Initial Public Offerings (IPO): An International Perspective of IPOs (Quantitative Finance) - Hardcover

Über die Autorin bzw. den Autor

A native of Montreal, Professor Greg N. Gregoriou obtained his joint Ph.D. in finance at the University of Quebec at Montreal which merges the resources of Montreal's four major universities McGill, Concordia, UQAM and HEC. Professor Gregoriou is Professor of Finance at State University of New York (Plattsburgh) and has taught a variety of finance courses such as Alternative Investments, International Finance, Money and Capital Markets, Portfolio Management, and Corporate Finance. He has also lectured at the University of Vermont, Universidad de Navarra and at the University of Quebec at Montreal.

Professor Gregoriou has published 50 books, 65 refereed publications in peer-reviewed journals and 24 book chapters since his arrival at SUNY Plattsburgh in August 2003. Professor Gregoriou's books have been published by McGraw-Hill, John Wiley & Sons, Elsevier-Butterworth/Heinemann, Taylor and Francis/CRC Press, Palgrave-MacMillan and Risk Books. Four of his books have been translated into Chinese and Russian. His academic articles have appeared in well-known peer-reviewed journals such as the Review of Asset Pricing Studies, Journal of Portfolio Management, Journal of Futures Markets, European Journal of Operational Research, Annals of Operations Research, Computers and Operations Research, etc.

Professor Gregoriou is the derivatives editor and editorial board member for the Journal of Asset Management as well as editorial board member for the Journal of Wealth Management, the Journal of Risk Management in Financial Institutions, Market Integrity, IEB International Journal of Finance, and the Brazilian Business Review. Professor Gregoriou's interests focus on hedge funds, funds of funds, commodity trading advisors, managed futures, venture capital and private equity. He has also been quoted several times in the New York Times, Barron's, the Financial Times of London, Le Temps (Geneva), Les Echos (Paris) and L'Observateur de Monaco. He has done consulting work for numerous clients and investment firms in Montreal. He is a part-time lecturer in finance at McGill University, an advisory member of the Markets and Services Research Centre at Edith Cowan University in Joondalup (Australia), a senior advisor to the Ferrell Asset Management Group in Singapore and a research associate with the University of Quebec at Montreal's CDP Capital Chair in Portfolio Management. He is on the advisory board of the Research Center for Operations and Productivity Management at the University of Science and Technology (Management School) in Hefei, Anhui, China.

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Business/Finance

Initial Public Offerings
An International Perspective

Greg N. Gregoriou

”This collection of new articles on IPOs is literally a must-have handbook for investors, academics, and traders worldwide interested in studying IPO performance. The articles focus on IPOs on an international level thereby allowing the reader to compare the performance of IPOs in many countries. Initial Public Offerings truly adds to the existing IPO literature with a list of well known academics/contributors in the field of IPOs. This book truly presents the latest cutting edge research on European IPOs, Asian IPOs and IPOs in other countries.”
― Komlan Sedzro, Professor of Finance, University of Quebec at Montreal

“This collection of timely articles provides further empirical evidence on the well-known IPO under-pricing and long-run underperformance phenomena from a range of countries that differ in their market structures and regulatory environments. This wealth of new evidence will no doubt stimulate further work in the area.”
― Alexander Ljungqvist, Associate Professor of Finance, Stern School of Business, New York University

“Gregoriou once again offers us a collection of insightful and informative scientific articles. This reader covers the many interesting facets of IPOs, including performance studies in different countries, analysis of the under-pricing phenomenon, as well as the role of the underwriters and the corporate structure on IPO valuations. The articles, written by both practitioners and academics, provide rigorous empirical analysis and offer intuitive conclusions. A great read for IPO aficionados!”
― Nicolas Papageorgiou, Assistant Professor of Finance, HEC Montreal

After the cooling off of IPOs since the dot com bubble, Google has rekindled the fire for them. Initial Public Offerings contains new articles exclusive to this reader by leading academics from around the world dealing with quantitative and qualitative analyses of this increasingly popular and important area of finance. Articles address new methods of IPO performance, international IPOs, IPO evaluation, IPO underwriting, evaluation and book-building. Although numerous articles are technical in nature, with econometric and statistical models, particular attention has been directed towards the understanding and the applicability of the results as well as theoretical development in this area. Initial Public Offerings is a wide-ranging, innovative and accessible book that will be a valued reference work for scholars and practitioners


Greg N. Gregoriou is Associate Professor of Finance and coordinator of faculty research in the School of Business and Economics at State University of New York, College at Plattsburgh.



Contents
Part One
Performance of IPOs
1 Nasdaq IPO around the market peak in 2000
2 Returns to style investments in Initial Public Offers
3 The long-run performance of Taiwan’s IPOs conditioning characteristics: evidence from efficiently learning markets
Anlin Chen, Sue L. Chiou and Chinshun Wu
4 Short and long-run performance of IPOs traded on the Istanbul stock exchange
Mehmet Orhan
5 Indexing the IPO sector with IPOX™ indices
Josef A. Schuster
6 The size effect of firm’s going public on the Spanish capital market
Susana Alvarez-Otero and Victor M. Gonzalez-Mendez
7 Earnings management and the lomg-run performance of Spanish inital public offerings
Maria J. Pastor-LLorca and Francisco Poveda-Fuentes
8 IPO Intial returns on European “new markets“
Giancarlo Giudici and Peter Roosenboom
9 Efficiency of U.S. Internet IPOs: a data envelopment analysis approach
Greg N. Gregoriou and Maher Kooli
Part Two
IPO Underpricing: International Evidence
10 Generalzing the winner’s curse hypothesis: the case of the Belgian IPO market
Michel Boelen and Georges Hübner
11 Flipping activity in fixed offer price mechanism allocated IPOs
Dimitrios Gounopoulos
12 Getting the IPO right: viva la France?
Edel Barnes
13 Underpricing and the aftermarket performance of inital public offerings: the case of Austria
Wolfgang Aussenegg
14 The hot-issue period in Germany-what factors drove IPO underpricing?
Stefan Guenther and Marco Rummer
15 Reassessing Canadian IPO underpricing: evidence from common share, capital pool company and unit offering
Maher Kooli
16 IPO Underpricing and ownership structure: evidence from the Istanbul stock exchange
M. Banu Durukan
Part Three
Corporate Strucuture and IPO Evaluation
17 IPOs and earnings management in Germany
Tereza Tykvova
18 Signaling and the valuation of IPOs: regression tests
Steven Xiaofan Zheng
19 The role of venture capitalists in IPO performance: emprical evidence from Germany
Andreas Hack and Erik E. Lehmann
20 Ownership structure and intial public offerings in Portugal
José Miguel Almeida and João Duque
Part Four
Bookbuilding, Listing and Underwriting
21 Bookbuilding and shre pre-allocation in IPOs
Nancy Huyghebaert and Cynthia Van Hulle
22 Costs and benefits in the choice of the audit and underwriting qualitiy in the IPO market: an empirical analysis of competing theories
Joseph Aharony, Ran Barniv and Chan-Jane Lin
23 Siamese Twins and Virtual Mergers: Dual Listed Companies in Australia
Paul Ali
24 Equity issuance trends in Australia’s listed investment fund markets
Martin Gold
25 Do underwriters create value for issuers by subjectively determining offer prices?
Steve Dolvin