The Ipo Business Of German Discount Brokers
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The IPO Business of German Discount Brokers
Author | : Sido Schrom |
Publsiher | : diplom.de |
Total Pages | : 106 |
Release | : 2001-07-10 |
Genre | : Business & Economics |
ISBN | : 9783832442804 |
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Inhaltsangabe:Einleitung: Entwicklungen in jüngerer Vergangenheit zeigen, dass deutsche Discount Broker ihre Produktpalette gezielt erweitern und ihren Kunden verstärkt Zugang zu Neuemissionen (IPOs) bieten, nicht zuletzt um ihre starke Marktposition in Europa zu wahren. So übernehmen die Broker Aufgaben im Neuemissionsgeschäft, sei es als Verkaufsagent oder als Mitglied in Übernahmekonsortien (Underwriter). Discount Broker betreten damit Neuland in einem Wirtschaftszweig, der bisher fast ausschließlich von Investmentbanken dominiert worden ist. Somit scheint sich eine neue Sorte von Investmentbanken zu entwickeln und die Vorherrschaft privilegierter Institutionen im Neuemissionsgeschäft aufzuweichen. Vor diesem Hintergrund möchte die vorliegende Arbeit auf das aufkommende Segment des Neuemissionsgeschäfts der führenden deutschen Discount Broker eingehen und objektiv beschreiben. Durchführung und Strategien im Neuemissionsgeschäft der Direct Broker werden im Detail betrachtet. Die Untersuchung beschränkt sich dabei auf die drei Marktführer im discount broking: ConSors Discount-Broker AG, Comdirect AG and Direkt Anlage Bank AG. Zwischen Anfang September und Ende November 2000 haben die drei Brokerhäuser ihren Einstieg ins Neuemissionsgeschäft offiziell angekündigt. ConSors entschied sich, eine eigene Investment Bank zu gründen ( do-it-yourself approach ) und Comdirect zieht Nutzen aus der Unterstützung durch die Mutter Commerzbank ( piggy-back approach ), aber erhebt Anspruch auf Führungsmandate bei Neuemissionen infolge des Aufbaus eines eigenen Geschäftsbereichs Investmentbanking. DAB beschloss hingegen strategische Partnerschaften einzugehen ( tie-up approach ), um die Chancen zu erhöhen, bei Neuemissionen berücksichtigt zu werden, ohne sich dabei jedoch selbst zur Investmentbank zu entwickeln. Die drei Discount Brokers treten üblicherweise als Verkaufsagenten auf, planen jedoch ehrgeizig in absehbarer Zeit Co-Underwriting- und Führungsmandate bei Neuemissionen zu erhalten; die Broker würden dann die Bezeichnung Investmentbank rechtfertigen. Ziel der Arbeit ist es, die Frage, ob zur Zeit tatsächlich eine neue Generation von Investmentbanken entsteht, hinreichend zu beantworten. Der Autor ist zuversichtlich, dass die Broker in Abhängigkeit von der jeweiligen Marktlage mittel- bis langfristig gute Chancen mit ihrem Neuemissionsgeschäft haben und sich als Nischen-Investmentbank etablieren [...]
IPOs in Germany IPO Procedures
Author | : Andreas Schmidt |
Publsiher | : Unknown |
Total Pages | : 24 |
Release | : 2018-08-17 |
Genre | : Electronic Book |
ISBN | : 3668779228 |
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Seminar paper from the year 2018 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 2,0, University of applied sciences, Munich, language: English, abstract: It was the 25th of April in 2013 when the newspapers headlined the successful initial public offering (IPO) of Evonik, the German chemistry company. "Evonik finally finds the right chemistry" reported the Financial Times whilst Reuters wrote "Evonik celebrates stock market premiere." Prior to the successful listing in 2013, Evonik had postponed such transaction three times already, citing adverse market conditions as the reason. Adverse market conditions are widely used as the most common reason for withdrawing or postponing an IPO, with insufficient investor demand also being given as an explanation to not proceed with the transaction, as evidence by German real estate company Deutsche Annington. Listing a company on a public stock market is not an easy task, but rather a very time consuming and expensive process. The most crucial part of the entire transaction is finding the right offer price at which company is offering its shares to investors. The aim of this paper is to explain and describe the IPO process in general, with a special focus of the techniques on how the issue price will be derived. The thesis begins with a theoretical section describing and explaining the basic process of an IPO as well as clarifying basic definitions. Subsequently, the main techniques how the issue price is set will be explained and analyzed. The theoretical part is followed by a practical section, using the example of Evonik to analyze how its issue price was determined. The last chapter contains a final conclusion summarizing the findings of the paper.
The Legal 500
Author | : John Pritchard (avocat.) |
Publsiher | : Unknown |
Total Pages | : 1868 |
Release | : 2008 |
Genre | : Electronic Book |
ISBN | : 190392796X |
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People Places and Business Cultures
Author | : Paolo Di Martino,Andrew Popp,Peter Scott |
Publsiher | : Boydell & Brewer |
Total Pages | : 284 |
Release | : 2017 |
Genre | : Business & Economics |
ISBN | : 9781783272129 |
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Inspired by the work and legacy of Francesca Carnevali, this collection brings together new research into nineteenth- and twentieth-century British and European economic history, socio-cultural history and business history.
Going Public in the USA and the Valuation of IPOs
Author | : Marco Petersen |
Publsiher | : diplom.de |
Total Pages | : 193 |
Release | : 2001-10-08 |
Genre | : Business & Economics |
ISBN | : 9783832445812 |
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Inhaltsangabe:Abstract: In the course of trade liberalization, globalization, and multi-national corporations, companies and private persons invest in and are financed by cross-boarder transactions. There are several key trends that are globalizing the world economy and driving business to become more multinational to survive and prosper. The objectives of this thesis are to give an overview of the going public procedure and the registration requirements for U.S. stock exchanges. Hereby, the paper just focuses on the major U.S. stock exchanges NYSE, Nasdaq and the American Stock Exchange (Amex). Second, the paper gives on overview of valuation methods. However, the paper emphasizes only on those valuation approaches, which are used for valuing firms at IPOs. the thesis discusses the economical benefits of an initial public offering on U.S stock exchanges. the thesis gives recommendations for potential non-U.S. issuers that may pursue a listing on one of the U.S. stock exchanges. Inhaltsverzeichnis:Table of Contents: Table of ContentsIII TablesIX FiguresXI List of AppendixXII AbbreviationXIII SymbolsXVII 1.Introduction1 1.1Relevance of the Topic1 1.2Objectives of the Thesis3 1.3Structure of the Thesis4 2.The U.S. Stock Exchanges5 2.1New York Stock Exchange5 2.1.1Overview5 2.1.2The New York Stock Exchange Market Data6 2.1.3NYSE Listing Requirement7 2.2Nasdaq11 2.2.1Overview11 2.2.2Nasdaq Market Data13 2.2.3Nasdaq Listing Requirements14 2.3Amex18 2.3.1Overview18 2.3.2Amex Market Data19 2.3.3Amex Listing Requirements20 3.The U.S. Regulations and Authorities21 3.1The SEC21 3.2The NASD23 3.2.1Profile of the NASD23 3.2.2NASD Regulation23 3.2.3The Nasdaq Stock Market, Inc.24 3.2.4American Stock Exchange LLC24 3.2.5NASD Dispute Resolution, Inc.25 3.3State Regulations25 3.4Securities Act of 193326 3.4.1Registration requirements26 3.4.2Registration Exemption27 3.4.3Liabilities under the Securities Act29 3.5Securities Exchange Act of 193430 3.5.1Registration Requirements30 3.5.2Liabilities under the Exchange Act32 4.American Depositary Receipts33 4.1Function of ADRs33 4.2Reasons for ADRs34 4.3Types of ADR Programs35 4.3.1Unsponsored versus Sponsored ADRs35 4.3.2Public versus Private ADR Programs36 4.3.3Non-Capital versus Capital Raising ADR Programs36 4.4The Depositary Bank39 4.5ADRs and Accounting Standards41 4.5.1Accounting Requirements for Non-U.S. Companies41 4.5.2Accounting According to Item [...]
International Directory of Company Histories
Author | : Jay P. Pederson |
Publsiher | : International Directory of Com |
Total Pages | : 748 |
Release | : 2000 |
Genre | : Business & Economics |
ISBN | : PSU:000044155834 |
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Annotation This multi-volume work is the first major reference to bring together histories of companies that are a leading influence in a particular industry or geographic location.
Business Week
Author | : Anonim |
Publsiher | : Unknown |
Total Pages | : 550 |
Release | : 2005 |
Genre | : Business |
ISBN | : UCSD:31822034840926 |
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Wall Street Journal Index
Author | : Anonim |
Publsiher | : Unknown |
Total Pages | : 1184 |
Release | : 2003 |
Genre | : Barron's national business and financial weekly |
ISBN | : CORNELL:31924096862028 |
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