Subject category:
Finance, Accounting and Control
Published by:
INSEAD
Length: 16 pages
Data source: Published sources
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Abstract
The IPO of World Online on the Amsterdam Stock Exchange in the spring of 2000 triggered one of the most embarrassing stock market debacles in recent years, related to a transfer of ownership stakes by the firm's CEO just prior to the offering and at a fraction of the offering price. Questions were raised about the conduct of the management of the firm, its board, the Amsterdam Stock Exchange, and the underwriting banks - and about the implications for the future of European financial markets themselves.
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Abstract
The IPO of World Online on the Amsterdam Stock Exchange in the spring of 2000 triggered one of the most embarrassing stock market debacles in recent years, related to a transfer of ownership stakes by the firm's CEO just prior to the offering and at a fraction of the offering price. Questions were raised about the conduct of the management of the firm, its board, the Amsterdam Stock Exchange, and the underwriting banks - and about the implications for the future of European financial markets themselves.