche (Author) Year 2013 Pages 102 Catalog Number V229450 ISBN (eBook) 9783656445340 ISBN (Book) 9783656445845 File size 1149 KB Language English Tags
The Phenomenon of IPO Underpricing in the European and U.S ~ The Phenomenon of IPO Underpricing in the European and U.S. Stock Markets Author. Oliver Reiche (Author) Year 2014 Pages 102 Catalog Number V312753 File size 3899 KB Language English Tags phenomenon underpricing european stock markets Quote paper. Oliver Reiche (Author)
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The Phenomenon of IPO Underpricing in the European and U.S ~ The Phenomenon of IPO Underpricing in the European and U.S. Stock Markets Hochschule Universität Duisburg-Essen Veranstaltung Energy & Finance Note 2.3 Autor Oliver Reiche (Autor) Jahr 2013 Seiten 102 Katalognummer V229450 ISBN (eBook) 9783656445340 ISBN (Buch) 9783656445845 Dateigröße 1149 KB Sprache Englisch Schlagworte IPO Preis (Buch) US .
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IPO underpricing in Europe - CORE ~ underpricing in Europe? Research in the U.S. concentrating on the price level of offerings and underpricing seems to be limited to two studies. Bradley, Cooney, Dolvin & Jordan (2006) found that penny stock IPOs are significantly more underpriced than other IPOs, with tests suggesting that the higher amount of underpricing is primarily related to the low offer price. Fernando, Krishnamurthy .
The Phenomenon of IPO Underpricing in the European and U.S ~ Englisches Buch: The Phenomenon of IPO Underpricing in the European and U.S. Stock Markets - von Oliver Reiche - (Anchor Academic Publishing) - ISBN: 3954892952 - EAN: 9783954892952
IPO Underpricing in Europe: The effect of Pricing Mechanisms ~ Nevertheless, the U.S. bookbuilding technique is able to limit information leakage in contrast to the UK open offer, in view of the fact that the IPO price is set not long before the stock is sold in the market. They discovered that by allocating more shares to small uninformed investors the adverse selection problem (brought forward by Rock (1986)) is diminished and therefore underpricing is .
Media sentiment and IPO underpricing - ScienceDirect ~ We collect a sample of 2814 IPOs in the U.S. stock markets between January 1995 and December 2013 from the SDC/Platinum Global New Issues database. We exclude from the sample real estate investment trusts (REIT), closed-end funds, unit IPOs and unit investment trusts, rights issues, spin-offs, equity carve-outs, financial firms (with SIC codes between 6000 and 6999), foreign firms, leveraged .
Autorenprofil / Oliver Reiche / 3 eBooks / GRIN ~ The Phenomenon of IPO Underpricing in the European and U.S. Stock Markets. Katalognummer 229450 Fach: Business economics - Banking, Stock Exchanges, Insurance, Accounting Kategorie: Masterarbeit, 2013 Preis: US$ 34,99. Internationale Rechnungslegung: IAS 28 - Anteile an assoziierten Unternehmen. Katalognummer 113590 Fach: BWL - Rechnungswesen, Bilanzierung, Steuern Kategorie: Seminararbeit .
Underpricing - Literaturüberblick - IPO-Underpricing ~ Literaturüberblick über Studien, die sich mit den gleichgewichtsgeleiteten Erklärungsansätzen des IPO-Underpricings befassen.
Underpricing Definition - Investopedia ~ Underpricing is the pricing of an initial public offering (IPO) below its market value . When the offer price is lower than the price of the first trade, the stock is considered to be underpriced .
The Specific Underpricing of IPOs in U.S. Stock Markets ~ But several empirical studies documented the existence of the underpricing-phenomenon for newly listed firms during the early days of trading across many countries and capital markets (cf. Boudriga/Slama 2009, 2). The underpricing is the effect of a significant shift in wealth that is related to an initial public offering. It occurs in the form of an increase of the stock price right after the .
The process of an Initial Public Offering - Hausarbeiten ~ The IPO also gives the company the opportunity to use share-based incentives, by granting shares and stock options to the managing board and employees as part of stock options or employee stock option plans. This can be part of an employee retention strategy. In the period from 2014 to 2018 for example, most companies that went public introduced an employee participation programs and/or .
Underpricing of initial public offerings in experimental ~ The underpricing of initial public offerings (IPO) is a well-documented fact of empirical equity market research. Theories explain this underpricing with market imperfections. We study three empirically relevant IPO mechanisms under almost perfect market conditions in the laboratory: a stylized book building approach, a closed book auction, and an open book auction.
Initial Public Offering / Diplomarbeiten24 ~ ISBN (eBook) 9783640955169 ISBN (Buch) 9783640954964 Dateigröße 696 KB Sprache Deutsch Schlagworte IPO Initial Public Offering Börsengang Underpricing Hauptursachen für Underpricing Handlungsstrategien für den Emittenten Emittent Aktienemission Initial Return Zeichnugsrendite Preis (Buch) US$ 17,99. Preis (eBook) US$ 16,99. Arbeit zitieren Hamed Abbaspur (Autor), 2011, Initial Public .
The Specific UP of IPOs in U.S. Stock Markets - Market ~ As a logical consequence the U.S. IPO market has been affected by the economic meltdown as well. "IPO activity tends to cluster in certain time periods, thus it appears in waves, so-called hot IPO markets" (Hamer 2007, 9). From 2007 to 2008 the number of IPOs decreased. The U.S. market broke down by more than 85% in one year. In 2007 there were 160 IPOs whereas in 2008 21 securities went .
What Drives the Initial Market - IPO-Underpricing ~ Hunger for high-tech stocks and the Euro's arrival helped make 1999 a record year for Europe's IPO market. The number of new companies listing rose 30% to 309 from 237 across Germany, Italy, France, Spain and UK. Italy boosted its contribution significantly: aside from the privatization of energy and telecommunication giant ENEL (one of the world's largest IPO, collecting more than 8 billion .
IPO Underpricing in Germany - Empirical Analysis of ~ Inhaltsangabe:Introduction: Detected on the US market centuries ago, underpricing is the phenomenon of abnormal first-day returns from initial public offerings (IPOs). Um Ihnen ein besseres Nutzererlebnis zu bieten, verwenden wir Cookies. Durch die Nutzung von bücher stimmen Sie der Verwendung von Cookies und unserer Datenschutzrichtlinie zu. Alles immer versandkostenfrei!* Kostenloser .
The Cross-Section of European IPO Returns ~ The Cross-Section of European IPO Returns Josef Anton Schuster* ABSTRACT We apply a sector-based approach to companies going public in the six largest Continental European markets and Sweden during a period characterized by dramatic change. For a sample of 973 IPOs during 1988 and 1998, there is considerable underpricing which is time-varying and related to company characteristics. Much of the .
Underpricing effect in Poland, Hungary and Czech Republic ~ Diploma Thesis from the year 2008 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 3, University of Vienna, 78 entries in the bibliography, language: English, abstract: Auf Englisch: Under the communistic regime whole economy was controlled by the Central Planning Office.