English, Article, Journal or magazine article edition: The Missed Opportunity of IPOs by Tender: A Case Study in British Capital Market Failure David Chambers

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Bookmark: http://trove.nla.gov.au/version/21096
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • The Missed Opportunity of IPOs by Tender: A Case Study in British Capital Market Failure
Author
  • David Chambers
Physical Description
  • preprint
Notes
  • Allegations of British capital market failure are numerous, range from claims of domestic investor bias before 1914 to charges of short-termism against institutional investors towards the end of the last century, and are frequently contentious. This paper revisits this literature by pointing up the post-1945 IPO market as a clear example of capital market failure. Despite the tender offer method delivering 10% lower underpricing than the dominant IPO method, it was adopted by fewer than 1 in 10 firms going public. This missed opportunity cost issuing firms £1.4 billion in "money left on the table" between 1960 and 1986 at 2004 prices and can be attributed to a lack of competition among issuing houses and brokers pre-Big Bang.
  • IPO, British capital market failure, Tender offer
  • RePEc:oxf:wpaper:253
Language
  • English
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