The costs of going public
dc.contributor.author | Ritter, Jay R. | en_US |
dc.date.accessioned | 2006-04-07T19:44:54Z | |
dc.date.available | 2006-04-07T19:44:54Z | |
dc.date.issued | 1987-12 | en_US |
dc.identifier.citation | Ritter, Jay R. (1987/12)."The costs of going public." Journal of Financial Economics 19(2): 269-281. <http://hdl.handle.net/2027.42/26480> | en_US |
dc.identifier.uri | http://www.sciencedirect.com/science/article/B6VBX-45D0NDF-5/2/ab578610d64f0f68bdeb9d37378ce00f | en_US |
dc.identifier.uri | https://hdl.handle.net/2027.42/26480 | |
dc.description.abstract | This paper presents evidence regarding the two quantifiable components of the costs of going public: direct expenses and underpricing. Together, these costs average 21.22% of the realized market value of the securities issued for firm commitment offers and 31.87% for best efforts offers. For a given size offer, the direct expenses are of the same order of magnitude for both contract types, but the underpricing is greater for best efforts offers. An explanation of why some firms choose to use best efforts offers in spite of their apparent higher total costs is given. | en_US |
dc.format.extent | 915866 bytes | |
dc.format.extent | 3118 bytes | |
dc.format.mimetype | application/pdf | |
dc.format.mimetype | text/plain | |
dc.language.iso | en_US | |
dc.publisher | Elsevier | en_US |
dc.title | The costs of going public | en_US |
dc.type | Article | en_US |
dc.rights.robots | IndexNoFollow | en_US |
dc.subject.hlbsecondlevel | Economics | en_US |
dc.subject.hlbtoplevel | Business | en_US |
dc.description.peerreviewed | Peer Reviewed | en_US |
dc.contributor.affiliationum | University of Michigan, Ann Arbor, MI 48109, USA | en_US |
dc.description.bitstreamurl | http://deepblue.lib.umich.edu/bitstream/2027.42/26480/1/0000016.pdf | en_US |
dc.identifier.doi | http://dx.doi.org/10.1016/0304-405X(87)90005-5 | en_US |
dc.identifier.source | Journal of Financial Economics | en_US |
dc.owningcollname | Interdisciplinary and Peer-Reviewed |
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