It is a provocative paper arguing that Initial Public Offerings (IPOs) must simply be abolished
by Adam Pritchard (“Revisiting ‘Truth in securities revisited’: Abolishing IPOs and harnessing markets in the public good”). He suggests that “companies bec[o]me public, with required periodic disclosures to a secondary market, before they [a]re allowed to make public offerings”.
Pitchard wrote
“No one believes that IPOs reflect an efficient capital market. In fact the evidence is
fairly strong that IPOs are inefficient. IPOs are bad deals. View full article »
