Valuation and Underpricing of Initial Public Offerings. : Evidence from Germany in Different Market Cycles.
Language: English
Published by Wissenschaft & Praxis, Verlag Wissenschaft & Praxis Mär 2011, 2011
- Softcover
- New
Seller: AHA-BUCH GmbH, Einbeck, GermanyAHA-BUCH GmbH
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Add to basketItem description from seller
Neuware - This work investigates valuation and underpricing of initial public offerings at the German stock market from 1997 to 2007. When firms decide to complete an initial public offering (IPO) to raise new equity by issuing shares on a public stock market, their shares have to be priced to allow potential investors to be found. In almost every stock market across several countries the phenomenon of 'underpricing' can be seen in the process of going public: share prices after the first day of trading are higher than the initial offering price. The German stock market was characterized by highly different market and going public conditions during the investigated time period. This allows to empirically analyse determinants of IPO valuation and underpricing within different market cycles. The work focuses on two major research questions: influence of pre-IPOownership structures on the level of underpricing and the willingness to 'leave money on the table as well as effects of comparable firm multiples of already publicly traded firms on IPO valuation. The analysis shows that determinants and explanations of IPO valuation and underpricing change with different stock market cycles.; This work investigates valuation and underpricing of initial public offerings at the German stock market from 1997 to 2007.When firms decide to complete an initial public offering (IPO) to raise new equity by issuing shares on a public stock market, their shares have to be priced to allow potential investors to be found. In almost every stock market across several countries the phenomenon of »underpricing« can be seen in the process of going public: share prices after the first day of trading are higher than the initial offering price.The German stock market was characterized by highly different market and going public conditions during the investigated time period. This allows to empirically analyse determinants of IPO valuation and underpricing within different market cycles. The work focuses on two major research questions: influence of pre-IPO ownership structures on the level of underpricing and the willingness to »leave money on the table« as well as effects of comparable firm multiples of already publicly traded firms on IPO valuation. The analysis shows that determinants and explanations of IPO valuation and underpricing change with different stock market cycles.; Dissertationsschrift.…
Seller Inventory # 9783896735836
Bibliographic details
- Title
- Valuation and Underpricing of Initial Public Offerings. : Evidence from Germany in Different Market Cycles.
- Author
- Susanna Holzschneider
- Publisher
- Wissenschaft & Praxis, Verlag Wissenschaft & Praxis Mär 2011
- Publication year
- 2011
- Condition
- Neu
- Binding
- Taschenbuch
- Language
- English
- ISBN 10
- 3896735837
- ISBN 13
- 9783896735836
- Item weight
- 304 grams
- Dimensions
- 210x150x32 mm
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