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Berggren, Dennis. "IPO Underpricing and tech valuation : An empirical study of the Swedish IPO market." Thesis, KTH, Nationalekonomi, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-209453.
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The closing price first day of trading has historically been found to exceed the offer price set in IPOs, implying that many issuing firms tend to leave money on the table in their IPO. This thesis examines the level of IPO underpricing in Sweden using unique data of IPO transactions on the largest Swedish stock exchanges during 2010-2016. It further discusses the valuation difficulties using the most common valuation methods for firms exhibiting characteristics commonly shared by technological firms. Univariate and multivariate tests confirm the existence of underpricing on Swedish stock exchanges during the period of study. Firms in the technological sector are found to experience both high average levels of underpricing and great variance in initial returns, suggesting potential difficulties valuing technological firms. Robust univariate tests do however not yield a significant result of greater variance in initial returns compared to rest of the sample. By using regression analysis, I find capital raised relative to market capitalization to have significant negative effect on initial returns.
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Booragadda, Bhavika. "IPO Underpricing and Insider Wealth Maximization in Internet firms." Scholarship @ Claremont, 2018. http://scholarship.claremont.edu/cmc_theses/1818.
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This paper empirically tests the theoretical model developed by Aggarwal, Krigman and Womack (2001), which argues that insiders of a firm strategically underprice its initial public offering to maximize personal wealth by selling shares at lockup expiration. First day underpricing generates information momentum for the stock in terms of increased research coverage and recommendations by analysts. Increased research coverage is positively correlated with stock returns and insider selling at the end of the lockup period. Although the value of the stock should be typically based on discounted expected future cash flows, several empirical papers suggest a downward sloping demand curves for new issues (Kaul, Mehrotra and Morck 2000, Field and Hanka 2000), consistent with the assumption of this paper’s empirical model. The hypothesis is tested using a sample of 210 internet-based firms such as Social media platforms, online travel agents, online real-estate agents and E-commerce services. The empirical results are significant and consistent with the hypothesis.
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Wei, Qian, and 韦茜. "Do regulatory frameworks affect the choice of IPO location and post-IPO performance of Chinese real estate firms?" Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2011. http://hub.hku.hk/bib/B47297657.
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In recent years, the number of Chinese companies going public has grown significantly. Some of these companies have listed their shares locally in Shanghai and Shenzhen, while others have chosen a stock exchange with better access to international capital (e.g., Hong Kong). This thesis examines 1) the determinants of the firms’ choice regarding initial public offering (IPO) locations and 2) whether IPO locations might affect their subsequent performance. Our study focuses solely on firms in the real estate sector in which pre-IPO attributes as well as the underlying asset value can be identified and measured. Our dataset includes 29 Chinese real estate firms that have issued shares in Shanghai or Shenzhen and 28 Chinese firms with IPOs in Hong Kong during the period of 1992-2008. To explain their IPO location choice, the self-selection or signaling theory suggests that firms with higher quality would signal this information by issuing shares in Hong Kong. Given the more stringent listing requirements and better informational disclosure schemes in the Hong Kong market, if a firm has low quality, such information is more likely and quickly to be discovered in Hong Kong than in Mainland China. Therefore, it is costly for such firms to imitate good firms’ IPO location choice. Once the firms have been listed, the corporate governance literature suggests that firms listed in Hong Kong would demonstrate a greater performance increase than those listed in Mainland China, because Hong Kong has a mature system of information disclosure, analyst coverage, and law enforcement. We found that firms listed in Hong Kong achieved higher Return on Asset (ROA) than those listed in Mainland China. We then construct four proxies for firms’ unobserved quality based on ex post abnormal stock or profit returns after IPOs. We obtained support for the signaling and self-selection effects: firms having higher quality, non-state ownership, and larger leverage ratio were more likely to conduct IPOs in Hong Kong instead of in Mainland China. Also consistent with the signaling theory, we found that firms listed in Mainland China were more likely to use IPO underpricing as a signal for firm quality than firms listed in Hong Kong were.published_or_final_version
Real Estate and Construction
Doctoral
Doctor of Philosophy
4
Beriker, Emma A. "Application Software Firms’ Research And Development Influence On Post-Ipo Stock Performance." Scholarship @ Claremont, 2016. http://scholarship.claremont.edu/scripps_theses/780.
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This research aims to explore if and to what extent the IPO-Year R&D investments of 32 Application Software companies return value, as measured through stock performance. By utilizing “Ordinary Least Squares Analysis” and the “Fama-French Three Factor Model,” this research explores how the initial R&D investments in “IPO-Year” impact stock returns during the three years post-IPO. This study is purposed to discover if and how long it takes for the initial R&D investment in the IPO-Year to materialize into stock performance for Application Software companies. However, the research and analysis indicates that R&D expenditures in an IPO-Year is not a statistically significant variable in influencing stock performance.
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Mortazian, Mona. "How do listing requirements impact firms : the case of AIM." Thesis, Brunel University, 2016. http://bura.brunel.ac.uk/handle/2438/13612.
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The restrictive listing requirements imposed by the Main Market of the London Stock Exchange results in the listing of high quality companies, while at the same time provides a higher degree of investor protection. These requirements can however be an obstacle for small and growing companies to go public and raise capital. Thus AIM has developed in order to facilitate the growth of these companies by its lighter listing requirements. This thesis is focused on three outcomes of the lighter listing requirements of AIM. First, AIM companies have a high ownership concentration and lower investor protection, thus enabling blockholders to have a significant impact on their value. This thesis finds that non-managerial and managerial blockholders have quadratic and cubic relationships with firm value respectively. Also, both types of blockholder increase the value of the firm until the first break point which is approximately 30 percent. This is almost exactly the point that the LSE defines as a cut-off point at which the blockholder is regarded as a controlling shareholder. Second, companies moving from the Main market to the AIM impair their information environment when entering the AIM; the information environment is measured by the stock’s liquidity and volatility. This thesis finds that firms experience lower trading activity and lower trading volume, which results in lower liquidity and volatility than matched companies that remain in the Main Market. Third, IPOs listing in the AIM are underpriced in order to compensate for risk. However, the level of underpricing can be alleviated by appointing a reputable Nomad. Underpricing facilitates IPOs to achieve higher aftermarket liquidity in two ways: First, directly by attracting investor attention; and second by diversifying ownership. However, aftermarket liquidity is evident for a longer period than other markets because of a longer lock up period.
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Leitterstorf, Max Peter [Verfasser], Sabine B. [Gutachter] Rau, and Markus [Gutachter] Rudolf. "IPO financing of family firms / Max Peter Leitterstorf. Gutachter: Sabine B. Rau ; Markus Rudolf." Vallendar : WHU - Otto Beisheim School of Management, 2016. http://d-nb.info/1113538481/34.
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Khurshed, Arif. "Initial public offerings : an analysis of the post-IPO performance of the UK firms." Thesis, University of Reading, 1999. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.297620.
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Leitterstorf, Max P. [Verfasser], Sabine B. [Gutachter] Rau, and Markus [Gutachter] Rudolf. "IPO financing of family firms / Max Peter Leitterstorf. Gutachter: Sabine B. Rau ; Markus Rudolf." Vallendar : WHU - Otto Beisheim School of Management, 2016. http://d-nb.info/1113538481/34.
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Thiess, Rolf Christian. "Corporate governance, professionalisation and performance of IPO firms : the role of founders and venture capitalists." Thesis, University of Bradford, 2010. http://hdl.handle.net/10454/4458.
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Combining agency theory and the resource-dependence perspective as well as signalling theory, this thesis examines the role venture capitalists (VCs) and founders play with respect to both structural board characteristics and board capital in terms of experience and prestige and whether these are linked to performance. It claims that VCs and founders shape the governance system of the firms going public and are influential in the professionalisation of the ventures especially in terms of human and social capital of its board of directors. It also argues that the board of directors represents a signal of firm quality in the initial public offering (IPO) market and should thus be linked to performance. Similarly, according to the venture capital certification hypothesis, being funded by VCs signals a firm's quality and potential. In order to assess these claims, this thesis employs a unique sample of matched venturecapital- backed and non-venture-capital-backed entrepreneurial IPOs that floated either on the London Stock Exchange's Official List or the Alternative Investment Market (AIM). Extending previous research this thesis employs more fine-grained measures and introduces new conceptually relevant variables in the analysis. The findings indicate that VCs and founders are influential in shaping corporate governance of IPO-stage ventures both from an agency and resource-provision perspective. Findings from the examination of governance and professionalisation characteristics with respect to IPO short-run performance (underpricing) indicate that it may the involvement of prestigious auditors that signal firm quality while a founder bias discount seems to exist. While evidence is found that VC involvement (and to a lesser extent director/board characteristics) is related to post-IPO market performance, this seems to depend on the time period following the IPO examined, whereas auditor prestige shows a positive association in all of these time periods.
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Thiess, Rolf C. "Corporate governance, professionalisation and performance of IPO firms. The role of founders and venture capitalists." Thesis, University of Bradford, 2010. http://hdl.handle.net/10454/4458.
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Combining agency theory and the resource-dependence perspective as well as signalling
theory, this thesis examines the role venture capitalists (VCs) and founders play with
respect to both structural board characteristics and board capital in terms of experience and
prestige and whether these are linked to performance.
It claims that VCs and founders shape the governance system of the firms going public and
are influential in the professionalisation of the ventures especially in terms of human and
social capital of its board of directors. It also argues that the board of directors represents a
signal of firm quality in the initial public offering (IPO) market and should thus be linked
to performance. Similarly, according to the venture capital certification hypothesis, being
funded by VCs signals a firm¿s quality and potential.
In order to assess these claims, this thesis employs a unique sample of matched venturecapital-
backed and non-venture-capital-backed entrepreneurial IPOs that floated either on
the London Stock Exchange¿s Official List or the Alternative Investment Market (AIM).
Extending previous research this thesis employs more fine-grained measures and introduces
new conceptually relevant variables in the analysis.
The findings indicate that VCs and founders are influential in shaping corporate governance
of IPO-stage ventures both from an agency and resource-provision perspective. Findings
from the examination of governance and professionalisation characteristics with respect to
IPO short-run performance (underpricing) indicate that it may the involvement of
prestigious auditors that signal firm quality while a founder bias discount seems to exist.
While evidence is found that VC involvement (and to a lesser extent director/board
characteristics) is related to post-IPO market performance, this seems to depend on the time
period following the IPO examined, whereas auditor prestige shows a positive association
in all of these time periods.Bradford University School of Management
11
Zhao, Jansson Krystal Dan. "Does Going Public Boost or Impede Firm Innovation? : Evidence from firms in Sweden." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-388154.
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This paper investigates the effects of going public on firm innovation by comparing the innovation activities of firms that go public with firms that choose to not undergo an initial public offering (IPO) and remain privately held. Going public here is a transformation of a privately held firm into a public firm, i.e. the first time for the firm to publicly trade in stock markets. The combination of a propensity score matching (PSM) and a difference-in-difference (DiD) methods are adopted to measure the innovation trends in terms of patent applications. Using the patent-based metric, firm innovation increases following IPOs. Comparing to the innovation activities of privately held peers, going public can boost the patent growth rate of firms and delay the downward trend of patent growth in the two years following IPOs.
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Li, Jun. "A power model of management team restructuring and executive exit in IPO-stage firms: antecedents and performance effects." Texas A&M University, 2004. http://hdl.handle.net/1969.1/2672.
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Despite an abundance of executive turnover research in the context of large public firms, little has focused on top executive change in entrepreneurial settings. This study attempts to develop a foundation of theory and evidence on management team restructuring and executive exit in new venture firms, especially for ventures which eventually go public. Taking a political perspective, the study develops and empirically tests a power model of management team restructuring and executive exit in the pre- and post-IPO periods.
A central thesis of this study is that the relative power of the executive cadre shifts as an entrepreneurial firm converts from a private venture to a public company, due to the drastic change in firm political coalition structure and the skill requirements for executives. The change of power distribution among the top executives affects the likelihood of management team restructuring and executive exit. Both firm level and individual level factors were examined. The study also investigates the performance implications of pre-IPO management team restructuring and post-IPO executive exit.
Empirical results support the major propositions of the power model. VC prestige was found to have a positive impact on management team restructuring and new executive entry before the IPO. Technical skills are negatively associated with pre-IPO executive exit but positively associated with post-IPO executive exit. The addition of new senior executives in the post-IPO period increases the likelihood of executive exit. In addition, when firm performance is low, adding new outside directors tends to increase the probability of executive exit in the post-IPO stage. The study found that firms that had restructured management teams before the IPO tend to have lower likelihood of executive exit in the post-IPO period. In the post-IPO stage, executives with prior public company managerial experience have a significantly lower likelihood of exit than non-managerial executives.
Further, the study found that pre-IPO management team restructuring improves the firm??s pre-money market valuation at the IPO. The exits of managerial executives in the post-IPO period have negative effects on subsequent average ROA. The exits of financial executives negatively affect average shareholder return in the years following the exit events.
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Dampare, George Akuffo. "An empirical analysis of aftermarket financing, growth strategies and performance of newly listed (IPO) firms in Europe." Thesis, King's College London (University of London), 2006. https://kclpure.kcl.ac.uk/portal/en/theses/an-empirical-analysis-of-aftermarket-financing--growth-strategies-and-performance-of-newly-listed-ipo-firms-in-europe(236b9d2d-5ae4-47d2-980e-3b0c381717ee).html.
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FOSCHINI, DANIELE. "L' ANALISI DELLA PERFORMANCE E DEL VALORE DELLE FAMILY FIRMS PRIMA E DOPO L' IPO: REALTA' ITALIANA E FRANCESE A CONFRONTO." Doctoral thesis, Università Cattolica del Sacro Cuore, 2009. http://hdl.handle.net/10280/851.
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Bai, Yang. "Three empirical studies on the performance of firms involved in M&As and IPOs." Thesis, University of Edinburgh, 2018. http://hdl.handle.net/1842/31256.
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This PhD thesis consists of three empirical papers. Each paper can be read independently. However, all three papers investigate different factors affecting the performance of firms involved in mergers and acquisitions (M&As) and initial public offerings (IPOs). A private firm seeking to become listed and who also wish to grow through acquisition can do so with an IPO followed by acquisitions or a reverse takeover (RT). In a RT, a private firm is acquired by a public firm, but the private firm controls the combined public entity after completion of the deal. Chapter 2, 'Post-acquisition performance when firms list and acquire simultaneously versus sequentially: Reverse takeover versus IPO-M&As', examines the differential performance of firms conducting an IPO prior to undertaking follow-on acquisitions (IPO-M&As) versus firms that combine the process of obtaining the listing and acquiring another firm by conducting a RT. I investigate how acquirers' choices affect their post-acquisition performances. In this paper, I also investigate the impact of board structure changes on firm performance in IPO-M&A and RT deals. This event study covers RTs and acquisition-motived IPOs listed on the London Stock Exchange during 1995-2012. Challenging the theoretical expectation that IPOs increase the likelihood of optimal exercise of acquisition options by reducing valuation uncertainty, my results show that an IPO does not alleviate the stock market underperformance of acquirers within 3 years post-acquisition. Private firms seem to self-select into different listing-and-acquisition routes depending on firm-specific characteristics and the board members keep the same level of control preference. However, the choice of listing-and-acquisition does not appear to significantly affect performance. I find no significant difference in the post-acquisition performance of firms undertaking IPO-M&As or RTs. Chapter 3, 'Post-acquisition performance of target firms: The impact of management turnover', investigates the efficiency of the takeover market and the impact of management turnover on target firm performance. Investigating separately the operating performance of targets and acquirers in U.K. domestic acquisitions during 2006-2014, I find that the post-acquisition peer-adjusted profits significantly improve in the unprofitable targets but do not change significantly in profitable targets. Both profitable and unprofitable targets experienced high management turnovers, but the improvement in profits does not appear to be driven by the management turnover. The reason of management turnovers is more complex than the acquisitions' market discipline function or resource-based management hypothesis. However, a complete turnover of top management in target firms seems to hurt the post-acquisition performance of acquirers, suggesting target management team may possess valuable information to facilitate the integration process. This study sheds light on the post-acquisition restructuring of target firms and their management teams, especially in private targets. Chapter 4, 'Identifying leaders among IPO firms: a content analysis of analyst coverage reports', investigates how analysts identify firms as a leader and whether leader firms go on to generate superior operating performance to non-leaders. Using a content analysis approach, I extract sentences including the keyword 'lead' from initial coverage reports and pick out sentences where the IPO firm is identified as either an 'industry leader' or 'partial leader'. I examine the textual content of initial coverage reports on U.S. IPOs during 1999-2012 and find that lead-underwriter analysts appear not to be more optimistic than non-lead-underwriters in their leadership identification of IPO firms, however, nor are they more accurate than non-lead-underwriters in identifying leader firms. I find that neither firms identified by analysts as industry leaders nor firms identified as having partial leadership advantages tend to generate superior peer-adjusted net sales or profit margins compared to non-leaders. The Global Settlement in 2003 significantly reduced the likelihood, frequency and intensity of partial leadership identification. Although there is no explicit regulation requirement on the text content in analyst reports, analysts have become more conservative in identifying a firm as a leader after the Global Settlement. This study helps investors to understand the incremental information of leadership identification in analyst reports, beyond the quantitative outputs such as stock recommendations.
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Eriksson, Johan. "Earnings management within IPO firms and private equity backing : Earnings management's affect on stock market reaction and IPO's adjustable offering." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-256335.
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In order to boost the exit value, it is not uncommon that issuers report earnings in excess of cash flow generated by its operations at the initial public offering (IPO). The discretionary activity of performing earnings management can mislead investors about the intrinsic value of the newly public firm. Within this study, I examine how earnings management will affect the stock market reaction upon the lockup expiration date, the IPO adjustable offering size, and how the backing of private equity or venture capital (PEVC) affects earnings management tendencies within IPO firms. Using a unique, hand-collected dataset of 56 Swedish newly public firms from 2007 - 2014, I show that IPO firms (i) manage their earnings at the full fiscal year prior to the IPO and that earnings management will result in a negative stock market reaction upon the lockup expiration date. More importantly, I show that (ii) high adjustable offerings do not affect this relationship indicating that earnings management has no impact on the adjustable part of the offering size within IPOs. I also find that (iii) IPO firms backed by PEVC firms are more eager to manipulate their earnings, and (iv) highly reputable PEVC firms do not mitigate the manipulation of earnings within IPO firms. The results taken together suggest that studying the stock market reaction on the lockup expiration date is important for manipulative IPO firm detection, and that a participation in IPOs backed by PEVC firms must be done with caution.
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Wigren, Anna, and Tobias Rådman. "Do Innovative Firms Leave More Money on the Table?" Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-446546.
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This study examines the relationship between firm innovation and Initial Public Offering (IPO) underpricing in the Swedish stock market by examining 287 firms that went public on the Nasdaq OMX Stockholm and Nasdaq First North during the years 2010 – 2020. An OLS regression model is utilized to analyze the relationship between underpricing, measured as the initial returns, and firm innovation, measured as patents and Research and Development (R&D). The average initial returns for the sample were (+8,16 %) showing that IPOs are, on average, underpriced in the Swedish stock market. While the connection between patents and underpricing was negligible, the results indicated that firms that reported R&D expenditures separately, specifying how much of their expenditures were spent on R&D, experienced a small decrease in IPO underpricing. Also, a slightly larger decrease in IPO underpricing was found for the firms that both had patents and reported their IPO expenditures separately. Thus, these results indicate that firms with a higher level of innovation are “leaving less money on the table”.
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Savard, John. "Abnormal Returns around Lock-Up Expiration Date and the Explanatory Power of Insider Trading for Technology Firms." Scholarship @ Claremont, 2019. https://scholarship.claremont.edu/cmc_theses/2208.
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This paper examines the lockup expiration date event for technology firms post Global Financial Crisis to investigate the existence of abnormal returns around this date and determine the explanatory power that insider trading and the increase in available shares have on the abnormal return. Contributions to literature include using an updated sampling, targeting the technology industry, and constructing unique variables such as the dollar value of insider trades around the lockup expiration date. There exists statistically significant three-day cumulative abnormal returns of -1.33%. Firms with higher percentages of insiders who sell their positions tend to experience a further decrease in cumulative abnormal returns (CAR). The supply effect of these shares being opened to the market is not significant at the 95% confidence level. Thus, insider trading rather than increased supply accounts for variations in the abnormal returns across technology firms.
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Plummer, Lawrence A. "Good neighbors or bad? A time-space model of the effects of entrepreneurial entry on the profits of post-IPO firms." Connect to online resource, 2007. http://gateway.proquest.com/openurl?url_ver=Z39.88-2004&rft_val_fmt=info:ofi/fmt:kev:mtx:dissertation&res_dat=xri:pqdiss&rft_dat=xri:pqdiss:3273703.
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Abi, Saleh Richard. "Structure du capital et performance des entreprises familiales françaises introduites en bourse." Thesis, Université Grenoble Alpes (ComUE), 2015. http://www.theses.fr/2015GREAA019/document.
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Cette thèse a pour objectif d'analyser la structure du capital et la performance des entreprises familiales Françaises qui s'introduisent en Bourse. A partir d'un échantillon de 90 entreprises familiales appartenant à l'indice CAC All-Tradable de 2010 à 2013, nous constatons que la structure du capital des entreprises familiales est caractérisée par un faible niveau d'endettement avec une préférence pour l'endettement à court terme par rapport au long terme. De plus, la structure de capital des entreprises familiales vérifie les théories classiques du financement, l'hypothèse de ‘market timing', la théorie du ratio d'endettement optimal et de la théorie du financement hiérarchique. Ensuite, nous analysons les performances à court terme et à long terme des entreprises familiales françaises qui s'introduisent en Bourse. Les résultats montrent les différentes techniques d'expropriation employées par les propriétaires des entreprises familiales. A la date de l'introduction en bourse, la majorité des propriétaires des entreprises familiales sont à la fois les directeurs généraux et les présidents des conseils d'administration. Après l'introduction en bourse, les propriétaires des entreprises familiales détiennent environ 80% des droits des flux de trésorerie et nous constatons que la différence entre leurs droits aux flux de trésorerie et leurs droits de vote a augmenté. La sous-évaluation au premier jour est voisine de 2%, ce qui révèle que les entreprises familiales sont correctement évaluées lors de l'émission. Les entreprises familiales surperforment l'indice de marché dans les trois premiers mois de l'émission et après la troisième année. Nous trouvons aussi que le changement des droits de propriété et de contrôle avant et après l'introduction en Bourse explique les performances à court et à long terme contrairement aux mécanismes de gouvernanceThis thesis aims to analyze the capital structure and performance of French family firms going public. From a sample of 90 family firms belonging to CAC All-Tradable from 2010 to 2013, we find that the capital structure of family firms is characterized by a low level of debt with a preference for short-term debt relative to long-term debt. Moreover, the capital structure of family firms is in line with the classical theories of financing, the hypothesis of market timing, the theory of optimal debt ratio and the pecking order theory. Then we analyze the short-term and long-term performance of French family firms going public through Initial Public Offerings. The results show the different expropriation techniques employed by the family firms' owners. On the initial public offering date, the majority of family firms' owners are simultaneously CEOs and Chairmen of boards of directors. After going public, the family firms' owners hold around 80% of the firms' cash flow rights and we observe that the difference between their cash flow rights and their voting rights has increased. First-day underpricing is around 2% which shows that family firms are almost fairly priced upon issuance. The family firms outperform the market index in the first three months of issuance and after the third year. We also find that the ownership and control rights change from pre- to post-IPO date explains the short-term and long-term performance unlike governance mechanisms
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Ekman, Emelie, and Frida Bergkvist. "Fastighetsbolagens kapplöpning till börsen : En kvantitativ studie över makroekonomiska faktorers påverkan på antalet börsintroduktioner." Thesis, Södertörns högskola, Institutionen för samhällsvetenskaper, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-29438.
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Syfte: Studien syftar till att visa hur och varför volymen börsnoteringar av fastighetsbolag varierat över tid och hur denna volym har påverkats av det ekonomiska klimatet. Metod: Studien baseras på en kvantitativ metod. Multipel regressionsanalys tillämpas där makroekonomiska faktorers förklaringsvärde för volymen börsintroduktioner av fastighetsbolag undersöks. Teoretisk referensram: Det teoretiska ramverk som används i denna studie har sin primära utgångspunkt i tidigare forskning gjorda på börsnoteringar. Vidare har The Fisher Di Pasquale Wheaton model använts för att få en djupare förståelse för fastighetsbranschens mekanismer. Kopplingen till aktiemarknaden har sitt ursprung i Den effektiva marknadshypotesen tillsammans med The capital demand hypothesis. Resultat: Denna studie finner ett negativt samband mellan antalet introduktioner av fastighetsbolag samt det aktuella ränte- och konjunkturläget. Aktieprisutvecklingen bland fastighetsbolag och volatilitet på fastighetsaktiemarknaden har båda ett positivt samband med antalet introduktioner av fastighetsbolag. Denna studie finner inget samband mellan antalet introduktioner av fastighetsbolag och inflationsnivå.Objective: This thesis aims to gain a deeper understanding of IPO activity by real estate firms, and why its volume varies over time. The objective is also to obtain the impacts of macroeconomic factors on the volumes of initial public offerings. Method: This study uses a quantitative method were macroeconomic factors will be used as predictors in a multiple regression analysis. Further, IPO volumes of real estate firms will be considered as the constant. Theorethical references: The basic theories that are used in this thesis are Efficient Market Hypothesis, the FDW-model, and The Capital Demand Hypothesis. Previous thesis that covers IPOs are considered as the fundmental basis of this study. Results: The results shows a negative correlation between the IPO volumes of real estate firms, and the interest rate, as well as the economic cycle. Hence, this study finds a positive correlation between stock prices and the volatility at the stock market. The results don’t find any significant correlation between IPO volumes and the inflation rate.
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Yea, Nikki. "Determinants of a Firm’s Return to the Market Post IPO Withdrawal." Scholarship @ Claremont, 2015. http://scholarship.claremont.edu/cmc_theses/1003.
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This paper presents a seminal analysis of firms withdrawn from the IPO market (post security regulation filings) that return later for a subsequent IPO. This study contributes to the existing literature in four ways. First, by using IPO data from 1997 to 2012 in the Japanese market, the study extends the analysis on key determinants of a firm’s returning decision after an IPO withdrawal to the Japanese market. Secondly, it identifies VC ownership percentage and market run-up value 20 ~ 40 days prior to the withdrawn IPO as the key determinants of the probability a firm will return. Thirdly, using the duration model, the paper finds that an increase in VC ownership percentage and market run-up value 0 ~ 20 days prior to the withdrawn IPO allow the subsequent IPO to take place sooner. Finally, this paper attempts to find a correlation between macroeconomic indicators and the number of withdrawals at a given time. These findings can help find the factors that influence a firm’s decision in pursuing the public market option even after a failed attempt. However, censoring issues and the use of non-stationary variables remain as limitations to my findings.
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Useche, Diego. "Les droits de la propriété Intellectuelle et les marchés financiers dans la stratégie des firmes du logiciel en Europe et aux Etats-Unis." Thesis, Bordeaux, 2014. http://www.theses.fr/2014BORD0048/document.
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Le succès du modèle d’innovation américain pour faire émerger des firmes leaders dans plusieurs domaines a largement influencé de nombreuses transformations réglementaires concernant les Droits de Propriété Intellectuelle (DPI) et le financement par les marchés en Europe. Cette thèse vise à analyser le rôle et l’importance de ces transformations dans l’organisation et la performance des firmes du logiciel. Nous montrons que des multiples mutations réglementaires des DPI ont ouvert la voie à un certain type de brevetabilité « très restreint » du logiciel en Europe. En parallèle, les évolutions dans le domaine financier ont favorisé l’émergence des marchés financiers dont le rôle est de plus en plus déterminant dans la croissance et le développement des jeunes firmes innovantes. De plus, il semblerait que l’usage stratégique du brevet soit complémentaire avec le financement par le marché de firmes du logiciel. Nous étudions cette complémentarité à travers l’analyse de la valeur du brevet en tant que signal pour les investisseurs lors de l’introduction en bourse ainsi que son effet sur la survie des firmes du logiciel après leur cotation. Cette complémentarité expliquerait en partie le recours accru au brevet dans un secteur dans lequel il est très controversé. Elle renvoie à un processus de sélection particulier du système et à l’émergence d’acteurs gagnants et perdantsThe success of the US innovation model to help start-ups emerge as global leaders has greatly influenced many regulatory changes on Intellectual Property Rights (IPR) and the external finance of firms in Europe. This study aims to analyze the role and importance of these changes in the organization and performance of software firms. We show that multiple regulatory mutations of IPR have paved the way for some kind of “restricted” patentability of software in Europe. In parallel, via changes in financial markets, they play an increasing role in the growth and development of young innovative companies. In addition, it seems that the strategic use of patents is complementary with software firms’ access to capital markets. We study this complementarity by analyzing the value of patents as signals for IPO markets and their impact in the likelihood of survival of newly-listed companies. We argue that this complementarity may explain the increased importance of patents in a sector where patents are highly controversial. It refers to a particular market selection process and the appearance of winning and losing actors
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Lin, Yu-Jung, and 林佑蓉. "Post-IPO Mergers and the Operating Performance of IPO Firms." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/35306506258140820409.
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碩士國立臺灣大學
財務金融學研究所
99
This study discusses long-run abnormal operating performance of firms involving in merger and acquisition activity within one year after going public. Except for confirming the negative performances of IPO firms after going public, we further test for post-IPO performance after M&A. The empirical results suggest that the decision of going public decreases firms’ long-run operating performance relative to pre-IPO performance, and the results are robust to different matching approaches used. Furthermore, empirical results of our sample demonstrate the explanatory power of acquisition to IPO firms’ underperformance, and presents inferiority of post-IPO mergers’ operating performance than non-mergers. Lastly, this negative effect of M&A on IPO firms exists even when controlling for other factors related to IPO. This study proves that M&A is one possible explanation for the poor operating performance of IPO firms.
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Chou, Yu Yu, and 周裕祐. "Cash Dividends Policy of IPO Firms." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/30451762115948629084.
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Morin, Marie-Claude. "Pre-IPO firm performance and corporate governance of U.S. IPO firms : does venture capitalists backing matter?" Thesis, 2003. http://spectrum.library.concordia.ca/2224/1/MQ83955.pdf.
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This study examines differences between venture-backed and non venture-backed IPO firms in three aspects. First, operating performance and firm growth are examined in the pre-IPO period and in the IPO year. Second, differences in the corporate governance mechanisms in place at the time of the IPO are considered. In order to do so, board structure and directors' ownership and voting power are considered. Third, differences in the degree of IPO underpricing between the two groups are tested. Possible relationships of IPO underpricing with firm performance and corporate governance are also explored. We find venture-backed firms experience poorer operating performance in the IPO year as well as in the four years preceding it. On the other hand, they show higher growth in operating performance and revenues compared to non venture-backed firms. Board size is positively related to the number of VCs involved, but negatively related to VCs' ownership in the firm. Venture-backed firms have more outside directors but fewer independent directors on their board compared to non venture-backed firms. In addition, CEO duality is less common in venture-backed firms. Finally, IPO underpricing is larger for venture-backed firms, except for firms in the smallest size quartile. We also find underpricing not to be significantly related to firm performance and corporate governance mechanisms.
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Deng, Ying-Shu, and 鄧櫻菽. "Underwriting mechanisms, offering firms’ characteristics and underpricing of IPO firms." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/69859609284160557251.
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碩士輔仁大學
管理學研究所
94
Abstract Title of Thesis: Underwriting mechanisms, offering firms’ characteristics and underpricing of IPO firms. Name of Institute: Graduate Institute of Management Fu Jen Catholic University Name of Student: Ying-Shu Deng Advisor: Dr. Kuei-Yen Wu Total Page:124 Abstract: To improve underwriting mechanisms more efficiently and fairly, underwriting mechanisms in Taiwan have reformed since 1995, offering firms can choose all kinds of underwriting mechanisms, including fixed-price, auction and book building, depending on their conditions or characteristics. However, what kind of relations exist among underwriting mechanisms, offering firms’ characteristics and underpricing of IPO firms? By investigating 411 IPOs in Taiwan equity market during the period from 1985 to 2005, the empirical result show that underpricing is smaller with auction than that with fixed price underwriting. Besides, some of the offering firms’ characteristics are related with the degree of underpricing. In addition, underwriting mechanisms are affected by the firms’ characteristics, such as offering price, offering size, rate of drawing, years prior to IPO, size, operating performance, EPS and industry. Finally, I examine each of the offering firms’ characteristics via underpricing mechanism to test if they can increase the explanatory power of underpricing. The result rejects the above hypothesis.
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Lu, Ching-Sung, and 盧青松. "When do IPO firms begin to underperform?" Thesis, 2007. http://ndltd.ncl.edu.tw/handle/90397636612603187872.
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碩士元智大學
財務金融學系
95
Ritter (1991) and Loughran and Ritter (1995) argues that the long-run performance of IPOs is worse than that of the overall market or that of the firms with the same size and age. This study employs duration model and quantile regression to analysis when the initial superior performance eliminated in the aftermarket. The empirical results suggest that underwriter reputation, firm age, underpricing, and profit margin have positively influences on duration of outperformance. Accruals, business cycle and internet bubble dummy are negatively related to the duration of outperformance. For quantile regression, we find similar results and stronger impacts with quantile level increasing.
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Chia-Yuan, Juang. "Why do IPO Issuing Firms Initiate Cash Dividends?" 2004. http://www.cetd.com.tw/ec/thesisdetail.aspx?etdun=U0009-0112200611362391.
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Cheng, Pei-Chen, and 程珮禎. "Why do IPO firms conduct real earnings management ?" Thesis, 2013. http://ndltd.ncl.edu.tw/handle/q883e3.
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碩士靜宜大學
財務金融學系
102
Previous studies mainly focus on accruals-based earnings management. Recent earnings management literature finds that the companies are likely to conduct earnings management through real activities. The purpose and contribution of this paper is to investigate three possible motives associated with follow-on SEOs, lockup and income smoothing that the IPO companies engage in relation to real earnings management around IPOs. This paper follows Roychowdhury (2006) to measure the real earnings management based on the proxies of the abnormal levels of cash flow from operation, production costs, and discretionary expenses. The findings show the evidence that there is a significantly positive relation between real earnings management through the real activities of cash flows from operations and production costs and the follow-on SEOs. To sum it up, this paper finds that the incentive of adopting the real earnings management by IPO companies is to inflate the earnings and support the stock price for their follow-on SEOs.
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Juang, Chia-Yuan, and 姜佳瑗. "Why do IPO Issuing Firms Initiate Cash Dividends?" Thesis, 2004. http://ndltd.ncl.edu.tw/handle/38832068665005216901.
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碩士元智大學
財務金融研究所
92
This study examines the role of cash dividends payer ratio within industry in determining the cash dividends initiation policy of IPO issuing firms and the duration of firms initiating cash dividends since IPO. We use the firms that undertake an IPO in AMEX, NYSE and NASDAQ during 1983~2002. We find that firms would be likely to initiate cash dividends when the cash dividends payer ratio within industry is high. If cash dividends payer ratio within industry is high, firms would have short duration to initiate cash dividends since IPO. These results hold after controlling for other variables that could affect cash dividends initiation policy. Firms would less likely to initiate cash dividends in competitive industry, low market interest rate and high leverage. Firms with large size, few investment opportunities and high profitability would be likely to initiate cash dividends after IPO. We also find that stock repurchase and cash dividends initiation are complement to each other. The evidence suggests the notion that cash dividends payer ratio intra-industry is an important consideration for IPO issuing firms to do cash dividends initiation decision.
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SHIH, I.-FANG, and 石依芳. "Why do IPO firms go SEOs so quickly?" Thesis, 2003. http://ndltd.ncl.edu.tw/handle/78057634099005340704.
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碩士國立臺灣大學
財務金融學研究所
91
During the period of 1981~2000, approximately one-third of firms issuing IPOs in 1981~1996 go SEOs in one year, and more than 75% complete an SEO within three years of their IPOs. This study provides evidence on why IPO firms go SEOs so quickly. The empirical results suggest that the SEO issuing speed is significantly related to the variables of market timing, hot issues, window dressing, firm’s growth potential, market testing and underwriters’ reputation. In addition, the firms going SEOs more quickly have worse post-SEO long-run performance.
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Liao, Yih-Cheng, and 廖意誠. "Test the existence of beta of IPO firms." Thesis, 2002. http://ndltd.ncl.edu.tw/handle/67214617667012137539.
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碩士國立雲林科技大學
企業管理系碩士班
90
According to CAPM ,the expected return which reflects on stocks will be influenced by systemic and unsystemic risk. In fact ,because of unefficient market、information asymmetry between firms and investors, etc.,the stocks can not correctly reflect the true value of firms. To make reparation for uninformed investors，initial public offerings will be underpriced. Thus, ”winner curse” will not happen. At the same time, many scholars also spend a lot of time finding a solution. Most scholars focus on the theories and empirical studies after IPO, instead of focusing on the researches before IPO. The primary focus of this study is what the issuing price stands on? Does there also exist a beta which can value the systemic risk, just as the beta which can be found after IPO. This study develops a new model of expected return with market and firm based on the concept of CAPM and M&M. According to the new model , the reason why the beta is valued high is that when the firm and investment banker make the issuing pricing , they ignore the error in variability of the firm. Thus, the issuing pricing of the firm would be valued low. This study will use the bidding price of fifty-three IPO firms to test our model and to find our conclusion. This study finds that systemic risk does not influence the issuing return of the IPO. That is the systemic risk does not influence the issuing price.
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Wang, Ya-Fang, and 王雅芳. "IPO Firms'' Management Forecast and Long-Term Performance." Thesis, 2003. http://ndltd.ncl.edu.tw/handle/27974397042236296890.
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碩士國立中正大學
會計學研究所
91
In 1991, Taiwan Stock Exchange (TSE) requires inclusion of mandatory management forecast (hereafter MMF) by issuers of all initial public offerings (IPO) in prospectuses filed with the TSE for IPO year and subsequent two years. This study explores effects of MMF on long-term performance. We finds that IPO issuers after 1991 have a much worse long-term performance than ones prior 1991, and long-term performance increases with magnitude of MMF. Furthermore, We also find issuers have positive abnormal returns during successful three years of release of MMF, while they have negative abnormal returns for non-release periods. Third, firms which provide conservative MMF are , on, average, better off than firms that release optimistic MMF and issuers show less overreaction performance the 1998 amendment. Fourth, consistent with the cheap talk hypothesis, the pre-1991 IPOs with voluntary earnings forecasts appear to be subject to worse performance as opposed to the observations without management forecasts.
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Lindberg, Marcus Carl Axel. "Performance of private equity-owned firms post-IPO." Master's thesis, 2020. http://hdl.handle.net/10400.14/31106.
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This paper examines the effect of private equity involvement in initial public offerings. Two regression models were applied to assess the data ranging from 2006 and 2017 with IPOs on Nasdaq Stockholm. The dataset includes 126 firms out of which 33 were private equity-sponsored.
The first regression model predicts next year’s return on assets with financials from the year prior to, and the year of the IPO. The second regression is using cumulative abnormal returns as dependent variable. Cumulative abnormal returns are computed for four different time windows following the event of the IPO, in order to measure the effect private equity firms have on companies they are backing in the event of an IPO.
t can be concluded that private equity firms have a positive impact through their involvement, both in terms of return on assets and cumulative abnormal returns. However, the positive effect on cumulative abnormal returns can only be validated for the three-month period following the initial public offering.Este artigo examina o efeito do envolvimento de capital privado em ofertas públicas iniciais. Dois modelos de regressão foram aplicados para avaliar os dados que variam de 2006 e 2017 com IPOs na Nasdaq Estocolmo. O conjunto de dados inclui 126 empresas, das quais 33 foram patrocinadas por capital privado. O primeiro modelo de regressão prevê o retorno do ano que vem sobre ativos com informações financeiras do ano anterior ao ano do IPO. A segunda regressão está usando retornos anormais cumulativos como variável dependente. Os retornos anormais acumulados são calculados por quatro janelas de tempo diferentes após o evento do IPO, a fim de medir o efeito que as empresas de private equity têm nas empresas que estão apoiando no caso de um IPO. Pode-se concluir que as empresas de private equity têm um impacto positivo por meio de seu envolvimento, tanto em termos de retorno sobre ativos quanto em retornos anormais cumulativos. No entanto, o efeito positivo nos retornos anormais cumulativos só pode ser validado pelo período de três meses após a oferta pública inicial.
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Romariz, João dos Santos. "IPO vs Private Equity: analysis and comparison of firms in a pre-IPO/buyout stage." Master's thesis, 2018. https://hdl.handle.net/10216/116655.
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Romariz, João dos Santos. "IPO vs Private Equity: analysis and comparison of firms in a pre-IPO/buyout stage." Dissertação, 2018. https://hdl.handle.net/10216/116655.
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Yu-Ling, Lai, and 賴玉菱. "Top Management Team Characteristics, Firm Export Experience and Innovation of Taiwanese IPO Firms." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/09085854082151239900.
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碩士輔仁大學
國際經營管理碩士學位學程
102
In the current competitive environment the development and introduction of innovation are key factors for firm’s survival. Innovation is particularly important for IPO (Initial Public Offering，IPO) firms to response the fast- changing technology environment and global competition. This study investigates the association of internal and external knowledge with innovation of Taiwanese IPO firms. We view top management team as the internal knowledge source and a firm’s institutional investor and internationalization experience as external knowledge sources. This empirical study examined the relationship from 119 IPO firms in Taiwan between 2006 and 2012. Our results indicate that the internal knowledge from top management team’s specific functional background and CEO (Chief Executive Officer，CEO) specific education background have positive relationships with innovation. As a source of external knowledge, the institutional investor’s knowledge has positive relationship with innovation as well. This study provides important implications for IPO firms in developing innovation through accessing internal and external knowledge.
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FANG, SIYE, and 方思燁. "Back door listing and IPO performance of Chinese firms." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/kv34x6.
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碩士東吳大學
國際經營與貿易學系
105
In this study, a total of 199 backdoor listing cases in mainland China during the 2006-2016 years are taken as the research samples, and the comparison group of IPO cases are paired with each other by the industry sector, the listed year and the total assets. This study uses the event study to test the market response to the listing of IPO and backdoor listing. In addition, the study collects the financial data of the listed companies in the one to two years after the listing, as well as the year before the backdoor listing, and examines the performance of IPO and backdoor listed companies. Finally, this study analyzes the influence of borrowed company characteristics on the success of backdoor listing by collecting the company characteristics such as the total assets, debt, cash flow, growth opportunities and shareholder returns of borrowed stock company, taking the total capital ratio of tradable shares and the largest shareholder ratio as control variables. The results show the performance of the backdoor listing company in mainland China has significantly improved. In terms of the company's short-term performance, the abnormal return of listed companies in IPO is obviously better than that of backdoor listing companies, and the market has a strong reaction to the listing of IPO and backdoor listing, and the reaction to IPO is stronger than that of the backdoor listing. For the company's long-term performance, the returns on assets of IPO companies are significantly better than that of backdoor listing company after one year or two years' listing. The study also finds that the larger the total assets of the backdoor company with the lower the asset liability ratio, the higher the success rate of the backdoor listing. Finally, the study suggests that IPO will still be better choice than the backdoor listing in mainland China. When the company chooses backdoor listing, it should be very careful to evaluate the financial conditions of the shell company.
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Lin, Chia-Yin, and 林佳音. "Do IPO Firms in Taiwan Manipulate Their Operating Performance?" Thesis, 2010. http://ndltd.ncl.edu.tw/handle/88736787763411305208.
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碩士國立臺灣大學
國際企業學研究所
98
The paper studies the operating performance of more than 1340 IPO firms in Taiwan from 1994 through 2005. The paper investigates the change in operating performance of firms as they make the transition from private to public ownership. We examine whether the operating performance of 1340 IPO firms in Taiwan from 1994 through 2005 deteriorated. First, by using Wilcoxon signed rank test, we find significant decline in operating performance subsequent to the initial public offering (IPO). Second, by using dynamic factor analysis, we find that IPO firms deteriorate after going public especially in construction, communication, and network modem industry. Using ten industries as variables, it becomes clear that the three measures of return on assets, gross margin, and earnings before tax margin have the tendency to perform better before going public then perform worse after going public.
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Liu, Kai Mun. "Capital structure of firms after an Initial Public Offering (IPO)." 2004. http://purl.galileo.usg.edu/uga%5Fetd/liu%5Fkaimun%5F200408%5Fma.
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YU, MIN-YI, and 游珉宜. "The Effect of Director Expertise on Performance of IPO Firms." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/p2fqdh.
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碩士國立中正大學
企業管理研究所
102
The paper attempts to examine the relation between the expertise of directors and performance of IPO firms. The empirical results indicate that the ratio of the expertise of independent director is negatively related to the short-term performance of IPO firms. On the contrary, we find that the ratio of the finance expertise of independent director is positively related to the long-term performance of IPO firms. The result implies that independent director with finance expertise will have a positive influence on IPOs long-term performance. In addition, we also find that the independent director system has a negative effect on firm performance. And the IPO performance in biotechnology industries is better than technology industries.
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Sue, Yi-Wen, and 蘇意雯. "Short-Term Stock Price Behavior Analysis For Taiwan IPO Firms." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/15558383794247266283.
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碩士國立交通大學
管理學院碩士在職專班財務金融組
98
Investor can get capital gains in investing IPO stocks if they were issued under discount. However, if the IPO stocks were issued with a premium investor will suffer immediate capital loss. Furthermore, Taiwan Security Exchange had release the limitation of offer price of IPO stocks within the 1st five trade days since March 1st, 2005.This modification of regulation make investor expose to much downside risk. This research aims to investigate the aftermarket performance of IPO stocks within 1 year after their offering. We use the TEJ database of Taiwan listed firms between 2005 and 2008, and study of the relationship between the discount rate and the issuing year, market type, industry type, IPO price,…etc. The results of this empirical study are summarized as below: (1)The days to fell more than 10% are different between the year 2005 to 2008 each other.(2)The fallen down days of TSE IPO stocks is more than OTC ones, we argue the downside risk of OTC IPO stocks is more than TSE ones.(3)The higher the IPO price is, the little the fallen down days is.(4) The fallen down days of high-tech industry IPO stocks are more than traditional ones, we argue that high-tech industry IPO stocks are with higher downside risk.(5) The fallen down days of IPO stocks is not related their paid-up capital.
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Lee, Po-Hsuan, and 李柏萱. "The impact of venture capital firms on IPO in recession." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/15830402686968033138.
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碩士國立交通大學
管理學院財務金融學程
101
The study in short recession, venture capital firms to participate in the new companies operating investment company better financial performance, in order for retail investors to provide an reference of investment. In this study, the Lehman Brothers incident occurred 2008 years to 2010 years for the study period, during the initial listing of a total of 82 sample companies (cabinet). Short during the recession, venture capital involved in startups listed (cabinet), the return on total assets and net margin significantly better impact on regression analysis and statistical tests. Venture c apital as the new startups directors and supervisors; Venture established length of time; venture capital size, without a significant impact on the financial characteristics of the new companies. Capital structure for efficiency in the use of the assets presented more negative explained, liabilities, the worse the efficiency in the use of the assets; contrast, the assets of the acid test for the efficiency in the use of the assets less significant, showing liabilities under the pressure, the newups for how to use the assets subject to the constraints of the debt obligations, resulting in assets, how to use can not produce a significant effect on efficiency in the use of the assets; venture capital involved in the management of the company, is still difficult to reverse the impact of debt-to-use benefits of corporate assets; visible external funding fortarget companies involved in the management of the company or inject funds liquidate two options, the latter is the target companies more likely to have short-term effects, that is to improve the capital structure of the activation efficiency in the use of assets.
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楊忠倫. "Venture Capital Investment and the Post-IPO Performance of Firms." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/7jmzcz.
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碩士國立彰化師範大學
財務金融技術學系
105
This study examine the effects of venture capital (VC) investment on the operating performance of firms after initial public offering (IPO). The study sample contains 128 IPO technology companies in Taiwan from 2012 to 2016, which has 67 VC-backed and 115 non VC-backed. Multiple regression analysis was used to examine the effects of VC shareholding ratio and the number of VCs in the investee firm on the operating performance. The empirical results showed that VC shareholding ratio and the number of VCs in the investee firm have significant negative impact with operating performance (measured by ROA, ROE, and EPS). Based on market indicators, this study substitute Tobin’s Q for operating performance. VC shareholding ratio and the number of VCs in the investee firm have significant positive impact with Tobin’s Q. It means the investee firm have great development potential and great long-term performance in the future.
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PEI-YING, CHEN, and 陳佩瑩. "An Analysis on EPS of the Electronics Industry IPO firms." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/w9ts8m.
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碩士開南大學
商學院碩士班
107
This study includes all TEJ database electronics firms that went public from Emerging Stock onto TSEC or OTC before December 31, 2017 as its population. Since January 2, 2022, Emerging Stock has been serving as a major financing channel and firm disclosure platform for companies in the growing stage. This study focuses on EPS, which is one of the prevalent publicly available information items for the investors. Specifically, for the 442 companies with four years financial data both before and after listing on TSEC or OTC. This study calculates the five-years (including the listed year) annual mean EPS and EPS trend (the slope of Least Squared Method) of each company before and after listing. All the calculation results are analyzed by quintile, We provide (1) the distribution analysis and scatter plot of annual mean EPS before and after the IPO by quintile as well as the cross-classification analysis of the annual mean EPS before and after IPO. (2) the distribution analysis and scatter plot of EPS trends before and after the IPO by quintile as well as the cross-classification analysis before and after the IPO. (3) the cross-classification analysis of annual mean EPS and EPS trends before and after the IPO by quintile. (4) the identification of the out-performing stocks before and after the IPO. The results of this study show that most of observations experienced EPS declines after the IPO. Furthermore, the greater the pre-IPO EPS, the more significant the declines after listing. 73.94% of the stocks that had been classified as the outperforming ones before IPO under-performed after their listing on TSEC or OTC.
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"The operating performance of IPO firms: the case of Hong Kong." Chinese University of Hong Kong, 1996. http://library.cuhk.edu.hk/record=b5888811.
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by Ching Chi Keung.Thesis (M.Phil.)--Chinese University of Hong Kong, 1996.
Includes bibliographical references (leaves 89-91).
Chapter 1. --- Introduction --- p.3
Chapter 2. --- Literature Review --- p.9
Chapter 3. --- Data --- p.17
Chapter 4. --- Profile of IPOs in Hong Kong --- p.24
Chapter 5. --- Methodology --- p.27
Chapter 6. --- Results --- p.43
Chapter 7. --- Comparison with the study in U. S --- p.57
Chapter 8. --- Summary --- p.61
Chapter 9. --- Tables --- p.64
Chapter 10. --- Results of statistical test --- p.70
Chapter 11. --- Charts --- p.72
Chapter 12. --- Appendixes --- p.79
Chapter 13. --- Reference --- p.89
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Yang, Yu-Chieh, and 楊玉潔. "Influence of Venture Capital as a Financial Intermediary of IPO Firms." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/65629296812275345442.
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碩士國立中興大學
財務金融學系所
102
The main purpose of this paper is to compare the influence of the VC and VC relevant characteristics on short-term and long-term post IPO performance of portfolio firms. VC relevant characteristics include reputation and capital resources differences. The empirical results show that VC-backed issuers do attract outside investors’ attention at the time of IPO. However, there’s no significant evidence to support that VC-backed firms have better long-term post IPO performance than non-VC-backed ones. A further test in the performance difference of IPO sample backed by types of VCs shows that: between high and low reputation groups, the influence is positively correlated regarding to the short-term equity and operating performance. However, no significant relation is proved in longer time. There is no significant evidence neither in the influence difference in VC’s funding resources.
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Correia, Maria do Carmo Castro. "Underwriters' reputation and stock price informativeness of IPO firms: international evidence." Doctoral thesis, 2019. http://hdl.handle.net/1822/65578.
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Tese de Doutoramento em Ciências EmpresariaisThe purpose of this thesis is twofold: (i) investigate the determinants of initial public offering (IPO) underwriters’ reputation, and (ii) analyze whether reputable underwriters contribute to improve the quality of the information content impounded into the stock prices of the firms they sponsor in the years following the IPO. We use the IPO market to investigate the determinants of underwriters’ reputation. Most of the extant literature treats underwriters’ reputation as an exogenous variable, and little is known about what drives the reputation of IPO underwriters over time, in particular, whether the success of past IPOs affects underwriters’ future reputation. We use a broad sample of 12,749 IPOs from 34 countries distributed by three geographic areas: the United States, Europe, and Asia-Pacific, between 2000 and 2014. We test whether the performance of IPOs, measured by abnormal returns (first-day and one-year return), that have been sponsored by an underwriter affect its future reputation, measured by the market share. We argue that changes in an underwriter’s reputation are explained by different factors depending on the region where they are located. For instance, in the U.S. and European IPO markets, we find that there is a negative and significant relation between more reputable underwriters and underpricing, suggesting that these underwriters should give primacy to the issuers’ interests (raise capital at the highest possible price), if they want to increase their market share. However, in the Asian IPO market, we find that underpricing and one-year return have a positive and significant relation to more reputable underwriters, suggesting that these underwriters can increase their market share if they allow investors to have a positive return in the short and long-term. For less reputable underwriters, diversification is not good. Therefore, if these underwriters concentrate their activity in particular industries, they can increase their market share given their background with similar enterprises. These results pass several robustness tests. Additionally, this study examines if more reputable underwriters help improve the stock price informativeness of their sponsored IPO firms in the period subsequent to the IPO. We measure post- IPO stock price informativeness by the firm-specific stock return variation and future earnings return coefficient. The results are again different across regions. We document a positive and significant relation between underwriter reputation and post-IPO stock price informativeness (one/two/three years post-IPO) for Asian firms. In the U.S. and Europe, we find no significant effect of underwriter reputation on post-IPO stock price informativeness of the firms they sponsored. These different results may be partially explained by the different levels of shareholder protection in the major markets in these regions, where the U.S. and the largest European markets typically have the best scores in the overall quality of their corporate governance. The results remain unchanged even when considering cold market periods and are also robust to an alternative measure of stock price informativeness (illiquidity). We also find evidence that when Asian underwriters are highly specialized in a specific industry (or a small number of industries) they have a better ability to improve the information content of their sponsored firms’ stock prices. This result suggests that underwriters with a narrow spectrum, independent of their reputation, contribute to more informative stock prices.
Esta tese tem como objectivos investigar os determinantes da reputação dos bancos de investimento, no contexto das ofertas públicas iniciais (IPOs) e analisar se os bancos de investimento contribuem para melhorar a qualidade do conteúdo da informação contida no preço das acções das empresas que eles patrocinaram, nos anos a seguir à IPO. Nós usamos o mercado das IPOs para investigar os determinantes da reputação dos bancos de investimento. A maioria da literatura trata a reputação dos bancos de investimento como uma variável exógena e pouco se sabe sobre o que faz mudar a reputação ao longo do tempo, em particular, se o sucesso passado das IPOs afecta a reputação futura dos bancos de investimento. Nós usamos uma amostra ampla de 12.749 IPOs provenientes de 34 países distribuídos por três áreas geográficas: os Estados Unidos, Europa e Ásia-Pacífico, entre 2000 e 2014. Nós testamos se a performance das IPOs, medida pelas rendibilidades anormais (rendibilidade do primeiro dia e a um ano), afecta a reputação futura, medida pela quota de mercado, do banco de investimento que as patrocinou. Nós argumentamos que mudanças na reputação dos bancos de investimento são explicadas por diferentes factores, dependendo da região onde eles estão localizados. Por exemplo, nos mercados de IPOs americano e europeu, existe uma relação negativa e significativa entre os bancos de investimento com mais reputação e o underpricing, sugerindo que estes bancos devem dar primazia aos interesses das emitentes (obter capital ao mais alto preço possível), se quiserem aumentar a sua quota de mercado. Contudo, no mercado de IPOs asiático, o underpricing e a rendibilidade a um ano têm uma relação positiva e significante com os bancos de investimento mais reputáveis, sugerindo que estes bancos podem aumentar a sua quota de mercado se permitirem aos investidores ter um retorno positivo no curto e no longo prazo. Para os bancos de investimento com menos reputação, a diversificação não é vantajosa. Se estes bancos concentrarem a sua actividade em determinadas indústrias, podem aumentar a sua quota de mercado dada a sua experiência com empresas similares. Estes resultados passam vários testes de robustez. Para além disso, este estudo examina se os bancos de investimento com mais reputação melhoram o stock price informativeness das empresas que eles patrocinaram, no período subsequente à IPO. Nós medimos o stock price informativeness pós-IPO através de firm-specific stock return variation e future earnings return coefficient. Os resultados também são diferentes entre regiões. Nós documentamos uma relação positiva e significativa entre a reputação do banco de investimento e o stock price informativeness (um/dois/três anos após a IPO) para as empresas asiáticas. Nos U.S. e Europa, não há um efeito significativo da reputação dos bancos de investimento no stock price informativeness pós-IPO das empresas que eles patrocinaram. Estes diferentes resultados podem ser parcialmente explicados pelos diferentes níveis de protecção ao accionista dos principais mercados dessas regiões, onde os U.S. e os maiores mercados europeus normalmente têm as melhores pontuações na qualidade geral da sua governação empresarial. Mesmo considerando períodos de cold market, os resultados mantêm-se inalterados e são robustos com uma medida alternativa de stock price informativeness (iliquidez). Nós também encontrámos evidência de que quando bancos de investimento asiáticos são altamente especializados numa indústria específica (ou num pequeno número de indústrias) têm mais capacidade para melhorar o conteúdo de informação dos preços das acções das empresas que eles patrocinaram. Este resultado sugere que os bancos de investimento de espectro estreito, independentemente da sua reputação, contribuem para preços das acções mais informativos.
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Zhong, Wan Lin, and 鍾宛霖. "The Influence of Venture Capital on the FinancialPerformance of IPO Firms." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/qfju27.
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碩士國立臺中科技大學
財務金融研究所碩士班
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The purpose of this research is to explore whether it has better financial performance, after Taiwan Venture Capital Company successfully supported the listing start-up companies. This research use three methods to explore, which use the return on total assets, return on equity, earnings per share, post-tax net profit, cash flow, revenue growth rate, and total asset turnover of listed IPOs as financial performance indicators. The variables are the number of years of establishment, shareholdings of directors and supervisors, debt ratio, issue size, and whether venture capital is involved to detect the change in the investment variables and financial performance of listed company with venture capital investment. First, use the average observation of financial performance indicators for seven years from 2010 to 2016. Second, uses the t-test method. And third, uses the simple regression as the method to explore. The listed company with venture capital involvement contributes to the development of financial indicators more than without venture capital involvement. The financial indicators of over-the-counter (OTC) companies are most obvious. For the third method, the effect of performance on venture capital investment is not significant. In terms of revenue growth rate (GROWTH), the involvement of venture capital companies will affect the performance of the operating growth rate, which has a positive correlation of 5%.