Initial Public Offerings: Findings and Theories / Edition 1

by Seth Anderson, T. Randolph Beard, Jeffery A. Born

Overview

Initial public offerings (IPOs) play a crucial role in allocating resources in market economies. Because of the enormous importance of IPOs, an understanding of how IPOs work is fundamental to an understanding of financial markets generally. Of particular interest is the puzzling existence of high initial returns to equity IPOs in the United States and other free-market economies.
Audience: Designed for use by anyone wishing to perform further academic research in the area of IPOs and by those practitioners interested in IPOs as investment vehicles.

Product Details

ISBN-13:	9780792396338
Publisher:	Springer US
Publication date:	10/31/1995
Series:	Innovations in Financial Markets and Institutions , #8
Edition description:	1995
Pages:	111
Product dimensions:	6.10(w) x 9.25(h) x 0.36(d)

Table of Contents

1. Initial Public Offerings: An Introduction.- 2. History, Regulation, and Process.- 3. Empirical Findings.- Domestic Common Sk.- Foreign Common Sk.- Bonds.- Investment Company/Other Offerings.- Summary.- 4. Theoretical Models of IPOs.- Adverse Selection.- Principal-Agent.- Signalling.- Heterodox Explanations.- Other IPO Models.- 5. Testing Theories of Underpricing.- 6. Conclusion.- Endnotes.

Editorial Reviews

Offers a brief overview of initial public offerings (IPOs) in the US, followed by concise treatment of IPO's history, regulation, and process; summaries of academic articles' findings on IPO returns; theoretical models of IPOs; and a summary of the findings of various tests of theories of underpricing. Concentrates especially on the existence of high initial returns to equity IPOs in the US and other free-market economies. For those performing academic research in IPOs, and those interested in IPOs as investment vehicles. Annotation c. Book News, Inc., Portland, OR (booknews.com)

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