Doug Howland

While the overall level of new equity issuance in 2000 is set to top that of 1999, "most of the activity took place in the first half of the year", says Doug Howland, a managing director in the equity capital markets division of Deutsche Bank.As the year progressed, he notes, investors have become a lot more selective, particularly when it comes to internet stocks."A lot of money was being thrown at very shaky ideas earlier this year.Irrational exuberance bubbled over into the primary market and a lot of companies came to market that wouldn't normally have done so.Recently, however, investors have become more discerning."

Record levels of postponed and cancelled IPOs during the past six months support his assertion.Not that liquidity has dried up completely, adds Howland: "Companies with a decent business model and offered at a sensible price can still do very well."

While the overall level of new equity issuance in 2000 is set to top that of 1999, "most of the activity took place in the first half of the year", says Doug Howland, a managing director in the equity capital markets division of Deutsche Bank.As the year progressed, he notes, investors have become a lot more selective, particularly when it comes to internet stocks."A lot of money was being thrown at very shaky ideas earlier this year.Irrational exuberance bubbled over into the primary market and a lot of companies came to market that wouldn't normally have done so.Recently, however, investors have become more discerning."

Record levels of postponed and cancelled IPOs during the past six months support his assertion.Not that liquidity has dried up completely, adds Howland: "Companies with a decent business model and offered at a sensible price can still do very well."

Performance pressures

On a broader scale, the euro continued to deepen and widen the European equity markets.For some companies, this has added greater pressure to improve their performance as pension funds, banks and insurers are no longer tied to investing in their local stockmarkets and so are re-allocating their portfolios across Europe.

While the overall level of new equity issuance in 2000 is set to top that of 1999 , most of the activity took place in the first half of the year , says Doug Howland , a managing director in the equity capital markets division of Deutsche Bank.As the year progressed , he notes , investors have become a lot more selective , particularly when it comes to internet stocks.A lot of money was being thrown at very shaky ideas earlier this year.Irrational exuberance bubbled over into the primary market and a lot of companies came to market that wouldn't normally have done so.Recently , however , investors have become more discerning..

Record levels of postponed and cancelled IPOs during the past six months support his assertion.Not that liquidity has dried up completely , adds Howland : Companies with a decent business model and offered at a sensible price can still do very well..

Performance pressures

On a broader scale , the euro continued to deepen and widen the European equity markets.For some companies , this has added greater pressure to improve their performance as pension funds , banks and insurers are no longer tied to investing in their local stockmarkets and so are re-allocating their portfolios across Europe.

Furthermore , comments Franck Petitgas , a managing director in the equity capital markets group of MSDW , the euro has enabled companies to sell many of their non-strategic holdings.