The IPO Decision is an exciting new book that clarifies how the
initial public offering (IPO) process actually works. It separates
fact from fiction and imposes a logical structure on the most
up-to-date IPO-related research. All major topics pertaining to the
going-public process are included: IPO timing, the financial,
strategic, and corporate governance benefits and costs of public
ownership, corporate restructuring, valuation, the role of the
investment bank in the primary and secondary markets, the
optimality of IPO mechanisms (book-building vs. auctions), analyst
coverage, and the long-run performance of IPOs. IPOs garnered
unprecedented positive attention in the 1990s for their spectacular
returns and central role in entrepreneurial activity. Subsequent
revelations of unscrupulous IPO allocation and promotion practices
cast a less favorable shadow. The latest significant event in the
IPO market is Google's unconventional use of an auction for its
offering. Public discussion and debate about these developments has
often taken place in an information vacuum, leading to
misunderstandings and false conclusions. Unparalleled in its scope,
The IPO Decision presents the findings from theoretical and
empirical research in a rigorous yet accessible manner. In doing
so, it develops the intellectual foundation necessary for a
constructive dialogue about reforming the IPO process. Scholars,
students and industry professionals interested in the economics of
IPOs will find this volume a comprehensive and engaging addition to
their library.
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