LEADER 04026nam 2200589Ia 450 001 9910461952503321 005 20200520144314.0 010 $a3-8428-2289-8 035 $a(CKB)2670000000250570 035 $a(EBL)1035593 035 $a(OCoLC)815391732 035 $a(SSID)ssj0000739726 035 $a(PQKBManifestationID)11384294 035 $a(PQKBTitleCode)TC0000739726 035 $a(PQKBWorkID)10697227 035 $a(PQKB)11203727 035 $a(MiAaPQ)EBC1035593 035 $a(Au-PeEL)EBL1035593 035 $a(CaPaEBR)ebr10596712 035 $a(EXLCZ)992670000000250570 100 $a20120916d2012 uy 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aVariables influencing the severity of IPO underpricing$b[electronic resource] $ean empirical analysis of the German Market /$fJustyna Dietrich 210 $aHamburg $cDiplomica Verlag$d2012 215 $a1 online resource (76 p.) 300 $aDescription based upon print version of record. 311 $a3-8428-7289-5 320 $aIncludes bibliographical references. 327 $aVariables Influencing the Severity of IPO Underpricing: An Empirical Analysis of the German Market; Acknowledgements; Table of Content; List of Figures; List of Tables; List of Appendices; List of Abbreviations; List of Symbols; 1 Introduction; 2 Theoretical Aspects of an IPO; 2.1 Definition of an IPO; 2.2 The IPO Price Setting Process; 2.2.1 Business Valuation; 2.2.2 Share Pricing; 2.3 The Special Role of the Underwriter in the IPO Process; 3 IPO Underpricing; 3.1 Definition of IPO Underpricing and Empirical Evidence; 3.2 The Winner's Curse Hypothesis; 3.3 Market Feedback Hypothesis 327 $a3.4 Bandwagon Hypothesis3.5 Lawsuit Avoidance; 3.6 Signalling; 3.7 Investment Banker's Monopsony Power; 3.8 Principal Agent Problem; 3.9 Prospect Theory; 3.10 Anchoring; 4 Long-Run Performance and Overvaluation of IPOs; 4.1 Evidence on Initial Investor Overoptimism; 4.2 Reasons for Initial Overvaluation; 4.2.1 Overreaction Hypothesis; 4.2.2 Representativeness Heuristic; 4.2.3 Divergence of Opinion Hypothesis; 4.2.4 Big Winner Hypothesis; 4.2.5 Underwriter Conflict of Interest; 4.2.6 Window-Dressing; 5 Empirical Analysis of Underpricing in Germany; 5.1 Development of Explanatory Variables 327 $a5.1.1 Management Ownership5.1.2 Pre-Market Demand; 5.1.3 Recent Market Movements; 5.1.4 Underwriter Reputation; 5.1.5 Industry, Company Age and Firm Size; 5.2 Theoretical Model and Statistical Method; 5.3 Data and Descriptive Statistics; 5.4 Results and Interpretation; 5.4.1 Management Ownership; 5.4.2 Pre-Market Demand; 5.4.3 Recent Market Movements; 5.4.4 Underwriter Reputation; 5.4.5 Industry, Company Age and Firm Size; 6 Conclusion; Bibliography; List of Online Sources and Software; Appendix; Autorenprofil 330 $aHauptbeschreibung Underpricing refers to the phenomenon of abnormal first-day returns from initial public offerings (IPOs). Without doubt, any US investor would agree that one day-returns of 11.4% on average are exceptional and a worthwhile investment. Since then many studies have proven that it is a persistent phenomenon and also occurs on markets all over the world. The most puzzling question for scientists is why companies are leaving this money on the table and do not set an offering price that reflects the market demand at the offering date. The main focus of this pape 606 $aGoing public (Securities) 606 $aStocks$xPrices$zGermany 606 $aSecurities$xListing$zGermany 608 $aElectronic books. 615 0$aGoing public (Securities) 615 0$aStocks$xPrices 615 0$aSecurities$xListing 676 $a382.0947 700 $aDietrich$b Justyna$0869848 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910461952503321 996 $aVariables influencing the severity of IPO underpricing$91942145 997 $aUNINA