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Over-allotment arrangements are nowadays part of almost any initial public offering. The underwriting banks borrow stocks from the previous shareholders to issue more than the initially announced number of shares. This is combined with the option to cover this short position at the issue price. We present empirical evidence on the value of these arrangements to the underwriters of initial public offerings on the Neuer Markt. The over-allotment arrangement is regarded as a portfolio of a long call option and a short position in a forward contract on the stock, which is different from other approaches presented in the literature.
Given the economically substantial values for these option- like claims we try to identify benefits to previous shareholders or new investors when the company is using this instrument in the process of going public. Although we carefully control for potential endogeneity problems, we find virtually no evidence for a reduction in underpricing for firms using over-allotment arrangements. Furthermore, we do not find evidence for more pronounced price stabilization activities or better aftermarket performance for firms granting an over-allotment arrangement to the underwriting banks.
EFM Classification: 230, 410
The Frankfurt University Library possesses one of the outstanding Africana Collections in continental Europe; its regional anddisciplinary scope is unique in Germany. Today about 5,000 new acquisitions a year have accumulated over 200,000 items on Africa south of the Sahara. Some 50,000 historical and rare photographs are fully digitized and freely accessible. Together with a collection of around 18,000 books stemming from the collections of the German Colonial Society at the end of the 19th and the beginning of the 20th century they constitute the historical foundations of the collection. Recently the University Library Frankfurt and the library of the GIGA Institute of African Affairs, Hamburg, started the project ilissAfrica (internet library sub-Saharan Africa), a central subject gateway for online resources and a powerful tool for bibliographic research. These new services will be indispensable for researchers and librarians of African Studies and will promote African studies worldwide.
The paper presents an overview about some of the international relevant projects of digital resources in Germany. Online presentations of primary sources, e.g. photographic material, and bibliographic tools supporting research, such as cross searching, will be presented as potential partners of resource sharing with North America. Not only the possibility of cooperation will be sketched, but also necessary preliminary work and some obstacles will be outlined. This report is accompanied by a short characterization of African studies in Germany and the status quo of Open Access-initiatives.