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72-588: The organization is noted for several significant grants to nonprofits using technology and data in innovative ways to support racial justice, educational opportunity, crisis response after health epidemics and natural disasters, and issues affecting the San Francisco Bay Area community where it is headquartered. It also hosts regular challenges around the world to stimulate innovative uses of technologies to address local challenges. The mission and approach of Google.org has seen multiple iterations over

144-486: A public company . Initial public offerings can be used to raise new equity capital for companies, to monetize the investments of private shareholders such as company founders or private equity investors, and to enable easy trading of existing holdings or future capital raising by becoming publicly traded. After the IPO, shares are traded freely in the open market at what is known as the free float. Stock exchanges stipulate

216-580: A better result. In addition to the extensive international evidence that auctions have not been popular for IPOs, there is no U.S. evidence to indicate that the Dutch auction fares any better than the traditional IPO in an unwelcoming market environment. A Dutch auction IPO by WhiteGlove Health, Inc., announced in May 2011 was postponed in September of that year, after several failed attempts to price. An article in

288-455: A company is listed, it is able to issue additional common shares in a number of different ways, one of which is the follow-on offering . This method provides capital for various corporate purposes through the issuance of equity (see stock dilution ) without incurring any debt. This ability to quickly raise potentially large amounts of capital from the marketplace is a key reason many companies seek to go public. An IPO accords several benefits to

360-421: A diverse array of grants, including 3D printed prosthetics for landmine victims and children with limb differences, beacon-powered navigation tools for the visually impaired, data analytics projects to surface better tools and aids for people with cognitive disabilities, and better bracing and compliance systems for children with clubfoot. This portfolio ended in 2015. Google.org has also responded to crises around

432-421: A firm's stock of patents mitigates this effect. A Dutch auction allows shares of an initial public offering to be allocated based only on price aggressiveness, with all successful bidders paying the same price per share. One version of the Dutch auction is OpenIPO , which is based on an auction system designed by economist William Vickrey . This auction method ranks bids from highest to lowest, then accepts

504-440: A minimum free float both in absolute terms (the total value as determined by the share price multiplied by the number of shares sold to the public) and as a proportion of the total share capital (i.e., the number of shares sold to the public divided by the total shares outstanding). Although IPO offers many benefits, there are also significant costs involved, chiefly those associated with the process such as banking and legal fees, and

576-433: A number of regions. In previous years, Google has funded a number of other areas. In 2015 they announced a $ 20M effort to use technology to improve opportunity and equality for people with disabilities, one of the few portfolios focused on this segment of the population. Some noted as a unique lens to philanthropy, and a subject area that affects roughly 1 in 7 people across the world. The grantmaking initiative resulted in

648-558: A number of renewable energy initiatives, including: Google.org began moving away from renewable energy initiatives between 2010–2013, as Google opted to bring its renewable energy work into formal product areas under the leadership of Larry Alder and Craig Barratt. A retrospective on learnings from this effort was published in IEEE Spectrum as What it Would Really Take to Reverse Climate Change. Initial public offering An initial public offering ( IPO ) or stock launch

720-467: A preliminary prospectus, known as a red herring prospectus , during the initial quiet period. The red herring prospectus is so named because of a bold red warning statement printed on its front cover. The warning states that the offering information is incomplete, and may be changed. The actual wording can vary, although most roughly follow the format exhibited on the Facebook IPO red herring. During

792-595: A vice president briefly at Google[x] where she co-created WomenTechmakers, is the former CEO of Planet Out and worked as an engineer on early smartphones at General Magic . She serves on the boards of MIT and Vital Voices , was a member of the USAID Advisory Committee on Voluntary Aid and co-founded the Malala Fund . Today Smith is the CEO and Founder of shift7. On September 4, 2014, she

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864-438: Is theglobe.com IPO which helped fuel the IPO "mania" of the late 1990s internet era. Underwritten by Bear Stearns on 13 November 1998, the IPO was priced at $ 9 per share. The share price quickly increased 1,000% on the opening day of trading, to a high of $ 97. Selling pressure from institutional flipping eventually drove the stock back down, and it closed the day at $ 63. Although the company did raise about $ 30  million from

936-411: Is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment banks , who also arrange for the shares to be listed on one or more stock exchanges . Through this process, colloquially known as floating , or going public , a privately held company is transformed into

1008-426: Is a group of researchers, engineers, volunteers, and other people across Google with a shared focus on positive social impact. Google.org and Google in general has also been supportive of a number of causes, including LGBT rights, veterans affairs, digital literacy, and refugee rights. Previous incarnations of Google.org took different approaches, usually focused on technology applied to social sphere, in keeping with

1080-539: Is an American engineer and technologist. She was the third Chief Technology Officer of the United States (U.S. CTO) and Assistant to the President, serving under President Barack Obama . She was previously a vice president at Google , leading new business development and early-stage partnerships across Google's global engineering and product teams at Google for nine years, was general manager of Google.org ,

1152-559: Is an active proponent of STEM education and innovation. Her appeal for technologists to work in public service at the annual Grace Hopper Celebration of Women in Computing inspired several Harvard University students to create the national non-profit organization Coding it Forward which creates data science and technology internship program for undergraduate and graduate students in United States federal agencies . Smith

1224-545: Is an expensive process, IPOs also typically involve one or more law firms with major practices in securities law , such as the Magic Circle firms of London and the white-shoe firms of New York City. Financial historians Richard Sylla and Robert E. Wright have shown that before 1860 most early U.S. corporations sold shares in themselves directly to the public without the aid of intermediaries like investment banks. The direct public offering (DPO), as they term it,

1296-451: Is low enough to stimulate interest in the stock but high enough to raise an adequate amount of capital for the company. When pricing an IPO, underwriters use a variety of key performance indicators and non-GAAP measures. The process of determining an optimal price usually involves the underwriters ("syndicate") arranging share purchase commitments from leading institutional investors. Some researchers (Friesen & Swift, 2009) believe that

1368-465: Is possible that the financial incentives of the advisor and client may not be aligned. The issuer usually allows the underwriters an option to increase the size of the offering by up to 15% under a specific circumstance known as the greenshoe or overallotment option. This option is always exercised when the offering is considered a "hot" issue, by virtue of being oversubscribed. In the US, clients are given

1440-588: Is the first major corporate philanthropy organization to allocate funding to combat against racial inequality in the United States, and has funded organizations such as Bryan Stevenson's Equal Justice Initiative, the ACLU, the Ella Baker Center, and Beyond12. In 2017, Google pledged $ 11 million in grants to several organizations in connection with racial bias. In addition, Google.org funds education, economic development, and digital literacy related projects in

1512-399: Is to generate additional interest in the stock and a rapid rise in share price when it first becomes publicly traded (known as an "IPO pop"). Flipping , or quickly selling shares for a profit , can lead to significant gains for investors who were allocated shares of the IPO at the offering price. However, underpricing an IPO results in lost potential capital for the issuer. One extreme example

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1584-452: Is usually underwritten by a " syndicate " of investment banks, the largest of which take the position of "lead underwriter". Upon selling the shares, the underwriters retain a portion of the proceeds as their fee. This fee is called an underwriting spread . The spread is calculated as a discount from the price of the shares sold (called the gross spread ). Components of an underwriting spread in an initial public offering (IPO) typically include

1656-735: The MIT Media Lab and the Algorithmic Justice League . Additionally, she currently serves on the global Advisory Council for CFK Africa , a leading NGO working in Kenyan informal settlements. She is also a member of the Award Selection Committee for the distinguished Carroll L. Wilson Award at MIT. Smith has contributed to a broad range of engineering projects, including a bicycle lock, space station construction program, and solar cookstoves. She

1728-651: The MIT Media Lab . She was a member of the MIT student team that designed, built and raced a solar car 2000 miles across the Australian outback in the first cross-continental solar car race. Following MIT, Smith worked at a variety of start-ups, including Apple in Tokyo and General Magic located in Mountain View, California , as product design lead on nascent smartphone technologies before she got involved with

1800-506: The publicani were legal bodies independent of their members whose ownership was divided into shares, or partes . There is evidence that these shares were sold to public investors and traded in a type of over-the-counter market in the Forum , near the Temple of Castor and Pollux . The shares fluctuated in value, encouraging the activity of speculators, or quaestors . Mere evidence remains of

1872-449: The 3rd U.S. CTO. In that role, Smith recruited top tech talent to serve across government collaborating on pressing issues, from AI, data science and open source, to inclusive economic growth, entrepreneurship, structural inequalities, government tech innovation capacity, STEM/STEAM engagement, workforce development, and criminal justice reform. Her teams focused on broad capacity building by co-creating all-hands-on-deck initiatives, including

1944-477: The Alphabet parent company in 2016. To fund the organization, Google granted three million shares during their initial public offering (IPO). In 2014, the corporation stated on its website that it donates $ 100,000,000 in grants, 200,000 hours, and $ 1 billion in products each year. As of 2016, Google has focused a majority of its efforts on a few key topics, based upon a premise of equality and opportunity. It

2016-507: The Dutch auction is still a little used method in U.S. public offerings, although there have been hundreds of auction IPOs in other countries. In determining the success or failure of a Dutch auction, one must consider competing objectives. If the objective is to reduce risk, a traditional IPO may be more effective because the underwriter manages the process, rather than leaving the outcome in part to random chance in terms of who chooses to bid or what strategy each bidder chooses to follow. From

2088-407: The Dutch auction system for its initial public offering. Traditional U.S. investment banks have shown resistance to the idea of using an auction process to engage in public securities offerings. The auction method allows for equal access to the allocation of shares and eliminates the favorable treatment accorded important clients by the underwriters in conventional IPOs. In the face of this resistance,

2160-473: The IPO are restricted from issuing any earnings forecasts or research reports for the company. When the quiet period is over, generally the underwriters will initiate research coverage on the firm. A three-day waiting period exists for any member that has acted as a manager or co-manager in a secondary offering. Not all IPOs are eligible for delivery settlement through the DTC system , which would then either require

2232-504: The Wall Street Journal cited the reasons as "broader stock-market volatility and uncertainty about the global economy have made investors wary of investing in new stocks". Under American securities law, there are two-time windows commonly referred to as "quiet periods" during an IPO's history. The first and the one linked above is the period of time following the filing of the company's S-1 but before SEC staff declare

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2304-408: The assumption of independent private values (that the value of IPO shares to each bidder is entirely independent of their value to others, even though the shares will shortly be traded on the aftermarket). Theory that incorporates assumptions more appropriate to IPOs does not find that sealed bid auctions are an effective form of price discovery, although possibly some modified form of auction might give

2376-422: The capital to its public investors. Those investors must endure the unpredictable nature of the open market to price and trade their shares. After the IPO, when shares are traded in the market, money passes between public investors. For early private investors who choose to sell shares as part of the IPO process, the IPO represents an opportunity to monetize their investment. After the IPO, once shares are traded in

2448-407: The company (primary offering) as well as to any early private investors who opt to sell all or a portion of their holdings (secondary offerings) as part of the larger IPO. An IPO, therefore, allows a company to tap into a wide pool of potential investors to provide itself with capital for future growth, repayment of the debt, or working capital. A company selling common shares is never required to repay

2520-489: The company's brand around technology and innovation. Among its first projects was a mass-produced plug-in hybrid electric vehicle that can attain 100 mpg (miles per gallon ) (see vehicle-to-grid ). In November 2007, Google.org announced RE<C (Renewable Energy Cheaper Than Coal), a project that will invest several hundred million dollars in order to produce renewable energy at a profit from wind and solar sources, particularly solar thermal energy . RE<C has

2592-442: The concession, while the member of the syndicate who provided the shares to that broker-dealer would retain the underwriting fee. Usually, the managing/lead underwriter, also known as the bookrunner , typically the underwriter selling the largest proportions of the IPO, takes the highest portion of the gross spread , up to 8% in some cases. Multinational IPOs may have many syndicates to deal with differing legal requirements in both

2664-451: The final IPO prospectus is for the issuer to retain one of the major financial "printers", who print (and today, also electronically file with the SEC ) the registration statement on Form S-1. Typically, preparation of the final prospectus is actually performed at the printer, wherein one of their multiple conference rooms the issuer, issuer's counsel (attorneys), underwriter's counsel (attorneys),

2736-530: The first day of trading. Prior to 2009, the United States was the leading issuer of IPOs in terms of total value. Since that time, however, China ( Shanghai , Shenzhen and Hong Kong ) has been the leading issuer, raising $ 73 billion (almost double the amount of money raised on the New York Stock Exchange and Nasdaq combined) up to the end of November 2011. Read More Megan Smith Megan J. Smith (born October 21, 1964)

2808-468: The following (on a per-share basis): Manager's fee, Underwriting fee—earned by members of the syndicate, and the Concession—earned by the broker-dealer selling the shares. The Manager would be entitled to the entire underwriting spread. A member of the syndicate is entitled to the underwriting fee and the concession. A broker-dealer who is not a member of the syndicate but sells shares would receive only

2880-421: The highest bids that allow all shares to be sold, with all winning bidders paying the same price. It is similar to the model used to auction Treasury bills , notes, and bonds since the 1990s. Before this, Treasury bills were auctioned through a discriminatory or pay-what-you-bid auction, in which the various winning bidders each paid the price (or yield) they bid, and thus the various winning bidders did not all pay

2952-458: The issued shares, the stock may fall in value on the first day of trading. If so, the stock may lose its marketability and hence even more of its value. This could result in losses for investors, many of whom being the most favored clients of the underwriters. Perhaps the best-known example of this is the Facebook IPO in 2012. Underwriters, therefore, take many factors into consideration when pricing an IPO, and attempt to reach an offering price that

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3024-425: The issuer's domestic market and other regions. For example, an issuer based in the E.U. may be represented by the major selling syndicate in its domestic market, Europe, in addition to separate group corporations or selling them for US/Canada and Asia. Usually, the lead underwriter in the head selling group is also the lead bank in the other selling groups. Because of the wide array of legal requirements and because it

3096-1016: The launch of Planet Out in 1995. She joined formally in 1996 as COO and from 1998 she was Planet Out's Chief Executive Officer, where she expanded partnerships, built new business models, grew revenue and global users, raised venture funding, and later presided over that company's merger with Gay.com . In 2003, she joined Google, where she rose to the vice president of new business development , leading early-stage partnerships, pilot explorations and technology licensing across Google's global engineering and product teams. She led many early acquisitions, including Keyhole (Google Earth), Where2Tech (Google Maps), and Picasa , and later also took over as general manager of Google's philanthropic arm, Google.org. Smith co-created and co-hosted Google's Solve for X solution acceleration programs 2012-14. In 2012, she started Google's "Women Techmakers" diversity initiative to expand visibility, community and resources for technical women globally. In 2014, she left Google to become

3168-668: The lead underwriter(s), and the issuer's accountants/auditors make final edits and proofreading, concluding with the filing of the final prospectus by the financial printer with the Securities and Exchange Commission. Before legal actions initiated by New York Attorney General Eliot Spitzer , which later became known as the Global Settlement enforcement agreement, some large investment firms had initiated favorable research coverage of companies in an effort to aid corporate finance departments and retail divisions engaged in

3240-426: The listing regime. Planning is crucial to a successful IPO. One book suggests the following seven planning steps: IPOs generally involve one or more investment banks known as " underwriters ". The company offering its shares, called the "issuer", enters into a contract with a lead underwriter to sell its shares to the public. The underwriter then approaches investors with offers to sell those shares. A large IPO

3312-520: The marketing of new issues. The central issue in that enforcement agreement had been judged in court previously. It involved the conflict of interest between the investment banking and analysis departments of ten of the largest investment firms in the United States. The investment firms involved in the settlement had all engaged in actions and practices that had allowed the inappropriate influence of their research analysts by their investment bankers seeking lucrative fees. A typical violation addressed by

3384-427: The offering, it is estimated that with the level of demand for the offering and the volume of trading that took place they might have left upwards of $ 200 million on the table. The danger of overpricing is also an important consideration. If a stock is offered to the public at a higher price than the market will pay, the underwriters may have trouble meeting their commitments to sell shares. Even if they sell all of

3456-733: The office of the CTO under the Obama administration, at which point Google.org began focusing exclusively on its charitable giving initiatives under the stewardship of Jacquelline Fuller, who currently runs the organization. In 2010, Google gave over $ 145 million to non-profits and academic institutions. In the same year, Google was named the Bay Area's top corporate philanthropist by the San Francisco Business Times for giving $ 27.6 million to Bay Area charities. The company has won

3528-417: The ongoing requirement to disclose important and sometimes sensitive information. Details of the proposed offering are disclosed to potential purchasers in the form of a lengthy document known as a prospectus . Most companies undertake an IPO with the assistance of an investment banking firm acting in the capacity of an underwriter. Underwriters provide several services, including help with correctly assessing

3600-405: The open market, investors holding large blocks of shares can either sell those shares piecemeal in the open market or sell a large block of shares directly to the public, at a fixed price , through a secondary market offering . This type of offering is not dilutive since no new shares are being created. Stock prices can change dramatically during a company's first days in the public market. Once

3672-401: The physical delivery of the stock certificates to the clearing agent bank's custodian or a delivery versus payment (DVP) arrangement with the selling group firm. "Stag profit" is a situation in the stock market before and immediately after a company's initial public offering (or any new issue of shares). A "stag" is a party or individual who subscribes to the new issue expecting the price of

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3744-686: The previously private company: There are several disadvantages to completing an initial public offering: IPO procedures are governed by different laws in different countries. In the United States, IPOs are regulated by the United States Securities and Exchange Commission under the Securities Act of 1933 . In the United Kingdom, the UK Listing Authority reviews and approves prospectuses and operates

3816-545: The prices for which partes were sold, the nature of initial public offerings, or a description of stock market behavior. Publicani lost favor with the fall of the Republic and the rise of the Empire . In the United States, the first IPO was the public offering of Bank of North America around 1783. When a company becomes publicly listed, the money paid by the investing public for the newly issued shares goes directly to

3888-823: The public-private program TechHire, the Computer Science for All initiative, and the Image of STEM campaigns. In addition, she launched the campaign to #FindtheSentiments, which is an effort to find the Declaration of Sentiments , a piece of history from the Seneca Falls Convention . After leaving the White House in 2017, Smith became CEO and Founder of shift7 which works on tech-forward, inclusive innovation for faster impact on systemic economic, social, and environmental challenges. At shift7,

3960-522: The quiet period, the shares cannot be offered for sale. Brokers can, however, take indications of interest from their clients. At the time of the stock launch, after the Registration Statement has become effective, indications of interest can be converted to buy orders, at the discretion of the buyer. Sales can only be made through a final prospectus cleared by the Securities and Exchange Commission. The final step in preparing and filing

4032-413: The registration statement effective. During this time, issuers, company insiders, analysts, and other parties are legally restricted in their ability to discuss or promote the upcoming IPO (U.S. Securities and Exchange Commission, 2005). The other "quiet period" refers to a period of 10 calendar days following an IPO's first day of public trading. During this time, insiders and any underwriters involved in

4104-579: The same award for a number of years since, including as recently as 2016 Charitable funds come from Google.org, the Google Foundation and the company itself. A new project started in June 2014 is Made with Code , uses coding programs to allow girls to become interested in the idea of coding and develop more female programmers over time. Google.org's major projects in 2012 included: Pre-2012 Google.org projects included: In 2008, Google.org joined

4176-549: The same price. Both discriminatory and uniform price or "Dutch" auctions have been used for IPOs in many countries, although only uniform price auctions have been used so far in the US. Large IPO auctions include Japan Tobacco, Singapore Telecom, BAA Plc and Google (ordered by size of proceeds). A variation of the Dutch auction has been used to take a number of U.S. companies public including Morningstar , Interactive Brokers Group , Overstock.com , Ravenswood Winery, Clean Energy Fuels, and Boston Beer Company . In 2004, Google used

4248-476: The settlement was the case of CSFB and Salomon Smith Barney , which were alleged to have engaged in the inappropriate spinning of "hot" IPOs and issued fraudulent research reports in violation of various sections within the Securities Exchange Act of 1934 . A company planning an IPO typically appoints a lead manager, known as a bookrunner , to help it arrive at an appropriate price at which

4320-414: The shares should be offered. There are two primary ways in which the price of an IPO can be determined. Either the company, with the help of its lead managers, fixes a price ("fixed price method"), or the price can be determined through analysis of confidential investor demand data compiled by the bookrunner (" book building "). Historically, many IPOs have been underpriced. The effect of underpricing an IPO

4392-419: The stock to rise immediately upon the start of trading. Thus, stag profit is the financial gain accumulated by the party or individual resulting from the value of the shares rising. This term is more popular in the United Kingdom than in the United States. In the US, such investors are usually called flippers, because they get shares in the offering and then immediately turn around " flipping " or selling them on

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4464-494: The team continued co-creating the United Nations Solutions Summit and other programs; in 2017 Smith helped launch Tech Jobs Tour, aimed at promoting diversity in the technological sector, traveling to over 20 U.S. cities to help empower and connect local talent to their nascent tech sectors. Smith serves on the board of MIT , Vital Voices , LA2028 , Think of Us as well as on the advisory boards for

4536-594: The ultimate goal of creating more than a gigawatt of power (enough to power a city the size of San Francisco ) from renewable sources that would be cheaper than energy produced from coal . The director from 2006 until 2009 was Dr. Larry Brilliant . Upon stepping down, Brilliant was replaced by Megan Smith , Google's Vice-President of new business development, and the organization began focusing on creating engineering solutions to global problems with projects such as Google Flu Trends and Crisis Response, an effort to respond to natural disasters. Megan Smith later left to join

4608-447: The underpricing of IPOs is less a deliberate act on the part of issuers and/or underwriters, and more the result of an over-reaction on the part of investors (Friesen & Swift, 2009). One potential method for determining to underprice is through the use of IPO underpricing algorithms . Other researchers have discovered that firms with higher revenues from licensing-based technology commercialization exhibit greater IPO underpricing, while

4680-399: The underwriters. A licensed securities salesperson ( Registered Representative in the US and Canada) selling shares of a public offering to his clients is paid a portion of the selling concession (the fee paid by the issuer to the underwriter) rather than by his client. In some situations, when the IPO is not a "hot" issue (undersubscribed), and where the salesperson is the client's advisor, it

4752-528: The value of shares (share price) and establishing a public market for shares (initial sale). Alternative methods such as the Dutch auction have also been explored and applied for several IPOs. The earliest form of a company which issued public shares was the case of the publicani during the Roman Republic , although this claim is not shared by all modern scholars. Like modern joint-stock companies,

4824-405: The viewpoint of the investor, the Dutch auction allows everyone equal access. Moreover, some forms of the Dutch auction allow the underwriter to be more active in coordinating bids and even communicating general auction trends to some bidders during the bidding period. Some have also argued that a uniform price auction is more effective at price discovery , although the theory behind this is based on

4896-734: The world, with giving initiatives addressing challenges with the European refugee crisis in 2016, the Ebola crisis in 2014, and the Nepal earthquake in 2015. In many instances, it has been one of the largest corporate donors. The organization also gave $ 250,000 to organizations working to serve residents affected by the Flint water crisis . In August 2017, the company donated $ 250,000 to the Red Cross relief fund for Hurricane Harvey . AI for Social Good

4968-455: The years, an approach that mirrors other divisions within Google in its effort to reallocate resources towards the most significant and effective methods. The organization's general strategy involves funding the use of technology, data, and user-centered design to make a better world, faster. Google.org is considered a part of Google, as opposed to an Alphabet organization, under the formation of

5040-871: Was elected a member of the National Academy of Engineering in 2017 for leading technological innovation teams and efforts to increase diversity and inclusion in STEM industries both nationally and globally, and elected a member of the Council on Foreign Relations in 2018. Smith married technology columnist Kara Swisher in Marin County in 1999 at a time when same-sex marriage was not legal in California. They had additional legal wedding ceremonies in 2003 in Niagara Falls, Canada, in 2004 as part of

5112-843: Was named as the third (and first female) U.S. CTO, succeeding Todd Park , and serving until January, 2017. Smith grew up in Buffalo, New York , and Fort Erie, Ontario , and spent many summers at the Chautauqua Institution in Chautauqua, New York , where her mother, Joan Aspell Smith, was director of the Chautauqua Children's School. Smith graduated from City Honors School in 1982. She went on to receive her S.B. in 1986 and an S.M. in 1988, both in mechanical engineering, from Massachusetts Institute of Technology , and completed her master's thesis work at

5184-513: Was not done by auction but rather at a share price set by the issuing corporation. In this sense, it is the same as the fixed price public offers that were the traditional IPO method in most non-US countries in the early 1990s. The DPO eliminated the agency problem associated with offerings intermediated by investment banks. The sale (allocation and pricing) of shares in an IPO may take several forms. Common methods include: Public offerings are sold to both institutional investors and retail clients of

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