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Murgulov, Zoltan, and n/a. "New Economy Initial and Seasoned Equity Offers in Australia." Griffith University. Griffith Business School, 2006. http://www4.gu.edu.au:8080/adt-root/public/adt-QGU20070717.160534.
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Public media and previous research have focused mainly on listing day returns of initial public offers (IPOs) by new economy companies in specific periods such as before April 2000, without examining any subsequent equity offers by new economy companies. This study addresses the issue of multiple equity offers and provides additional understanding of new economy initial and seasoned equity offers (SEOs). Without, a priori, favouring any existing explanation of initial and long-term share returns, this research tests a wide range of theories in order to provide insight into share returns of equity offerings by new economy companies listed on the Australian Stock Exchange between 1994 and 2004. In general, this thesis documents the ability of publicly available information (obtained from offer documents and company announcements to the market) to explain the returns of equity-issuing new economy companies in Australia. In other words, how useful is public information in the valuation of initial and seasoned equity offers of new economy stocks? Specifically, the thesis seeks to examine the ability of public information to explain (a) listing day and long-term returns subsequent to initial public offers by new economy companies, and the probability of IPO withdrawal, (b) announcement period and long-term returns of seasoned equity offers by new economy companies, and (c) the relationships between the initial and any subsequent equity offers by new economy companies (within three years of listing) in terms of probability of seasoned equity offer, duration between the IPO and the first SEO, and frequency of seasoned equity offers within the first three years of IPO. First, the thesis finds that public information is used by investors to value new economy stocks on listing day and in the long run. The negative effect of withdrawal probability on listing day returns of successful IPOs is confirmed in this thesis in the context of the fixed-price offer process in the new economy sector in Australia. While new economy equity-issuing companies have inferior long-term returns compared to the market index and the small capitalisation stock index, they do not underperform relative to their respective industry index returns. Second, this study also finds that public information can explain new economy stock returns around the announcements of seasoned offers and in the long run. Third, the results reveal that publicly available information can be used to explain the incidence and to estimate the probability of seasoned equity offers by recent new economy IPOs. Furthermore, it is found that public information has the ability to explain the duration between the IPO and the first seasoned offer, as well as the frequency of seasoned offers in the first three years after listing. The results of the study support the theoretical predictions about the effects of public information (representing IPO characteristics) and the incidence of a seasoned equity offer. In particular, IPO quality signalling by retained ownership and by underpricing, and the market feedback effect of post-IPO returns have been confirmed for new economy equity offers in Australia. Underpriced new economy IPOs and those with greater proportion of ownership retained after the offer are significantly more likely to have a seasoned equity offer within three years of listing. Likewise, new economy IPOs with superior aftermarket returns are significantly more likely to have a seasoned equity offer. The implication of this research is that public information contained in offer documents and in company announcements is important to valuation of the Australian Stock Exchange listed new economy companies. Thus, the regulators and the Stock Exchange should continue to insist on a high level of information disclosure prior to equity offers in order to enable investors to properly value companies within the new economy sector.
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Murgulov, Zoltan. "New Economy Initial and Seasoned Equity Offers in Australia." Thesis, Griffith University, 2006. http://hdl.handle.net/10072/366884.
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Public media and previous research have focused mainly on listing day returns of initial public offers (IPOs) by new economy companies in specific periods such as before April 2000, without examining any subsequent equity offers by new economy companies. This study addresses the issue of multiple equity offers and provides additional understanding of new economy initial and seasoned equity offers (SEOs). Without, a priori, favouring any existing explanation of initial and long-term share returns, this research tests a wide range of theories in order to provide insight into share returns of equity offerings by new economy companies listed on the Australian Stock Exchange between 1994 and 2004. In general, this thesis documents the ability of publicly available information (obtained from offer documents and company announcements to the market) to explain the returns of equity-issuing new economy companies in Australia. In other words, how useful is public information in the valuation of initial and seasoned equity offers of new economy stocks? Specifically, the thesis seeks to examine the ability of public information to explain (a) listing day and long-term returns subsequent to initial public offers by new economy companies, and the probability of IPO withdrawal, (b) announcement period and long-term returns of seasoned equity offers by new economy companies, and (c) the relationships between the initial and any subsequent equity offers by new economy companies (within three years of listing) in terms of probability of seasoned equity offer, duration between the IPO and the first SEO, and frequency of seasoned equity offers within the first three years of IPO. First, the thesis finds that public information is used by investors to value new economy stocks on listing day and in the long run. The negative effect of withdrawal probability on listing day returns of successful IPOs is confirmed in this thesis in the context of the fixed-price offer process in the new economy sector in Australia. While new economy equity-issuing companies have inferior long-term returns compared to the market index and the small capitalisation stock index, they do not underperform relative to their respective industry index returns. Second, this study also finds that public information can explain new economy stock returns around the announcements of seasoned offers and in the long run. Third, the results reveal that publicly available information can be used to explain the incidence and to estimate the probability of seasoned equity offers by recent new economy IPOs. Furthermore, it is found that public information has the ability to explain the duration between the IPO and the first seasoned offer, as well as the frequency of seasoned offers in the first three years after listing. The results of the study support the theoretical predictions about the effects of public information (representing IPO characteristics) and the incidence of a seasoned equity offer. In particular, IPO quality signalling by retained ownership and by underpricing, and the market feedback effect of post-IPO returns have been confirmed for new economy equity offers in Australia. Underpriced new economy IPOs and those with greater proportion of ownership retained after the offer are significantly more likely to have a seasoned equity offer within three years of listing. Likewise, new economy IPOs with superior aftermarket returns are significantly more likely to have a seasoned equity offer. The implication of this research is that public information contained in offer documents and in company announcements is important to valuation of the Australian Stock Exchange listed new economy companies. Thus, the regulators and the Stock Exchange should continue to insist on a high level of information disclosure prior to equity offers in order to enable investors to properly value companies within the new economy sector.Thesis (PhD Doctorate)
Doctor of Philosophy (PhD)
Griffith Business School
Griffith Business School
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Langmead, Peter Martin Stuart. "An explanation for abnormal returns from initial public offers and the revelation of information on the first day of trading of new company stocks." Thesis, University of Strathclyde, 1998. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.311298.
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Flagg, Donald. "Two Essays on Venture Capital: What Drives the Underpricing of Venture CapitalBacked IPOs and Do Venture Capitalists Provide Anything More than Money?" Scholar Commons, 2007. https://scholarcommons.usf.edu/etd/706.
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This dissertation includes two chapters that investigate the role venture capitalists (VCs) play in the underpricing and in the long-run performance of IPOs. The first chapter focuses on the underpricing of IPOs and attempts to determine the role that VCs play in this underpricing process. The evidence is consistent with a view that VCs agree to underpricing to ascertain benefits from both "grandstanding" and "spinning." The second chapter examines the long-run performance of IPOs and tries to determine the role that VCs play in the development of IPOs. Here, the evidence suggests that VC-backed IPOs appear to have better access to capital than non-VC-backed IPOs, but the long-run performance of VC-backed IPOs is generally mixed.
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Securato, Camila Rocha Tafarello. "O impacto do vencimento do período de Lockup dos IPOs no preço das ações do mercado acionário brasileiro." Pontifícia Universidade Católica de São Paulo, 2011. https://tede2.pucsp.br/handle/handle/1469.
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Previous issue date: 2011-10-17Since the creation, in 2000, of Bovespa s Novo Mercado and its access levels, most existing shareholders in an Initial Public Offer (IPO) are subject to a lockup period in which they cannot sell their shares for a pre specified time immediately after the IPO (typically 180 days). This thesis investigate whether the shares of companies listed on the Bolsa de Valores de São Paulo (BM&FBovespa) present abnormal return due to the expiration of an IPO lockup, in the period from 2000 to 2010. By the method of event study, we examine 77 share lockup agreements that prevent existing shareholders from selling their shares. When lockups expire, we find a statistically prominent cumulative abnormal return around the event window when the firm in the sample is financed by private equities and also for the firms in the sample that operates in the infrastructure sector
Desde a criação do Novo Mercado da Bovespa e de seus níveis de acesso em 2000, a maioria das Ofertas Públicas Inicias de Ações passou a estabelecer acordos específicos de lockup que impedem os acionistas controladores e administradores das empresas emissoras de vender e/ou ofertar suas ações ou derivativos dessas ações por um período predeterminado imediatamente após a oferta (geralmente 180 dias). O objetivo desta dissertação foi investigar se as ações das companhias listadas na Bolsa de Valores de São Paulo (BM&FBovespa) apresentam retorno anormal em virtude do vencimento do período de lockup de um IPO, no período de 2000 a 2010. Pelo método do estudo de eventos, examinaram-¬‐se 77 acordos de lockup que vedam os acionistas existentes de vender suas ações. Ao vencimento dos lockups, verificou-¬‐se a existência de retornos anormais acumulados negativos estatisticamente significantes em torno da janela do evento para as empresas da amostra que tinham como acionistas fundos de private equity e também para as empresas da amostra que atuam no setor de infraestrutura
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Goyen, Michelle. "Disaggregating the influences on IPO underpricing in the Australian fixed-price setting." University of Southern Queensland, Faculty of Business, 2009. http://eprints.usq.edu.au/archive/00006088/.
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This research examines the relationship of initial public offer (IPO) underpricing and intrinsic value in the Australian fixed-price setting. The first stage of the research contains a review of major underpricing theories (asymmetric information, institutional explanations and theories of ownership and control) and relates these theories to the Australian institutional setting. A baseline model of underpricing is developed from analysis of Australian empirical IPO literature. The second stage of the research is the disaggregation of underpricing into mispricing (MP) and misvaluation (MV) components. MP captures the extent of the issuer‟s influence on underpricing and is measured as the difference between the intrinsic value of an IPO share and its offer price. MV captures the extent of investors‟ influence on underpricing and is measured as the difference between the intrinsic value of an IPO share and its market price at listing.Mispricing is modelled with issuer-related variables that have hypothesised associations with offer price. Results show a proxy for IPO market sentiment and the size of the IPO relative to industry median market capitalisation make significant contributions to the explanation of mispricing. Misvaluation is modelled with investor characteristics that have hypothesised associations with market price. A proxy for general market sentiment and the level of mispricing make significant contributions to the explanation of misvaluation. The third stage of the research integrates results from the disaggregation of underpricing with the baseline model.Several conclusions can be drawn from the results. First, with respect to mispricing, issuers incorporate their knowledge of current IPO market conditions when establishing offer price, with more positive mispricing observed during hot IPO markets. Further, issuers taking relatively larger companies public tend to overprice their issues. This result persists even after controlling for potential scale effects. Second, with respect to misvaluation, overpriced issues (i.e. positive mispricing) are also overvalued by the market. This result provides an indication that price is not a suitable proxy for value. Third, prior Australian research [Cotter, Goyen & Hegarty (2005) and How, Lam & Yeo (2007)] reports a negative association for mispricing and underpricing. Consistent with US results (Zheng, 2007), no relationship isobserved for this sample. Overall, the results from this research indicate that investor-related factors are the primary drivers of underpricing.This research makes eight major contributions to the body of knowledge. The first is the novel approach of disaggregating underpricing into mispricing and misvaluation components. Second, mispricing is modelled and it is demonstrated that previously hypothesised issuer-related factors do not explain mispricing. Third, misvaluation is modelled, providing some interesting insights into the role of market sentiment in the underpricing context. Fourth, the relationships of mispricing, misvaluation and underpricing are investigated. Fifth, the Australian institutional setting is compared to that of the US and implications for future research are identified. Sixth, the baseline model of underpricing consolidates variables developed from prior Australian literature, providing a yardstick for comparison in future underpricing research. Seventh, evidence shows issuers exploit high market sentiment with positive mispricing in the fixed-price setting. The final major contribution relates to the role of institutional investors in the fixed-price setting. Contributions to the IPO literature on ownership and control, signalling, asymmetric information theories of ex ante uncertainty and agency theory are also made with tests of key variables in the mispricing and misvaluation models. Finally, evidence on the role of institutional investors in the fixed-price setting and on the role of demand (informed and total) sheds light on the underpricing puzzle.
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Eriksson, Tobias, Peter Edsjö, and Erik Ragnarsson. "Underprissättning : En studie av nyintroducerade aktier på Stockholmsbörsen under 2001-2006." Thesis, Karlstad University, Faculty of Economic Sciences, Communication and IT, 2007. http://urn.kb.se/resolve?urn=urn:nbn:se:kau:diva-1608.
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Syftet med uppsatsen är att undersöka om det förkommer underprissättning och om den består de första fem månaderna samt finna sannolikheten för en positiv utveckling efter börsintroduktionen. Eftersom vi har studerat kursförändringar efter börsintroduktioner har vi valt att använda en kvantitativ metodansats i form av en eventstudie. Teorierna behandlar främst förklaringar till varför en underprissättning sker samt hur publicitet och informations asymmetri påverkar prissättningen. Teorier som berörs är bland annat ”Winners Curse”, ”Cascade theory” och ”Signalling theory”.
Våra empiriska data kommer främst från bolagens prospekt samt kursinformation från Affärsvärlden och Stockholmsbörsen. Prospekten har visat kursintervall och introduktionsdatum, val av garant med mera. Affärsvärlden visar branschtillhörighet samt bransch- och indexhistorik. Stockholmsbörsen tillför slutkurser för samtliga bolag samt information om noteringskrav och -process.
Studien visar att de nyintroducerade bolagen har varit underprissatta med i genomsnitt 2,17% under perioden 2001-2006, vilket är betydligt lägre än vad tidigare studier visat. Detta beror främst på att de tidigare studierna har baserats på den amerikanska marknaden och under en tidsperiod då större underprissättning har förekommit än under 2001-2006. Den genomsnittliga utvecklingen efter 5 dagar, 1 månad, 3 månader, 5 månader respektive 1 år har varit 2,40%, 2,46%, 3,06%, 3,73% respektive 5,01%. Det har även förkommit stora skillnader mellan olika branscher, garanter, introduktionsår, introduktionspris och överteckningsgrad.
The purpose of this essay is to examine if it occurs under pricing and if it last the first five month and find the probability of a positive share development after a initial public offering. Since we have studied exchange fluctuation after initial public offerings have we chosen to use an quantitative method approach. The theories consider explanations to why under pricing occurs and how publicity and information asymmetry affect the price determination. ”Winners Curse”, ”Cascade theory” and ”Signalling theory” are some of the theories that are mentioned.
Our empirical data is mainly captured from the companies prospects and share price information from Affärsvärlden and the Stockholm Exchange. The prospects has shown share price intervals, initial public offering dates, underwriter etc. Affärsvärlden show type of business and index history. The Stockholm Exchange contribute closing prices for all of the studied companies and information about demands for quotation and the process regarding initial public offerings.
Our study show that initial public offerings have been under priced with an average of 2,17% during the period 2001-2006, which is considerably lower than earlier studies. The reason is mainly because the earlier studies has based on the American stock market and under a period when larger under pricing have existed. The average development after 5 days, 1 month, 3 months, 5 months respectively 1 year has been 2,40%, 2,46%, 3,06%, 3,73% respectively 5,01%. It has also occurred big differences between different type of business, underwriters, year of introduction, oversubscribtion and initial share price.
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Almeida, AntÃnio Josà Lima de. "ABERTURAS DE CAPITAL NO BRASIL â ANÃLISE DAS OFERTAS PÃBLICAS INICIAIS DE AÃÃES." Universidade Federal do CearÃ, 2009. http://www.teses.ufc.br/tde_busca/arquivo.php?codArquivo=16664.
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Desde 2004, noticia-se na imprensa especializada um grande dinamismo do
mercado de capitais brasileiro. Em 2005, foram realizadas nove ofertas pÃblicas
iniciais â IPO, que movimentaram cerca de R$ 5 bilhÃes. Em 2006, foram 26 novas
emissÃes, quando as empresas estreantes captaram cerca de R$ 15 bilhÃes. Em
2007, o nÃmero de IPOs foi recorde, chegando a 64 novas empresas (captaÃÃo de
mais de R$ 55 bilhÃes), considerado um marco na histÃria do mercado de capitais
brasileiro. Nesse contexto, este estudo analisou o comportamento das aÃÃes
relativas Ãs ofertas pÃblicas iniciais de aÃÃes ocorridas no Brasil no perÃodo de
01.01.05 a 31.07.07, com o objetivo de apurar indÃcios de ocorrÃncia das seguintes
anomalias relacionadas aos IPOs: subprecificaÃÃo (underpricing), alta volatilidade
das aÃÃes, baixa performance das emissÃes no longo prazo e performance
vinculada ao desempenho geral do setor de atividade das empresas emissoras. O
estudo obteve os seguintes resultados: considerando o retorno mÃdio das aÃÃes no
primeiro dia de negociaÃÃo (12,34%), ante a variaÃÃo do CDI e do Ibovespa de
apenas 0,07% e 0,46%, respectivamente, conclui-se que existem evidÃncias de
underpricing nas emissÃes analisadas; 83% das aÃÃes apresentaram volatilidade
superior à do Ibovespa, o que poderia explicar os retornos elevados no primeiro dia
de negociaÃÃo, ou seja, o retorno inicial elevado à uma recompensa ao risco aceito
pelos investidores; a maioria das aÃÃes seguiu a mesma tendÃncia de desempenho
do setor, sugerindo que as empresas abrem o capital em momentos de auge no
desempenho do setor ao qual pertencem; as aÃÃes apresentaram baixa
performance no longo prazo, indicando que os emissores tendem a aproveitar os
perÃodos de grande volume de emissÃes, quando as aÃÃes estÃo sobrevalorizadas.
Dessa forma, os retornos iniciais sÃo elevados e no longo prazo hà um movimento
de mercado no sentido de posicionar os papÃis no seu real valor.Since 2004, it has been noticed through the specialized media a great excitement in the Brazilian stock market. Nine (greatest amount since 1986) Initial Public Offers (IPO) were carried out along 2005 generating about R$ 5 billion. In 2006, 26 new offers were carried out and the beginning companies made around R$ 15 billion. In 2007, the number of IPOâs achieved a record of 64 new companies (more than R$ 55 billion), a landmark in the history of the Brazilian stock market. The enthusiasm of investors towards the initial offers reached a level where the stock markets decided to sell their own stocks. Natural people forgot their fear of the risk for a while trying to increase their income considering the decline of ordinary funds. BM&Fâs IPO, for instance, had 275 thousand natural people among the investors. Concerning all this excitement and some notorious cases of success and others of low performance of beginning companies in the stock market, the following work analyses the return of investments made in initial public offers of stocks in Brazil carried out between 2005/01/01 and 2007/07/31. Besides a comparative study of the return of the stocks with the CDI tax variation and the Ibovespa, it was a done an analyses of the behavior of investments according to the market section and a study of the profitability of long term funds. Among 81 companies, only 30 had positive results, which demonstrate a low performance considering the initial enthusiasm and the excessive increase of values. The profitability of stocks was only superior to the CDI and Ibovespa variation in a shot term frame and the papers seemed to be more volatile than the market average. It was also noticed that the return of investments is attached to the performance of each market section and the profitability of funds was not superior in a long term frame.
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Kolev, Gueorgui I. "Behavioural Biases and Chief Executive Officers Compensation." Doctoral thesis, Universitat Pompeu Fabra, 2009. http://hdl.handle.net/10803/7408.
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Esta tesis consiste de tres ensayos. En el primero, documentamos la correlación imaginaria entre las decisiones de compensación de los ejecutivos (CEO) al demostrar que el hándicap de los ejecutivos que juegan al golf no está correlacionado con su desempeño en la empresa mientras que sí lo está con su compensación. Los golfistas ganan más que los que no juegan al golf, y las pagas se incrementan con la habilidad en este juego. En el segundo ensayo explicamos la reciente espiral de las compensaciones de los ejecutivos basados en el sesgo de atribución fundamental. El análisis de las series temporales agregadas y de datos de sección cruzada correspondiente a la burbuja del mercado accionario en los noventa sugiere que los accionistas exageran al atribuir las subidas y bajadas de los precios de las acciones corporativas a las aptitudes de liderazgo del ejecutivo mientras que subestiman el rol de las fluctuaciones del mercado accionario que se encuentran fuera del control de estos. En el tercer ensayo demostramos que un gran número de Ofertas Públicas Iniciales predice sistemáticamente, tanto dentro como fuera de la muestra, el subsiguiente bajo rendimientos agregado y ponderado, y la diferencia de rendimientos entre las pequeñas y grandes firmas.This thesis consists of three essays. In the first, we document illusory correlation in CEO compensation decisions by demonstrating that golf handicaps of CEOs are uncorrelated with corporate performance, but related to CEO compensation. Golfers earn more than non-golfers and pay increases with golfing ability. In the second essay we propose a fundamental attribution bias-based explanation of the recent explosive growth in CEO pay. Analysis of aggregate time series data and cross sectional data from the late 1990s stock market bubble period suggests that shareholders overattribute prominent increases and decreases in the prices of corporate stocks to the leadership and skill of the CEOs and underestimate the role of stock market fluctuations that are beyond CEO control. In the third essay we show that increases in the number of Initial Public Offerings reliably predicts in-sample and out-of-sample decreases in subsequent equally weighted aggregate stock returns and the return differential between small and big firms.
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Westgren, Jakob, and Markus Sandsjö. "IPO Underpricing – Can it be predicted? : A quantitative research study of Swedish IPOs 1997-2011." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Företagsekonomi, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-18327.
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When a company sells shares of their business to the public for the first time, it is called an Initial Public Offering, IPO. The IPO is usually conducted by the issuing firm to raise capital for their future growth. Before the IPO the information about the issuing company is often limited and the investment in an IPO is associated with risks. The investors who choose to invest in an IPO are therefore usually compensated with a discount on the shares and often experience a first day positive return. This first day positive return is the definition of underpricing. If the majority of the IPOs are underpriced it should be of interest for an investor to take part of this opportunity and use it as an investment strategy. This thesis investigates if there is a way to predict which IPOs that will generate a positive first day return based on the information in the IPO prospect.En IPO är det första erbjudandet av företagets aktier till den publika marknaden. En IPO genomförs ofta i samband med att företaget behöver ta in nytt kapital för framtida investeringar. Innan ett företag blir publikt är informationsinsynen begränsad vilket medför en risk för den som vill investera i det initiala erbjudandet. Investerarna som väljer att investera i erbjudandet är ofta kompenserade med en rabatt på aktierna och får då ofta en positiv avkastning på första handelsdagen. Denna initiala avkastning definieras som underprissättningen av erbjudandet. Om en majoritet av börsnoteringarna är underprissatta skulle det vara av stort intresse för investerare att upprepande investera i IPOs och ha detta som investeringsstrategi. Den här uppsatsen undersöker om det går att förutspå vilka IPOs som genererar en positiv avkastning första handelsdagen baserat på den informationen som finns att tillgå i IPO prospektet.
Civilekonom-uppsats
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Oioli, Erik Frederico. "A superação do modelo de concentração acionária no Brasil: o regime jurídico das companhias de capital disperso na lei das sociedades anônimas." Universidade de São Paulo, 2013. http://www.teses.usp.br/teses/disponiveis/2/2132/tde-11092014-143912/.
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A Lei nº 6.404, de 15 de dezembro de 1976, foi concebida tendo como um de seus objetivos o estímulo à formação da grande empresa nacional. Para tanto, o legislador utilizou duas premissas: o estímulo à concentração empresarial e o fomento do mercado de capitais (tanto o mercado acionário, quanto o de títulos de dívida). Isto resultou em um modelo legal, calcado na figura do acionista controlador, de quem a lei reconhece poderes e, em contrapartida, institucionaliza deveres e atribui responsabilidades. Ainda, face à extremação dos poderes do acionista controlador, visando ao fomento do mercado de capitais, a lei atribui aos acionistas minoritários verdadeiros direitos compensatórios, sintetizados em direitos de saída da companhia e direitos de informação. Com a dispersão acionária e o consequente enfraquecimento, ou até desaparecimento, do acionista controlador, o poder desloca-se para os administradores, resultando em modelo essencialmente diverso daquele originalmente concebido pela Lei das Sociedades Anônimas. Relativizam-se, assim, os direitos compensatórios face ao controle acionário, ganhando força os mecanismos de monitoramento adequado dos administradores para assegurar a realização do interesse social. Isto implica modificações não apenas na esfera de direitos individuais e coletivos dos acionistas como principalmente mudanças na própria estrutura orgânica da sociedade anônima e nos negócios jurídicos envolvendo a disputa pelo controle societário. O presente trabalho, portanto, irá discutir até que ponto a Lei nº 6.404/76 está apta a lidar com este fenômeno recente em território brasileiro. Palavras chave: Lei nº 6.404/76, sociedade anônima, poder de controle, dispersão acionária, OPA.One of the objectives guiding the development of Law 6,404, of 15 December 1976, was that of stimulating the formation of large-size Brazilian companies. The legislator set about this task using two premises: stimulating corporate concentration and boosting the bond markets (both the stock market and the government bond market). This resulted in a legal model, based on the figure of the controlling shareholder, to whom the law grants authority and, in return, imposes obligations and allocates responsibilities. Moreover, in view of the extreme nature of the controlling shareholders authority, and in order to boost the bond markets, the law grants genuine compensatory rights to the minority shareholders, which can be summarized as rights to leave the company and rights to information. Stock dispersion and the consequent weakening, or even disappearance, of the controlling shareholder, has led to authority shifting to the management, leading to a model that is, in essence, very different from the one originally conceived in the Brazilian Companies Law. Hence, compensatory rights have become relative to shareholder control, with the managers monitoring mechanisms gaining force in ensuring compliance with the corporate interest. This implies modifications not only in the sphere of shareholders individual and collective rights, but also changes to the very structure of the joint stock company and to legal business dealings concerning disputes for corporate control. This study will, therefore, debate just how well Law 6,404/76 is able to deal with this recent phenomenon in Brazil.
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Diniz, Marilise Bertelli. "Abertura de capital de empresas brasileiras em 2007: uma análise descritiva da evolução da estrutura de capital das empresas entrantes durante os nove anos seguintes à abertura de capital." reponame:Repositório Institucional do FGV, 2018. http://hdl.handle.net/10438/24617.
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Este trabalho busca evidenciar, de forma empírica, a relação entre a abertura de capital de empresas e possíveis alterações em suas estruturas de capital. A metodologia utilizada abrangeu a utilização de procedimentos de Propensity Score Matching para criação do grupo de controle e avaliação de impacto através da análise de Diferenças em Diferenças. Através de regressão estimou-se qual o real impacto da abertura de capital na estrutura de capital de trinta e duas empresas, isolado dos demais fatores que também podem ter contribuído para alterações na estrutura de capital. Foi possível observar que a abertura de capital, das trinta e duas empresas observadas, parece ter permitido alterar de maneira significativa a estrutura de capital, nove anos após a abertura de capital ocorrida em 2007.
This paper provides empirical evidence on changes in capital structure subsequent to the decision to go public. The treatment group comprises thirty-two of the firms that went public in 2007 in the Brazilian market. With the use of the Propensity Score Matching method, an appropriate control group was constructed, and impact assessment was examined with the use of Differences-in-Differences analysis. The effective impact of the going-public decision on the firms’ capital structures was measured, controlling for other factors that might have contributed to changes in their capital structures. It was possible to observe that the IPO of the thirty-two companies observed allowed them to significantly alter their capital structures, up to nine years following their IPOs in 2007.
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Cruz, Cristine Basseto. "Fomento de ofertas públicas iniciais de ações reflexões jurídicas sobre alocação de deveres fiduciários e conflito de interesse das instituições intermediárias." reponame:Repositório Institucional do FGV, 2016. http://hdl.handle.net/10438/18010.
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This paper intends to discuss the legal adequacy of loan arrangements among shareholders, companies offering shares in initial public offer and their underwriters pre-initial public offer. These transactions – known as 'equity kickers' – became popular during 2004 – 2007 Brazilian capital markets’ IPO wave, when several Brazilian corporations went to public offering their shares after borrowing pre-IPO money from their underwriters. Taking into account the usual arrangements among those agents and a few researches made afterwards, we examine the economic and social consequences to the issuer and to the securities market, the legal role of the underwriter under the Brazilian securities exchange legal environment and discuss the fiduciary duty imposed to financial intermediaries in capital. Further on, we discuss the potential conflict of interest arising from credit relationship between underwriters and issuing companies and the adequacy of mandatory information provided in IPO information memorandum (prospecto) for the purpose of warning potential conflict that may arise from such credit relationship. Finally, we conclude our legal analysis and suggest a review of security exchange commission (CVM) current regulation in order to address fiduciary duties to financial intermediaries and improve disclosure standards on conflict of interest to potential investors during securities public offers.
Este trabalho pretende discutir a legalidade dos arranjos contratuais e empréstimos firmados entre acionistas, companhias ofertantes e instituições intermediárias previamente à realização de ofertas públicas iniciais. Esses arranjos – conhecidos como 'equity kickers' – foram largamente utilizados por companhias brasileiras que ofertaram suas ações durante os anos de 2004 a 2007. Tendo por base o formato usualmente utilizado nessas transações e os resultados trazidos por algumas pesquisas realizadas após a realização dessas ofertas, analisamos as consequências econômicas e sociais observadas e sua pertinência para o contexto do mercado de capitais, o papel das instituições intermediárias sob a ótica da regulamentação Brasileira e seu dever fiduciário perante os demais agentes de mercado. Ademais, discutimos o potencial conflito de interesse inerente ao papel simultâneo de distribuidor e credor desempenhado pelo coordenador nessas ofertas e a comunicação desse conflito ao mercado através da divulgação das informações pertinentes no prospecto de distribuição da oferta. Por fim, apresentamos uma análise jurídica e sugerimos a revisão da regulamentação da Comissão de Valores Mobiliários no sentido de tratar expressamente o tema do dever fiduciário das instituições intermediárias no mercado de captais e aumentar a exigência de informações acerca de transparência das situações de conflito ao mercado na realização de ofertas públicas de valores mobiliários.
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Gansou, Mariel. "Le financement par le marché : essai en droit de l'OHADA à l'aune du droit français." Thesis, Tours, 2017. http://www.theses.fr/2017TOUR1007.
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Dans le cadre d’une comparaison avec les règles en vigueur en France, cette thèse propose d’étudier le droit applicable au financement par les marchés boursiers au sein de l’espace OHADA à l’aune des systèmes juridiques qui ont influencé sa formation et ses « Actes uniformes ». L’étude suggère que les paramètres juridiques qui affectent l’OHADA depuis sa création sont bien plus variés que la simple mention du droit français. Ils sont africains, européens et internationaux. De même, l’on met en exergue les réponses méritoires de l’OHADA à des problématiques de régulation dont pourrait s’inspirer le droit français. L’on peut affirmer qu’il n’y a pas ici de droit exotique ou davantage un système purement esthétique de droit, mais bien au contraire, simplement du droit. Introuvable pierre philosophale, si l’OHADA n’est pas omnipotente comme l’indiquent les aspérités que l’on esquisse, elle possède les qualités de la boussole qui montre la voie à suivre pour accompagner le développement des marchés financiers et de leurs avatars. Sans nécessairement créer un nouvel acte uniforme relatif aux marchés financiers, elle pourrait, par des voies alternatives, accroître la sécurité juridique et judiciaire qui sont, on le rappellera, dans ses gènesIn a comparison with the rules in force in France and Africa, we have studied the law applicable for funding by stock exchanges within the OHADA space in light of the legal systems that have influenced its formation and its "Uniform Acts". The study reveals that the legal parameters affecting OHADA since its creation are much more varied than the mere mention of French law. These parameters are African, European and international. Similarly, the meritorious responses of OHADA to regulatory issues that could inspire French law are highlighted. It can be said that there is no exotic law in this case or either a purely aesthetic system of law, but rather, on the contrary, simply the law. Untouchable like a philosopher's stone, if OHADA is not all powerful as the asperities outlined show, it possesses the qualities of the compass that indicates the way forward. Without necessarily creating a new "uniform act" relating to financial markets, it could, by alternative means, increase the legal and judicial security which are, let us not forget, in its genes
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Mendia, Twardowsky Bianca. "Le droit français des OPA - un modèle pour le droit brésilien ?" Thesis, Sorbonne Paris Cité, 2017. http://www.theses.fr/2017USPCB237.
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L'objectif de cette thèse est d'analyser le système juridique français et brésilien concernant les stratégies de défense contre les offres publiques d'acquisition visant à prendre le contrôle des sociétés cotées en bourse. Les offres publiques d'acquisition font l'objet d'un vif débat, plus particulièrement lorsqu'elles présentent un caractère hostile pour la société cible. En France, de nombreux efforts législatifs ont été mis en œuvre en vue d'encadrer les OPA et de lutter contre les prises de contrôle rampantes. L'analyse du droit positif permet de mettre en lumière ces différents efforts ainsi que leur mise en œuvre à travers diverses techniques par les sociétés visées. Grâce à l'analyse juridique des stratégies anti-OPA en France, le système brésilien peut prendre connaissance de cette expérience et trouver la meilleure approche juridique pour les sociétés cotées ayant un capital flottant important. Au Brésil, la récente vague d'IPO a été possible grâce à la réforme dans la bourse BM&FBOVESPA. Dorénavant, la BM&FBOVESPA présente le scénario idéal pour prendre le contrôle des sociétés cotées. Ainsi, l'importance de ce thème est le résultat de la dispersion de l'actionnariat après la première vague d'introduction en bourse dans le marché de capitaux brésilien, et en France, elle se traduit par l'évolution dans environnement légal des défenses anti-OPA face à des pratiques qui ne cessent d'évoluerThe objective of this thesis is to analyse the French experience and the Brazilian legal environment concerning the defense strategies against hostile corporate takeovers aimed at taking control over public companies. Through the analysis of the French legal system of the anti-takeover strategies, the Brazilian system will be able to acquire this experience and find the best legal approach for Brazilian public companies with dispersed ownership. The importance of this theme is the result of the ownership dispersion following the first IPOs in the current Brazilian securities exchange market, which provides the ideal scenario for taking control of these publicly-traded companies, as well as the changes and the evolution in the French legal environment
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"A study of advising agents' influence on Hong Kong initial public offers: 1980-1989." Chinese University of Hong Kong, 1990. http://library.cuhk.edu.hk/record=b5886371.
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by So Tak Chee, Joshua.Thesis (M.B.A.)--Chinese University of Hong Kong, 1990.
Bibliography: leaves 65-67.
ABSTRACT --- p.ii
TABLE OF CONTENTS --- p.iii
LIST OF TABLES --- p.v
ACKNOWLEDGEMENT --- p.vi
Chapter
Chapter I. --- INTRODUCTION --- p.1
Initial Public Offers in Hong Kong --- p.2
The Companies --- p.2
The Advising Agents --- p.4
The Authorities --- p.6
Comparison with Other Paths --- p.7
Previous Studies on IPOs --- p.9
Signaling Hypotheses --- p.9
Underpricing of Initial Public Offers --- p.10
Limitations in Study of Hong Kong IPOs --- p.11
Scope and Significance of this Study --- p.12
Chapter II. --- RESEARCH METHODOLOGY --- p.14
Period of Study --- p.14
Sourcing --- p.15
Questionnaire --- p.15
Design --- p.15
Content --- p.15
Administration and Outcome --- p.16
Limitations --- p.17
Opinion Poll --- p.17
Sample --- p.17
Administration and Outcome --- p.18
P/E Comparison --- p.18
Test of Underpricing Factors --- p.18
Reputation of Advising Agents --- p.19
Market Enviroment --- p.19
Internal Factors --- p.20
Data Analysis --- p.20
Chapter III. --- MERCHANT BANKERS' VIEW ON IPO --- p.22
Importance of the Business --- p.22
Mechanism Behind the Job --- p.24
Motives for Flotation --- p.24
Initial Price Setting --- p.25
Other Participants --- p.25
Co-Workers --- p.26
Competitors --- p.27
Chapter IV. --- MERCHANT BANKERS' INFLUENCE ON IPO --- p.29
Relative P/E Comparison --- p.29
Subscription Rate --- p.30
Price Performance --- p.32
Primary Market --- p.32
Secondary Market --- p.33
Chapter V. --- TEST OF FACTORS ON IPO UNDERPRICING --- p.35
Regression Outcomes --- p.35
Significance of Factors --- p.40
Advising Agents --- p.40
Market Enviroment --- p.40
Internal Factors --- p.40
Chapter VI. --- CONCLUSION --- p.42
APPENDIX --- p.44
BIBILOGRAPHY --- p.65
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"Does the share price matter? Empirical evidence from two price setting events: Initial public offers and stock splits." Tulane University, 1998.
Find full textAbstract:
Conventional finance theory argues that the market's estimate of expected future cash flows and the risk associated with these cash flows are important factors in determining the market value of the firm. For a given estimate of firm value, the division into a particular combination of price per share and number of shares should not matter. However, casual observation indicates that stock prices cluster. In this dissertation, we investigate whether there are any economic or behavioral reasons that lead firms to choose a particular share price. We focus on two events where firms explicitly make a choice of the price level---share splits and initial public offers The first essay investigates share splits announced by mutual funds. We argue that in the case of mutual fund share splits, the usual explanations that have been advanced for common stock splits, i.e. signaling and liquidity, do not apply. The evidence suggests that like common stocks, mutual funds also split after a period of strong performance. This strong performance is not sustained in the post-split period. There is little evidence that the risk characteristics change after the split. However, relative to a matching fund, the splitting funds experience an increase in the inflow of new money in the quarter of the split and the subsequent two quarters. We also present evidence suggesting that a split aligns the post-split prices more closely with that prevailing in the industry. Overall, our results are consistent with small investors' exhibiting a preference for assets priced in a particular price range, and the price thereby affecting the marketability of financial assets The second essay investigates whether the choice of offer price in initial public offers of common stock is related to the short-term and long-term performance. Our main result is that underpricing in an IPO exhibits a U-shaped pattern in offer price. We also show that institutional ownership increases with offer price. Taken together, this evidence is consistent with the characterization of low priced IPOs as riskier investments where underpricing compensates investors for higher information costs; and higher-priced IPOs as targeted towards institutions where underpricing compensates the institutions for future monitoring costsacase@tulane.edu
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Leung, Kwong Tak. "A study on the impact of corporate governance practices on the underpricing of initial public offers in China." Thesis, 2014. http://hdl.handle.net/1959.13/1044113.
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Professional Doctorate - Doctor of Business Administration (DBA)Abstract: This study examines the impact of corporate governance on the underpricing of Chinese initial public offers (IPO) for the years 2005 to 2007. Underpricing refers to the situation where the IPO share price jumps substantially higher on the first day of trading. Previous studies of Chinese IPO underpricing focus on one or two corporate governance mechanisms with a few controlled variables. This study examines six groups of corporate governance variables: ownership structure, the board, the CEO, the strategic investor, ownership concentration and the underwriter. The relationship between corporate governance variables and IPO underpricing is examined by the winner’s curse theory, the ex-ante uncertainty theory, the signaling theory and the underwriter’s reputation theory which have been developed from the asymmetric information theory. This study contributes to the literature by identifying from the extant literature and investigating the impact of six groups of corporate governance variables on IPO underpricing. By using multivariate regression analysis, this study performs sub-models and full models test under the sub-sample and full sample cases for determining the impact of corporate governance on Chinese IPO underpricing. The performance of proxy variables of the corporate governance variables are compared between sub-models and the full model. Considering the sub-models only, the findings reveal that four corporate governance variables including ownership, board, CEO and ownership concentration show their impacts on Chinese IPO underpricing under full sample and sub-sample cases. Considering the full model only, similar results are obtained. If one considers the sub-models and the full model together, the findings reveal state ownership induces higher IPO underpricing (Signaling hypothesis), board supervision induces lower IPO underpricing (Signaling hypothesis) and CEO-Chairman duality induces lower IPO underpricing (Asymmetric Information and signaling hypothesis) for the research period from 2005 to 2007. The impact of board supervision on Chinese IPO underpricing has been neglected in most previous studies. Nevertheless, the board supervision performed well in hypotheses tests in this study. It follows that the role of board supervision may be considered to be an important corporate governance parameter in any future research of Chinese IPO underpricing.
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Mutemeri, Pauline. "Investigating price performance on initial public offers: a comparative analysis of the Johannesburg Stock Exchange and the Nigerian Stock Exchange." Diss., 2019. http://hdl.handle.net/10500/26487.
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Abstracts in English, Afrikaans and ZuluThe advancement and development of the financial sector is fundamental for building an efficient economic system that enhances foreign and domestic investments. The aim of this study was to compare the relationship between the price performance of initial public offerings and macroeconomic indicators in the South African and the Nigerian economy. With the increase of IPO listing on both stock exchanges, it is of paramount importance that an analysis and examination of IPO performance and its contribution to the economy is conducted. Using the 91 and 19 initial public offerings that were listed on the Johannesburg Stock Exchange and the Nigerian Stock Exchange respectively during the years 2005 to 2015, price performance was measured by using the market-adjusted abnormal returns and the wealth relative model. The linear ordinary least squares regression model was used to measure the relationship between initial public offering performance and macroeconomic indicators. Based on the mean market adjusted returns, initial public offerings listed between 2005 and 2015 were under-priced. The regression model established that the first day, week and month price changes in Nigeria were 0.19, 0.48 and 0.77 times higher respectively than to South Africa. The regression analysis found that inflation and interest rates were positively correlated with price changes at the end of the first month of trade, whereas gross domestic product growth was not statistically significant. Therefore, to evade financial loss, investment decision making processes should consider factors such as geographic location, interest rates, inflation and the industry prior to making the decision.
Die bevordering en ontwikkeling van die finansiële sektor is fundamenteel vir die ontwikkeling van ʼn doeltreffende ekonomiese stelsel wat buitelandse en binnelandse investering aanmoedig. Die doel van hierdie studie was om die verhouding tussen die prysprestasie van aanvanklike openbare aanbiedinge en makro-ekonomiese aanwysers in die Suid-Afrikaanse en Nigeriese ekonomie te vergelyk. Met die toename in AOA-notering op albei aandelebeurse, is dit uiters belangrik dat ’n ontleding van en ondersoek na AOA-prestasie en sy bydrae tot die ekonomie uitgevoer word. Deur gebruikmaking van die 91 en 19 aanvanklike openbare aanbiedinge wat onderskeidelik op die Johannesburgse Effektebeurs en die Nigeriese Effektebeurs gedurende die tydperk 2005 tot 2015 genoteer is, is prysprestasie gemeet deur gebruikmaking van die markaangepaste abnormale opbrengste en die rykdomrelatiewe model. Die lineêre gewone kleinste kwadrate-regressiemodel is gebruik om die verwantskap tussen die prestasie van aanvanklike openbare aanbod en makro-ekonomiese aanwysers te meet. Op grond van die gemiddelde markaangepaste opbrengste was aanvanklike openbare aanbiedinge wat tussen 2005 en 2015 genoteer is, onderprys. Die regressiemodel het vasgestel dat die eerste dag-, week- en maandprysveranderinge in Nigerië onderskeidelik 0.19, 0.48 en 0.77 keer hoër as in Suid-Afrika was. Die regressieontleding het bevind dat inflasie en rentekoerse ’n positiewe korrelasie gehad het met prysveranderinge aan die einde van die eerste handelsmaand, terwyl bruto binnelandse produk se groei nie statisties beduidend was nie. Derhalwe, om finansiële verlies te ontduik, behoort investeringbesluitnemingsprosesse faktore soos geografiese ligging, rentekoerse, inflasie en die bedryf in aanmerking te neem voordat besluite geneem word.
Ukuqhubekela phambili kanye nentuthuko yomkhakha (sector) yezezimali kubalulekile ekwakheni inqubo yezomnotho esebenza kahle neqhubekela phambili ukutshalwa kwezimali zangaphandle kanye nezangaphakathi ezweni. Inhloso yalolu cwaningo bekuwukuqhathanisa ubuhlobo phakathi kokusebenza kwentengo yama-initial public offerings kanye nezinkomba zama-macroeconomic kumnotho weNingizimu Afrika kanye nowase-Nigeria. Ngokwenyuka kwe-IPO listing kuwo womabili ama-stock exchange, kubaluleke kakhulu ukuthi kwenziwe uhlaziyo nohlolo lokusebenza kwe-IPO kanye nomthelela wakho kumnotho kumele kwenziwe. Ngokusebenzisa ama-initial public offerings ka 91 no 19 kwi-Johannesburg Stock Exchange kanye nakwi-Nigerian Stock Exchange ngokuhambisana phakathi kweminyaka ka 2005 kanye no 2015, ukusebenza kwamanani entengo kwakalwa ngokusebenzisa ama-market-adjusted abnormal returns kanye ne-wealth relative model. Imodeli ye-linear ordinary least squares regression model kwasetshenziswa ukukala ubuhlobo phakathi kwama-initial public offering performance kanye nezinkomba ze-macroeconomic. Ngokulandela i-mean market-adjusted returns, ama-initial public offerings okwafakelwa kuhla phakathi kweminyaka ka 2005 kanye no 2015 kwakufakelwe ngentengo ephansi. I-regression model yathola ukuthi ngosuku lokuqala, ngeviki, kanye nenyanga, ukushintsha kwamanani entengo eNigeria, kwakungu 0.19, 0.48 kanye ne 0.77 ngezihlandla eziphezulu kuneNingizimu Afrika. Uhlaziyo lwe-regression analysis lwathola ukuthi i-infleshini kanye namazinga enzalo achaphazeleka ngendlela enhle ngokuhambisana noshintsho lwentengo ekupheleni kwenyanga yokuqala yokuhwebelana, lapho khona ukukhula kwe-gross domestic project kwakungakhulile kakhulu ngokwezibalo. Ngakho-ke, ukugwema ulahlekelo kwezezimali, izinqubo zokuthatha izinqumo ngotshalo-mali kumele kubonelele izinto ezifana nendawo okuyi-geographical location, amazinga enzalo, i-infleshini kanye nemboni ngaphambi kokuthatha isinqumo.
Finance, Risk Management and Banking
M. Com. (Business Management)
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Lattimer, Brandon Craig. "The short-run equity underpricing puzzle in South Africa with an emphasis on the winner's curse hypothesis." Thesis, 2009. http://hdl.handle.net/10539/6853.
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One of the puzzles regarding IPO’s is that the issuers rarely get upset about leaving substantial amounts of money on the table due to underpricing. The cost of underpricing is the number of shares sold multiplied by the difference between the first-day closing price and the offer price. The research sample of IPOs and JSE databases comprised, respectively, 160 and 321 new applicants for the years 1995-1999. New applicants comprising the research sample raised R12.55 billion with an underpricing cost exceeding R2.85 billion i.e., 22.71 percent of the IPO capital raised. This cost was found to be nearly 10 times greater than the R295 million paid in fees to the corporate advisors by the issuing companies. The prime beneficiaries of this discount were a select grouping of private placement investors at the discretion of the corporate advisors and directors. Mean unadjusted initial first day returns amounted to 55.04 percent. Public Offer IPO’s (solely or as a component of a Hybrid Offer) follow UK influenced corporate legal systems– both in legislative norm and empirical results. First day initial returns were presented per issuer List Board, Method and Type of Listing, IPO capital raised and disclosed use of proceeds. Internationally many theories have been raised as to what has become to be known as the short-run underpricing puzzle. The winner’s curse hypothesis is directly tested flowing from and the unique data availability. It was shown that South African Public and Hybrid IPO Offer methods bear an exceptionally close correlation to UK influenced corporate legal systems and as such proved a reliable empirical testing ground for the winners curse phenomena using the same methodology and equations as their international counterparts hereunder. The UK based corporate law and institutional arrangements in South Africa allow a direct test of the empirical implications of the winner’s curse hypothesis in pricing unseasoned new issues.
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Semenenko, Igor. "Three essays in corporate finance and market microstructure." Phd thesis, 2009. http://hdl.handle.net/10048/431.
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Thesis (Ph.D.)--University of Alberta, 2009.Title from pdf file main screen (viewed on July 17, 2009). "Fall 2009." At head of title: University of Alberta. "A thesis submitted to the Faculty of Graduate Studies and Research in partial fulfillment of the requirements for the degree of Doctor of Philosophy in Finance, Faculty of Business." Includes bibliographical references.
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"The process and procedures of public listing in Hong Kong by initial public offer." Chinese University of Hong Kong, 1988. http://library.cuhk.edu.hk/record=b5885892.
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Chen, Sheng Kai, and 陳聖凱. "The Impact of Price Change Limits Constraint on Initial Public Offer." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/9889zb.
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"A study of mutual influence between underwriters' market value and initial public offer's return in Hong Kong." Chinese University of Hong Kong, 1995. http://library.cuhk.edu.hk/record=b5888276.
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by Cheung Siu-fai, Dickson, Mak Wai-man, Raymond.Thesis (M.B.A.)--Chinese University of Hong Kong, 1995.
Includes bibliographical references (leaves 69-70).
ABSTRACT --- p.ii
TABLE OF CONTENT --- p.iii
LIST OF TABLES --- p.v
LIST OF FIGURES --- p.v
ACKNOWLEDGMENTS --- p.vi
INTRODUCTION --- p.1
Current Situation --- p.1
Description of Initial Public Offers --- p.2
Initial Public Offers Versus Other Floatation Methods --- p.3
IPO Procedures And Requirements In Hong Kong --- p.4
Authorities Related To Initial Public Offers --- p.6
Statistics of Initial Public Offers In Hong Kong From 1990 To 1994 --- p.6
Sponsor --- p.7
Underwriter --- p.7
LITERATURE REVIEW --- p.10
Previous Studies on IPO --- p.10
Limitations of Previous Studies on IPOs in Hong Kong --- p.11
Scope and Significance of The Study --- p.12
DATA SOURCES AND SAMPLE DESCRIPTION --- p.14
Data Sources --- p.14
Sample Description --- p.15
RESEARCH METHODOLOGY --- p.18
Objectives --- p.18
Neutralization of the Effects of HSI and Dividend --- p.19
Assumptions --- p.20
Framework of Analysis --- p.21
Statistical Methods --- p.21
Chapter i. --- First Layer - Correlation Model --- p.22
Chapter ii. --- Second Layer - Regression Model --- p.23
DATA ANALYSIS AND FINDINGS --- p.25
Predictability Of IPO Performance --- p.25
Chapter i. --- Empirical Evidence --- p.25
Chapter ii. --- Framework Of Offer Period --- p.26
Chapter iii. --- Correlation Coefficient --- p.26
Chapter iv. --- Regression Model --- p.27
Chapter v. --- Implications --- p.31
Impact of First-day IPO Return on Underwriter's Market Value --- p.33
Chapter i. --- Empirical evidence --- p.33
Chapter ii. --- Framework of Offer period --- p.34
Chapter iii. --- Correlation coefficient --- p.34
Chapter iv. --- Regression model --- p.35
Chapter v. --- Implications --- p.37
Separation of Lead-underwriters and Co-underwriters --- p.38
Chapter i. --- Lead-underwriters --- p.38
Chapter ii. --- Co-underwriters --- p.41
Chapter iii. --- Implications --- p.41
CONCLUSIONS --- p.42
FURTHER CONSIDERATIONS --- p.45
APPENDIX --- p.47
BIBLIOGRAPHY --- p.69
25
Liu, Chan-Yu, and 劉蟬宇. "An Event Study Analysis of How Subsidiary Company’s Initial Public Offer Impact the Stock Return of Parent Company." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/sfyqcu.
Full text
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Duarte, Pedro. "Capital de risco: análise da indústria em Portugal." Master's thesis, 2006. http://hdl.handle.net/10071/1273.
Full textAbstract:
O impacto do capital de risco no desenvolvimento económico, como catalisador do empreendedorismo e inovação, assumindo um papel muito importante nos mercados financeiros mais desenvolvidos, é ainda relativamente incipiente na economia Portuguesa. Contudo, existem sinais de mudança. Nesse âmbito, este estudo fornece uma visão actual da indústria de capital de risco em Portugal, recorrendo-se para o efeito das estatísticas disponíveis, bem como a um inquérito efectuado junto das sociedades de capital de risco nacionais. Este inquérito, para além de recolher dados estruturais do sector tenta compreender o processo de tomada de decisão de investimento, a forma de acompanhamento da gestão e a estratégia de saída. Complementarmente, procedeu-se ao estudo de um caso de IPO (Initial Public Offer) suportada por capital de risco, situação rara no mercado Português, e inédita se considerarmos que foi suportado por VC (Venture Capital) internacional.
Conclui-se que a indústria de capital de risco portuguesa continua pouco desenvolvida, servindo principalmente como fonte alternativa de financiamento de expansão da actividade maduras ou saneamento de dívida. A não assunção de um papel activo no desenvolvimento do empreendedorismo, resulta principalmente de um mercado financeiro bank-oriented. Todavia existem crescentes evidências da alteração desta situação, com a entrada de novos players, quer nacionais quer estrangeiros, actuando tanto como business angels ou venture capitalists. No que respeita ao processo de tomada de decisão, identificam-se pontos em comum com mercados mais maduros, especificamente a existência de um processo bem definido, com etapas comuns, assim como factores críticos de decisão semelhantes. Já o acompanhamento da gestão e as estratégias de saída evidenciam características típicas de indústrias pouco desenvolvidas, sendo a presença na participada relativamente passiva e as estratégia de saída principais o trade-off e os acordos de recompra.The role of venture capital (VC) in the economic development, as entrepreneurship and innovation support, of great importance in the developed financial markets, is still relatively irrelevant in the Portuguese economy. However there are increasing signals of change. In this context this paper provides a current overview of the VC industry in Portugal, using the available statistics as well as an inquiry. Besides generic data this inquiry tried to understand the investment decision-making process, management control and exit strategies Additionally it was developed a case study of a VC backed IPO (Initial Public Offer), not frequent in Portugal and an isolated case considering the evolvement of international venture capitalists. This study shoes a venture capital undeveloped industry, used as an alternative source of financing for mature business expansion or even as a conversion of overdue bank debt, not assuming an active role of innovation and entrepreneurship, due to the bank-oriented characteristics of the financial market. Nevertheless there are evidences of industries development with the entrance of new players, national and foreigners, operating as business angels or venture capitalists. Regarding the decision-making process, there are similarities with more upfront markets, specifically the existence of a well-structured process, with common phases and critical decision factors. The management control and exit strategies evidence typical characteristics of undeveloped industries, with a passive presence in management of the participated company and trade-off or repurchase agreements as main exit vehicles.
ISCTE
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LIN, CHENG-LIANG, and 林政良. "The Research on Initial Public Offer Underpricing and Dividend Policy of Listed Companies in China : The Analysis of Reform of Nontradable Shares." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/d3j58m.
Full textAbstract:
碩士國立中興大學
會計學研究所
99
This research will examine the impact of the reform of nontradable shares on initial public offer (IPO) underpricing and dividend policy of listed companies in China. Nontradable shares (NTS) are an unparalleled feature of the ownership structure of Chinese listed companies and represented a major hurdle to domestic financial market development. Under the split share structure, more than 60% of the share capital is non-tradable shares. Because non-tradable shareholders are not like non-tradable shareholders to be more price conscious, it results in a divergence of interest between non-tradable shareholders and tradable shareholders. Due to the lack of common interest in share price performance between tradable and non-tradable shareholders and the latter still retaining control of the company, these companies are usually poorly governed. In addition, the split share structure also distorts the valuation mechanism with non-tradable shares based on net asset value (NAV) while tradable shares are calculated by market determined share price. Therefore, the split-share structure of listed companies has caused many adverse consequences to China’s securities market, i.e., the lower price of non-tradable shares, the conflicts between non-tradable and tradable shareholder, and anomalies of IPO underpricing and cash dividend paying behavior. After some failed attempts, in 2005 the Chinese authorities have launched a structural reform program aiming at eliminating NTS. Until the end of 2007, about 99% listed companies have reformed to their non-negotiable shares. The authorities expect that the sole aim of RNS reforms is to improve corporate governance at listed firms and the intermediary function of the stock market by giving equal rights to non-tradable and tradable shares. Due to the institutional features in China, i.e., a state-dominant shareholding structure, control government power over external monitoring, and market and legal failures also distort the incentives of corporate behavior (as mentioned above) in capital market. Furthermore, post-RNS, the authorities do not float state-owned shares on the market. If government power still be interfering with capital market, lack a sound legal system or non-negotiable shares remain in the hands of the state even after RNS reforms, we argue that there cannot possibly have any improvement on corporate governance or the intermediary function of the stock market. In order to understand the above notion, we will examine the relationship between the pre- and post- RNS reforms periods and corporate behavior. We will also explore the marginal effect varying across the institutional features or ownership structure and corporate behavior in the pre- and post- RNS reforms periods? The empirical result is divided into two parts. For shares initial public offer (IPO)，discount of shares usually decrease after the split share structure reform in capital market，state-owned enterprises (SOE) discount of shares initial public offer (IPO) usually lower than before the split share structure reform。For cash dividend paying behavior，cash dividend paying actually decrease after the split share structure reform in capital market，cash dividend paying of state-owned enterprises (SOE) higher than corporation，state-owned enterprises (SOE) cash dividend paying after the split share structure reform usually higher than before the split share structure reform.
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Kim, Joung Hwan, and 金政奐. "A Case Study on the Certification Role of Venture Capital in the Initial Public Offer（IPO） Markets— Taiwan OTC and Korea KOSDAQ Market." Thesis, 2002. http://ndltd.ncl.edu.tw/handle/32769970157384411403.
Full textAbstract:
碩士國立臺灣大學
財務金融學研究所
90
This paper provides support for the certification role of venture capitals in initial public offerings market. Base on the certification hypothesis, a comparison of venture capital backed IPOs with non venture capital backed IPOs and Taiwan elctronic industry IPO’s and Korea’s the venture business of certification IPO’s from 1999 through 2001 all IPOs 679 companies which were listed on the OTC in Taiwan and Korea OTC and KOSDAQ markets, have analyzed the difference in the discount rate, IPO price, time from establishment to initial public offering（IPO） and underwriting fee. As a result of the analysis, the above mentioned hypothesis were no bound to be true in both Taiwan and Korea OTC market, venture capital firms bring venture backed companies to IPO market to retrieve investment. And Taiwan and Korea venture capital firms could not take underwriter who has more reputation, could not reduce underwriting fee neither. IPO companies that capital firms backed, electonics companies or venture company of certification are taken to the public earlier than other companies. In conclusion, although The role of certification hypothesis were no found to be true, IPO price of electronic industry companies in Taiwan and the venture company of certification in Korea’s is higher than others, it improve that elctronics industry and venture company of certification are more effect information of company value.