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1、19878_18_c18_p616-657.qxd2/22/0610:40AMPage618CHAPTER18InitialPublicOfferings,InvestmentBanking,andFinancialRestructuringThepreviousthreechaptersdescribedhowacompanymakescapitalstructureanddividendpolicydecisions.Thosedecisionsaffectthefirm’sneedfornewcapital,andtheformsinwhichcapitalisra
2、ised.Thischapterexplainstheactualprocessofrais-ingcapital.ThroughoutthechapterwediscusstherolesplayedThetextbook’sWebsitecontainsanExcelTheThomsonNOWWebsitecontainsanbyinvestmentbanksandregulatoryagencies.filethatwillguideyouthroughthechap-Excelfilethatwillguideyouthroughtheter’scalculati
3、ons.Thefileforthischapterchapter’scalculations.ThefileforthisischapterisIFM9Ch18ToolKit.xls,IFM9Ch18ToolKit.xls,andweencour-andweencourageyoutoopenthefileandageyoutoopenthefileandfollowalongfollowalongasyoureadthechapter.asyoureadthechapter.TODISCCOLLECTION618IMAGE:©GETTYIMAGES,INC.,PHO19
4、878_18_c18_p616-657.qxd2/22/0610:40AMPage619BEGINNING-OF-CHAPTERQUESTIONSAsyoureadthechapter,considerhowyoupany’smarketpricerisesabovetheIPOprice,wouldanswerthefollowingquestions.Youdoesthatsuggestthatthecompanyleftshouldnotnecessarilybeabletoanswerthemoneyonthetableandthusreceivedlessfor
5、questionsbeforeyoureadthechapter.Rather,itssharesthanitshouldhavereceived?Ifyoushouldusethemtogetasenseoftheissuesmostcompaniesdoleavemoneyonthetable,coveredinthechapter.Afterreadingthechap-doesthatindicatethattheIPOmarketisinef-ter,youshouldbeabletogiveatleastpartialficient?Howmightsyste
6、maticunderpricinganswerstothequestions,andyoushouldbebeexplained?Hastheamountofunderpric-abletogivebetteranswersafterthechapterhasingbeenconstantovertime?Explain.beendiscussedinclass.Note,too,thatitisoften3.Whatisarightsoffering?Whydocompaniesuseful,whenansweringconceptualquestions,toissu
7、erightsratherthansimplyselladditionalusehypotheticaldatatoillustrateyouranswer.stockdirectlytoinvestors?HowisthevalueWeillustratetheanswerswithanExcelmodelofarightdetermined?ShouldanindividualthatisavailableontheThomsonNOWWebsite.stockholdersellorexercisehisorherrig
