Overview

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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9781843766131

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Reviews

'Because of its scope and detail, The IPO Decision would be a useful addition to an academic library serving a finance program or that has a financial services library. Public librarians might consider this book if they have a large constituency of sizable private businesses of finance students.' -- Janet Hartman, Research Librarian, William Blair & Co, Chicago, Business Information Alert 'This volume certainly belongs in undergraduate libraries. Faculty who teach courses in the economics of finance can use the book as a reference and as a guide for students working on papers on the economics of initial public offerings (IPOs). Draho summarizes the extant literature on all aspects of the subject. For example, a student interested in the valuation process underlying initial public offerings receives a well-written overview of the approaches used, including both discounted cash flows and real option analysis. Students are also guided to the relevant literature on the subject... a useful resource for beginning research on this topic. Highly recommended.' -- W.S. Curran, Choice '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

'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

"""'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"""

Author Information

Jason Draho, Morgan Stanley, New York, US

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