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Two Essays on Alternative Mechanisms to Going Public

Floros, Ioannis V. (2008) Two Essays on Alternative Mechanisms to Going Public. Doctoral Dissertation, University of Pittsburgh. (Unpublished)

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Abstract

This dissertation addresses the reasons why private companies that have decided to go public use the alternative reverse merger path instead of the traditional initial public offering. We test the importance of information asymmetry for the decision of domestic and foreign private company owners to go public in the US utilizing the reverse merger path. To measure information asymmetry we use size, profitability, development stage, expenses and financing variables. We conclude that private companies choosing the reverse merger path are highly information asymmetric since reverse merger deals require no offering to be conducted at the consummation of the deal making these companies less reliant on a wide public investor base. This dissertation consists of five Chapters: Chapter One reviews going public and cross-listing literature. Chapter Two presents our empirical findings of domestic reverse mergers-penny stock initial public offerings comparison. Chapter Three analyzes similarities and differences of domestic and foreign reverse mergers. Chapter Four expands our analysis to the international level. Chapter Five states our conclusions.

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Details

Item Type: University of Pittsburgh ETD
Status: Unpublished
Creators/Authors:
CreatorsEmailPitt UsernameORCID
Floros, Ioannis V.ivfloros@katz.pitt.edu
ETD Committee:
TitleMemberEmail AddressPitt UsernameORCID
Committee ChairShastri, Kuldeepkuldeep@katz.pitt.edu
Committee Member Zutter, Chad Jczutter@pitt.eduCZUTTER
Committee MemberDunbar, Craig Gcdunbar@ivey.uwo.ca
Committee MemberSchlingemann, Frederik Pschlinge@katz.pitt.eduSCHLINGE
Committee MemberEvans, John Harryjhe@katz.pitt.eduJHE
Committee MemberThomas, Shawn Eshthomas@katz.pitt.eduSHTHOMAS
Date: 30 June 2008
Date Type: Completion
Defense Date: 8 April 2008
Approval Date: 30 June 2008
Submission Date: 17 April 2008
Access Restriction: No restriction; Release the ETD for access worldwide immediately.
Institution: University of Pittsburgh
Schools and Programs: Joseph M. Katz Graduate School of Business > Business Administration
Degree: PhD - Doctor of Philosophy
Thesis Type: Doctoral Dissertation
Refereed: Yes
Uncontrolled Keywords: capital-raising ADRs; foreign IPOs; going public decision; information asymmetry; penny stock IPOs; reverse mergers
Other ID: http://etd.library.pitt.edu/ETD/available/etd-04172008-230156/, etd-04172008-230156
Date Deposited: 10 Nov 2011 19:38
Last Modified: 15 Nov 2016 13:40
URI: http://d-scholarship.pitt.edu/id/eprint/7255

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