- Copyright Page
- The Law and Economics of the Going-Public Decision
- IPO Regulators Gone Wild
- Determinants of Variation in IPO Underpricing
- IPO Valuation: The International Evidence
- Survey and Synthesis of the IPO Underpricing Literature: The Fixed-Offer Price Constraint as a Unifying Core Explanation
- IPO Market Conditions and Timing over the Long Run
- The Interplay of IPO and M&A Markets: The Many Ways That One Affects the Other
- Lower Visibility Platforms Serving as Stepping Stones to National Stock Exchanges: The Case of Shell Reverse Mergers
- Going Public in China: Reverse Mergers versus IPOs on Chinese Markets
- Specified Purpose Acquisition Company IPOs
- The Impact of IPOs’ Analyst Coverage on the Choice and Timing of SEOs: A Survival Analysis
- Auditor Selection and IPO Underpricing
- The Structure and Role of the Underwriting Syndicate
- Venture Capital and Financial Reporting in Newly Public Firms
- The Dark Side of Venture Capital Syndication and IPO Firm Performance: The Impact of Different Institutional Environments
- All Ties Are Not Created Equal: Institutional Equity Ties, IPO Performance, and Market Growth of New Ventures
- Is Exchange Regulation Effective for Junior Public Equity Markets?
- Corporate Governance in European IPOs
- Survival of Initial Public Offerings on Europe’s New Stock Markets
- Initial Public Offerings in Germany between 1997 and 2015
- The Underpricing of Initial Public Offerings and Private Placements of Equity in China
- IPOs in New Zealand: An Analysis of Benchmark-Adjusted Performance
- Initial Public Offerings in Hong Kong
- The Admission and Regulation of Overseas Issuers: A Survey of the Top Four Financial Centers
- IPOs in a Major Emerging Market Economy—India
- Private Capital Marketplaces and IPOs
- Crowdfunding: Business and Regulatory Perspective
- Regulatory Arbitrage in Cross-Border Crowdfunding
Abstract and Keywords
A complex set of regulations is intended to guide and control the capital markets and the equity initial public offering (IPO) process, with the goal of creating efficient markets for equity capital and investor protection. Often in response to market innovations, regulators impose new, and reinterpret existing, regulations. This chapter documents key US securities regulations over the past two decades that have affected the IPO process. While motivated by good intentions, many of these regulations have led to burdens on issuing firms and have had deleterious effects on US capital markets. The authors posit that these effects are driven by the burdens placed on firms, the incentives of firms to pursue alternatives to an IPO, the disincentives for banks to conduct IPOs, and the attractiveness of more profitable (and less regulated) alternative activities available to banks. This suggests questions for IPO researchers concerning the effects of such regulations.
Kevin K. Boeh is Visiting Associate Professor at the Warrington College of Business, University of Florida.
Craig G. Dunbar is Paul Desmarais/London Life Faculty Fellow in Finance at Ivey Business School, Western University.
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