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According to most research, firms benefit from being listed on the New York Stock Exchange (NYSE). Nevertheless, 224 of 640 firms that went public from 1993 through 2000 and were eligible for a NYSE listing chose to list their stock on Nasdaq. We hypothesize that this choice may be related to Securities and Exchange Commission (SEC) Rule 144. The rule regulates the sale of restricted stock by limiting the amount of unregistered stock that can be sold by an individual. We investigate the determinants of post-IPO sales of restricted stock, examine IPO firms' listing choices, and find evidence consistent with firms selecting Nasdaq to reduce the effect of the limits on selling restricted stock imposed by the SEC's Rule 144. Venture capitalists play an important role in this listing decisio...
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Maine's most prominent wind energy developer is attempting to go public and issue stock, aiming to fund aggressive growth plans. Boston-based First Wind Holdings LLC is preparing an initial public offering, in which it hopes to list common stock on the Nasdaq market under the symbol WIND. The prospectus, which remains incomplete, doesn't specify the number of shares being offered or the price per share. Also missing is how much money the company hopes to raise.
As of this writing, non-US companies using International Financial Reporting Standards (IFRS) are permitted to list their securities on US stock exchanges without reconciling those statements to US GAAP. In February 2010, the SEC stated that US issuers would not be required to employ IFRS until 2015 at the earliest. The SEC further stated that it would vote in 2011 whether to go forward with a mandate to employ IFRS solely or to allow firms to use either IFRS or US GAAP. A survey was sent to a random sample of 2,000 AICPA members employed by public accounting firms that have substantial publicly traded companies as clients. When asked about the comfort level with their own current IFRS knowledge, respondents generally did not think that they had the current competence level to effective...
VALLEY STOCK WATCH: STOCK ACTIVITY FOR 50 SELECTED GREATER SAN FERNANDO VALLEY-BASED PUBLIC COMPANIES - List
Shares of Salt Lake-based chemical giant Huntsman Corp. received a warm welcome in their opening on the New York Stock Exchange Friday, closing at $24.50, up 6.5 percent from the stock's list price of $23. The company raised $1.45 billion in an initial public offering Thursday and plans to use the proceeds to pay down part of its $6.2 billion in debt. As of Sept. 30, the company had $239.1 million in cash.
VALLEY STOCK WATCH: STOCK ACTIVITY FOR 50 SELECTED GREATER SAN FERNANDO VALLEY-BASED PUBLIC COMPANIES - List
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