20 research outputs found
IPO Pricing and Allocation: A Survey of the Views of Institutional Investors
No full textDespite the central importance of investors to all initial public offering (IPO) theories, relatively little is known about their role in practice. This article is based on a survey of how institutional investors assess IPOs, what information they provide to the investment banking syndicate, and the factors they believe influence allocations. We find that investor characteristics, in particular brokerage relationships with the bookrunner, are perceived to be the most important factors influencing allocations, which supports the view that IPO allocations are part of implicit quid pro quo deals with investment banks. The survey raises doubts as to the extent of information production or revelation. The Author 2008. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: [email protected]., Oxford University Press.
Private Equity.
No full textThe credit crunch was most likely viewed as a mixed blessing by many private equity executives. On the one hand, it signalled the end of the most favourable set of economic conditions the private equity industry had ever witnessed: abundant capital, low interest rates, increasing stock market values and a truly amazing willingness amongst banks and other investors to provide debt financing on a scale and on terms never previously observed. But the clouds that have descended since August 2007 have at least one silver lining: the intense public scrutiny of the private equity industry has been, to some extent, diverted into other areas of the financial system, in particular the investment banks, rating agencies, imploding hedge funds and structured vehicles etc. During this crisis, private equity funds have attracted little attention, except for their activities in taking advantage of banks’ desire to sell debt backing private equity deals. But the private equity industry remains active, having attracted large amounts of committed capital, and is continuing to invest – albeit not in the headline grabbing purchases of large public companies. And public scrutiny is redeveloping
The development and performance of European private equity
No full textPrivate equity represents one of the most interesting and important developments in the provision of capital to companies. Definitions of private equity vary, but in this paper we consider the entire asset class including early stage venture capital (VC), expansion financing and buy-outs
Competitive IPOs.
No full textCompetition between investment banks for lead underwriter mandates in IPOs is fierce, but having committed to a particular bank, the power of the issuer is greatly reduced. Although information revelation theories justify giving the underwriters influence over pricing and allocation, this creates the potential for conflicts of interest. In this clinical paper we analyse an interesting innovation that has been used in recent European IPOs whereby issuers separate the preparation and distribution roles of investment banks, and keep competitive pressure on the banks throughout the issue process. These ‘competitive IPOs’ allow the issuer greater control and facilitate more contingent fee structures that help to mitigate against ‘bait and switch’. But unlike more radical departures from traditional bookbuilding - such as auctions - the competitive IPO is an incremental market-based response to potential conflicts of interest that retains many of the advantages of investment banks’ active involvement in issues
Systematic review: Psychosocial interventions for children and young people with visible differences resulting from appearance altering conditions, injury, or treatment effects
No full text© 2015 The Author 2015. Published by Oxford University Press on behalf of the Society of Pediatric Psychology. All rights reserved. Objective Evaluate critically the evidence of the effectiveness of psychosocial interventions for children/young people ( < 18 years old) with visible differences in improving self-esteem, social experiences, psychological well-being, and behavioral outcomes. Methods Studies were systematically identified using electronic databases, appraised according to eligibility criteria and evaluated for risk of bias. Findings were reported using the PRISMA checklist.Results Studies were identified that evaluated residential social camps, exercise with counseling, social skills training (SIST), behavioral therapy (BT), and cognitive behavioral therapy (CBT). Risk of bias within studies was high. Camp studies and exercise with counseling showed little or no effect postintervention on self-esteem, social experiences, and psychological well-being. The five studies evaluating SIST, CBT, and BT provided limited support for their effectiveness. Conclusions Evidence base is inconclusive. Further rigorous research using appropriate outcome measures to evaluate the effectiveness of interventions for young people with visible differences is required
Jenkinson, Prof. Timothy John, (born 12 April 1961), Professor of Finance, Saïd Business School, University of Oxford, since 2006; Fellow, Keble College, Oxford, since 1987
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