Underwriting Services and the New Issues Market

  • Format
  • Bog, hardback
  • Engelsk

Beskrivelse

Underwriting Services and the New Issues Market integrates practice, theory and evidence from the global underwriting industry to present a comprehensive description and analysis of underwriting practices. After covering the regulation and mechanics of the underwriting process, it considers economic topics such as underwriting costs and compensation, the pricing of new issues, the stock price and operating performance of issuing firms, the evaluation of new issue decisions, and an analysis of the many choices issuers face in structuring new issues. Unlike other books, it systematically develops a critical perspective about underwriting practices, both in the U.S. and international markets, and with a level of detail unavailable elsewhere and an approach that reveals how financial institutions deliver underwriting services. Underwriting Services and the New Issues Market delivers an innovative and long overdue look at security issuance. Foreword by Frank Fabozzi

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Detaljer
  • SprogEngelsk
  • Sidetal332
  • Udgivelsesdato29-07-2017
  • ISBN139780128032824
  • Forlag Academic Press Inc
  • FormatHardback
Størrelse og vægt
  • Vægt910 g
  • coffee cup img
    10 cm
    book img
    19,1 cm
    23,5 cm

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    Market structure Investment banking Adverse selection Online offerings Operating Performance IPO Clustering Commercial banks Flipping Asymmetric Information Asian Markets FINRA Industry structure Hybrid Offerings Bookbuilding Aftermarket mispricing Allocation of new issues Analyst coverage Analysts' beliefs Accelerated bookbuilt offers Appraisal of offering methods Block trades Auction method Buy-and-hold returns Bought deals Cumulative Abnormal Returns Combined spread Chinese offers Financial consequences of going public Firm commitment contract Fixed and variable underwriting costs Financial evaluation of the debt offer decision Ex ante risk Explicit spread Financial evaluation of the SEO decision crowdfunding Gross spreads of debt offers Gross spreads of foreign issues Gross spread Gross spreads of SEOs Initial returns of SEOs Determinants of gross spread Determinants of initial returns Gross spread curves Gross spread determinants Domestic and international competition Initial returns of private investments in public equity Implicit spread Initial returns of closed-end fund issues JOBS Act of 2012 Domestic and international equity and debt markets Indirect flotation costs Long-run returns of debt offers Initial returns Initial returns of Master Limited Liability Partnership issues European Markets Lockup Period Long-run returns European offers Managing group Motives for SEOs Market-adjusted returns Foreign issues in the US Financial evaluation of the IPO decision Listing venue choice Long-run returns of SEOs Matched control firm benchmarks New issues market statistics Motives for debt offers Offer price constraints General cash offer versus rights offer Origination services Overallotment option (OAO) Pricing and marketing services Opening of the secondary market Origination costs Price stabilization Issuer risks Irregularities in allocation of new issues Issuer's objective function Long-run returns of non-US IPOs Japanese offers Information spillover effects Initial returns of debt offers Initial returns of dual-stock issues Initial returns of non-US IPOs Investor clienteles Monopsony Power Liquidity services Long-run operating performance of firms conducting SEOs Operating performance of privatization issues Long-run operating performance of firms conducting debt offers Placement costs Offer price and underwriting costs Motives for going public Negotiated versus competitive offering Penalty bids Placement risk Placement services Price discount

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