The Oxford Handbook of IPOs

by Douglas Cumming, Sofia Johan

Overview

Initial public offerings (IPOs), or new listings of companies on stock exchanges, are among the most important form of finance and generate considerable attention and excitement. They are used to raise capital or to monetize investments by the early generation of venture capital and other private investors. They are increasingly international in scope and reach, especially with non-American firms offering on American stock exchanges.

This handbook provides a comprehensive overview of why companies list on stock exchanges, how IPOs are regulated, initially valued, and their performance in the short and long run. The first part examines the economics of IPOs, and offers statistics and regulatory insights from the United States and other countries around the world. The volume then covers mergers versus IPOs, as well as reverse mergers and special purpose acquisition companies. Part III analyzes institutional ties in IPOs, including analysts, investment banks, auditors, and venture capitalists. The fourth section provides international perspectives on IPOs from a number of countries around the world. Part V discusses alternatives to IPOs, including private marketplaces, and crowdfunding. Reflecting the range of disciplines that analyze IPOs, the contributors come from the fields of finance, international business and management, economics, and law. The chapters cover the latest information on a range of fundamental questions that are of interest to academics, practitioners, and policymakers alike.

Product Details

ISBN-13:	9780190614577
Publisher:	Oxford University Press
Publication date:	01/02/2019
Series:	Oxford Handbooks
Pages:	840
Product dimensions:	9.90(w) x 7.00(h) x 1.90(d)

About the Author

Douglas Cumming is the DeSantis Distinguished Professor of Finance and Entrepreneurship at the College of Business, Florida Atlantic University. He has published over a dozen books and 4 other Oxford Handbooks, we well as 150 articles in leading refereed academic journals in finance, management, and law and economics.

Sofia Johan, LL.B., LL.M., PhD., is an Adjunct Professor of Finance and Entrepreneurship at the Schulich School of Business, York University. She has published over 50 articles in leading journals, and is the coauthor of Hedge Fund Structure, Regulation and Performance around the World (Oxford University Press, 2013).

Table of Contents

1. Introduction
Douglas J. Cumming and Sofia A. Johan

2. The Law and Economics of the Going-Public Decision
Jay Kesten

3. IPO Regulators Gone Wild
Kevin K. Boeh and Craig G. Dunbar

4. Determinants for Variation in IPO Underpricing
Thomas J. Boulton, Scott B. Smart, and Chad J. Zutter

5. IPO Valuation: The International Evidence
Sanjai Bhagat, Jun Lu, and Srinivasan Rangan

6. Survey and Synthesis of the IPO Underpricing Literature: The Fixed-Offer Price Constraint as a Unifying Core Explanation
Steven L. Jones and John C. Yeoman

7. IPO Market Conditions and Timing Over the Long Run
Wei Wang and Chris Yung

8. The Interplay of IPO and M&A Markets: The Many Ways One Affects the Other
Nihat Aktas, Christian Andres, and Ali Ozdakak

9. Lower Visibility Platforms Serving as Stepping Stones to National Stock Exchanges: The Case of Shell Reverse Mergers
Joseph J. Cecala, Jr. and Ioannis V. Floros

10. Going Public in China: Reverse Mergers vs IPOs on Chinese Markets
Zijian Cheng, Grant Fleming, and Zhangxin (Frank) Liu

11. SPAC IPOs
Yochanan Shachmurove and Milos Vulanovic

12. The Impact of IPOs' Analyst Coverage on the Choice and Timing of SEOs: A Survival Analysis
Nesrine Bouzouita and Carole Gresse

13. Auditor Selection and IPO Underpricing.
Miriam Koning

14. The Structure and Role of the Underwriting Syndicate
Sébastien Dereeper and Armin Schwienbacher

15. Venture Capital and Financial Reporting in Newly Public Firms
Lars Helge Hass and Monika Tarsalewska

16. The Dark Side of Venture Capital Syndication and IPO Firm Performance: The Impact of Different Institutional Environments
Salim Chahine, Igor Filatotchev, Robert E. Hoskisson, and Jonathan D. Arthurs

17. All Ties Are Not Created Equal: Institutional Equity Ties, IPO Performance, and Market Growth of New Ventures
Yong Li and Beiqing (Emery) Yao

18. Is Exchange Regulation Effective for Junior Public Equity Markets?
J. Ari Pandes and Michael J. Robinson

19. Corporate Governance in European IPOs
Fabio Bertoni, Michele Meoli, and Silvio Vismara

20. Survival of Initial Public Offerings on Europe's New Stock Markets
Tao Jiao, Peter Roosenboom, and Giancarlo Giudici

21. Initial Public Offerings in Germany between 1997 and 2015
Andreas Oehler, Tim A. Herberger, and Matthias Horn

22. The Underpricing of Initial Public Offerings and Private Placements of Equity in China
G. Nathan Dong and Ming Gu

23. IPOs in New Zealand: An Analysis of Benchmark-Adjusted Performance
Huong Dang and Michael Jolly

24. Initial Public Offerings in Hong Kong
Queenie Lai

25. The Admission and Regulation of Overseas Issuers: A Survey of Top Four Financial Centers
Horace Yeung

26. IPOs in a major Emerging Market Economy - India
Rajesh Chakrabarti

27. Private Capital Marketplaces and IPOs
Saman Adhami, Gianfranco Gianfrate, and Giuseppe Soda

28. Crowdfunding: Business and Regulatory Perspective
Alexandra Horváthová

29. Regulatory Arbitrage in Cross-Border Crowdfunding
Arjya B. Majumdar