Initial public offerings (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 IPO Decision is an exciting new text that separates fact from fiction by imposing a logical structure on the most up-to-date IPO-related research, clarifying how the IPO process actually works. The first half of the book examines the motives for why and when companies decide to go public, including timing, financial, strategic, and control considerations. The second half provides an in-depth review of the IPO process, focusing on the underwriter, the valuation, pricing and allocation of shares, and the aftermarket performance. Unparalleled in its scope, the book presents the findings from theoretical and empirical research in a rigorous yet accessible manner. 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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Book Description
Editorial Reviews
Review
"'Jason Draho's The IPO Decision is a clear, well organized, and especially well researched book on the IPO environment, process, and stock price results.' - Roger G. Ibbotson, Yale University and Chairman, Ibbotson Associates, Inc., US 'Even more important in the post-Internet bubble world, The IPO Decision by Jason Draho provides a critical, in-depth and practical perspective on the crucial terms and factors that influence the IPO process. From the company that plans to go public (or its professional advisor) to the buy side or sell side investment banker - the book provides a roadmap for all professionals associated with the IPO process.' - Ross Barrett, President and Co-Founder, VC Experts, Inc., New York, US 'This book provides a comprehensive description and analysis of why and how firms float on the Stock Market. It reviews and takes forward current research on a range of issues concerning the price of shares at flotation and after.' - Jonathan Michie, Birkbeck College, University of London, UK"
About the Author
Jason Draho
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Most Helpful Customer Reviews
8 of 9 people found the following review helpful:
5.0 out of 5 stars
All you wanted to know but didn't know whom to ask,
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This review is from: The IPO Decision: Why and How Companies Go Public (Paperback)
Going Public is sort of the Holy Grail of the people starting a business. It's the way that you collect big time on your idea and all the work you put into it. Going Public is also a major, major effort that will take the company through hoops and turns that the founders never imagined. At the end, the founders may have a lot of money, but the company will have changed, they will have changed.This book is almost two books in one. First this book is a general overview of the process. It tells the whats, wheres, whys, hows of the process. This overview is perhaps the most complete written in today's climate. It talks about todays laws, today's markets, todays reporting requirements. To go with this, it talks about the people in the business and the functions they perform in getting a company public. Second, this book gives an overview of today's climate in the aftermath of the Internet bubble where a lot of companies managed to go public with very little behind them and which has left a pretty sour taste in the public's mouth. All in all, exhaustively researched, very complete, almost a 'must have' to anything beginning the process.
0 of 3 people found the following review helpful:
3.0 out of 5 stars
OK but boring,
By
This review is from: The IPO Decision: Why and How Companies Go Public (Paperback)
The book discusses IPOs well, but it is terribly boring. The text requires a substantial effort to go over it. The author is a good researcher but a poor narrator. The book boils down to a presentation of 20 slides. Quality of printing is of class B.
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Inside This Book
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First Sentence:
Few events in the life of a company are as great in magnitude and consequence as an initial public offering (IPO). Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
private control benefits, private firm discount, affiliated analysts, measured underperformance, new public firms, market timing theory, price stabilization activities, reputation with investors, average initial return, overpriced equity, firm commitment contract, initial short position, final offer price, best efforts contract, divestiture method, underpricing cost, issuer quality, lower offer price, high initial returns, abnormal accruals, overvalued firms, risky issuers, penalty bids, payoff externalities, aftermarket trading Key Phrases - Capitalized Phrases (CAPs): (learn more)
Morgan Stanley, Venture Economics, Hong Kong, New Zealand, Jay Ritter, Mary Meeker, Merrill Lynch, United States, Blackwell Publishing, Department of Justice, Goldman Sachs, Journal of Finance, Sarbanes-Oxley Act New!
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Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
Few events in the life of a company are as great in magnitude and consequence as an initial public offering (IPO). Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
private control benefits, private firm discount, affiliated analysts, measured underperformance, new public firms, market timing theory, price stabilization activities, reputation with investors, average initial return, overpriced equity, firm commitment contract, initial short position, final offer price, best efforts contract, divestiture method, underpricing cost, issuer quality, lower offer price, high initial returns, abnormal accruals, overvalued firms, risky issuers, penalty bids, payoff externalities, aftermarket trading Key Phrases - Capitalized Phrases (CAPs): (learn more)
Morgan Stanley, Venture Economics, Hong Kong, New Zealand, Jay Ritter, Mary Meeker, Merrill Lynch, United States, Blackwell Publishing, Department of Justice, Goldman Sachs, Journal of Finance, Sarbanes-Oxley Act New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
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