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 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.
Arvin Ghosh is a professor in the Department of Economics,
Finance, and Global Business at William Paterson University in
Wayne, New Jersey.
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