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Information Risk and Long-Run Performance of Initial Public Offerings, Frank Ecker; Prof. Dr. Hellmuth Milde; Prof. Dr. P


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Автор: Frank Ecker; Prof. Dr. Hellmuth Milde; Prof. Dr. P
Название:  Information Risk and Long-Run Performance of Initial Public Offerings
ISBN: 9783834912596
Издательство: Springer
Классификация:
ISBN-10: 383491259X
Обложка/Формат: Paperback
Страницы: 132
Вес: 0.19 кг.
Дата издания: 28.10.2008
Язык: English
Размер: 210 x 148 x 8
Основная тема: Economics
Ссылка на Издательство: Link
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Поставляется из: Германии
Описание: Exactly forty years after Eugene Famas (1965) article The Behavior of Stock Market Prices (Journal of Business), the play E?cient Capital Markets is still going strong. With his thesis, Frank Ecker is adding a new act to the play: His work is a combination of several new developments on the analytical and empirical capital market research front. Capital market e?ciency is based on two aspects. First, the ability of investors to identify a situation in which asset prices are out of the capital market equilibrium. Second, on the possibility of the market to make arbitrage pro?ts by driving the prices back to the equilibrium value. Both aspects are conditional on the set of relevant information. As a result, the basic question is: What is relevant information and how is it processed by investors? This work is building on the concept of information quality, information uncertainty or information risk. Famas e?cient market hypothesis is just a special case based on the assumption that new information is absolutely correct and completely credible to all investors. In contrast, this work makes use of the more general assumption that new information can be characterized by very di?erent degrees of credibility, or qu- ity. The setting of initial public o?erings is chosen as one of the few capital market transactions arguably characterized by high information asymmetry between the ?rms insiders (management) and outsiders (investors).


Corporate Governance and Initial Public Offerings

Автор: Zattoni
Название: Corporate Governance and Initial Public Offerings
ISBN: 1107635691 ISBN-13(EAN): 9781107635692
Издательство: Cambridge Academ
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Цена: 7762.00 р.
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Описание: Based on an international research project, this book analyses the corporate governance of Initial Public Offerings (IPOs) in twenty-one countries. The end result is a broad and deep assessment of governance practices and IPO activity for an array of economies that represent roughly 80% of the global economy.

Public Decision-Making Processes and Asymmetry of Information

Автор: Massimo Marrelli; Giacomo Pignataro
Название: Public Decision-Making Processes and Asymmetry of Information
ISBN: 1461356261 ISBN-13(EAN): 9781461356264
Издательство: Springer
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Цена: 13974.00 р.
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Описание: The problems arising from the existence of asymmetric information in public decision making have been widely explored by economists.

Initial Public Offerings: Findings and Theories

Автор: Seth Anderson; T. Randolph Beard; Jeffery A. Born
Название: Initial Public Offerings: Findings and Theories
ISBN: 1461359694 ISBN-13(EAN): 9781461359692
Издательство: Springer
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Цена: 13974.00 р.
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Описание: Initial public offerings (IPOs) play a crucial role in allocating resources in market economies. Audience: Designed for use by anyone wishing to perform further academic research in the area of IPOs and by those practitioners interested in IPOs as investment vehicles.

Initial Public Offerings: Findings and Theories

Автор: Seth Anderson; T. Randolph Beard; Jeffery A. Born
Название: Initial Public Offerings: Findings and Theories
ISBN: 0792396332 ISBN-13(EAN): 9780792396338
Издательство: Springer
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Цена: 20962.00 р.
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Описание: Initial public offerings (IPOs) play a crucial role in allocating resources in market economies. Because of the importance of IPOs, an understanding of how IPOs work is fundamental to an understanding of financial markets. This book is useful for those performing academic research, and practitioners interested in IPOs as investment vehicles.

Microfinance and Public PolicyOutreach, Performance and Efficiency

Автор: Balkenhol B.
Название: Microfinance and Public PolicyOutreach, Performance and Efficiency
ISBN: 0230547028 ISBN-13(EAN): 9780230547025
Издательство: Springer
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Цена: 15372.00 р.
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Описание: Microfinance institutions (MFIs) provide a public good: they provide income-creating financial services to un-bankable people. If MFIs create and deepen markets where none existed before, there may be a case for public support. While subsidies are generally not favourably seen in financial sector development, being difficult to target and possibly distorting the local financial market, there may be situations where the net social benefits of micro-finance may exceed those of not doing anything and of alternative anti-poverty programs.

Under such circumstances longer-term public support may be justifiable. This book is based on a study of forty-five MFIs carried out by ILO, in partnership with the Universities of Geneva and Cambridge. The application of factor analysis and cluster analysis shows that MFIs form clusters in terms of social and performance.

Within each cluster there is one institution that is most efficient on both scores. Public support should ensure that the relative efficiency of MFIs is enhanced, it should not prod MFIs to modify their mission and position between poverty outreach and profitability.


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