Going Public: The Theory and Evidence on How Companies Raise Equity Finance

Hardcover | July 1, 1999

byTim Jenkinson, Alexander Ljungqvist

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In recent years there has been an enormous amount of research into the way companies raise finance from stock markets. There are many reasons for this interest in 'initial public offerings' (IPOs):DT the capital-raising function of stock markets is particularly important in financing firms and encouraging entrepreneurship and growthDT the late 1990s witnessed an IPO boom in many countries, with unprecedented numbers of companies going publicDT two stylized facts appear to be valid in many countries: IPOs are initially systematically underpriced, often by dramatic amounts, and over the longer term they seem to under-perform other companies. The attempt to explain these phenomena has resulted in a burgeoning theoretical literatureDT there is a continuing policy debate over the most appropriate institutional arrangements to enable firms to access the stock market in an efficient manner, including the roles of financial intermediaries, institutional investors, and the rules laid down by stock exchangesDT privatizations are a particular type of IPO, and the world-wide trend towards privatization has raised many questions regarding the most appropriate ways to sell companies to the public."Going Public" is the first book to investigate the issues in a non-technical manner, drawing upon international evidence from private sector companies and privatizations. Building on the success of the first edition, this second edition of "Going Public" has been comprehensively revised and updatedthroughout.

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From the Publisher

In recent years there has been an enormous amount of research into the way companies raise finance from stock markets. There are many reasons for this interest in 'initial public offerings' (IPOs):DT the capital-raising function of stock markets is particularly important in financing firms and encouraging entrepreneurship and growthDT...

Tim Jenkinson is Reader in Business Economics at the Said Business School, Oxford University, and Fellow of Keble College, Oxford. Alexander Ljungqvist is Assistant Professor of Finance at the Stern School of Business, New York University.
Format:HardcoverDimensions:254 pages, 8.5 × 5.43 × 0.71 inPublished:July 1, 1999Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0198295995

ISBN - 13:9780198295990

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Extra Content

Table of Contents

I: THE IPO MARKET1. Introduction2. Stylized FactsII: THEORY AND EVIDENCE3. Asymmetric Information4. Institutional Explanations5. Ownership and Control6. Long-Run PerformanceIII: POLICY IMPLICATIONS7. Privatization8. Conclusions and Future Developments

Editorial Reviews

`"Going Public successfully synthesizes the existing theoretical and empirical research and highlights areas for further research. Students of economics and finance, as well as practitioners, will find many fresh perspectives and insights in this study."'Times Higher Education Supplement