Ranking Underwriters of European IPO’s
Katrin Migliorati and Professor Vismara
- When?
- Wednesday 28 March 2012, 12:00
- Where?
- 81MS02
- Open to:
- Public, Staff, Students
- Speaker:
- Katrin Migliorati, Cass Business School
Surrey Business School is pleased to present Katrin Migliorati and Professor Vismara, University of Bergamo.
Abstract
The reputational capital of underwriters is a valuable asset in IPO markets. However, existing measures of reputation are tailored on the US, where approximately the same established investment banks take companies public on either the NYSE or NASDAQ. This paper documents a fragmentation in the underwriting market of IPOs in Europe. We propose six rankings for the stock exchange in UK, France, Germany and Italy, differentiating the AIM and the French Marché Libre. We argue that these measures provide a better proxy for reputation, in that they are more correlated with the performance of IPOs in the period 1995-2010 compared to alternative measures.
Biography
Katrin Migliorati is a PhD student in Economics and Management Technology. Her main areas of interest are corporate finance: Initial Public Offerings (IPO’s) and Seasonal Equity Offerings. Before being at the University of Bergamo she was a visiting scholar at CASS Business School in London.
Please RSVP to Natalie Berge at: fbelevents@surrey.ac.uk