Open Daily: 10am - 10pm | Alley door pickup 10am - 7pm 3038 Hennepin Ave Minneapolis, MN
612-822-4611

  • Open Daily: 10am - 10pm
    Alley-side Pickup: 10am - 7pm

    3038 Hennepin Ave Minneapolis, MN
    612-822-4611

Open Daily: 10am - 10pm | Alley-side Pickup: 10am - 7pm
3038 Hennepin Ave Minneapolis, MN
612-822-4611
Valuation and Underpricing of Initial Public Offerings.: Evidence from Germany in Different Market Cycles.

Valuation and Underpricing of Initial Public Offerings.: Evidence from Germany in Different Market Cycles.

Holzschneider, Susanna

Paperback

Series: Studienreihe der Stiftung Kreditwirtschaft An der Universität Hohenheim, Book 48

AccountingInvesting & FinanceGeneral Law

Currently unavailable to order

ISBN10: 3896735837
ISBN13: 9783896735836
Publisher: Verlag Wissenschaft & Praxis
Published: Feb 16 2011
Pages: 180
Weight: 0.64
Language: English
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.

Also in

General Law

View All