FACULTEIT ECONOMIE

EN BEDRIJFSKUNDE

HOVENIERSBERG 24

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B-9000 GENT

Tel. : 32 - (0)9 – 264.34.61

Fax. : 32 - (0)9 – 264.35.92

WORKING PAPER

Initial returns: underpricing or overvaluation ?

Evidence from Easdaq and EuroNM

Wouter DE MAESENEIRE1

Sophie MANIGART2

March 2002

2002/139

1 Department of Corporate Finance, Ghent University.

2 Department of Corporate Finance, Ghent University.

Correspondence to: Wouter De Maeseneire, Department of Corporate Finance, Faculty of Economics and

Business Administration, Ghent University, Kuiperskaai 55E, 9000 Gent, BELGIUM; E-mail:

Wouter.Demaeseneire@rug.ac.be; tel: +32-9-264 35 06.

This paper has benefited a lot from comments of AFFI 2001 (Namûr, Belgium), EFMA 2001 (Lugano,

Switzerland) and Ghent University- Working Paper Forum participants.

D/2002/7012/14

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Fordham International Law Journal

Volume 19, Issue 5 1995 Article 16

Easing the Regulation of a Pan-European Securities Market: Applying the Recommendations of the Rudman Report to EASDAQ

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Maria A. Volarich



Copyright

c 1995 by the authors. Fordham International Law Journal is produced by The Berkeley

Electronic Press (bepress). http://ir.lawnet.fordham.edu/ilj

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This article deals with several aspects of the need for growth capital for small businesses in the UK. First, the article makes a comparison between equity and debt capital as financing options for a growing small business. The article then advocates the superiority of equity capital in

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meeting small business needs. Equity capital, supported by the legal rules on the maintenance of capital, provides small businesses a degree of permanence that is important for growth purposes. The article then examines the advantages of public equity financing and advocates the view that public equity is better suited to meet growth capital needs because it

allows perpetuity in the capital provided This degree of perpetuity is provided by the availability of secondary markets where shares could change hands. The article next explores the weaknesses in the UK and European legal infrastructure in securities regulation and why it does not meet small business needs in seeking public equity financing. These weaknesses may be further augmented if the European draft Prospectus Directive comes to pass. This article concludes by recommending that Europe should consider the modification of its one-size-fits-all mandatory disclosure rules in securities regulation and adopt a tiered disclosure

regime based on issue size, akin to US. federal securities law, in order to facilitate small business access to the public equity markets.

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The Asset Management Industry in Europe:Competitive Structure and Performance Under EMU

by

Ingo Walter

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New York University and INSEAD

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Gazelles in the City: stock market listing and its impact on firm growth quantiles

Cosimo Abbate Alessandro Sapioy

July 4, 2015

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The goal of

this analysis is to learn about the functions that stock markets perform for high-growth rms (HGFs), here dened as the companies whose growth rates are in the upper-most quantiles.

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Federal Planning Bureau

Economic analyses and forecasts

WORKING PAPER

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9-00

The financing of innovation with venture capital

An update of the EU benchmarking pilot project from a Belgian perspective

H. Van Sebroeck

November 2000

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Summer Course Europe Inside-Out

Friday, June 10

CAPRICORN VENTURE PARTNERS

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Venture Capital in Europe

Dr. Jos B. Peeters and Dr. L. Goris

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OECD/World Bank Corporate Governance Roundtable for Russia

SHAREHOLDER RIGHTS AND EQUITABLE TREATMENT

Moscow, 24-25 February 2000

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SESSION III: MECHANISMS FOR EQUITABLE TREATMENT

Presentation by

Mr. Leo Goldschmidt

Chairman, Corporate Governance Committee EASD (the European Association of Securities Dealers)

Belgium

Copyright © OECD All rights reserved

EASD AND EASDAQ - A PAN-EUROPEAN EXAMPLE

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