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Abstract

This research considers the strategies on the initial public offering of company equity at the stock exchanges in the imperfect highly volatile global capital markets with the nonlinearities. We provide the IPO definition and compare the initial listing requirements on the various markets. We analyze the IPO techniques: the fixed-price offerings, auctions, book-building. We focus on the IPO initial underpricing, long-run performance and after market liquidity problems. 1. We propose that the information absorption by the investors occurs in the evolving learning process about the company’s value, taking to the consideration the fundamental purpose of investing and the responsibilities of investors. 2. We think that the information absorption capacity by the investors on the IPOs impacts the investor’s investment decisions and serves as a pre-determinant for the successful IPO deal completion. We propose the Ledenyov theory on the origins of the IPO underpricing and long term underperformance effects, which states that the IPO underpricing and long term underperformance can be explained by the changing information absorption capacity by the investors on the IPO value. 3. We think that the IPO winning virtuous investment strategies can only be selected by the investors with the highest information absorption capacity through the decision making process on the IPO investment choices at the selected stock exchange in the imperfect highly volatile global capital markets with the nonlinearities; applying the econophysical econometrical analysis with the use of the inductive, deductive and abductive logics in the frames of the strategic choice structuring process, that is the winning through the distinctive choices process.



Item Type: MPRA Paper -

Original Title: Strategies on initial public offering of company equity at stock exchanges in imperfect highly volatile global capital markets with induced nonlinearities-

English Title: Strategies on initial public offering of company equity at stock exchanges in imperfect highly volatile global capital markets with induced nonlinearities-

Language: English-

Keywords: Information absorption, initial public offering IPO, listing requirements, mechanism choices, direct costs, underwriting, audit fees, selling commission, legal expenses, indirect costs, certification, grading, market cycles, valuation, underpricing, overpricing, long term under-performance, long term over-performance, investment strategy, inductive logics, deductive logics, abductive logics, strategic choice structuring process, nonlinearities, econophysics, econometrics, stock exchanges, imperfect highly volatile global capital markets.-

Subjects: ?? C16 ??C - Mathematical and Quantitative Methods > C5 - Econometric ModelingC - Mathematical and Quantitative Methods > C5 - Econometric Modeling > C58 - Financial EconometricsC - Mathematical and Quantitative Methods > C8 - Data Collection and Data Estimation Methodology ; Computer Programs > C87 - Econometric SoftwareD - Microeconomics > D8 - Information, Knowledge, and Uncertainty > D81 - Criteria for Decision-Making under Risk and UncertaintyD - Microeconomics > D8 - Information, Knowledge, and Uncertainty > D82 - Asymmetric and Private Information ; Mechanism DesignD - Microeconomics > D8 - Information, Knowledge, and Uncertainty > D83 - Search ; Learning ; Information and Knowledge ; Communication ; Belief ; UnawarenessG - Financial Economics > G1 - General Financial MarketsG - Financial Economics > G1 - General Financial Markets > G11 - Portfolio Choice ; Investment DecisionsG - Financial Economics > G1 - General Financial Markets > G12 - Asset Pricing ; Trading Volume ; Bond Interest RatesG - Financial Economics > G1 - General Financial Markets > G17 - Financial Forecasting and SimulationG - Financial Economics > G2 - Financial Institutions and Services > G24 - Investment Banking ; Venture Capital ; Brokerage ; Ratings and Ratings AgenciesG - Financial Economics > G3 - Corporate Finance and Governance > G32 - Financing Policy ; Financial Risk and Risk Management ; Capital and Ownership Structure ; Value of Firms ; GoodwillG - Financial Economics > G3 - Corporate Finance and Governance > G34 - Mergers ; Acquisitions ; Restructuring ; Corporate GovernanceL - Industrial Organization > L1 - Market Structure, Firm Strategy, and Market PerformanceL - Industrial Organization > L2 - Firm Objectives, Organization, and Behavior > L21 - Business Objectives of the FirmL - Industrial Organization > L2 - Firm Objectives, Organization, and Behavior > L22 - Firm Organization and Market StructureL - Industrial Organization > L2 - Firm Objectives, Organization, and Behavior > L25 - Firm Performance: Size, Diversification, and ScopeM - Business Administration and Business Economics ; Marketing ; Accounting ; Personnel Economics > M4 - Accounting and Auditing-





Autor: Ledenyov, Dimitri O.

Fuente: https://mpra.ub.uni-muenchen.de/53780/







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