SME Financing Data Initiative
sme-fdi.gc.ca
Common menu bar links
Initial Public Offerings: Status, Flaws and Dysfunctions
Prepared for Industry Canada by
Cécile Carpentier
Maher Kooli
Jean-Marc Suret
CIRANO and Université Laval
April 2003
Research Paper prepared for the Small Business Policy Branch as part of the Small and Medium-Sized Enterprise (SME) Financing Data Initiative
Download the PDF version [462 KB] of this report.
Note: To read a PDF document, you will need to download Adobe Reader version 7.0 (free) to your system. If the accessibility of PDF is a concern, you can learn how to configure Adobe Reader 7.0 to work with your assistive technology using the information Read PDF Content provided by Adobe.
Table of Contents
Summary
Introduction
1. Overview and Comparisons
2. Costs of Stock Offerings
3. Medium-term Performance
4. Implications for Regulation and Intervention
Bibliography
Appendix 1: Main Classes of Securities
Appendix 2: List of Technology Sectors
Introduction
1. Overview and Comparisons
2. Costs of Stock Offerings
- 2.1 Overview and literature review
- 2.2 Direct and tangible costs
- 2.3 Initial underpricing
- 2.4 Conclusion
3. Medium-term Performance
- 3.1 Survival and growth
- 3.2 Measurement problems
- 3.3 Medium- and long-term performance of issues
- 3.4 Issue success factors
- 3.5 Foreign experiences
- 3.6 Conclusion and policy implications
4. Implications for Regulation and Intervention
- 4.1 The lowering of market listingv standards
- 4.2 Venture capital and primary issues
- 4.3 Institutional investors
- 4.4 Brokerage
- 4.5 Conclusion
Bibliography
Appendix 1: Main Classes of Securities
Appendix 2: List of Technology Sectors
