Journal articles: 'Initial public offers'

1

Cotter, Julie, Michelle Goyen, and Sherryl Hegarty. "Offer pricing of Australian industrial initial public offers." Accounting and Finance 45, no. 1 (March 2005): 95–125. http://dx.doi.org/10.1111/j.1467-629x.2004.00137.x.

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Peter, Suren. "Performance of initial public offerings and privatized offers." Managerial Finance 33, no. 10 (September 4, 2007): 798–809. http://dx.doi.org/10.1108/03074350710779241.

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Lin, Yong Tong, and Rubi Ahmad. "The Signalling Value of Public Issue and Offer for Sale Ratios on the Performance of Initial Public Offers." Social and Management Research Journal 15, no. 2 (December 3, 2018): 145. http://dx.doi.org/10.24191/smrj.v15i2.5005.

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Investors of initial public offers (IPOs) rely on the prospectus for importantinformation about the company. But the motivation of the issuers (originalshareholders) for going public is unknown and hidden from the investingpublic, making the IPO investment a risky venture. Based on the SignallingTheory, we postulate that the public issues (PI) and offer for sale (OFS)ratios to contain properties to signal the intention of the issuers at time oflisting. Our samples are collected from the Bursa Malaysia from 2002 to2008 and the performances are tracked till 2011. The regression results areconsistent with the Signalling Theory which stipulates that when issuerssell down their stakes, it sends a gloomy signal, even though the offer ofOFS does not cause any dilution to company’s value. In addition, smallcompanies with high OFS ratio record weaker long-run performance thanlarge companies.

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DATTA, SUDIP, MAI ISKANDAR-DATTA, and AJAY PATEL. "The Pricing of Initial Public Offers of Corporate Straight Debt." Journal of Finance 52, no. 1 (March 1997): 379–96. http://dx.doi.org/10.1111/j.1540-6261.1997.tb03821.x.

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Rees, William P. "The Arrival Rate of Initial Public Offers in the UK." European Financial Management 3, no. 1 (March 1997): 45–62. http://dx.doi.org/10.1111/1468-036x.00030.

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Chan, Pak To, and Terry Walter. "Investment performance of “environmentally-friendly” firms and their initial public offers and seasoned equity offers." Journal of Banking & Finance 44 (July 2014): 177–88. http://dx.doi.org/10.1016/j.jbankfin.2014.04.006.

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Carter, Richard B., and Frederick H. Dark. "Underwriter Reputation and Initial Public Offers: The Detrimental Effects of Flippers." Financial Review 28, no. 2 (May 1993): 279–301. http://dx.doi.org/10.1111/j.1540-6288.1993.tb01349.x.

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Srinivasa Reddy, K. "The aftermarket pricing performance of initial public offers: insights from India." International Journal of Commerce and Management 25, no. 1 (March 2, 2015): 84–107. http://dx.doi.org/10.1108/ijcoma-03-2013-0032.

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Et. al., Sreyansh Surana,. "INDIAN RETAIL INVESTORS AND INITIAL PUBLIC OFFERS: PRE AND POST COVID ANALYSIS." INFORMATION TECHNOLOGY IN INDUSTRY 9, no. 2 (March 25, 2021): 345–52. http://dx.doi.org/10.17762/itii.v9i2.353.

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Going public is one of the most popular forms of raising funds for expansion and growth of business. Since the liberalisation of economy in 1991, more than 1500 companies have listed themselves on the exchange. And the Indian stock markets keep expanding with increasing number of public offers in both mainstream and SME category. This paper compares the IPOs of Indian markets in broadly two phases-pre covid and post covid. A sample of 242 listings across eleven years from 2010-2020 are considered for the study. A comparison based on details of listing, listing gains etc reveal a more active retail investor segment. Overoptimism and urge to synthesise short term gains contribute to such gains. This is further backed by analysis of search results in the Indian region using google trends. Tail events such as covid-19 alter the way Indian investors behave and invest in IPOs and make their investments more on basis of speculative measures such as grey market premium, than actual fundamentals of the issue under consideration.

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Leung, Jeffery, and Kojo Menyah. "Issuer-oriented underpricing costs in initial public offers: Evidence from Hong Kong." Journal of Corporate Finance 12, no. 5 (December 2006): 897–905. http://dx.doi.org/10.1016/j.jcorpfin.2005.11.003.

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Souza e Almeid, Vinicio de, and Ricardo Pereira Câmara Leal. "Brazilian initial public offerings, underwriters, and premium corporate governance segments listing." Corporate Ownership and Control 13, no. 1 (2015): 1410–18. http://dx.doi.org/10.22495/cocv13i1c11p12.

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We examined 89 offers in the most recent Brazilian IPO wave between 2004 and 2007, all listed in premium segments of the exchange that demand better corporate governance practices. Two non-US underwriters dominated the market, often acting as co-leaders and rarely as second-tier underwriters. Twenty-eight percent of issuers received pre-IPO loans from underwriters, which may constitute a conflict of interest. Syndicate membership increased with offer size, suggesting that distribution risk was relevant. Underwriter compensation increased with offer size, but percentage fees suggested scale effects. There was no evidence in favor of the relevance of underwriter reputation, certification, and price discovery roles. The study brings a portrait of underwriter relationships in this unique period of the Brazilian capital market.

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Santillán Salgado, Roberto J. "Stock market wealth-effects during privatization initial public offers in chile (1984-1989)." Estudios Gerenciales 26, no. 117 (October 2010): 61–83. http://dx.doi.org/10.1016/s0123-5923(10)70134-0.

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Fulghieri, Paolo, and Matthew Spiegel. "A Theory of the Distribution of Underpriced Initial Public Offers by Investment Banks." Journal of Economics Management Strategy 2, no. 4 (December 1993): 509–30. http://dx.doi.org/10.1111/j.1430-9134.1993.00509.x.

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Menyah, Kojo, Krishna Paudyal, and Charles G. Inyangete. "Subscriber return, underpricing, and long-term performance of U.K. privatization initial public offers." Journal of Economics and Business 47, no. 5 (December 1995): 473–95. http://dx.doi.org/10.1016/0148-6195(95)00039-9.

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Helwege, Jean, and Nellie Liang. "Initial Public Offerings in Hot and Cold Markets." Journal of Financial and Quantitative Analysis 39, no. 3 (September 2004): 541–69. http://dx.doi.org/10.1017/s0022109000004026.

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AbstractThe literature offers many explanations for why the IPO market cycles from hot to cold. These include theories in which hot markets represent clusters of IPOs in a new industry, and signaling models that predict that hot markets draw in better quality firms. Others suggest hot market IPOs' stock returns reflect their poor quality. We compare IPOs over cycles during 1975–2000 and find that hot and cold IPO markets do not differ so much in the characteristics of the firms that go public as in the quantity of firms that go public. Both hot and cold IPOs are largely concentrated in the same narrow set of industries and they have few distinctions in profits, age, or growth potential. Our results suggest that hot markets are not driven primarily by changes in adverse selection costs, managerial opportunism, or technological innovations, but more likely reflect greater investor optimism.

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Cai, Kelly, and Heiwai Lee. "Stock Price Reactions To Debt Initial Public Offering Announcements." Journal of Applied Business Research (JABR) 29, no. 1 (December 27, 2012): 69. http://dx.doi.org/10.19030/jabr.v29i1.7556.

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We examine the valuation effect of initial public debt offers on issuing firms common stock for the period 1970 to 2010. In contrast to findings for seasoned debt offerings, we find a statistically significant cumulative abnormal return of -0.24 percent over the three-day announcement period for the overall sample of 1,207 debt IPOs. Consistent with the prediction of the adverse selection model of Myers and Majluf (1984), the significant negative valuation effect of debt IPOs is only associated with risky issues that are assigned a high-yield bond rating. The announcements of low-risk investment grade debt IPO issues are associated with insignificant positive stock price reaction. In addition to the certifying effect of investment grade rating, the market also reacts favorably to successful debt IPOs issued under challenging conditions.

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Dawson, Steven M. "Secondary Stock Market Performance of Initial Public Offers, Hong Kong, Singapore and Malaysia: 1978?1984." Journal of Business Finance & Accounting 14, no. 1 (March 1987): 65–76. http://dx.doi.org/10.1111/j.1468-5957.1987.tb00529.x.

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18

Kim, Yongtae, and Myung Seok Park. "Auditor Changes and the Pricing of Seasoned Equity Offers." Accounting Horizons 20, no. 4 (December 1, 2006): 333–49. http://dx.doi.org/10.2308/acch.2006.20.4.333.

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While prior literature examines the role of auditors in the pricing of initial public offerings, little is known about the effect of auditor changes on the pricing of seasoned offers. Our examination of seasoned equity offerings shows that companies switching auditors prior to the offerings underprice their offers more than do companies without changes. While we provide evidence of issuers' opportunistic accounting decisions that are consistent with their opinion-shopping behavior, the positive association between underpricing and auditor changes suggests that switchers bear a net cost compared to non-switchers. From a practical standpoint, our findings alert a company considering a change of its auditor prior to a new equity issue.

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Van De Ven, Hans J. "Public Finance and the Rise of Warlordism." Modern Asian Studies 30, no. 4 (October 1996): 829–68. http://dx.doi.org/10.1017/s0026749x00016814.

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Previous studies of the rise of warlordism have focused on the devolution of power after the Taiping Rebellion and the failure of political leaders to create a workable order after the 1911 Revolution. This article offers an initial exploration of the fiscal background. Foreign indemnities imposed after the Boxer Rebellion of 1900 and largescale borrowing by the Qing before 1911 and by the Republic subsequently resulted in a severe fiscal crisis for the central state, with the following consequences.

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Okamoto, Scott K., Susana Helm, Danielle Giroux, Christopher Edwards, and Stephen Kulis. "The development and initial validation of the Hawaiian Youth Drug Offers Survey (HYDOS)." Ethnicity & Health 15, no. 1 (February 2010): 73–92. http://dx.doi.org/10.1080/13557850903418828.

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Degtyarev, M. V. "Innovative Public-legal Regimes: what Makes them Innovative? Some Initial Thoughts." Courier of Kutafin Moscow State Law University (MSAL)) 1, no. 11 (January 22, 2023): 117–27. http://dx.doi.org/10.17803/2311-5998.2022.99.11.117-127.

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The article is devoted to the issues of determining the content and ontology of innovative public-legal regimes. The author gives the author’s concept of legal understanding and interpretation of the concept of “legal regime”.Key questions raised in the article — what specifically gives grounds to consider one or another public-legal regime as innovative. What is the core of the novelty in the ontology that allows us to talk about it?The article emphasizes that today a great many definitions of the concept of “innovation” are known and used, but most of them in relation to public-legal regimes do not provide any clear meaningful characteristics.Glancing at the topic of innovation in the regulatory space, the author concludes that a legal innovation can be: 1) a fundamentally new regulatory solution in the form of a proposal for legislative changes; 2) a fundamentally new law enforcement procedure, an algorithmic chain; 3) a new law enforcement approach; 4) a new legal principle intended for embedding in the activities of public administration bodies; 5) a new paradigm in operating regulatory tools, goals, results, benefits.The author declares the article as posing a scientific problem, but at the same time the author offers a conceptual answer to the above questions.

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Owiye, O. P., B. M. Ombok, and J. M. Obura. "Investor Behaviour towards Initial Public Offers (IPOs) in Kenya: A Re-Modelling of the Harry Markowitz’s Risk-Return theory?" African Research Review 13, no. 4 (November 20, 2019): 67. http://dx.doi.org/10.4314/afrrev.v13i4.6.

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Hogan, Karen M., Gerard T. Olson, and Richard J. Kish. "A Comparison of Reverse Leveraged Buyouts and Original Initial Public Offers: Factors Impacting their Issuance in the IPO Market." Financial Review 36, no. 3 (August 2001): 1–18. http://dx.doi.org/10.1111/j.1540-6288.2001.tb00017.x.

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24

Bertot, John Carlo. "Public Access Technologies in Public Libraries: Effects and Implications." Information Technology and Libraries 28, no. 2 (June 1, 2009): 81. http://dx.doi.org/10.6017/ital.v28i2.3176.

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<span>Public libraries were early adopters of Internet-based technologies and have provided public access to the Internet and computers since the early 1990s. The landscape of public-access Internet and computing was substantially different in the 1990s as the World Wide Web was only in its initial development. At that time, public libraries essentially experimented with publicaccess Internet and computer services, largely absorbing this service into existing service and resource provision without substantial consideration of the management, facilities, staffing, and other implications of public-access technology (PAT) services and resources. This article explores the implications for public libraries of the provision of PAT and seeks to look further to review issues and practices associated with PAT provision resources. While much research focuses on the amount of public access that </span><span>public libraries provide, little offers a view of the effect of public access on libraries. This article provides insights into some of the costs, issues, and challenges associated with public access and concludes with recommendations that require continued exploration.</span>

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Blevins, Dane P., Amy Ingram, Eric WK Tsang, and Mike W. Peng. "How do foreign initial public offerings attract investor attention? A study of the impact of language." Strategic Organization 17, no. 3 (May 31, 2018): 363–84. http://dx.doi.org/10.1177/1476127018772861.

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Language is increasingly recognized as having the ability to shape strategic outcomes. To understand language’s impact in entrepreneurial settings, we study language in the context of foreign initial public offerings, a setting where organizations may suffer from both the liabilities of newness and foreignness. Our sample consists of the population of foreign initial public offerings debuting in the United States between 2001 and 2014, which collectively raised over US$60 billion in capital. We find that both new ventures’ and the media’s language impact investors by influencing the level of interest in the foreign initial public offerings. We also reveal that the media’s use of analogies plays a pivotal role in familiarizing and legitimizing unfamiliar organizations. Overall, our study offers insights into the power of words in managing the challenges associated with the liabilities of newness and foreignness.

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Yaakub, Nurwahida, and Mohamed Sherif. "Performance of initial public offerings (IPOs): the case of Shariah-compliant companies." Islamic Economic Studies 27, no. 1 (August 15, 2019): 65–76. http://dx.doi.org/10.1108/ies-06-2019-0012.

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Purpose The purpose of this paper is to examine the informational value of Shariah-compliant disclosure in the Malaysian initial public offerings (IPOs) prospectus and whether Shariah-compliant status has an impact on the IPO initial return when adopted as a signalling mechanism. Design/methodology/approach It uses data from 320 IPOs for Shariah-compliant companies listed on the Bursa Malaysia between 2004 and 2013. Findings It finds that the degree of IPO underpricing for Shariah-compliant companies is 19.97 per cent with investors earning significant returns on the first trading day. For the effect of different factors on the degree of IPO, we find that the size and type of IPO offers have a significant impact on the degree of IPO underpricing. Other economic confidence factor models fail to yield economically plausible parameter values. Originality/value The study contributes to the literature in a number of ways. It is the first to evaluate the effect of Shariah-compliance status regulation in Malaysian market, hence it provides an insight into the effectiveness of such regulation. Second, while the existing Shariah-compliant IPO studies in the same market focus on Shariah status at the date of the studies being conducted, this study uses the information around IPO time. The information that investors receive around IPO time may influence investors’ decision and valuation of the IPOs in the aftermarket. Specifically, this study is different from the previous research, as it investigates whether Shariah-compliant companies would change the average degree of IPO underpricing for companies listed on Bursa Malaysia.

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Scherr, Kathrin Maria. "Public Liability for Administrative Acts under French Law." European Public Law 14, Issue 2 (June 1, 2008): 213–36. http://dx.doi.org/10.54648/euro2008016.

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This article examines the interplay between the concept of non–contractual liability under administrative law in France and the evolution of Member State liability under European Community law. It does so by exploring the development of the framework of public liability under French law. Starting from the basic principle of separation of courts under the French legal order, the article discusses the complex and yet decisive elements which led to the formation of State liability in France. Against this background, the article then provides a general reflection on how the initial one-sided influence of French law on the Community legal order has in fact been reversed, shifting from a unilateral to a mutually beneficial relationship between the Conseil d’État and the ECJ in recent years. Finally, the article seeks to unravel past and present problems of communication between the two Courts and offers a glimpse of the current and prospective relationship between the ECJ and the Conseil d’État.

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Torfing, Jacob, Eva Sørensen, and Asbjørn Røiseland. "Transforming the Public Sector Into an Arena for Co-Creation: Barriers, Drivers, Benefits, and Ways Forward." Administration & Society 51, no. 5 (November 28, 2016): 795–825. http://dx.doi.org/10.1177/0095399716680057.

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This article explores whether co-creation offers a viable path for the public sector. After an initial account of the transformation of the public sector from a legal authority and a service provider to an arena of co-creation, it defines co-creation and provides some empirical examples. This is followed by a discussion of the risks and benefits of co-creation as well as the drivers and barriers that may stimulate or hamper its expansion. The article also reflects on how institutional design, public leadership, and systemic change can advance co-creation. The conclusion summarizes the findings by setting out some researchable propositions.

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Ammer, Mohammed Abdullah, and Nurwati A. Ahmad-Zaluki. "The role of the gender diversity of audit committees in modelling the quality of management earnings forecasts of initial public offers in Malaysia." Gender in Management: An International Journal 32, no. 6 (August 7, 2017): 420–40. http://dx.doi.org/10.1108/gm-09-2016-0157.

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Purpose Presently, one of the major governance issues faced by management and shareholders of organizations is the gender composition of the boards of directors and audit committees. This study aims to examine the impact of gender diversity in audit committees on the accuracy of management earnings forecasts disclosure in initial public offering (IPO) prospectuses. Design/methodology/approach The study sample comprises 190 Malaysian companies issuing IPOs that transformed into public companies during the period 2002-2012. Earnings forecasts accuracy (quality) is proxied by absolute forecast error and the study model is developed based on the frameworks of the signalling theory, the agency theory and the resource-dependence theory. Findings The study proposes that female directors introduce a set of specific features in the boardroom that serve to improve investor protection and efficient monitoring of management. However, findings reveal an insignificantly positive relationship between gender diversity in audit committees and absolute forecast error, which shows that more female directors in audit committees could translate into more errors and less accuracy in earnings forecasts. Practical implications Considering the recent regulatory developments that encourage the number of women on the board of directors, the findings obtained have significant implications for policymakers. The study findings can also be invaluable to investors, investment analysts, market players and researchers. Originality/value The composition of the board of directors and audit committees in terms of gender plays a significant role in the promotion of effective corporate governance practices. This study is one of the pioneering studies that examines the advantages of gender diversity in the board of directors. It is also the first study to extend IPO literature by investigating the role of gender diversity in audit committees in the enhancement of accurate management earnings forecasts included in the IPO prospectuses.

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Beer, David, and Roger Burrows. "Sociology and, of and in Web 2.0: Some Initial Considerations." Sociological Research Online 12, no. 5 (September 2007): 67–79. http://dx.doi.org/10.5153/sro.1560.

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This paper introduces the idea of Web 2.0 to a sociological audience as a key example of a process of cultural digitization that is moving faster than our ability to analyse it. It offers a definition, a schematic overview and a typology of the notion as part of a commitment to a renewal of description in sociology. It provides examples of wikis, folksonomies, mashups and social networking sites and, where possible and by way of illustration, examines instances where sociology and sociologists are featured. The paper then identifies three possible agendas for the development of a viable sociology of Web 2.0: the changing relations between the production and consumption of internet content; the mainstreaming of private information posted to the public domain; and, the emergence of a new rhetoric of ‘democratisation’. The paper concludes by discussing some of the ways in which we can engage with these new web applications and go about developing sociological understandings of the new online cultures as they become increasingly significant in the mundane routines of everyday life.

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Nguyen, Hoa, William Dimovski, and Robert Brooks. "Underpricing, Risk Management, Hot Issue and Crowding out Effects: Evidence From the Australian Resources Sector Initial Public Offerings." Review of Pacific Basin Financial Markets and Policies 13, no. 03 (September 2010): 333–61. http://dx.doi.org/10.1142/s0219091510001974.

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The main purpose of this paper is to explore the role of risk management, speculative industry competition effect and hot issue markets. We used a sample of 260 initial public offerings (IPOs) in the Australian resource sector for the 1994–2004 period to test the underpricing effect. We do not find any evidence that risk management can reduce the uncertainty relating to the new issue and hence alleviate the extent of underpricing. A plausible explanation for this lack of evidence is the poor information content of publicly available disclosures regarding risk management activities of IPO firms. We further provide evidence that the underpricing returns for resources IPOs are not impacted upon by the strength of alternative speculative IPO markets. We also show that the degree of underpricing adjusts to both market return in the preceding three months and the average underpricing of resources IPOs in the 12 month period leading to the float which offers an explanation to the hot issue effect observed in the IPO market.

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Lin, Tzong-Huei. "Underpricing and corporate governance－Evidence from Taiwan securities market." Corporate Ownership and Control 4, no. 2 (2007): 69–73. http://dx.doi.org/10.22495/cocv4i2p6.

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To enhance the corporate governance of listed firms, Taiwan prescribes that the initial public offerings (IPOs) after February 19, 2002, have to set up at least two independent directors and one independent supervisor who posses financial or accounting expertise. The corporate governance reform of Taiwan offers an opportunity to investigate the effect of corporate governance on IPOs market. Using data from Taiwan’s initial public offerings (IPOs), this study documents evidence that the magnitudes of under-pricings of IPOs after 2002 are significantly smaller than those of before. This shows that the corporate governance can reduce the investors’ uncertainty about the IPOs. The empirical evidence also indicates that the percentage of shares holdings owned by directors/supervisors is demonstrated to have negative relationship with the underpricing of the IPOs. This study contributes to the literature in the following ways. First, as Ritter and Welch (2002) suggest that future progress in the IPO underpricing literature will mainly come from agency conflict explanation, this study provides evidence about the effect of corporate governance on IPOs market. Second, as for the issue about the policy implication of the SFB 2002’ rules, this study provides the empirical evidence. Third, whether the government should prescribe the firms to set up independent directors? This study offers a direction for future discussion.

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Maume, Philipp. "Initial Coin Offerings and EU Prospectus Disclosure." European Business Law Review 31, Issue 2 (April 1, 2020): 185–208. http://dx.doi.org/10.54648/eulr2020008.

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There is a growing consensus among regulators and commentators that some cryptocurrencies (so-called ‘investment tokens’) are securities, provided that they grant their owner rights that are comparable to those of an investor. As a consequence, EU initial disclosure regulation applies, requiring the issuer to draw up a prospectus that contains all the information relevant for an investor to make an informed decision. Issuers of investment tokens are also subject to prospectus liability if the prospectus is flawed or no prospectus was made available at all. However, this conclusion is only the first step of the wider debate of the best regulation of investment tokens, and many questions remain. The elephant in the room is whether the current regulation can be sensibly applied to public offers of investment tokens. This article discusses open questions in this regard, such as which national regulator is responsible for prospectus review and administrative measures? How can issuers from outside the EU ensure they do not become subject to the EU initial disclosure obligations? Who would the ‘issuer’ be if the tokens were offered by a decentralised network? The article concludes that EU initial disclosure regulation can be sensibly applied to initial coin offerings. However, the fact that supervision and enforcement are currently carried out on the national level poses serious problems that should be addressed in the future. Initial coin offering, ICO, security token offering, STO, cryptocurrency, crypto token, crypto asset, prospectus, investment token, security token

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Rokicki, Bartlomiej, and Krzysztof Ostaszewski. "Actuarial Credibility Approach in Adjusting Initial Cost Estimates of Transport Infrastructure Projects." Sustainability 14, no. 20 (October 17, 2022): 13371. http://dx.doi.org/10.3390/su142013371.

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This paper presents a novel methodology based on the modified actuarial credibility approach. It allows for the adjustment of initial cost estimates of public infrastructure projects by accounting for the additional risk/uncertainty factor. Hence, it offers an interesting alternative to other existing forecasting methods. We test our approach by applying data for over 300 major infrastructure projects implemented in Poland between 2004 and 2020. We prove that, despite its simplicity, the actuarial credibility approach can deliver accurate cost estimates compared to more complex methods such as regression analysis (OLS) or machine learning (LASSO). In particular, we show that, although the forecasting accuracy varies among different project categories, actuarial credibility outperforms other forecasting approaches in the majority of cases. As a result, we argue that actuarial credibility should be considered as a relatively simple tool with very modest data requirements that can be easily applied by investors and policy makers in order to improve project planning and avoid cost overruns.

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Nolan, Ann, and Fiona Larkan. "Vectors of transnationality in the adoption of a liberal public health response to HIV and AIDS in Ireland." Global Social Policy 16, no. 3 (July 24, 2016): 253–67. http://dx.doi.org/10.1177/1468018115620458.

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Historical transnationalism offers a lens through which vectors of international ideas influence national social and political dimensions to illuminate the policy transfer pathways that may shape contemporary events. This article applies a historical transnational perspective to examine the ascendency of the liberal consensus in Ireland which largely defined the international response to the AIDS crisis in the 1980s. While AIDS was neither the initial nor the sole driver of policy change, it was a catalyst for the transformation of Ireland’s traditionally Catholic and conservative approach to sexuality and sexual health. In considering the role of a pioneering priest, a public health specialist and a gay collective during this initial era of HIV and AIDS in Ireland, conclusions will be drawn as to the extent to which these key actors operated as vectors of transnationality to promote a global ethic of non-discrimination and the conditions required by government to adopt a liberal response to HIV and AIDS.

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Sahoo, Seshadev, and Abhimanyu Sahoo. "Does syndicate structure create value for initial public offerings? An empirical investigation for the Indian market." Pacific Accounting Review 34, no. 2 (February 14, 2022): 333–57. http://dx.doi.org/10.1108/par-01-2021-0003.

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Purpose This paper aims to investigate the impact of the underwriters’ syndicate size (SS) and its structure on underpricing (UP), oversubscription rate, liquidity and volatility. The authors use a database of 185 initial public offers (IPOs) issued in India during the period 2012–2019. Design/methodology/approach The authors have used ordinary least squares regression and stepwise regression on cross-sectional data to construct the regression model for the dependent variables under consideration, namely, UP, subscription rate (SUB), listing day volatility and listing day liquidity. Findings The authors find that larger syndicates reduce UP. The authors also find strong evidence of a larger subscription rate for IPOs managed by larger syndicates, suggesting that larger syndicates generate more information in the market. Looking into the composition of investment banks in the syndicate, the authors find that syndicates comprising more lead managers and comanagers attract a higher subscription from potential investors. More book running lead managers and nonmanaging syndicate members help increase liquidity and reduce the volatility of IPO stocks on listing day. Additionally, the authors find that larger firms with reputed lead managers establish larger syndicates while venture-affiliated IPO firms prefer a smaller syndicate. Practical implications The findings would interest issuing firms, investors, intermediaries and policymakers engaged in formulating syndicates for better management of IPOs. Originality/value The study extends the present literature on IPO syndicates, particularly in the Indian context as an emerging economy. The study extended the present understanding of SS and composition, creating value for the issuers.

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Lopez-Morales, Jose Satsumi, Karla Maria Nava-Aguirre, and Antonio Huerta-Estevez. "Multilatinas and COVID-19: initial actions to the pandemic." Management Research: Journal of the Iberoamerican Academy of Management 19, no. 1 (May 18, 2021): 38–58. http://dx.doi.org/10.1108/mrjiam-09-2020-1091.

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Purpose Latin America has not been exempted from the effects of the COVID-19 pandemic. Hence, this study aims to identify the actions of 50 main multilatinas to face the pandemic. Design/methodology/approach A qualitative content analysis was conducted on newspapers published in Latin America and corporate websites from March 2020 to April 2020, during which the multilatinas took their first actions toward the pandemic. Findings Results identified 106 actions taken by multilatinas in social, operational, philanthropic and financial areas. This paper analyzes the results, discuss the implications for business theories and develops three theoretical propositions. Practical implications First, this study can serve as a reference for business decision-makers as it offers guidance in taking actions during a pandemic. Second, it highlights the importance of the speed of responses to unforeseen challenges. The study recommends that business managers include in their contingency plans procedures for addressing unforeseen situations, such as the pandemic, with a focus on increasing their response capacity. Originality/value The importance of this study lies in understanding multinational enterprises’ (MNEs) initial actions taken during unexpected disasters and rare events. This study fills two important gaps in the business literature that have not been addressed in the Latin American context, namely, the actions taken by MNEs facing a public health disaster and how MNEs cope with disastrous and rare events.

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Mega, Tacila, Roberta Rabelo, Aline Silva, and Artur Felipe de Brito. "PD60 Public Consultations And Their Influence On Health Decisions." International Journal of Technology Assessment in Health Care 34, S1 (2018): 151–52. http://dx.doi.org/10.1017/s0266462318003227.

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Introduction:Public consultation is one of the phases provided by the law that rules the health technology incorporation process in Brazilian Public Health System (SUS). In the Brazilian model, anyone can participate as long as he/she identifies her/himself. During the decision-making process these suggestions are analyzed by the National Committee for Health Technology Incorporation (CONITEC) and, sometimes, they are responsible for changing a preliminary recommendation for a technology. This study aims to identify the health technologies for which CONITEC revised the initial negative recommendations due to the contributions received during the public consultation.Methods:A descriptive study using as input data the information on coverage decisions available on the CONITEC website.Results:Since CONITEC's creation until October 2017, CONITEC enacted 241 public consultations. Fifteen cases of change to the preliminary negative recommendation were found and among these eight (53 percent) had the economic studies or proposed technology price reconsidered by the companies. In the other seven decisions, the Board also regarded as important the reasons for changing the initial recommendation: new evidence on efficacy and safety as well as the analysis of different outcomes previously unconsidered in the preliminary assessment.Conclusions:During the public consultations, besides technical-scientific information, personal experiences and opinion reports on each health technology analyzed, CONITEC received new price offers and economic studies from the applicants. This new material has allowed, in some cases, these technologies to become competitive and to be included as alternatives to those already available, provided there is no clinical impairment. This study reinforces the importance of the public consultation and social participation in the process of health technologies incorporation in Brazil, considering its capacity to add new information to the decision-making process.

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Culqui, Dante R., Ana Ayuso-Alvarez, Cesar V. Munayco, Carlos Quispe-Huaman, Percy Mayta-Tristán, and Juan de Mata Donado Campos. "Demographic and health attributes of the Nahua, initial contact population of the Peruvian Amazon." Ciência & Saúde Coletiva 21, no. 1 (January 2016): 273–84. http://dx.doi.org/10.1590/1413-81232015211.20502014.

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Abstract We present the case of the Nahua population of Santa Rosa de Serjali, Peruvian Amazon's population, considered of initial contact. This population consists of human groups that for a long time decided to live in isolation, but lately have begun living a more sedentary lifestyle and in contact with Western populations. There are two fully identified initial contact groups in Peru: the Nahua and the Nanti. The health statistics of the Nahua are scarce. This study offers an interpretation of demographic and epidemiological indicators of the Nahua people, trying to identify if a certain degree of health vulnerability exists. We performed a cross sectional study, and after analyzing their health indicators, as well as the supplemental qualitative analysis of the population, brought us to conclude that in 2006, the Nahua, remained in a state of health vulnerability.

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Hofmeister, Albert, and Heiko Borchert. "Public–Private Partnerships in Switzerland: Crossing the Bridge with the Aid of a New Governance Approach." International Review of Administrative Sciences 70, no. 2 (June 2004): 217–32. http://dx.doi.org/10.1177/0020852304044251.

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New Public Management was instrumental in modernizing the Swiss public sector. The first stage of modernization has focused on streamlining processes and structures and improving instruments in order to increase the public sector’s efficiency and effectiveness. At the moment, reform projects are about to enter a second stage which puts more emphasis on modifying the way in which the public sector offers its services. Although the general political environment in Switzerland favors cross-sector cooperation, there is a potential risk of deadlock. Traditional behavior, familiar values, and the management instruments already in place are not enough to access the potential of these partnerships fully. Rather both sides need to join forces to set up and develop common approaches to improve their cooperability. This article sets forward concrete proposals to launch a code of conduct for public–private governance and presents some initial ideas for a public–private governance model which looks for sustainable outcomes.

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Ping-fat, Sze. "Deprivation of Minors’ Right to Acquire Shares in Hong Kong." Business Law Review 27, Issue 10 (October 1, 2006): 239–42. http://dx.doi.org/10.54648/bula2006052.

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This article examines the general law in relation to a minor applying for shares in his own right or a trustee or guardian making an application for the minor?s benefit. It then queries the decision of both the Hong Kong Exchanges and Clearing Ltd and issuers to require a minor to apply for shares in initial public offers in Hong Kong through a nominee, particularly in the light of their failure to distinguish a nominee from a trustee (or a guardian) as a matter of law.

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Hua, Wei. "Specialist CEOs versus Generalist CEOs: CEO Type and Firm Performance Following Initial Public Offerings on the Chinese Market." Asian Journal of Economics and Empirical Research 9, no. 2 (November 2, 2022): 132–49. http://dx.doi.org/10.20448/ajeer.v9i2.4260.

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This study focuses on the effect of Chief Executive Officer (CEO)-level characteristics on a firm’s survival following initial public offerings (IPOs). Specifically, it looks at the impact of generalist CEOs between July 2009 and July 2021 on the likelihood of firm failure and IPO survival. This study uses principal component analysis to create a generalist skills index based on CEO work experience, including the number of roles that the CEO has held, the number of firms in which the CEO has worked, the number of industries in which the CEO has worked, whether the CEO has taken a CEO position in other firms, whether the CEO has worked in a conglomerate, and whether the CEO holds a professional title. The results of the Cox proportional hazards model reveal that companies with a generalist CEO have a higher probability of failing than companies with a specialist CEO, which suggests that generalist CEOs pursue higher salaries and higher reputations through switching between different industries and firms. Performance-related compensation and CEO turnover in companies with generalist CEOs explain the higher probability of firm failure. The main results still hold after controlling for CEO power, board and firm characteristics, and testing using the logit model. This research on the connection between generalist CEOs and a firm’s failure risk also offers insight into a company's CEO hiring choice and job market activities.

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Veil, Shari, Barbara Reynolds, Timothy L. Sellnow, and Matthew W. Seeger. "CERC as a Theoretical Framework for Research and Practice." Health Promotion Practice 9, no. 4_suppl (October 2008): 26S—34S. http://dx.doi.org/10.1177/1524839908322113.

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Health communicators at the Centers for Disease Control and Prevention (CDC) have developed an integrated model titled Crisis and Emergency Risk Communication (CERC) as a tool to educate and equip public health professionals for the expanding communication responsibilities of public health in emergency situations. This essay focuses on CERC as a general theoretical framework for explaining how health communication functions within the contexts of risk and crisis. Specifically, the authors provide an overview of CERC and examine the relationship of risk communication to crisis communication, the role of communication in emergency response, and the theoretical underpinnings of CERC. The article offers an initial set of propositions based on the CERC framework and concludes with a discussion of future directions.

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Kleppe, John, Peter Borm, Ruud Hendrickx, and Hans Reijnierse. "On Analyzing Cost Allocation Problems: Cooperation Building Structures and Order Problem Representations." International Game Theory Review 20, no. 04 (November 18, 2018): 1850007. http://dx.doi.org/10.1142/s021919891850007x.

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To analyze cost allocation problems, this paper identifies associated cooperation building structures, with joint cost functions, and corresponding efficient order problem representations, with individualized cost functions. This paper presents an approach that, when applicable, offers a way not only to adequately model a cost allocation problem by means of a cooperative cost game, but also to construct a core element of such a game by means of a generalized Bird allocation. We apply the approach to both existing and new classes of cost allocation problems related to operational research problems: sequencing situations without initial ordering, maintenance problems, minimum cost spanning tree situations, permutation situations without initial allocation, public congestion network situations, traveling salesman problems, shared taxi problems and traveling repairman problems.

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Spătăcean, Ioan Ovidiu, and Dorinel-Vasile Todoran. "Empirical Research on Investor Behavior in Pre-Listing and Post-Listing Periods - A Comparative Analysis Between the Regulated Market and the MTF Aero Administered by the Bucharest Stock Exchange." Acta Marisiensis. Seria Oeconomica 16, no. 1 (June 1, 2022): 41–50. http://dx.doi.org/10.2478/amso-2022-0004.

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Abstract Investor behavior around an initial public offering or private placement can make the difference between a successful investment or a potential loss. Through the present research, the correlation of investors’ behavior with the possible discount of the share granted in the case of initial offers was sought. The large number of companies listed on the Bucharest Stock Exchange in 2021(23) compared to 2020(3) denotes the fact that the SARS-COV2 virus was a certain catalyst of interest for investors and companies to enter the Romanian capital market. From another point of view, we observe a strong orientation of companies towards MTF AeRO. Out of the total of 26 analyzed companies, only 3 of them chose the regulated market for trading

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Berrone, Pascual, Joan Ricart, Ana Duch, Valeria Bernardo, Jordi Salvador, Juan Piedra Peña, and Miquel Rodríguez Planas. "EASIER: An Evaluation Model for Public–Private Partnerships Contributing to the Sustainable Development Goals." Sustainability 11, no. 8 (April 18, 2019): 2339. http://dx.doi.org/10.3390/su11082339.

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Recently, public–private partnerships (PPPs) have attracted renewed attention as a valuable tool to close the gap between public services and social needs. In fact, the United Nations (UN) proposed collaboration across multiple stakeholders as one of the key goals for securing global sustainable development. Yet, PPPs remain a controversial proposition for many due to, among other factors, the complexity and limitation of current systems to assess their impact beyond the notion of value for money. This study offers a conceptual model (EASIER) that accounts for six dimensions that are relevant for social, environmental, and economic progress. We also propose a questionnaire to assess the impact of PPPs on UN Sustainable Development Goals (SDGs) and apply it to a PPP contract as an illustration. We advocate the use of EASIER as an initial evaluation model due to its simplicity and its holistic perspective.

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Coulter, Kendra. "The Organization of Animal Protection Investigations and the Animal Harm Spectrum: Canadian Data, International Lessons." Social Sciences 11, no. 1 (January 13, 2022): 22. http://dx.doi.org/10.3390/socsci11010022.

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This paper offers the first overview of the Canadian animal cruelty investigations landscape. First, the public and private sector organizations responsible for enforcement are explained, followed by examination of the implications of this patchwork for reporting suspected cruelty. Key statistical data are presented about the types of issues and cases and investigator responses. Initial recommendations are then proposed, and the value of the animal harm spectrum is discussed, including how it can be mobilized to strengthen the operations of animal protection work and animal welfare policy across nations.

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Johnstone, Craig. "Penalising Presence in Public Space: Control through Exclusion of the ‘Difficult’ and ‘Undesirable." International Journal for Crime, Justice and Social Democracy 6, no. 2 (May 22, 2017): 1–16. http://dx.doi.org/10.5204/ijcjsd.v6i2.299.

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Over the last two decades and across a number of jurisdictions, new measures enshrined in criminal law and administrative codes have empowered authorities to exclude unwelcome groups and individuals from public spaces. Focusing particular attention on recent reform in Britain, this paper traces the evolution of contemporary exclusionary practices, from their initial concern with proscribed behaviour to the penalisation of mere presence. The latter part of the paper offers a critical assessment of what has driven these innovations in control of the public realm. Here consideration is given to two possibilities. First, such policy is the outcome of punitive and revanchist logics. Second, their intentions are essentially benign, reflecting concerns about risk, liveability and failures of traditional order-maintenance mechanisms. While acknowledging concerns about the over-eagerness of scholars to brand new policy as punitive, the paper concludes that any benign intentions are overshadowed by the regressive and marginalising consequences of preferred solutions.

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Mayes, David, and Faisal Alqahtani. "Underpricing of IPOs in Saudi Arabia and Sharia compliance." Journal of Islamic Accounting and Business Research 6, no. 2 (September 14, 2015): 189–207. http://dx.doi.org/10.1108/jiabr-12-2013-0042.

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Purpose – The purpose of this paper is to explore the extent of underpricing in the Saudi Arabian market of initial public offerings (IPOs), offer explanations and consider whether Sharia-compliance had a significant impact on the initial returns. Design/methodology/approach – A comprehensive sample of 72 IPOs in Saudi Arabia between 2004 and September 2010 is used to analyse the initial return after adjusting it to the market movement as well as controlling for some common factors. Findings – This paper finds that not only underpricing occurs but it is also among the highest levels in the world. While traditional factors affecting initial returns include age, market timing and firm size, it is found that Sharia compliance significantly reduces underpricing in Saudi Arabia. This may imply that Sharia compliance helps to reduce the uncertainty and consequences of the limited information inherent in IPOs. Research limitations/implications – Further research is needed to see if the effect of Sharia compliance status on the short-run performance of IPOs extends to other Islamic countries or is a country-specific characteristic. More firms need to be examined to identify the market characteristics that drive the returns. Practical implications – Very substantial sums are being “left on the table” and more efficient pricing of IPOs would be of considerable benefit to firms. Social implications – By considering two different regimes, this paper offers some important lessons for the treatment of risk-taking, particularly in Islamic countries. Originality/value – This paper is among the first to provide an empirical evidence of the impact of Sharia compliance on the initial return pattern in the IPO market.

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Salamah, Ansari. "Participatory Urban Development in India: A Tale of Two Townships." Environment and Urbanization ASIA 12, no. 1 (March 2021): 136–47. http://dx.doi.org/10.1177/0975425321990316.

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This paper intends to offer a critical understanding of citizen engagement in the process of city making using two case studies within the Indian context, namely, Magarpatta City in Maharashtra and Auroville in Tamil Nadu. As an initial foray into the issue, it engages with contemporary discourses on the scope and nature of public participation in urban development within the framework of a neoliberal economy. This is followed by a qualitative analysis based on unstructured interviews, which capture the live experiences of the local landowners and residents in each location. The findings indicate that citizen engagement is instrumental in producing socially equitable urbanization. If harnessed well, it offers the possibility for an effective departure from the traditional state-market dynamics, which presently underlie forms of neoliberal urbanism in developing countries. This paper, therefore, makes the case for mainstreaming citizen participation for urban development as an attempt to create a sustainable built environment that caters to the needs of citizens.

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Journal articles on the topic 'Initial public offers'

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