Empirical Evidence on IPO-Underpricing

 
9783638903691: Empirical Evidence on IPO-Underpricing
View all copies of this ISBN edition:
 
 

Diploma Thesis from the year 2007 in the subject Business economics - Investment and Finance, grade: 1,3, European Business School - International University Schloß Reichartshausen Oestrich-Winkel, 80 entries in the bibliography, language: English, abstract: This paper aims at establishing a link between the average level of initial return of IPO shares, existing underpricing explanations and the dot-com bubble. In years prior to the boom of the new economy, underpricing was explained by various theories, which have extensively been developed since decades. However, in the years 1998 to 2001 IPOs were overly underpriced, leading to assumptions about behavioural aspects and investor irrationality. Analysing a comprehensive dataset of 371 IPOs on the Frankfurter Börse between 1997 and 2007, this paper aims at providing evidence that the observed lower levels of initial returns in recent years can indeed be aligned with existing theories on the basis of rational behaviour of market participants. Firstly, the IPO process and its major participants will be presented followed by a review of relevant studies on the IPO phenomenon. In the next step, established underpricing theories are recapitulated. A descriptive analysis of the data sample points out the particularities concerning the company and transaction characteristics of the sample firms. In a last step, a regression analysis relates various proxies for information asymmetry to established underpricing theories. It gives reason to believe that the irrationality at the turn of the century has vanished and that underpricing can again be explained by established theories.

"synopsis" may belong to another edition of this title.

Top Search Results from the AbeBooks Marketplace

1.

Marius Hamer
Published by Grin Publishing (2008)
ISBN 10: 3638903699 ISBN 13: 9783638903691
New Quantity Available: > 20
Print on Demand
Seller:
Pbshop
(Wood Dale, IL, U.S.A.)
Rating
[?]

Book Description Grin Publishing, 2008. PAP. Condition: New. New Book.Shipped from US within 10 to 14 business days.THIS BOOK IS PRINTED ON DEMAND. Established seller since 2000. Seller Inventory # IP-9783638903691

More Information About This Seller | Contact this Seller

Buy New
US$ 32.61
Convert Currency

Add to Basket

Shipping: US$ 3.99
Within U.S.A.
Destination, Rates & Speeds

2.

Marius Hamer
Published by Grin Publishing (2008)
ISBN 10: 3638903699 ISBN 13: 9783638903691
New Quantity Available: > 20
Print on Demand
Seller:
Books2Anywhere
(Fairford, GLOS, United Kingdom)
Rating
[?]

Book Description Grin Publishing, 2008. PAP. Condition: New. New Book. Delivered from our US warehouse in 10 to 14 business days. THIS BOOK IS PRINTED ON DEMAND.Established seller since 2000. Seller Inventory # IP-9783638903691

More Information About This Seller | Contact this Seller

Buy New
US$ 34.12
Convert Currency

Add to Basket

Shipping: US$ 12.50
From United Kingdom to U.S.A.
Destination, Rates & Speeds

3.

Marius Hamer
Published by GRIN Verlag
ISBN 10: 3638903699 ISBN 13: 9783638903691
New Paperback Quantity Available: > 20
Seller:
BuySomeBooks
(Las Vegas, NV, U.S.A.)
Rating
[?]

Book Description GRIN Verlag. Paperback. Condition: New. 74 pages. Dimensions: 8.1in. x 5.8in. x 0.4in.Diploma Thesis from the year 2007 in the subject Business economics - Investment and Finance, grade: 1, 3, European Business School - International University Schlo Reichartshausen Oestrich-Winkel, 80 entries in the bibliography, language: English, abstract: This paper aims at establishing a link between the average level of initial return of IPO shares, existing underpricing explanations and the dot-com bubble. In years prior to the boom of the new economy, underpricing was explained by various theories, which have extensively been developed since decades. However, in the years 1998 to 2001 IPOs were overly underpriced, leading to assumptions about behavioural aspects and investor irrationality. Analysing a comprehensive dataset of 371 IPOs on the Frankfurter Brse between 1997 and 2007, this paper aims at providing evidence that the observed lower levels of initial returns in recent years can indeed be aligned with existing theories on the basis of rational behaviour of market participants. Firstly, the IPO process and its major participants will be presented followed by a review of relevant studies on the IPO phenomenon. In the next step, established underpricing theories are recapitulated. A descriptive analysis of the data sample points out the particularities concerning the company and transaction characteristics of the sample firms. In a last step, a regression analysis relates various proxies for information asymmetry to established underpricing theories. It gives reason to believe that the irrationality at the turn of the century has vanished and that underpricing can again be explained by established theories. This item ships from multiple locations. Your book may arrive from Roseburg,OR, La Vergne,TN. Paperback. Seller Inventory # 9783638903691

More Information About This Seller | Contact this Seller

Buy New
US$ 50.54
Convert Currency

Add to Basket

Shipping: FREE
Within U.S.A.
Destination, Rates & Speeds

4.

Marius Hamer
Published by GRIN Publishing (2008)
ISBN 10: 3638903699 ISBN 13: 9783638903691
New Softcover First Edition Quantity Available: 15
Print on Demand
Seller:
Rating
[?]

Book Description GRIN Publishing, 2008. Condition: New. This item is printed on demand for shipment within 3 working days. Seller Inventory # LP9783638903691

More Information About This Seller | Contact this Seller

Buy New
US$ 50.40
Convert Currency

Add to Basket

Shipping: US$ 3.66
From Germany to U.S.A.
Destination, Rates & Speeds

5.

Hamer, Marius
Published by GRIN Verlag (2016)
ISBN 10: 3638903699 ISBN 13: 9783638903691
New Paperback Quantity Available: 1
Print on Demand
Seller:
Ria Christie Collections
(Uxbridge, United Kingdom)
Rating
[?]

Book Description GRIN Verlag, 2016. Paperback. Condition: New. PRINT ON DEMAND Book; New; Publication Year 2016; Not Signed; Fast Shipping from the UK. No. book. Seller Inventory # ria9783638903691_lsuk

More Information About This Seller | Contact this Seller

Buy New
US$ 51.83
Convert Currency

Add to Basket

Shipping: US$ 5.39
From United Kingdom to U.S.A.
Destination, Rates & Speeds

6.

Hamer, Marius
Published by GRIN Verlag
ISBN 10: 3638903699 ISBN 13: 9783638903691
New PAPERBACK Quantity Available: > 20
Seller:
Russell Books
(Victoria, BC, Canada)
Rating
[?]

Book Description GRIN Verlag. PAPERBACK. Condition: New. 3638903699 Special order direct from the distributor. Seller Inventory # ING9783638903691

More Information About This Seller | Contact this Seller

Buy New
US$ 52.76
Convert Currency

Add to Basket

Shipping: US$ 7.00
From Canada to U.S.A.
Destination, Rates & Speeds

7.

Marius Hamer
Published by GRIN Publishing, Germany (2008)
ISBN 10: 3638903699 ISBN 13: 9783638903691
New Paperback First Edition Quantity Available: 10
Print on Demand
Seller:
The Book Depository EURO
(London, United Kingdom)
Rating
[?]

Book Description GRIN Publishing, Germany, 2008. Paperback. Condition: New. 1. Auflage.. Language: English . Brand New Book ***** Print on Demand *****.Diploma Thesis from the year 2007 in the subject Business economics - Investment and Finance, grade: 1,3, European Business School - International University Schlo Reichartshausen Oestrich-Winkel, 80 entries in the bibliography, language: English, abstract: This paper aims at establishing a link between the average level of initial return of IPO shares, existing underpricing explanations and the dot-com bubble. In years prior to the boom of the new economy, underpricing was explained by various theories, which have extensively been developed since decades. However, in the years 1998 to 2001 IPOs were overly underpriced, leading to assumptions about behavioural aspects and investor irrationality. Analysing a comprehensive dataset of 371 IPOs on the Frankfurter Borse between 1997 and 2007, this paper aims at providing evidence that the observed lower levels of initial returns in recent years can indeed be aligned with existing theories on the basis of rational behaviour of market participants. Firstly, the IPO process and its major participants will be presented followed by a review of relevant studies on the IPO phenomenon. In the next step, established underpricing theories are recapitulated. A descriptive analysis of the data sample points out the particularities concerning the company and transaction characteristics of the sample firms. In a last step, a regression analysis relates various proxies for information asymmetry to established underpricing theories. It gives reason to believe that the irrationality at the turn of the century has vanished and that underpricing can again be explained by established theories. Seller Inventory # APC9783638903691

More Information About This Seller | Contact this Seller

Buy New
US$ 77.84
Convert Currency

Add to Basket

Shipping: US$ 4.17
From United Kingdom to U.S.A.
Destination, Rates & Speeds