Titlebook: Initial Public Offerings: Findings and Theories; Seth C. Anderson,T. Randolph Beard,Jeffery A. Born Book 1995 Springer Science+Business Me

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high initial returns to equityIPOs in the United States and other free-market economies. ..Audience:. Designed for use by anyone wishing to perform furtheracademic research in the area of IPOs and by those practitionersinterested in IPOs as investment vehicles.978-1-4613-5969-2978-1-4615-2295-9

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n understanding of how IPOs work is fundamentalto an understanding of financial markets generally. Of particularinterest is the puzzling existence of high initial returns to equityIPOs in the United States and other free-market economies. ..Audience:. Designed for use by anyone wishing to perform fu

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Book 1995nding of how IPOs work is fundamentalto an understanding of financial markets generally. Of particularinterest is the puzzling existence of high initial returns to equityIPOs in the United States and other free-market economies. ..Audience:. Designed for use by anyone wishing to perform furtheracade

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Initial Public Offerings: An Introduction,raise monies more readily than by the retention of profits. Other possible motivations for an IPO include the prestige of ownership of a public company or the desire of major shareholders to exit the company.

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Empirical Findings,s and not easily explainable using theories at that time. In particular the studies report evidence of consistent underpricing of new issues resulting in significant shortterm returns which often evaporate over time. Such results are inconsistent with efficient markets and with effective information

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Testing Theories of Underpricing,adverse selection, principal-agent relationships, and signalling by issuers — all suggest that underpricing arises as a rational, equilibrium response to some important informational asymmetry between market participants. Additionally, some competing “heterodox” explanations, such as those proposed

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Conclusion,ew firm is able to acquire that capital necessary for firm growth and product innovation. Equity financing may be particularly attractive for “high risk” entrepreneurial ventures, and such enterprises represent an important motive force of economic development.

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