- Paperback: 144 pages
- Publisher: Transaction Publishers (1 Sep 2008)
- Language English
- ISBN-10: 1412808618
- ISBN-13: 978-1412808613
- Product Dimensions: 22.9 x 15.2 x 0.9 cm
- Amazon Bestsellers Rank: 2,685,573 in Books (See Top 100 in Books)
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More About the Author
Product Description
Product Description
In this timely volume on newly emerging fi nancial markets and investment strategies, Arvin Ghosh explores the intriguing topic of initial public off erings (IPOs) of securities, among the most signifi cant 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 fi nd 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 effi ciency 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 the realm of United States IPOs. This work brings forth the true nature and consequences of the recent IPO phenomenon. It is a fascinating financial read and must-have for any future financier.
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1 of 1 people found the following review helpful
Recommended for college libraries and economic studies shelves.
3 Feb 2007
Format:Hardcover
Written by Arvin Ghosh (Prof. in the Dept. of Economics, Finance, and Global Business, William Paterson University), Pricing and Performance of Initial Public Offerings in the United States is a timely discussion of newly emerging financial markets and investment strategies. Particularly focusing upon initial public offerings (IPOs) of securities from 1990 to the turn of the century, Pricing and Performance of Initial Public Offerings in the United States offers a addresses mispricing and flipping of internet IPOs, determining accuracy of analyst's IPO earnings forecasts, and more. Pricing and Performance of Initial Public Offerings in the United States is primarily a scholarly text and financial historiography, not a how-to investment guide, yet the lessons and conclusions it draws from past IPOs surely point the way to insight concerning their future. Recommended for college libraries and economic studies shelves.
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