Oxford Handbook of Ipos

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.

List 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 MandA 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

  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).

  Summary

  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

• Authors: Douglas (Professor of Finance and Entrepr Cumming
• Assisted by: Douglas Cumming (Editor), Sofia Johan (Editor)
• Publisher: Oxford University Press
• Languages: English
• Product format: Hardback
• Released: 31.01.2019
• EAN: 9780190614577
• ISBN: 978-0-19-061457-7
• No. of pages: 784
• Series: Oxford Handbooks; Oxford Handbooks
• Subjects: Social sciences, law, business > Business > Business administration; BUSINESS & ECONOMICS / Finance / Financial Engineering, Corporate Finance, BUSINESS & ECONOMICS / Corporate Finance / Venture Capital, Investment & securities, Investment and securities