Private Capital Marketplaces and IPOs

Author:

Adhami Saman,Gianfrate Gianfranco,Soda Guiseppe

Abstract

The possibility of issuance and resale of private securities was originally introduced in the United States by the Securities Act of 1933 but the nature of such securities made their trades costly and extremely rare. Over last few years, a series of regulatory changes has progressively made the trade of private securities issued by young companies easier and more efficient. This chapter notes that in this framework, and especially in response to the sharp decline in initial public offerings (IPOs) during the financial crisis, two ventures (namely SecondMarket and SharesPost) were pioneers in launching online exchanges for secondary, private securities. While not all start-ups are able to use such platforms to enhance their liquidity, the more mature ones—those that would have probably gone public otherwise—have generated enough trades to partly solve their financing needs. The emergence of private capital marketplaces raises several theoretical and empirical issues.

Publisher

Oxford University Press

Cited by 1 articles. 订阅此论文施引文献 订阅此论文施引文献,注册后可以免费订阅5篇论文的施引文献,订阅后可以查看论文全部施引文献

同舟云学术

1.学者识别学者识别

2.学术分析学术分析

3.人才评估人才评估

"同舟云学术"是以全球学者为主线,采集、加工和组织学术论文而形成的新型学术文献查询和分析系统,可以对全球学者进行文献检索和人才价值评估。用户可以通过关注某些学科领域的顶尖人物而持续追踪该领域的学科进展和研究前沿。经过近期的数据扩容,当前同舟云学术共收录了国内外主流学术期刊6万余种,收集的期刊论文及会议论文总量共计约1.5亿篇,并以每天添加12000余篇中外论文的速度递增。我们也可以为用户提供个性化、定制化的学者数据。欢迎来电咨询!咨询电话:010-8811{复制后删除}0370

www.globalauthorid.com

TOP

Copyright © 2019-2024 北京同舟云网络信息技术有限公司
京公网安备11010802033243号  京ICP备18003416号-3