Going Public in the USA and the Valuation of IPOs

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 ContentsIIITablesIXFiguresXIList of AppendixXIIAbbreviationXIIISymbolsXVII1.Introduction11.1Relevance of the Topic11.2Objectives of the Thesis31.3Structure of the Thesis42.The U.S. Stock Exchanges52.1New York Stock Exchange52.1.1Overview52.1.2The New York Stock Exchange Market Data62.1.3NYSE Listing Requirement72.2Nasdaq112.2.1Overview112.2.2Nasdaq Market Data132.2.3Nasdaq Listing Requirements142.3Amex182.3.1Overview182.3.2Amex Market Data192.3.3Amex Listing Requirements203.The U.S. Regulations and Authorities213.1The SEC213.2The NASD233.2.1Profile of the NASD233.2.2NASD Regulation233.2.3The Nasdaq Stock Market, Inc.243.2.4American Stock Exchange LLC243.2.5NASD Dispute Resolution, Inc.253.3State Regulations253.4Securities Act of 1933263.4.1Registration requirements263.4.2Registration Exemption273.4.3Liabilities under the Securities Act293.5Securities Exchange Act of 1934303.5.1Registration Requirements303.5.2Liabilities under the Exchange Act324.American Depositary Receipts334.1Function of ADRs334.2Reasons for ADRs344.3Types of ADR Programs354.3.1Unsponsored versus Sponsored ADRs354.3.2Public versus Private ADR Programs364.3.3Non-Capital versus Capital Raising ADR Programs364.4The Depositary Bank394.5ADRs and Accounting Standards414.5.1Accounting Requirements for Non-U.S. Companies414.5.2Accounting According to Item […]