|
A
new way to measure IPO success |
The double-digit first-day jump, celebrated as the measure of
success for an
IPO, must be replaced by metrics that include longer-term vision.
Pdf-file 2002 |
|
|
A
Theory of the Going-Public Decision |
The authors address the question: At what stage in its life should a
firm go public, rather than undertake its projects using private
equity financing? Pdf-file |
|
|
Analyst Behavior Following IPOs: The “Bubble Period” Evidence |
We examine over 7,400 analyst recommendations for IPO firms during
1999-2000. Pdf-file 2004 |
|
|
Down and Out in the Stock Market |
The Law and Finance of the Delisting Process. Pdf-file |
|
|
Down and Out in the Stock Market: The Law and Finance of the
Delisting Process |
This paper examines the law and finance of the delisting process. We
examine economic rationales for delisting, the legal rules that
define it, and the causes of delisting. Using a sample of NYSE firms
delisted in 2002, we examine the effects of their delisting and
subsequent trading on the Pink Sheets. pdf-file 2004 |
|
|
Going Private |
“Going Private”: Business and procedural considerations in seeking
relief from reporting and corporate governance requirements. Pdf-file
2003 |
|
|
Going Private: More public companies begin life anew as private
companies |
Under-valued listed companies are increasingly shunning depressed
public markets and going private. This is providing private equity
investors with favourably priced mature investment opportunities.
Kathy Fields of Testa, Hurwitz & Thibeault gives a comprehensive
overview of the public to private trend. 2003 |
|
|
Happily going private |
More small-cap companies eschew the public markets -- along with the
costs, hassles and volatility. 2003 |
|
|
IPOs versus Acquisitions and the IPO Valuation Premium Puzzle: An
Empirical Analysis |
This paper presents an empirical analysis of a private firm’s choice
between IPOs and acquisitions, and develops the first empirical
analysis in the literature of the “IPO valuation premium puzzle”
(where many private firms seem to choose to be acquired rather than
to go public at higher valuations). 2006 |
|
|
Key
Differences In IPO Underwriting Agreements In Britain And America |
Compares typical IPO underwriting agreements in Great Britain and
the US. Identifies six key areas in which the forms of agreement
differ noticeably, despite the two countries’ strong similarities in
legal background and the trend toward convergence. Concludes that
the differences will not succumb to homogenization in the near
future. 2004 |
|
|
On
the decision to go public: Evidence from privately-held firms |
The authors test recent theories of when companies go public which
predict that 1) more companies will go public when outside
valuations are high or have increased, 2) companies prefer going
public when uncertainty about their future profitability is high,
and 3) firms whose controlling shareholders enjoy large private
benefits of control are less likely to go public. pdf-file 2004 |
|
|
Opting Out |
The public markets look better, but there are still plenty of
reasons for CEOs to take their companies private. 2004 |
|
|
Public Company Considerations for Going Private |
|
|
|
So,
Why Be Public? |
Although much has changed in the business world in recent decades,
the corporate form itself has changed very little. In this article,
Monitor CEO, Joe Fuller, looks at the short history of the modern
corporation and its future. Pdf-file 249 KB, 2004 |
|
|
The
Going-Private Transaction |
Going private deals usually take the form of a leveraged buy-out. A
leveraged buy-out is the acquisition of an existing public (or
private) business by a private equity firm or other private investor
group, and is financed primarily with debt and equity capital. pdf-file |
|
|
The
Initial Listing Decisions of Firms that Go Public |
Discusses why firms get listed on particular stock exchanges. Pdf-file |
|
|
The
Timing of Initial Public Offerings |
We study the dynamics of initial public offerings (IPOs) by
examining the tradeoff between an entrepreneur’s private benefits,
which are lost whenever the firm is publicly traded, and the gains
from diversification. We characterize the timing dimension of the
decision to go public and its impact on firm value and on the
evolution of firm risk over time. pdf-file. 2003 |
|
|
Voluntary Delisting |
Voluntary Delisting A Cost-Efficient Alternative To Going Private.
2004 |
|
|
Why
Do Firms Go Dark? Causes and Economic Consequences of Voluntary SEC
Deregistrations |
We examine public companies that choose to "go dark" , i.e., cease
reporting to the SEC by deregistering their common stock, but
continue to trade in the over-the-counter market. Pdf-file 2004 |
|
|
Why
do Firms Repurchase Stock |
In this paper, the author investigates the relation between stock
repurchases and distribution, investment, capital structure,
corporate control, and compensation policies over the 1977 to 1996
period. Doc-file |
|
