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Author: Marco Petersen
Publisher: diplom.de
ISBN: 3832445811
Category : Business & Economics
Languages : en
Pages : 197
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Book Description
Inhaltsangabe:Abstract: In the course of trade liberalization, globalization, and multi-national corporations, companies and private persons invest in and are financed by cross-boarder transactions. There are several key trends that are globalizing the world economy and driving business to become more multinational to survive and prosper. The objectives of this thesis are to give an overview of the going public procedure and the registration requirements for U.S. stock exchanges. Hereby, the paper just focuses on the major U.S. stock exchanges NYSE, Nasdaq and the American Stock Exchange (Amex). Second, the paper gives on overview of valuation methods. However, the paper emphasizes only on those valuation approaches, which are used for valuing firms at IPOs. the thesis discusses the economical benefits of an initial public offering on U.S stock exchanges. the thesis gives recommendations for potential non-U.S. issuers that may pursue a listing on one of the U.S. stock exchanges. Inhaltsverzeichnis:Table of Contents: Table of ContentsIII TablesIX FiguresXI List of AppendixXII AbbreviationXIII SymbolsXVII 1.Introduction1 1.1Relevance of the Topic1 1.2Objectives of the Thesis3 1.3Structure of the Thesis4 2.The U.S. Stock Exchanges5 2.1New York Stock Exchange5 2.1.1Overview5 2.1.2The New York Stock Exchange Market Data6 2.1.3NYSE Listing Requirement7 2.2Nasdaq11 2.2.1Overview11 2.2.2Nasdaq Market Data13 2.2.3Nasdaq Listing Requirements14 2.3Amex18 2.3.1Overview18 2.3.2Amex Market Data19 2.3.3Amex Listing Requirements20 3.The U.S. Regulations and Authorities21 3.1The SEC21 3.2The NASD23 3.2.1Profile of the NASD23 3.2.2NASD Regulation23 3.2.3The Nasdaq Stock Market, Inc.24 3.2.4American Stock Exchange LLC24 3.2.5NASD Dispute Resolution, Inc.25 3.3State Regulations25 3.4Securities Act of 193326 3.4.1Registration requirements26 3.4.2Registration Exemption27 3.4.3Liabilities under the Securities Act29 3.5Securities Exchange Act of 193430 3.5.1Registration Requirements30 3.5.2Liabilities under the Exchange Act32 4.American Depositary Receipts33 4.1Function of ADRs33 4.2Reasons for ADRs34 4.3Types of ADR Programs35 4.3.1Unsponsored versus Sponsored ADRs35 4.3.2Public versus Private ADR Programs36 4.3.3Non-Capital versus Capital Raising ADR Programs36 4.4The Depositary Bank39 4.5ADRs and Accounting Standards41 4.5.1Accounting Requirements for Non-U.S. Companies41 4.5.2Accounting According to Item [...]
Author: Marco Petersen
Publisher: diplom.de
ISBN: 3832445811
Category : Business & Economics
Languages : en
Pages : 197
Get Book Here
Book Description
Inhaltsangabe:Abstract: In the course of trade liberalization, globalization, and multi-national corporations, companies and private persons invest in and are financed by cross-boarder transactions. There are several key trends that are globalizing the world economy and driving business to become more multinational to survive and prosper. The objectives of this thesis are to give an overview of the going public procedure and the registration requirements for U.S. stock exchanges. Hereby, the paper just focuses on the major U.S. stock exchanges NYSE, Nasdaq and the American Stock Exchange (Amex). Second, the paper gives on overview of valuation methods. However, the paper emphasizes only on those valuation approaches, which are used for valuing firms at IPOs. the thesis discusses the economical benefits of an initial public offering on U.S stock exchanges. the thesis gives recommendations for potential non-U.S. issuers that may pursue a listing on one of the U.S. stock exchanges. Inhaltsverzeichnis:Table of Contents: Table of ContentsIII TablesIX FiguresXI List of AppendixXII AbbreviationXIII SymbolsXVII 1.Introduction1 1.1Relevance of the Topic1 1.2Objectives of the Thesis3 1.3Structure of the Thesis4 2.The U.S. Stock Exchanges5 2.1New York Stock Exchange5 2.1.1Overview5 2.1.2The New York Stock Exchange Market Data6 2.1.3NYSE Listing Requirement7 2.2Nasdaq11 2.2.1Overview11 2.2.2Nasdaq Market Data13 2.2.3Nasdaq Listing Requirements14 2.3Amex18 2.3.1Overview18 2.3.2Amex Market Data19 2.3.3Amex Listing Requirements20 3.The U.S. Regulations and Authorities21 3.1The SEC21 3.2The NASD23 3.2.1Profile of the NASD23 3.2.2NASD Regulation23 3.2.3The Nasdaq Stock Market, Inc.24 3.2.4American Stock Exchange LLC24 3.2.5NASD Dispute Resolution, Inc.25 3.3State Regulations25 3.4Securities Act of 193326 3.4.1Registration requirements26 3.4.2Registration Exemption27 3.4.3Liabilities under the Securities Act29 3.5Securities Exchange Act of 193430 3.5.1Registration Requirements30 3.5.2Liabilities under the Exchange Act32 4.American Depositary Receipts33 4.1Function of ADRs33 4.2Reasons for ADRs34 4.3Types of ADR Programs35 4.3.1Unsponsored versus Sponsored ADRs35 4.3.2Public versus Private ADR Programs36 4.3.3Non-Capital versus Capital Raising ADR Programs36 4.4The Depositary Bank39 4.5ADRs and Accounting Standards41 4.5.1Accounting Requirements for Non-U.S. Companies41 4.5.2Accounting According to Item [...]
Author: Arvin Ghosh
Publisher: Routledge
ISBN: 1351496751
Category : Business & Economics
Languages : en
Pages : 137
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Book Description
In this timely volume on newly emerging financial mar- kets and investment strategies, Arvin Ghosh explores the intriguing topic of initial public offerings (IPOs) of securities, among the most significant phenomena in the United States stock markets in recent years. Before the 2000-2001 market turndown, hardly a week went by when more than a few companies did not become public, either in the organized stock exchange or in the Over the Counter (OTC) market. In the often over-burdened, technology-heavy Nasdaq market, the role of IPOs was crucial for the market's new vigor and growth. Internet stocks were able to find a mode to supply key momentum to the market. In the so-called "New Economy" of the 1990s, it was the seductively accessible IPO that ushered in the world's information technology revolution.Ghosh sets out to examine the pricing and financial performance of IPOs in the United States during the period 1990-2001. In the opening chapter he discusses the rise and fall of IPOs in the preceding decade. Chapter 2 further delineates the IPO process from the start of the prospectus to the end of the "quiet period" and aftermarket stabilization. In chapter 3 Ghosh analyzes the mispricing and deliberately deceptive underpricing, or "flipping," of Internet IPOs. Chapter 4 delves deeper into the pricing and operating efficiency of Nasdaq IPOs. Chapter 5 analyzes the pricing and long-run performance of IPOs both in the New York Stock Exchange and in the Nasdaq markets. In chapters 6 and 7 the author deals with the pricing and performance of the venture-blocked and nonventure-backed IPOs in general and Internet IPOs in particular. In chapter 8 he analyzes the role of underwriters as market makers. In chapter 9 Ghosh discusses the accuracy of analysts' earnings forecasts. In the concluding chapter, he summarizes the principal findings of the study and the recent revival of the IPO market and its place in capital formation as well as the latest developments in t
Author: Greg N. Gregoriou
Publisher: Elsevier
ISBN: 0080461670
Category : Business & Economics
Languages : en
Pages : 463
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Book Description
After the cooling off of IPOs since the dot com bubble, Google has rekindled the fire for IPOs. This IPO reader 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 bookbuilding. 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. This reader will assist researchers, academics, and graduate students to further understand the latest research on IPOs. *Interest in IPOs is increasing again after the Google IPO, and IPOs are up significantly from last year *Chapters by well known academics provide an international perspective, describing research results from IPO data in countries spanning the globe *Research is based on real results from IPO data collected over the past 5-7 years
Author: Ross Geddes
Publisher: Elsevier
ISBN: 0080478786
Category : Business & Economics
Languages : en
Pages : 273
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Book Description
An initial public offering (IPO) is one of the most significant events in corporate life. It follows months, even years of preparation. During the boom years of the late 1990s bull market, IPOs of growth companies captured the imagination and pocketbooks of investors like never before. This book goes behind the scenes to examine the process of an offering from the decision to go public to the procedures of a subsequent equity offering. The book is written from the perspective of an experienced investment banker describing the hows and whys of IPOs and subsequent equity issues. Each aspect of an IPO is illustrated with plenty of international examples pitched alongside relevant academic research to offer a combination of theoretical rigour and practical application. Topics covered are: - the decision to go public- legal and regulatory aspects of an offering; marketing and research- valuation and pricing- allocations of shares to investors - examination of fees and commissions * Global perpective: UK, European and US practices, regulations and examples, and case studies* First hand experience written by an IPO trader with academic rigour* Includes the changes in the market that resulted from 1998-2000 equity boom
Author: Ernst & Young LLP
Publisher: Wiley
ISBN: 9780471352334
Category : Business & Economics
Languages : en
Pages : 322
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Book Description
Ernst & Young ist einer der führenden Finanzdienstleister in den USA. Dies ist die aktualisierte Version des Leitfadens zum Börsengang 'Ernst & Young Guide to Taking Your Company Public'. Ziel war es, leitende Angestellte anzusprechen, wobei der Schwerpunkt auf Emissionskursen (IPOs - Initial Offering Prices) liegt als Verfahren, das einen bedeutenden Einfluß auf Geschäftsoperationen haben wird. Ein praktisches Fachbuch mit wichtigen Informationen zum Börsengang, einschließlich neuer Arten von IPOs und Internetangeboten. (09/99)
Author: Oliver Reiche
Publisher: Anchor Academic Publishing (aap_verlag)
ISBN: 3954892952
Category : Business & Economics
Languages : en
Pages : 105
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Book Description
The Initial Public Offering (IPO) marks one of the most important events of a company. Basically, the aim is to generate maximum proceeds by selling the company’s shares to investors. However, the shares that are sold seem to be underpriced as the price significantly soars on the first trading day. Since the very first detection of this phenomenon in the United States in 1969, several subsequent studies have documented the existence of worldwide IPO underpricing. This study focuses on IPO Underpricing in the European and United States Stock Markets by outlining and discussing the following essential issues: What is underpricing in the context of the IPO? Which motivations are there and how do they impact? Is there IPO underpricing in the markets of Europe and the United States of America?
Author: Douglas Cumming
Publisher: Oxford University Press
ISBN: 0190614587
Category : Business & Economics
Languages : en
Pages : 841
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Book Description
Initial public offerings (IPOs), or new listings of companies on stock exchanges, are among the most important form of finance and generate considerable attention and excitement. They are used to raise capital or to monetize investments by the early generation of venture capital and other private investors. They are increasingly international in scope and reach, especially with non-American firms offering on American stock exchanges. This handbook provides a comprehensive overview of why companies list on stock exchanges, how IPOs are regulated, initially valued, and their performance in the short and long run. The first part examines the economics of IPOs, and offers statistics and regulatory insights from the United States and other countries around the world. The volume then covers mergers versus IPOs, as well as reverse mergers and special purpose acquisition companies. Part III analyzes institutional ties in IPOs, including analysts, investment banks, auditors, and venture capitalists. The fourth section provides international perspectives on IPOs from a number of countries around the world. Part V discusses alternatives to IPOs, including private marketplaces, and crowdfunding. Reflecting the range of disciplines that analyze IPOs, the contributors come from the fields of finance, international business and management, economics, and law. The chapters cover the latest information on a range of fundamental questions that are of interest to academics, practitioners, and policymakers alike.
Author: Douglas Cumming
Publisher: OUP USA
ISBN: 0195391241
Category : Business & Economics
Languages : en
Pages : 937
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Book Description
Provides a comprehensive picture of issues dealing with different sources of entrepreneurial finance and different issues with financing entrepreneurs. The Handbook comprises contributions from 48 authors based in 12 different countries.
Author: Mario Levis
Publisher: Edward Elgar Pub
ISBN: 9781781955369
Category : Business & Economics
Languages : en
Pages : 578
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Book Description
The Handbook of Research on IPOs provides a comprehensive review of the emerging trends and directions in the global initial public offerings (IPO) markets. The empirical evidence included in the book covers Europe, the US and the Far East, and presents a truly global perspective of IPO markets around the world and at the different stages of the entire IPO process.The Handbook is divided into six comprehensive parts:* why, when and where firms go public* preparation for the IPO* transaction structure and governance at the IPO* trading in the aftermarket* the aftermarket performance of IPOs* special types of IPOs. The chapters offer some important new insights into issues that will be of interest not only to the academic community but also to professionals involved in the preparation, structure and execution of such transactions, market regulators, and private and institutional investors.
Author: Claus Birkenbeul
Publisher: GRIN Verlag
ISBN: 3640713885
Category : Business & Economics
Languages : en
Pages : 87
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Book Description
Master's Thesis from the year 2010 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,3, Munich Business School University of Applied Sciences, language: English, abstract: The economical development is improving and world trade volumes are expected to recover. The recorvery process is developing constantly but slowly: Share prices have rebounded within 2009, worldwide trade volumes have recovered slightly and are expected to catch up with values from the end of 2008 during the next year (cf. OECD 2009). The world is recovering from one of the most severe economic downturns since The Great Depression. Comparing GDP volumes from the previous period at the same time, OECD countries lost up to 2%. As a logical consequence the U.S. IPO market has been affected by the economic meltdown as well. "IPO activity tends to cluster in certain time periods, thus it appears in waves, so-called hot IPO markets" (Hamer 2007, 9). From 2007 to 2008 th e number of IPOs decreased. The U.S. market broke down by more than 85% in one year. In 2007 there were 160 IPOs whereas in 2008 21 securities went public fort the first time (cf. Ritter 2010, 2). After the slowest year for IPOs since the 1970s, the market began to show signs of life again in 2009. The number of offerings increased by 21% although the offering value decreased by almost 15% (cf. PWC 2010). [...]
