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| Author: | Dawson, S. M. Reiner, N. |
| Title: | Raising capital with initial public share issues in Germany : 1977-1985. |
| Journal: | Management International Review
1988 : VOL. 28:1, p. 64-72 |
| Index terms: | CAPITAL INVESTMENT SHARES FEDERAL REPUBLIC OF GERMANY |
| Language: | eng |
| Abstract: | Setting the offering price for an initial public share issue is difficult because no market price is available to use as a guideline. Some underpricing is desirable, but selling shares below their market value has important financial implications for issuers and existing shareholders with respect to earnings per share, dividends, voting control, and market value. The study of 51 initial offers by German companies from 1977 through 1985 shows that the German new issue market compares favorably with most other stock markets but there is still room for improvement. |
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