- Activity
- Tech Directory
- Analytics / Financial Libraries
- Asset Management Solutions
- ECNs/Exchanges/MTFs
- Hardware Vendors
- Infrastructure Solutions
- Insurance Systems
- Liquidity Management
- Market Data
- Middle / Back Office
- Payment Solutions
- Reference Data Solutions
- Retail Systems
- Risk Management Solutions
- Trading Systems
- Treasury Management
- Wholesale Banking Systems
- Fund Services
- Consulting
- Education
- Training
- Events
- Books
- Research
- Latest Research
- Research Library
- Behavioural Finance
- CDOs
- Collections and Resources
- Complexity Science
- Computational Finance
- Corporate Finance
- Decision Science
- Econometrics
- Economic / Financial Models
- Economic History
- Econophysics
- Education Issues
- Environmental Economics
- Ethics / Religion
- Evolutionary Economics
- Finance and Society
- Financial Bubbles
- Financial Crime
- Financial Crises
- Financial Instruments
- Financial Markets
- Financial Regulation
- Gambling and Finance
- Game Theory
- General Banking
- Hedge Funds
- High Frequency Trading
- Insurance
- Introductions and Fuindamentals
- Islamic Banking and Finance
- Liquidity
- Literature Reviews
- Macroeconomics
- Market Efficiency
- Market Microstructure
- Network Science
- Neuroeconomics
- Options Pricing and Valuation
- Philosophy of Finance
- Policy Issues
- Publishing Issues
- Quantitative Methods
- Research Issues
- Risk Management
- Shareholder Activism
- Structured Finance
- Volatility
- Link Library
- Issues in Research and Publishing
- Issues in Quantitative Finance
- Humour
- Fun and Games
- Econophysics
- Financial Crisis
- Neuroeconomics
- Financial Careers
- Banking Recruitment Sites
- Profiles and People
- Interviews
- Ratings and Agencies
- Popular Finance
- Podcasts
- Flash Crash
- The Future of Finance
- Historical Resources
- Open Courseware
- Forums and Discussion
- Directories and Portals
- Glossaries
- Social Networks
- Financial Calculators
- Financial Technology and Software
- Programming
- GPUs
- Parallel Processing
- Quant Programming
- C++
- dot Net
- Java
- Matlab
- Open Sources Essentials
- VBA / Excel
- R / S+
- Blogs
Next Dates: - Introduction to QuantLib Development with Luigi Ballabio, September 2 - 4, 2013 - £1700
Unfriend Those IPOs
Wed, 13 Jun 2012 01:22:47 GMT
Money Losing Ventures The downward trajectory of Facebook’s price after its Initial Public Offering (IPO) wasn't a great shock. Perhaps the bigger surprise is how many column inches have been spent analysing a story that can be summarized as “high price, low earnings, uncertain future”. Sentiment is a powerful driver of stock prices, but only when there’s money around to back it up. In fact IPO’s do seem to be generally subject to overpricing, which isn’t as obvious a trend as you might expect, given that owners tend to retain large stakes and to look for ways of retaining control of their precious creations. For most retail investors, though, IPO’s are probably best avoided on principle. The principle being not losing money. Winner's Curses As we saw in Are IPO’s Bitter Lemons?, the research has tended to suggest that IPO’s are, if anything, underpriced. There are a bunch of reasons for this, none of them particularly positive. One...
