caa a22 4500 463187407 CHVBK 20180406164858.0 cr unu---uuuuu 170326e20071001xx s 000 0 eng 10.1007/s11156-007-0035-x doi (NATIONALLICENCE)springer-10.1007/s11156-007-0035-x Valuation of global IPOs: a stochastic frontier approach [Elektronische Daten] [Yue-Cheong Chan, Congsheng Wu, Chuck Kwok] This paper studies the impact of global offerings on US IPO firms' offer price using the stochastic frontier approach. We find that the offer price valuation efficiency for global IPOs exceeds that of IPOs with purely domestic offers by 3.1%. In particular, the global offering approach is most appropriate to those IPO firms, which offer larger proportion of new shares to international investors, underwritten by less prestigious investment banks and with larger firm-specific return variance. Our findings are consistent with the demand inelasticity, certification effect and investor recognition arguments that account for the benefits of global offering. Springer Science+Business Media, LLC, 2007 Global offerings nationallicence Stochastic frontier estimation nationallicence Valuation efficiency nationallicence Chan Yue-Cheong School of Accounting and Finance, Hong Kong Polytechnic University, Hung Hom, Kowloon, Hong Kong, PRC aut Wu Congsheng School of Business, University of Bridgeport, 06604, Bridgeport, CT, USA aut Kwok Chuck Moore School of Business, University of South Carolina, 29208, Columbia, SC, USA aut Review of Quantitative Finance and Accounting Springer US; http://www.springer-ny.com 29/3(2007-10-01), 267-284 0924-865X 29:3<267 2007 29 11156 https://doi.org/10.1007/s11156-007-0035-x text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s11156-007-0035-x text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Chan Yue-Cheong School of Accounting and Finance, Hong Kong Polytechnic University, Hung Hom, Kowloon, Hong Kong, PRC aut NATIONALLICENCE 700 1- Wu Congsheng School of Business, University of Bridgeport, 06604, Bridgeport, CT, USA aut NATIONALLICENCE 700 1- Kwok Chuck Moore School of Business, University of South Carolina, 29208, Columbia, SC, USA aut NATIONALLICENCE 773 0- Review of Quantitative Finance and Accounting Springer US; http://www.springer-ny.com 29/3(2007-10-01), 267-284 0924-865X 29:3<267 2007 29 11156 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer