Pricing and Performance of Initial Public Offerings in the United States
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Pricing and Performance of Initial Public Offerings in the United States

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In this timely volume on newly emerging financial mar- kets and investment strategies, Arvin Ghosh explores the intriguing topic of initial public offerings (IPOs) of securities, among the most significant phenomena in the United States stock markets in recent years. Before the 2000-2001 market turndown, hardly a week went by when more than a few companies did not become public, either in the organized stock exchange or in the Over the Counter (OTC) market. In the often over-burdened, technology-heavy Nasdaq market, the role of IPOs was crucial for the market's new vigor and growth. Internet stocks were able to find a mode to supply key momentum to the market. In the so-called "New Economy" of the 1990s, it was the seductively accessible IPO that ushered in the world's information technology revolution.Ghosh sets out to examine the pricing and financial performance of IPOs in the United States during the period 1990-2001. In the opening chapter he discusses the rise and fall of IPOs in the preceding decade. Chapter 2 further delineates the IPO process from the start of the prospectus to the end of the "quiet period" and aftermarket stabilization. In chapter 3 Ghosh analyzes the mispricing and deliberately deceptive underpricing, or "flipping," of Internet IPOs. Chapter 4 delves deeper into the pricing and operating efficiency of Nasdaq IPOs. Chapter 5 analyzes the pricing and long-run performance of IPOs both in the New York Stock Exchange and in the Nasdaq markets. In chapters 6 and 7 the author deals with the pricing and performance of the venture-blocked and nonventure-backed IPOs in general and Internet IPOs in particular. In chapter 8 he analyzes the role of underwriters as market makers. In chapter 9 Ghosh discusses the accuracy of analysts' earnings forecasts. In the concluding chapter, he summarizes the principal findings of the study and the recent revival of the IPO market and its place in capital formation as well as the latest developments in the realm of United States IPOs.This work brings forth the true nature and consequences of the recent IPO phenomenon. It is a fascinating financial read and must-have for any future financier.
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Product details

  • Hardback | 144 pages
  • 154.9 x 233.7 x 17.8mm | 340.2g
  • Taylor & Francis Inc
  • Transaction Publishers
  • Somerset, United Kingdom
  • English
  • 0765803267
  • 9780765803269

Review quote

-This book is required reading for companies that are planning IPOs and for investors who want to buy them. Tanking advantage of Professor Ghosh's insights about which IPOs perform better than others can make the difference between capital gains, or capital losses.- --Benton E. Gup, Ph.D., Chair of Banking, The University of Alabama -To understand the IPO phenomenon in the United States during the late 1990s, Professor Ghosh's book is indispensable.- --Frank J. Fabozzi, Adjunct Professor of Finance and Becton Fellow, Yale School of Management -Contains a wealth of information about the 1990-2000 IPO market, including the craziness of the bubble years.- --Jay Ritter, Cordell Professor of Finance, University of Florida -Pricing and Performance of Initial Public Offerings in the United States is a timely discussion of newly emerging financial markets and investment strategies [...] it is primarily a scholarly text and financial historiography, not a how-to investment guide, yet the lessons and conclusions it draws from past IPOs surely point the way to insight concerning their future. Recommended for college libraries and economic studies shelves.- --The Wisconsin Bookwatch "This book is required reading for companies that are planning IPOs and for investors who want to buy them. Tanking advantage of Professor Ghosh's insights about which IPOs perform better than others can make the difference between capital gains, or capital losses." --Benton E. Gup, Ph.D., Chair of Banking, The University of Alabama "To understand the IPO phenomenon in the United States during the late 1990s, Professor Ghosh's book is indispensable." --Frank J. Fabozzi, Adjunct Professor of Finance and Becton Fellow, Yale School of Management "Contains a wealth of information about the 1990-2000 IPO market, including the craziness of the bubble years." --Jay Ritter, Cordell Professor of Finance, University of Florida "Pricing and Performance of Initial Public Offerings in the United States is a timely discussion of newly emerging financial markets and investment strategies [...] it is primarily a scholarly text and financial historiography, not a how-to investment guide, yet the lessons and conclusions it draws from past IPOs surely point the way to insight concerning their future. Recommended for college libraries and economic studies shelves." --The Wisconsin Bookwatch "This book is required reading for companies that are planning IPOs and for investors who want to buy them. Tanking advantage of Professor Ghosh's insights about which IPOs perform better than others can make the difference between capital gains, or capital losses." --Benton E. Gup, Ph.D., Chair of Banking, The University of Alabama "To understand the IPO phenomenon in the United States during the late 1990s, Professor Ghosh's book is indispensable." --Frank J. Fabozzi, Adjunct Professor of Finance and Becton Fellow, Yale School of Management "Contains a wealth of information about the 1990-2000 IPO market, including the craziness of the bubble years." --Jay Ritter, Cordell Professor of Finance, University of Florida "Pricing and Performance of Initial Public Offerings in the United States is a timely discussion of newly emerging financial markets and investment strategies [...] it is primarily a scholarly text and financial historiography, not a how-to investment guide, yet the lessons and conclusions it draws from past IPOs surely point the way to insight concerning their future. Recommended for college libraries and economic studies shelves." --The Wisconsin Bookwatch "This book is required reading for companies that are planning IPOs and for investors who want to buy them. Tanking advantage of Professor Ghosh's insights about which IPOs perform better than others can make the difference between capital gains, or capital losses.""--Benton E. Gup, Ph.D., Chair of Banking, The University of Alabama" "To understand the IPO phenomenon in the United States during the late 1990s, Professor Ghosh's book is indispensable.""--Frank J. Fabozzi, Adjunct Professor of Finance and Becton Fellow, Yale School of Management" "Contains a wealth of information about the 1990-2000 IPO market, including the craziness of the bubble years.""--Jay Ritter, Cordell Professor of Finance, University of Florida" ""Pricing and Performance of Initial Public Offerings in the United States" is a timely discussion of newly emerging financial markets and investment strategies [...] it is primarily a scholarly text and financial historiography, not a how-to investment guide, yet the lessons and conclusions it draws from past IPOs surely point the way to insight concerning their future. Recommended for college libraries and economic studies shelves."--The Wisconsin Bookwatch
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About Arvin Ghosh

Arvin Ghosh is professor in the Department of Economics, Finance, and Global Business at William Paterson University in Wayne, NJ.
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