Going Public in the USA and the Valuation of IPOs

Diplomarbeit, die am 08.03.2001 erfolgreich an einer Fachhochschule in Deutschland im Fachbereich Wirtschaft eingereicht wurde. 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. Table of Contents: |Table of Contents|III |Tables|IX |Figures|XI |List of Appendix|XII |Abbreviation|XIII |Symbols|XVII 1.|Introduction|1 1.1|Relevance of the Topic|1 1.2|Objectives of the Thesis|3 1.3|Structure of the Thesis|4 2.|The U.S. Stock Exchanges|5 2.1|New York Stock Exchange|5 2.1.1|Overview|5 2.1.2|The New York Stock Exchange Market Data|6 2.1.3|NYSE Listing Requirement|7 2.2|Nasdaq|11 2.2.1|Overview|11 2.2.2|Nasdaq Market Data|13 2.2.3|Nasdaq Listing Requirements|14 2.3|Amex|18 2.3.1|Overview|18 2.3.2|Amex Market Data|19 2.3.3|Amex Listing Requirements|20 3.|The U.S. Regulations and Authorities|21 3.1|The SEC|21 3.2|The NASD|23 3.2.1|Profile of the NASD|23 3.2.2|NASD Regulation|23 3.2.3|The Nasdaq Stock Market, Inc.|24 3.2.4|American Stock Exchange LLC|24 3.2.5|NASD Dispute Resolution, Inc.|25 3.