Εψαξα απο περιεργεια τι λεει η (σοβαρη) βιβλιογραφια περι IPO:
A Random Walk Down Wall Street, B.G. Malkiel
Another lesson that cries out for attention is that investors should be very wary of purchasing today's hot "new issue." A study by the investment firm of Kidder Peabody examined the performance of more than 1,000 initial public offerings (IPOs) of common stock from 1983 through mid-1988. Their remarkable conclusion was that two-thirds of these IPOs actually underperformed the Dow Jones industrial average from their issue date through mid-1988. Although it is true that smaller stocks tend to outperform larger ones over long periods of time, that finding applies to established companies that trade in the secondary markets not to IPOs. With only a one in three chance of outperforming the Dow average, investors would be well advised to treat new issues with a healthy dose of skepticism.
Certainly investors in the past have built many castles in the air with IPOs. Remember that the major sellers of the stock of IPOs are the managers of the companies themselves. They try to time their sales to coincide with a peak in the prosperity of their companies or with the height of investor enthusiasm for some current fad. The biotech IPOs that proliferated during the late 1980s are a good example. In such cases, the urge to get on the bandwagon even in high-growth industries produced a profitless prosperity for investors.
The Investor’s Manifesto, W.J. Bernstein
As already alluded to, some investments entertain more than others. Initial public offerings (IPOs) of the stock of exciting new companies come most readily to mind. A wealth of research demonstrates that IPOs have, in general, lousy returns with very high risk. This is not a new observation; three-quarters of a century ago, investment legend Ben Graham, in his seminal Security Analysis, wondered why folks bought IPOs. Here is why: It is so much more fun taking a chance on finding the next Amazon.com or Microsoft than owning a doggy industrial company. In short, IPOs are the investment equivalent of a lottery ticket, with high entertainment value and low investment returns.
Investment Strategies for the 21st Century, F. Armstrong
Initial public offerings (IPOs) generate lots of fees for brokerage houses. Strangely enough, the "offering allowance" to the brokerage house and the salesperson is never called a commission. This offering allowance is a multiple of the commission that a salesperson could earn on a NYSE trade. Notwithstanding the tremendous frenzy that the recent Netscape IPO generated, most investors in IPOs have very poor results over the following few years. But, perhaps driven by the high offering allowance, Wall Street's brokers rarely fail to generate tremendous enthusiasm for IPOs.
Manias, Panics and Crashes, C.P. Kindleberger, R.Z. Aliber
Εκτεταμενες αναφορες περι IPO, φουσκες και τακτικη των μεγαλων τραπεζων με ιστορικα στοιχεια.
Personal Finance For Dummies, E. Tyson
initial public offering (IPO): The first time a company offers stock to the investing public. An IPO typically occurs when a company wants to expand more rapidly and seeks additional money to support its growth. A number of studies have demonstrated that buying into IPOs in which the general public can participate produces subpar investment returns. A high level of IPO activity may indicate a cresting stock market, as companies and their investment bankers rush to cash in on a “pricey” marketplace. (IPO could stand for It’s Probably Overpriced.)
The Intelligent Investor, Σχολια από J. Zweig
Weighing the evidence objectively, the intelligent investor should conclude that IPO does not stand only for “initial public offering.” More accurately, it is also shorthand for:
It’s Probably Overpriced,
Imaginary Profits Only,
Insiders’ Private Opportunity, or
Idiotic, Preposterous, and Outrageous.