Handbook of Research on IPOs

Edited by Mario Levis, Emeritus Professor of Finance, Cass Business School, City University London, UK and Silvio Vismara, Full Professor of Corporate Finance, Department of Management, University of Bergamo and Laboratory for the Analysis of CompleX Economic Systems (AXES), IMT School for Advanced Studies Lucca, Italy

• Contents:Preface IntroductionMario Levis and Silvio Vismara PART I: WHY AND WHEN FIRMS GO PUBLIC1. Economies of Scope and IPO Activity in EuropeJay R. Ritter, Andrea Signori and Silvio Vismara2. The Decline in Venture-backed IPOs: Implications for Capital RecoverySusan Chaplinsky and Swasti Gupta-Mukherjee3. Survey Evidence: What Do We Know About European and US Firms’ Motivations for Going Public? Franck Bancel and Usha R. Mittoo4. IPO Waves and Hot Markets in the UKShantanu Banerjee, Ufuk Güçbilmez and Grzegorz PawlinaPART II: PREPARATION FOR THE IPO5. IPO Offer Price Selection, Institutional Subscription, and the Value of the Firm: Theory and Evidence Chitru S. Fernando, Vladimir A. Gatchev and Paul A. Spindt6. The Canadian Junior IPO Market and the Capital Pool Company ProgramJ. Ari Pandes and Michael J. Robinson7. Investor Protection and IPO Survival in the Italian Stock Market Mattia Cattaneo and Michele Meoli8. Underwriter Reputation, Bookbuilding and IPO DurationHugh M.J. Colaco and Shantaram P. Hegde PART III: TRANSACTION STRUCTURE AND GOVERNANCE AT THE IPO9. Corporate Governance in Newly Listed Companies David B. Audretsch and Erik E. Lehmann10. The Allotment of IPO Shares: Placing Strategies between Retail versus Institutional InvestorsFabio Bertoni, Matteo Bonaventura and Giancarlo Giudici11. VC Investment Timing and IPO PricingJean-Sébastien Michel12. The Underwriters of IPOs in Europe’s Second MarketsKatrin Migliorati and Stefano Paleari PART IV: TRADING IN THE AFTERMARKET13. Orphan versus Non-orphan IPOs: The Difference Analyst Coverage Makes Romain Boissin14. Do Directors Trade After IPO Lockup Expiry?Susanne Espenlaub, Marc Goergen, Arif Khurshed and Marko Remenar15. Venture Capital and IPO Waves in Europe: An Analysis of Firm and Performance CharacteristicsWolfgang Bessler and Martin Seim16. IPO Pricing and Ownership Structure: The Business-group EffectAharon Cohen Mohliver, Gitit Gur-Gershgorn and Shinjinee ChattopadhyayPART V: THE AFTERMARKET PERFORMANCE OF IPOs17. Acquisitions, SEOs, Divestitures and IPO PerformanceNaaguesh Appadu, Anna Faelten and Mario Levis18. Private Equity, RLBOs and IPO PerformanceJerry Cao19. The Impact of Venture Capital/Private Equity Investment on the Performance of IPOs in Australia Sian Owen and Jo-Ann Suchard20. Development in Financial Markets and the Performance of German IPOsDimitrios Gounopoulos and Johannes Hoebelt PART VI: SPECIAL TYPES OF IPOs21. The IPO as an Exit Strategy for Venture Capitalists: Regional Lessons from Canada with International ComparisonsDouglas Cumming and Sofia Johan22. Choice between Alternative Routes to Go Public: Backdoor Listing versus IPOPhilip Brown, Andrew Ferguson and Peter Lam23. An Empirical Analysis of Cross-Listing Decisions in Share-Issue Privatizations: Evidence from Developed and Developing CountriesJuliet D’Souza, William L. Megginson and Robert Nash24. How Bank Health Affects the Capital Structure and Performance of IPO Firms: Evidence from the Japanese Financial Crisis in the 1990sKazuo YamadaIndex