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Initial Public Offerings: Status, Flaws and Dysfunctions
PDF Version
(462 KB, 66 pages)
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
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
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