The Specific Underpricing of IPOs in U.S. Stock Markets

Inhaltsverzeichnis (Table of Contents)

• INTRODUCTION
• INITIAL PUBLIC OFFERINGS AND THEIR UNDERPRICING
  • THE IPO
  • GOING PUBLIC IN THE U.S.
    • THE IPO PROCESS - PREPARATION AND FACTORS OF SUCCESS
    • PARTICIPANTS AND THEIR ROLES
  • IPO UNDERPRICING
    • DEFINITION
    • WHO BENEFITS FROM IPO UNDERPRICING?
    • EVIDENCE ON UNDERPRICING
• THE REPUTATION OF MARKET SEGMENTS IN THE CONTEXT OF IPO UNDERPRICING
  • MARKET SEGMENTATION IN THE UNITED STATES
  • THE REPUTATION OF MARKET SEGMENTS
• LISTING REQUIREMENTS IN THE U.S. AND THEIR POTENTIAL IMPACT ON MARKET REPUTATION
  • THE SEC AND ITS REQUIREMENTS
    • INITIAL REGISTRATION
    • PERIODICAL REQUIREMENTS
  • LISTING REQUIREMENTS AT NYSE EURONEXT MARKETS
    • INTRODUCTION TO NYSE EURONEXT
    • CORPORATE GOVERNANCE
    • NEW YORK STOCK EXCHANGE
    • ARCA
    • AMEX
  • LISTING REQUIREMENTS AT NASDAQ OMX MARKETS
    • INTRODUCTION TO THE NASDAQ OMX GROUP
    • CORPORATE GOVERNANCE
    • THE GLOBAL SELECT MARKET
    • THE GLOBAL MARKET
    • THE CAPITAL MARKET
  • COMPARISON AND POSSIBLE IMPLICATIONS ON THE UNDERPRICING
• EMPIRICAL ANALYSIS
  • DATA BASE AND METHODOLOGY
  • SAMPLE DESCRIPTION
  • THE SPECIFIC UNDERPRICING IN EACH MARKET SEGMENT
  • THE UNDERPRICING AT NYSE EURONEXT AND NASDAQ OMX MARKET SEGMENTS - AN AGGREGATED COMPARISON
  • REGRESSION ANALYSIS
    • THE REGRESSION MODELS
    • RESULTS AND DISCUSSION
  • SUMMARY OF THE EMPIRICAL ANALYSIS
• CONCLUSION

Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)

This study examines the specific underpricing of initial public offerings (IPOs) in U.S. stock markets and investigates the role of market reputation as a determinant. It explores the IPO process, the benefits of underpricing, and the evidence of underpricing in different market segments. The study analyzes the specific underpricing in each market segment, compares the underpricing at NYSE Euronext and Nasdaq OMX market segments, and conducts regression analysis to evaluate the relationship between underpricing and company performance. The study focuses on the listing requirements of the U.S. Securities and Exchange Commission (SEC) and the different market segments in the United States, aiming to provide insights into how market reputation influences IPO underpricing.

• The underpricing of initial public offerings (IPOs) in U.S. stock markets
• Market reputation as a determinant of IPO underpricing
• The specific underpricing in each market segment
• The role of listing requirements and regulations
• Empirical analysis of the relationship between underpricing and company performance

Zusammenfassung der Kapitel (Chapter Summaries)

The first chapter provides an introduction to the study, outlining its objectives and scope. The second chapter delves into the concept of initial public offerings (IPOs), their underpricing, and the reasons behind it. It explores the IPO process in the United States, the different participants involved, and the potential benefits of underpricing. Chapter three examines the concept of market reputation in the context of IPO underpricing. It discusses market segmentation in the United States and explores the different reputation levels associated with various market segments. Chapter four focuses on listing requirements in the U.S. and their potential impact on market reputation. It examines the regulations imposed by the Securities and Exchange Commission (SEC) and the listing requirements of NYSE Euronext and Nasdaq OMX markets. Chapter five presents the empirical analysis of the study. It describes the data used and the methodology employed, including the sample description, the specific underpricing in each market segment, and the comparison of underpricing at NYSE Euronext and Nasdaq OMX market segments. Finally, the chapter conducts regression analysis to investigate the relationship between underpricing and company performance.

Schlüsselwörter (Keywords)

Initial Public Offerings (IPOs), underpricing, market reputation, market segmentation, listing requirements, U.S. Securities and Exchange Commission (SEC), NYSE Euronext, Nasdaq OMX, regression analysis, company performance.