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• W74966405 abstract "The economy advent and the Euro's arrival have given energy to EU stock markets. Even though late with respect to the US and the UK, the number of firms going public on these has considerably increased, even as a consequence of the birth of new pan-European second markets. Most IPOs resulted in huge short-run returns, compared to the offer price. The initial underpricing has been particularly manifest for firms whose products and service pertain to high-tech sectors, and distinctively to the Internet world. Yet, a substantial correction in stock prices has occurred in 2000 driven by investors' concerns about Internet companies' cash flow deficits. Many firms have been induced to delay their offerings, and the offer prices were revised downward either by the issuers or by the market with mortifying initial returns. In this paper we analyze a survey of Internet stock IPOs, listed on the Euro's secondary Stock Exchanges. The sample is made up by 86 IPOs, listed on the EASDAQ and EURO-NM from 1/1/1999 to 1/5/2000. We find an initial average return equal to 76.43%, i.e. the first-day offer price is much higher than the offer price. More than 4.6 billion euro were on the table by the IPOs issuers (54.3 million euro on the average). We aim at investigating why Internet-stock IPOs leave (or just left ?) so much money on the table. We find that the initial underpricing is strongly related to the information gathered during book building activity in the pre-selling period, which drives the revision of the prospectus price range and signals the IPO quality to uninformed investors. In fact, when the offer price is equal to the maximum price in the ex-ante file range the mean underpricing is equal to 93.71% while it is negative when the offer price is equal to the minimum price. By focusing on Italian Internet companies IPOs we also verify that IPOs underpricing does not annoy the issuers, since they discover to be much wealthier than expected, coherently with the prospect theory by Loughran and Ritter (2000). Finally we find that the initial return is driven by a number of determinants: it is positively related to the market momentum but negatively related to the density of IPOs in the same national market during the 30 days before the offering, consistently with the hot issue markets theory. Interestingly, accounting data from the prospectus about sales and profits seem to force the initial underpricing, too. The dilution of insiders' ownership is not recognized as a significant determinant. We argue that the remarkably high initial return of Internet stock IPOs in Euro-land is related to Internet euphoria, but also to the limits of traditional evaluation methods adopted by intermediates in determining the offer price. J.E.L Classification codes: G30, G32." @default.
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• W74966405 date "2000-01-01" @default.
• W74966405 modified "2023-09-22" @default.
• W74966405 title "Why Do (or Did?) Internet-Stock IPOs Leave So Much 'Money on the Table'?" @default.
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• W74966405 doi "https://doi.org/10.2139/ssrn.244049" @default.
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