One of the most powerful mechanisms by which governments and corporations can raise capital is by offering securities to the public without an underwriter through a direct public offering (DPO). Although governments at all levels have conducted DPOs, corporations generally have not adopted the DPO as a means of financing the corporation. This paper contends that DPOs can be a more efficient means of raising capital than conventional offerings. In particular, aggregate transaction costs in aDPO are likely to be lower in certain circumstances such as when: an offering is conducted over the Internet; the issuer is seasoned; investors are sophisticated; and, the offering is debt rather than equity securities. The presence of each of these factors can result in lower information costs and thereby increase the potential for an efficient DPO.

The must-read summary of Drew Field's book: "Direct Public Offerings: The New Method for Taking Your Company Public". This complete summary of the ideas from Drew Field's book "Direct Public Offerings" explains how DPOs have now become a viable way for companies to sell stock directly to the public, without the expenses required for traditional IPO processes. In his book, Drew Field shows how Direct Public Offerings deliver significant advantages and opportunities for both investors and companies. By reading the information provided by the author, you will understand what DPOs can do for you and your business, and start making them an integral part of your business plan. Added-value of this summary: • Save time • Understand key concepts • Expand your business knowledge To learn more, read "Direct Public Offerings" and find out the benefits of DPOs and why you should never run a business without them.

Instead of calling your broker, imagine buying stock after seeing shares offered in a box of macaroni, a listing on the Internet, or a tag attached to a six-pack of beer. In "Direct Public Offerings", Field, the pioneer in applying direct marketing technology to selling securities, thoroughly explains the ins and outs of the hottest new method for corporate financial growth.

In this timely volume on newly emerging financial mar- kets and investment strategies, Arvin Ghosh explores the intriguing topic of initial public offerings (IPOs) of securities, among the most significant phenomena in the United States stock markets in recent years. Before the 2000-2001 market turndown, hardly a week went by when more than a few companies did not become public, either in the organized stock exchange or in the Over the Counter (OTC) market. In the often over-burdened, technology-heavy Nasdaq market, the role of IPOs was crucial for the market's new vigor and growth. Internet stocks were able to find a mode to supply key momentum to the market. In the so-called "New Economy" of the 1990s, it was the seductively accessible IPO that ushered in the world's information technology revolution.Ghosh sets out to examine the pricing and financial performance of IPOs in the United States during the period 1990-2001. In the opening chapter he discusses the rise and fall of IPOs in the preceding decade. Chapter 2 further delineates the IPO process from the start of the prospectus to the end of the "quiet period" and aftermarket stabilization. In chapter 3 Ghosh analyzes the mispricing and deliberately deceptive underpricing, or "flipping," of Internet IPOs. Chapter 4 delves deeper into the pricing and operating efficiency of Nasdaq IPOs. Chapter 5 analyzes the pricing and long-run performance of IPOs both in the New York Stock Exchange and in the Nasdaq markets. In chapters 6 and 7 the author deals with the pricing and performance of the venture-blocked and nonventure-backed IPOs in general and Internet IPOs in particular. In chapter 8 he analyzes the role of underwriters as market makers. In chapter 9 Ghosh discusses the accuracy of analysts' earnings forecasts. In the concluding chapter, he summarizes the principal findings of the study and the recent revival of the IPO market and its place in capital formation as well as the latest developments in t

In a corporations financial life going public by means of an IPO is probably the single most important decision. It turns a private company into a public one. Our book will provide an inside view of the IPO process. On the one hand, it draws on the insights of an experienced investment banker, who has gone through numerous IPO transactions. On the other hand, it relates the story of an actual IPO through the eyes of a Chief Executive Officer who has taken two of his companies public. This unique double perspective is our books defining feature. We do not discuss initial public offerings in a textbook style fashion. What we would like to bring out is a more comprehensive portrayal of a once-in-a-lifetime event for most companies and their management, alike.

The current process of taking a company public -- even for a small entrepreneurial venture valued at under $5 million -- is extremely complex. While taking a company public may be an entrepreneur's ultimate dream, it can also be mysterious and confusing, involving many different business disciplines.Now venture capitalist and IPO expert James Arkebauer, with his more than 25 years' experience, demystifies and explores all the aspects of the process of taking a company public. This all new and revised classic reflects the latest market and regulatory changes, including a brand-new section devoted to the Direct Public Offerings (DPOs) over the Internet. The Internet is the first widely available vehicle for entrepreneurs to obtain international exposure for Direct Public Offerings, at a much lower cost than traditional methods.This is the definitive bible for CEOs, members of the IPO team, investors and for anyone who needs to understand the process by which a company raises money by "going public". It highlights: -- The advantages and disadvantages of going public-- What are the alternative financing options-- Key ste