Dissertations / Theses: 'Going public (Securities)'

1

Woo, Bo-loy. "Hong Kong's initial public offerings 1991-1995 /." Hong Kong : University of Hong Kong, 1997. http://sunzi.lib.hku.hk/hkuto/record.jsp?B20718044.

Full text

APA, Harvard, Vancouver, ISO, and other styles

2

Tai, Shu-Fen. "A study and comparison of the IPO communications environments and communications strategies in the United States and Hong Kong." online access from Digital Dissertation Consortium, 2007. http://libweb.cityu.edu.hk/cgi-bin/er/db/ddcdiss.pl?1443870.

Full text

APA, Harvard, Vancouver, ISO, and other styles

3

Wong, Chun-keung Damian. "Pricing of initial public offerings in Hong Kong /." Hong Kong : University of Hong Kong, 1998. http://sunzi.lib.hku.hk/hkuto/record.jsp?B19878515.

Full text

APA, Harvard, Vancouver, ISO, and other styles

4

Woo, Bo-loy, and 胡寶萊. "Hong Kong's initial public offerings: 1991-1995." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1997. http://hub.hku.hk/bib/B31954832.

Full text

APA, Harvard, Vancouver, ISO, and other styles

5

Lam, Lai-chu Fiona. "The offering mechanism in Hong Kong /." Hong Kong : University of Hong Kong, 1998. http://sunzi.lib.hku.hk/hkuto/record.jsp?B19877961.

Full text

APA, Harvard, Vancouver, ISO, and other styles

6

Tam, Hon Keung. "Estimation risk, information asymmetry and information production in public equity offerings /." View abstract or full-text, 2004. http://library.ust.hk/cgi/db/thesis.pl?FINA%202004%20TAM.

Full text

APA, Harvard, Vancouver, ISO, and other styles

7

Lee, Fo-yee. "Competing for quality IPO : Hong Kong market fights to retain regional leadership /." Hong Kong : University of Hong Kong, 2001. http://sunzi.lib.hku.hk/hkuto/record.jsp?B24534456.

Full text

APA, Harvard, Vancouver, ISO, and other styles

8

Moon, Gisung. "Mergers and IPOS : the case of industry-consolidating IPOS /." free to MU campus, to others for purchase, 2003. http://wwwlib.umi.com/cr/mo/fullcit?p3099620.

Full text

APA, Harvard, Vancouver, ISO, and other styles

9

Wang, Weicheng. "Venture capital and initial public offering." Pullman, Wash. : Washington State University, 2010. http://www.dissertations.wsu.edu/Dissertations/Spring2010/w_wang_041210.pdf.

Full text

APA, Harvard, Vancouver, ISO, and other styles

10

Lo, Chung-hing. "A study of the first batch of H-shares fund raising activities in Hong Kong /." Hong Kong : University of Hong Kong, 1996. http://sunzi.lib.hku.hk/hkuto/record.jsp?B18003564.

Full text

APA, Harvard, Vancouver, ISO, and other styles

11

Yu, Lei. "Two essays on initial public offerings." Click to view the E-thesis via HKUTO, 2008. http://sunzi.lib.hku.hk/hkuto/record/B4129063X.

Full text

APA, Harvard, Vancouver, ISO, and other styles

12

Wang, Lun, and 王仑. "Essays on stock splits and initial public offerings." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2009. http://hub.hku.hk/bib/B42182426.

Full text

APA, Harvard, Vancouver, ISO, and other styles

13

Wang, Lun. "Essays on stock splits and initial public offerings." Click to view the E-thesis via HKUTO, 2009. http://sunzi.lib.hku.hk/hkuto/record/B42182426.

Full text

APA, Harvard, Vancouver, ISO, and other styles

14

Ouyang, Liangyi. "Accounting and stock performance of initial public offerings and seasoned equity offerings evidence in China /." Click to view the E-thesis via HKUTO, 2004. http://sunzi.lib.hku.hk/hkuto/record/B30691114.

Full text

APA, Harvard, Vancouver, ISO, and other styles

15

Wang, Yao, and 王遥. "Determinants of IPO gross spreads: evidence from China." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2013. http://hub.hku.hk/bib/B50900006.

Full text

Abstract:

This thesis examines the fees charged by underwriters for conducting IPOs in China. By examining a sample of 1,171 Chinese IPOs conducted during 2001-2011, I obtain the first evidence from China on the direct issue cost, the gross spreads, and identify its determinants, including issue proceeds, number of lead managers, and lead manager reputation. The results show a pattern of over-time increase of the spreads, which is at 0.16 percentage points per year for state-owned enterprise (SOE) offerings and 0.73 percentage points per year for non-SOE ones. The gross spreads do not exhibit clustering, but are largely consistent with increased demand for underwriting services from non-SOEs that, together with increased complexity of underwriting, has pushed underwriting fees up.
published_or_final_version
Economics and Finance
Master
Master of Philosophy

APA, Harvard, Vancouver, ISO, and other styles

16

Shari, Wahidah. "Evaluation of the market performance and survival of initial public offerings (IPOs) and its determinants : evidence from the Malaysian market." Thesis, University of Aberdeen, 2018. http://digitool.abdn.ac.uk:80/webclient/DeliveryManager?pid=240016.

Full text

APA, Harvard, Vancouver, ISO, and other styles

17

Ren, Jinjuan. "Investor sentiments, agency conflicts, and IPO underpricing." Click to view the E-thesis via HKUTO, 2009. http://sunzi.lib.hku.hk/hkuto/record/B42664342.

Full text

APA, Harvard, Vancouver, ISO, and other styles

18

Yu, Lei, and 于雷. "Two essays on initial public offerings." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2008. http://hub.hku.hk/bib/B4129063X.

Full text

APA, Harvard, Vancouver, ISO, and other styles

19

Lam, Wai Kei. "Essays on initial public offerings, venture capital, and leveraged-buyouts." Diss., Restricted to subscribing institutions, 2007. http://proquest.umi.com/pqdweb?did=1432786331&sid=1&Fmt=2&clientId=1564&RQT=309&VName=PQD.

Full text

APA, Harvard, Vancouver, ISO, and other styles

20

Kreymborg, Dorothea. "Going private with public concern : a comparative study of going private techniques under Canadian and German law." Thesis, McGill University, 2003. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=80934.

Full text

Abstract:

It is the objective of this comparative thesis to analyze how Canadian and German legislators have addressed the compromise between minority shareholder protection and flexibility in the regulation of going private transactions. The structure of this study follows the distinction between indirect and direct-methods that are available to a controlling shareholder who sets out to eliminate minority shareholder participations in order to become the exclusive shareholder of a corporation. In fact, both jurisdictions under consideration provide for a complex regime of corporate and securities law to govern going private transactions. The interplay of corporate and securities law produces a typical regulatory conflict between the goals of shareholders as opposed to investor protection on the one hand, and the purpose of a flexible corporate law regime and efficient capital markets regulation on the other hand. This comparative analysis evidences the respective advantages and disadvantages of the Canadian and German regimes and provides for regulatory prescriptions that result from the comparison.

APA, Harvard, Vancouver, ISO, and other styles

21

Dussold, Christopher Kevin. "The nature of IPO lockups : the effects of equity sales by insiders /." free to MU campus, to others for purchase, 2001. http://wwwlib.umi.com/cr/mo/fullcit?p3025616.

Full text

APA, Harvard, Vancouver, ISO, and other styles

22

Che, Yuen Shan. "Listing day return and underpricing cost for China enterprises in advance payment initial public offerings." HKBU Institutional Repository, 2010. http://repository.hkbu.edu.hk/etd_ra/1193.

Full text

APA, Harvard, Vancouver, ISO, and other styles

23

Zhang, Ling. "Two essays in corporate finance." online access from Digital Dissertation Consortium, 2006. http://libweb.cityu.edu.hk/cgi-bin/er/db/ddcdiss.pl?3240978.

Full text

APA, Harvard, Vancouver, ISO, and other styles

24

Lee, Fo-yee, and 李科儀. "Competing for quality IPO: Hong Kong market fights to retain regional leadership." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2001. http://hub.hku.hk/bib/B31972494.

Full text

APA, Harvard, Vancouver, ISO, and other styles

25

Huang, Yao, and 黄垚. "Two essays on capital markets." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2010. http://hub.hku.hk/bib/B44893140.

Full text

APA, Harvard, Vancouver, ISO, and other styles

26

Cen, Ling. "Information, market sentiment and corporate finance : the role of investors' attention /." View abstract or full-text, 2008. http://library.ust.hk/cgi/db/thesis.pl?FINA%202008%20CEN.

Full text

APA, Harvard, Vancouver, ISO, and other styles

27

Thomas, Gunther. "Delisting und Aktienrecht : verfassungs- und gesellschaftsrechtliche Voraussetzungen des Rückzugs einer Aktiengesellschaft von der Börse /." Berlin : Duncker & Humblot, 2009. http://d-nb.info/994882904/04.

Full text

APA, Harvard, Vancouver, ISO, and other styles

28

Ouyang, Liangyi, and 歐陽良宜. "Accounting and stock performance of initial public offerings and seasoned equity offerings: evidence inChina." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2004. http://hub.hku.hk/bib/B30691114.

Full text

APA, Harvard, Vancouver, ISO, and other styles

29

Johnson, William C. "Three essays on initial public offerings and market information." Diss., Connect to online resource - MSU authorized users, 2006.

Find full text

APA, Harvard, Vancouver, ISO, and other styles

30

Jiang, Yi. "Corporate governance across institutional contexts." Columbus, Ohio : Ohio State University, 2006. http://rave.ohiolink.edu/etdc/view?acc%5Fnum=osu1150918766.

Full text

APA, Harvard, Vancouver, ISO, and other styles

31

Ren, Jinjuan, and 任錦娟. "Investor sentiments, agency conflicts, and IPO underpricing." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2009. http://hub.hku.hk/bib/B42664342.

Full text

APA, Harvard, Vancouver, ISO, and other styles

32

Li, Xu 1974. "Behavioral explanation for mispricing of IPO's discretionary current accruals and impact of firm's information environment of information asymmetry." Thesis, Massachusetts Institute of Technology, 2004. http://hdl.handle.net/1721.1/17798.

Full text

Abstract:

Thesis (Ph. D.)--Massachusetts Institute of Technology, Sloan School of Management, 2004.
Includes bibliographical references.
This thesis contains two chapters. Chapter One provides definitive evidence about the effect of discretionary current accruals on the pricing of IPOs. Specifically, I seek to discriminate between two alternative explanations for the prior findings: 1) behavioral biases coupled with limited arbitrage; and 2) the sample- and period-specific nature of the results in the prior literature. Using hand-gathered accrual data for all IPOs from 1926 to 1961 and machine-readable accrual data for all IPOs from 1962 to 1998, I obtain the following results. First, I fail to observe a negative association between discretionary current accruals and subsequent price performance for the 1926 to 1971 period. Second, my analysis reveals that the pattern of cross-sectional evidence is inconsistent with the predictions made by behavioral theories. Third, in the 1972 to 1998 period, evidence of predictable negative performance attributable to IPO discretionary current accruals is limited to NASDAQ firms. Overall, these findings are difficult to reconcile with mispricing as an outcome of investor behavioral biases correlated across individuals. Chapter Two examines how financial statement informativeness, analyst following, and company news relate to the information asymmetry between insiders and outsiders. Corporations' timely disclosures of value relevant information and information collection by outsiders reduce information asymmetry, limiting insiders' ability to trade profitably on private information. We use the profitability and intensity of insider trades to proxy for information asymmetry. We find that increased analyst following is associated with reduced profitability of insider trades and reduced insider purchases. Financial statement
(cont.) informativeness is negatively associated with the frequency of insider purchases. However, company news, good or bad, is positively associated with insider purchase frequency.
by Xu Li.
Ph.D.

APA, Harvard, Vancouver, ISO, and other styles

33

Islas, Rojas Gonzalo Andres. "Essays on corporate ownership and governance." Diss., Restricted to subscribing institutions, 2007. http://proquest.umi.com/pqdweb?did=1495960821&sid=1&Fmt=2&clientId=1564&RQT=309&VName=PQD.

Full text

APA, Harvard, Vancouver, ISO, and other styles

34

Schill, Michael J. "Frothy markets? : an examination of aggregate equity issue clustering /." Thesis, Connect to this title online; UW restricted, 1998. http://hdl.handle.net/1773/8780.

Full text

APA, Harvard, Vancouver, ISO, and other styles

35

Bagchee, Deepika. "Investor response to sell-side analyst revisions in IPO recommendations : do they correct expectations? /." Thesis, Connect to this title online; UW restricted, 2003. http://hdl.handle.net/1773/8818.

Full text

APA, Harvard, Vancouver, ISO, and other styles

36

Liu, Xiang Raman Krishnamurthy K. "Monitoring or moral hazard? evidence from real activities manipulation by venture-backed companies /." [Denton, Tex.] : University of North Texas, 2009. http://digital.library.unt.edu/ark:/67531/metadc12154.

Full text

APA, Harvard, Vancouver, ISO, and other styles

37

Ngan, Yu Loong. "A study on the impact of unconventional monetary policy regime on money left on the table and net underpricing cost for Hong Kong initial public offerings." HKBU Institutional Repository, 2019. https://repository.hkbu.edu.hk/etd_oa/631.

Full text

Abstract:

This study provides a test of the proposition that a unique agency cost (induced by windfall interest earnings) has a significant impact on both the money left on the table and underpricing costs of initial public offerings (IPOs) of China-related enterprises (H-shares and Red-chips). This arises from the advanced payment, non-discretionary allocation mechanism adopted by HKEx. The agency cost stems from an asymmetry in the accounting treatment of the reporting of interest income (if any) generated from the public subscribers' application fund, and the often significant, but unreported, underpricing cost. This important point appears to have been first pointed out by Ritter and Welch (2002). For Chinese state enterprises the manager who is overseeing the listing process has little (if any) incentive to maximize the offer price or new equity capital from an IPO but may benefit directly and/or indirectly from the significant interest earnings that can be generated from public subscribers' monies. This occurs when the controlling shareholder (the State) is either uninformed about the true value of the firm and/or due to other considerations allows the manager to offer a deeply discounted offer price. The deep discount raises the public subscription rate and increases the interest income from the application funds. Using the prolonged zero interest rate regime following the bankruptcy of Lehman, the study finds strong support for the proposition and shows that H-shares and Red-chips have offered significantly less money on the table and hence incurred substantially lower underpricing costs relative to Other categories of shares. This is in marked contrast to the pre-global financial crisis period when there were significant interest rates on deposits. The study contributes to the literature on the differential concerns of managers and owners in the IPO process.

APA, Harvard, Vancouver, ISO, and other styles

38

Gordon, Sean Anthony Garnet. "Empirical Tests of the Signaling and Monitoring Hypotheses for Initial Public Offerings." Thesis, University of North Texas, 2006. https://digital.library.unt.edu/ark:/67531/metadc5595/.

Full text

Abstract:

The research questions investigated are: 1. Are the expected post-issue fractional holdings of the directors and officers, venture capitalists and institutions signals of firm value? 2. Are the expected post-issue fractional holdings of the directors and officers, venture capitalists and institutions signals of underpricing? and 3. Are the directors and officers, venture capitalists and institutions monitors of IPO investments? The signaling theory developed by Grinblatt and Hwang (1989) (GH) and the monitoring theory for IPO investments have been used to develop the hypotheses for this dissertation. Four factors make my methodology unique. These factors are: 1. I apply and test the GH IPO signaling model over a unique data set collected from the IPO prospectuses, proxy statements and annual reports; 2. I disaggregate the expected post-issue holdings of the different groups of pre-issue blockholders and insiders and hypothesizes that these individual groups represents signals of firm value and underpricing; 3. I hypothesize that these groups, in aggregate and separately, monitor IPO investments over the long term; And 4. I develop signaling and monitoring hypotheses to make predictions at the two stages of the IPO. The results show that firm value is positively related to the level of underpricing, at a given variance of the firms cash flows; the level of underpricing is positively related to the holdings of the directors and officers as a group and the aggregate of the directors and officers, VCs and institutions, at given variances of the firm's cash flows; the firm value is not related to the level of underpricing, at a given level of capital outlay and holdings of either the aggregate blockholders, directors and officers, VCs or institutions. For the monitoring hypotheses, the results show that the long-run buy-and-hold-returns are positively related to the investment bank reputation and the gross spread. Also, the results do not support the theories that the holdings of the VCs, institutions and the aggregate holdings of the different groups, represent the level of monitoring. Therefore, these groups do not increase the value of IPO investments over the long-run.

APA, Harvard, Vancouver, ISO, and other styles

39

Lin, Michelle Ching-Yi. "Initial public offerings and board governance : an Australian study /." Connect to this title, 2005. http://theses.library.uwa.edu.au/adt-WU2006.0027.

Full text

APA, Harvard, Vancouver, ISO, and other styles

40

Wong, Chun-keung Damian, and 王振強. "Pricing of initial public offerings in Hong Kong." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1998. http://hub.hku.hk/bib/B31269394.

Full text

APA, Harvard, Vancouver, ISO, and other styles

41

Ismail, Hassan Ismail Hassan. "Information asymmetry and the valuation of new issues : the case of Egypt." Thesis, University of Aberdeen, 2009. http://digitool.abdn.ac.uk:80/webclient/DeliveryManager?pid=109953.

Full text

Abstract:

While the literature on underpricing of initial public offerings (IPOs) of common stock is various and expansive, very little research has been undertaken in countries where capital markets are less developed. This thesis therefore attempts to address the shortage of such research in Egypt, which has been witnessing an important phase of transition towards a broader adoption of market-oriented policies through the revitalisation of its stockmarket since 1991. The aim is to measure the short-run performance of IPOs in an effort to compare the maturity of the Egyptian capital market with that of other nations, both of developed countries and a peer group of developing countries. This thesis also seeks to determine whether the underpricing phenomenon is due to the usual factors suggested by classical IPO theories or is related to some specific features of the Egyptian market transformation. This thesis employs a sample of 59 Egyptian IPOs listed in the Egyptian Stock Exchange (ESE) during 1994-2005. This thesis suggests the winner’s curse model can be applied. On average, Egyptian IPOs offer an initial return of about 10.16%, which is considered, to some extent, lower than the initial returns of many other developing countries. Additionally, there is a general tendency for privatised IPOs (PIPOs) to be underpriced to a greater degree than private sector IPOs. The industry of the firm and year of an IPO significantly affects the level of underpricing in Egypt. Results are consistent with the political economy theory as the Egyptian government tried to build up investors’ confidence by underpricing PIPOs more than private-sector IPOs, underpricing regulated industries more than competitive industries and underpricing early IPOs more than late IPOs.

APA, Harvard, Vancouver, ISO, and other styles

42

Loureiro, Gilberto Ramos. "The reputation of Underwriters, the bonding hypothesis, and the impact on the information environment of U.S cross-listed firms." Columbus, Ohio : Ohio State University, 2007. http://rave.ohiolink.edu/etdc/view?acc%5Fnum=osu1186628938.

Full text

APA, Harvard, Vancouver, ISO, and other styles

43

Reeder, Arnold Sietse. "Initial public offering underpricing : 1990s vs. 1980s." Honors in the Major Thesis, University of Central Florida, 2003. http://digital.library.ucf.edu/cdm/ref/collection/ETH/id/330.

Full text

Abstract:

This item is only available in print in the UCF Libraries. If this is your Honors Thesis, you can help us make it available online for use by researchers around the world by following the instructions on the distribution consent form at http://library.ucf.edu/Systems/DigitalInitiatives/DigitalCollections/InternetDistributionConsentAgreementForm.pdf You may also contact the project coordinator, Kerri Bottorff, at kerri.bottorff@ucf.edu for more information.
Bachelors
Business Administration
Finance

APA, Harvard, Vancouver, ISO, and other styles

44

Long, Hai. "How to Exit Successfully via IPOs: An insight into the listing requirements of the emerging Growth Enterprise Market of China." Thesis, Edith Cowan University, Research Online, Perth, Western Australia, 2014. https://ro.ecu.edu.au/theses/1281.

Full text

Abstract:

Listing requirements are different across various stock markets. The Growth Enterprise Market of China (GEMC)—an emerging listing venue launched in 2009—has strict entry requirements for the four IPO factors: the firm’s fundraising amount, its net profit, potential growth rate, and net assets. Using a modified probit model based on previous studies, this study aims to examine the impact of these financial determinants on the IPO probability in the Chinese stock market. Using a sample of the initial 243 IPOs in the market over the 2009–2011 period, this study develops a regression model to investigate the relationships between these factors and suggests that the firm’s net profit and its growth rate substantively determine the IPO volume (fundraising amount). In addition, this study adopts probit models to test the influence of the four factors on IPO likelihood, and shows that: 1) the fundraising amount, as one of the most significant IPO determinants, is positively associated with IPO probability on the new listing market; 2) the net profit, as a fundamental IPO determinant, is positively associated with IPO probability, but also with other indicators, which demonstrates the fact that the GEMC is a profit-preferring listing venue; 3) the net assets determine IPO probability but not IPO volume on the market.

APA, Harvard, Vancouver, ISO, and other styles

45

Hahn, Stefan. "Neue Ansätze im Anlegerschutz durch die Ad-hoc-Publizität des 15 WpHG /." Frankfurt am Main [u.a.] : Lang, 2004. http://www.gbv.de/dms/spk/sbb/recht/toc/390979236.pdf.

Full text

APA, Harvard, Vancouver, ISO, and other styles

46

Wei, Qian, and 韦茜. "Do regulatory frameworks affect the choice of IPO location and post-IPO performance of Chinese real estate firms?" Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2011. http://hub.hku.hk/bib/B47297657.

Full text

Abstract:

In recent years, the number of Chinese companies going public has grown significantly. Some of these companies have listed their shares locally in Shanghai and Shenzhen, while others have chosen a stock exchange with better access to international capital (e.g., Hong Kong). This thesis examines 1) the determinants of the firms’ choice regarding initial public offering (IPO) locations and 2) whether IPO locations might affect their subsequent performance. Our study focuses solely on firms in the real estate sector in which pre-IPO attributes as well as the underlying asset value can be identified and measured. Our dataset includes 29 Chinese real estate firms that have issued shares in Shanghai or Shenzhen and 28 Chinese firms with IPOs in Hong Kong during the period of 1992-2008. To explain their IPO location choice, the self-selection or signaling theory suggests that firms with higher quality would signal this information by issuing shares in Hong Kong. Given the more stringent listing requirements and better informational disclosure schemes in the Hong Kong market, if a firm has low quality, such information is more likely and quickly to be discovered in Hong Kong than in Mainland China. Therefore, it is costly for such firms to imitate good firms’ IPO location choice. Once the firms have been listed, the corporate governance literature suggests that firms listed in Hong Kong would demonstrate a greater performance increase than those listed in Mainland China, because Hong Kong has a mature system of information disclosure, analyst coverage, and law enforcement. We found that firms listed in Hong Kong achieved higher Return on Asset (ROA) than those listed in Mainland China. We then construct four proxies for firms’ unobserved quality based on ex post abnormal stock or profit returns after IPOs. We obtained support for the signaling and self-selection effects: firms having higher quality, non-state ownership, and larger leverage ratio were more likely to conduct IPOs in Hong Kong instead of in Mainland China. Also consistent with the signaling theory, we found that firms listed in Mainland China were more likely to use IPO underpricing as a signal for firm quality than firms listed in Hong Kong were.
published_or_final_version
Real Estate and Construction
Doctoral
Doctor of Philosophy

APA, Harvard, Vancouver, ISO, and other styles

47

Mroczkowski, Nicholas A. (Nicholas Andrew) 1951. "Initial public offerings in Australia : an empirical examination of initial price and aftermarket operating performance of family and non-family controlled companies." Monash University, Dept. of Accounting and Finance, 2003. http://arrow.monash.edu.au/hdl/1959.1/5772.

Full text

APA, Harvard, Vancouver, ISO, and other styles

48

Lam, Lai-chu Fiona, and 林麗珠. "The offering mechanism in Hong Kong." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1998. http://hub.hku.hk/bib/B31268936.

Full text

APA, Harvard, Vancouver, ISO, and other styles

49

Gao, Fei. "The Reasons for the Divergence of IPO Lockup Agreements." Thesis, University of North Texas, 2010. https://digital.library.unt.edu/ark:/67531/metadc30456/.

Full text

Abstract:

Most initial public offerings (IPOs) feature share lockup agreements, which prohibit insiders from selling their shares for a specified period of time following the IPO. However, some IPO firms agree to have a much longer lockup period than other IPO firms, and some are willing to lockup a much larger proportion of shares. Thus, the primary research question for this study is: "What are the reasons for the divergence of the lockup agreements?" The two main hypotheses that this dissertation investigates are the signaling hypothesis based on information asymmetry, and the commitment hypothesis based on agency theory. This study uses methods that have not been applied by previous studies in the literature relating to IPO lockups. First, I directly use IPO firms operating performance as a proxy for firm quality. The results show neither a negative nor a strong positive relationship between lockup length and firm operating performance. Thus, based on operating performance, the evidence does not support the agency hypothesis while showing weak support for the signaling hypothesis. I then examine the long-run returns for IPO firms with different lockup lengths. I find that firms with short lockup lengths have much better long-run returns than firms with long lockup lengths. Therefore, the results reject the signaling hypothesis while supporting the agency hypothesis. This dissertation further contributes to the IPO long-run underperformance literature by showing that firms with a high agency problem have much worse long-run returns than those with a low agency problem. Finally, I investigate the short-term stock returns around lockup expiry. Generally, I find that firms with short lockup periods experience better stock returns around lockup expiry than firms with long lockup periods, though the returns are not significantly different from one another. Overall, I conclude that the results reject the signaling hypothesis while partially supporting the agency hypothesis. In addition, I show that firms with high agency problems have much worse stock returns than those with low agency problems around lockup expiry, even though the agency variable is not significant in the regression analysis.

APA, Harvard, Vancouver, ISO, and other styles

50

Tian, Zhimin. "Accounting conservatism and IPO underpricing : evidence from China." HKBU Institutional Repository, 2011. http://repository.hkbu.edu.hk/etd_ra/1272.

Full text

APA, Harvard, Vancouver, ISO, and other styles

Dissertations / Theses on the topic 'Going public (Securities)'

Create a spot-on reference in APA, MLA, Chicago, Harvard, and other styles