Description

After the cooling off of IPOs since the dot com bubble, Google has rekindled the fire for IPOs. This IPO reader contains new articles exclusive to this reader by leading academics from around the world dealing with quantitative and qualitative analyses of this increasingly popular and important area of finance. Articles address new methods of IPO performance, international IPOs, IPO evaluation, IPO underwriting, evaluation and bookbuilding. Although numerous articles are technical in nature, with econometric and statistical models, particular attention has been directed towards the understanding and the applicability of the results as well as theoretical development in this area. This reader will assist researchers, academics, and graduate students to further understand the latest research on IPOs.

Key Features

*Interest in IPOs is increasing again after the Google IPO, and IPOs are up significantly from last year *Chapters by well known academics provide an international perspective, describing research results from IPO data in countries spanning the globe *Research is based on real results from IPO data collected over the past 5-7 years

Readership

Researchers and academics in Finance

Table of Contents

Part One Performance of IPOs 1 Nasdaq IPO around the market peak in 2000 Niklas Wagner 1.1 Introduction 1.2 Literature review 1.3 The Nasdaq IPO dataset 1.3.1 Data sources 1.3.2 The sample 1.3.3 Hot and cold subsamples 1.3.4 Company characteristics 1.3.5 Nasdaq IPO returns 1.3.6 Initial returns 1.3.7 Long-run returns 1.4 Conclusion Acknowledgments References 2 Returns to style investments in Initial Public Offers Kojo Menyah and Krishna Pauydal 2.1 Introduction 2.2 Prior studies on investment styles and their returns 2.3 Data, sample and empirical methods 2.3.1 Data 2.3.2 Characteristics of the sample 2.3.3 Compositrion of style portflios 2.3.4 Empirical models 2.4 Empirical evidence 2.4.1 Returns to value and growth styles 2.4.2 Returns to size-based style investments 2.4.3 Returns to underwriter quality style investments 2.4.4 Bivariate analysis 2.4.5 Test of robustness of results 2.5 Conclusion 3 The long-run performance of Taiwan’s IPOs conditioning characteristics: evidence from efficiently learning markets Anlin Chen, Sue L. Chiou and Chinshun Wu 3.1 Introduction 3.2 Data 3.3 Measuring IPO performance under efficient marklets hypothesis 3.3.1 Using market return as benchmark and neglecting hidden information behind price limits 3.3.2 Using market return as benchmark and simulating the latent true prices behind price limits 3.4 IPO performance under efficiently learning markets 3.4.1 Using market return

Details

No. of pages:
464
Language:
English
Copyright:
© 2006
Published:
Imprint:
Butterworth-Heinemann
Electronic ISBN:
9780080461670
Print ISBN:
9780750679756
Print ISBN:
9781493303205

About the author

Greg Gregoriou

A native of Montreal, Professor Greg N. Gregoriou obtained his joint Ph.D. in finance at the University of Quebec at Montreal which merges the resources of Montreal's four major universities McGill, Concordia, UQAM and HEC. Professor Gregoriou is Professor of Finance at State University of New York (Plattsburgh) and has taught a variety of finance courses such as Alternative Investments, International Finance, Money and Capital Markets, Portfolio Management, and Corporate Finance. He has also lectured at the University of Vermont, Universidad de Navarra and at the University of Quebec at Montreal. Professor Gregoriou has published 50 books, 65 refereed publications in peer-reviewed journals and 24 book chapters since his arrival at SUNY Plattsburgh in August 2003. Professor Gregoriou's books have been published by McGraw-Hill, John Wiley & Sons, Elsevier-Butterworth/Heinemann, Taylor and Francis/CRC Press, Palgrave-MacMillan and Risk Books. Four of his books have been translated into Chinese and Russian. His academic articles have appeared in well-known peer-reviewed journals such as the Review of Asset Pricing Studies, Journal of Portfolio Management, Journal of Futures Markets, European Journal of Operational Research, Annals of Operations Research, Computers and Operations Research, etc. Professor Gregoriou is the derivatives editor and editorial board member for the Journal of Asset Management as well as editorial board member for the Journal of Wealth Management, the Journal of Risk Management in Financial Institutions, Market Integrity, IEB International Journal of Finance, and the Brazilian Business Review. Professor Gregoriou's interests focus on hedge funds, funds of funds, commodity trading advisors, managed futures, venture capital and private equity. He has also been quoted several times in the New York Times, Barron's, the Financial Times of London, Le Temps (Geneva), Les Echos (Paris) and L'Observateur de Monaco. He has done consulting wo

Reviews

"Gregoriou once again offers us a collection of insightful and informative scientific articles. This reader covers the many interesting facets of IPOs, including performance studies in different countries, analysis of the underpricing phenomenon, as well as the role of the underwriters and the corporate structure on IPO valuations. The articles, written by both practitioners and academics, provide rigorous empirical analysis and offer intuitive conclusions. A great read for IPO aficionados!" -- Nicolas Papageorgiou, Assistant Professor of Finance, HEC Montreal "This collection of new articles on IPOs is literally a must-have handbook for investors, academics, and traders worldwide interested in studying IPO performance. The articles focus on IPOs on an international level thereby allowing the reader to compare the performance of IPOs in many countries. Initial Public Offerings truly adds to the existing IPO literature with a list of well known academics/contributors in the field of IPOs. This book truly presents the latest cutting edge research on European IPOs, Asian IPO and IPOs in other countries." --Komlan Sedzro, Professor of Finance, University of Quebec at Montreal "Now, whilst the IPO market is relatively calm,is a good period for some academic analysis of this phenomenon,and the idea of a global approach is highly innovative.The result is a wide-ranging and accesible book,that will be a valued reference work for scholars and practitioners." -- Dr. Stephen E. Satchell, University Reader, Cambridge University; Fellow, Trintiy College "This collection of timely articles provides further empirical evidence on the well-known IPO underpricing and long-run underperformance phenomena from a range of countries that differ in their market structures and regulatory environments. This wealth of new evidence will no doubt stimulate furthe