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Strategy - Going Public / Going Private

These articles cover the strategic rationale behind the decision to go public or to go private. Moreover they discuss legal and transactional aspects of the going public / going private decision.


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A new way to measure IPO success The double-digit first-day jump, celebrated as the measure of success for an
IPO, must be replaced by metrics that include longer-term vision. Pdf-file 2002
A Theory of the Going-Public Decision The authors address the question: At what stage in its life should a firm go public, rather than undertake its projects using private equity financing? Pdf-file  
Analyst Behavior Following IPOs: The “Bubble Period” Evidence We examine over 7,400 analyst recommendations for IPO firms during 1999-2000. Pdf-file 2004  
Down and Out in the Stock Market The Law and Finance of the Delisting Process. Pdf-file  
Down and Out in the Stock Market: The Law and Finance of the Delisting Process This paper examines the law and finance of the delisting process. We examine economic rationales for delisting, the legal rules that define it, and the causes of delisting. Using a sample of NYSE firms delisted in 2002, we examine the effects of their delisting and subsequent trading on the Pink Sheets. pdf-file 2004  
Going Private “Going Private”: Business and procedural considerations in seeking relief from reporting and corporate governance requirements. Pdf-file 2003  
Going Private: More public companies begin life anew as private companies Under-valued listed companies are increasingly shunning depressed public markets and going private. This is providing private equity investors with favourably priced mature investment opportunities. Kathy Fields of Testa, Hurwitz & Thibeault gives a comprehensive overview of the public to private trend. 2003  
Happily going private More small-cap companies eschew the public markets -- along with the costs, hassles and volatility. 2003  
IPOs versus Acquisitions and the IPO Valuation Premium Puzzle: An Empirical Analysis This paper presents an empirical analysis of a private firm’s choice between IPOs and acquisitions, and develops the first empirical analysis in the literature of the “IPO valuation premium puzzle” (where many private firms seem to choose to be acquired rather than to go public at higher valuations). 2006  
Key Differences In IPO Underwriting Agreements In Britain And America Compares typical IPO underwriting agreements in Great Britain and the US. Identifies six key areas in which the forms of agreement differ noticeably, despite the two countries’ strong similarities in legal background and the trend toward convergence. Concludes that the differences will not succumb to homogenization in the near future. 2004  
On the decision to go public: Evidence from privately-held firms The authors test recent theories of when companies go public which predict that 1) more companies will go public when outside valuations are high or have increased, 2) companies prefer going public when uncertainty about their future profitability is high, and 3) firms whose controlling shareholders enjoy large private benefits of control are less likely to go public. pdf-file 2004  
Opting Out The public markets look better, but there are still plenty of reasons for CEOs to take their companies private. 2004  
Public Company Considerations for Going Private    
So, Why Be Public? Although much has changed in the business world in recent decades, the corporate form itself has changed very little. In this article, Monitor CEO, Joe Fuller, looks at the short history of the modern corporation and its future. Pdf-file 249 KB, 2004  
The Going-Private Transaction Going private deals usually take the form of a leveraged buy-out. A leveraged buy-out is the acquisition of an existing public (or private) business by a private equity firm or other private investor group, and is financed primarily with debt and equity capital. pdf-file  
The Initial Listing Decisions of Firms that Go Public Discusses why firms get listed on particular stock exchanges. Pdf-file  
The Timing of Initial Public Offerings We study the dynamics of initial public offerings (IPOs) by examining the tradeoff between an entrepreneur’s private benefits, which are lost whenever the firm is publicly traded, and the gains from diversification. We characterize the timing dimension of the decision to go public and its impact on firm value and on the evolution of firm risk over time. pdf-file. 2003  
Voluntary Delisting Voluntary Delisting A Cost-Efficient Alternative To Going Private. 2004  
Why Do Firms Go Dark? Causes and Economic Consequences of Voluntary SEC Deregistrations We examine public companies that choose to "go dark" , i.e., cease reporting to the SEC by deregistering their common stock, but continue to trade in the over-the-counter market. Pdf-file 2004  
Why do Firms Repurchase Stock In this paper, the author investigates the relation between stock repurchases and distribution, investment, capital structure, corporate control, and compensation policies over the 1977 to 1996 period. Doc-file  


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Status: 19. September 2013