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Indah, Elisa, and Erny Ekawati. "MANAJEMEN LABA PADA PERIODASEBELUM DAN SESUDAH PENAWARAN SAHAM PERDANA DI BURSA EFEK JAKARTA: ANALISIS DENGAN MODEL DEANGELO." Jurnal Riset Akuntansi dan Keuangan 2, no. 2 (August 2, 2006): 67. http://dx.doi.org/10.21460/jrak.2006.22.124.
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The previous research fotmd empirical evidence about existence of earnings monagement of suuraunding IPO (Initial Public Offerings). Previous reseqrch also found that operating performance at period after IPO less than before IPO. The purposes of this research is to reexamine earnings management surrounding IPO and association earnings manog"*"it surrotmding IPO with the operating performance in Indonesiancapital market.This study uses the companies data conducting IPO on 88 /irms that went at Jakarta Stock Exchange for the periods 1995-2002. Company do not the included in industrial group of property, real estate and building construction, and industrial group of finance. The method used toexamine eantings management are the method that develop by DeAngelo.Ihe result of this study by using t-test is fomd that firms manage theiremnings to increqse reported income before IPO and after IPO. It meansthat IPO issuers make income increasing discretionary accruals in thefmancial statement before IPO and in the financial statement afier IPO.In this study by using double regression examination also found thatoperoting performance after IPO less than before IPO. This conditionis consequence firms conduct earnings managetnent before IPO untilhappen underperformance after IPO.Keywords z IPO, earnings management, income increasing discretionaryaccruals, operating performance, DeAngelo model.
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Hu, Zhiqiang, Yuan Hu, Yushan Jiang, and Zhen Peng. "Pricing Constraint and the Complexity of IPO Timing in the Stock Market: A Dynamic Game Analysis." Entropy 22, no. 5 (May 13, 2020): 546. http://dx.doi.org/10.3390/e22050546.
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The timing of an initial public offering (IPO) is a complex dynamic game in the stock market. Based on a dynamic game model with the real option, this paper investigates the relationship between pricing constraint and the complexity of IPO timing in the stock market, and further discusses its mechanism. The model shows that the IPO pricing constraint reduced the exercise value of the real option of IPO timing, thus restricting the enterprise’s independent timing and promoting an earlier listing. The IPO price limit has a stronger effect on high-trait enterprises, such as technology enterprises. Lowering the upper limit of the pricing constraint increases the probability that enterprises are bound by this restriction during IPO. A high discount cost and stock-market volatility are also reasons for early listing. This paper suggests a theoretical explanation for the mechanism of the pricing constraint on IPO timing in the complex market environment, which is an extension of IPO timing theory, itself an interpretation of the IPO behavior of Chinese enterprises. These findings provide new insights in understanding the complexity of IPOs in relation to the Chinese stock market.
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Shette, Rachappa, Sudershan Kuntluru, and Sunder Ram Korivi. "Opportunistic earnings management during initial public offerings: evidence from India." Review of Accounting and Finance 15, no. 3 (August 8, 2016): 352–71. http://dx.doi.org/10.1108/raf-03-2015-0048.
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Purpose This paper aims to examine the impact of initial public offerings (IPO)-year opportunistic earnings management on long-term market and earnings performance. Design/methodology/approach A sample of 150 book-built IPOs over 2001-2006 are analysed based on industry adjusted return on sales and industry adjusted return on assets for six post-IPO years. The quality of earnings is measured in two ways using discretionary accruals and Beneish manipulation score. Modified Jones model is used to estimate the expected accruals and to compute the discretionary accruals for each IPO firm year. Regression model is used to examine the impact of IPO-year quality of earnings on future earnings performance. Findings The paper finds that earnings and market performance of IPO companies are abnormally higher in the IPO-year, as compared to the post-IPO years. Similarly, the quality of earnings during the IPO-year is lower than those in the post-IPO years. The results also show that the opportunistic earnings management in IPO-year has significant negative impact on the long-term adjusted earnings and market performance. Research limitations/implications The present study is confined to the period from 2001 to 2006 for the purpose of post-IPO analysis for a period of six post-IPO years. Thus, the conclusions of this study are to be viewed with this limitation. Originality/value This paper is the first study based on the Indian context to examine the relationship between the quality of earnings of the IPO firm and long-term earnings and market performance.
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Ang, Andrew, Li Gu, and Yael V. Hochberg. "Is Ipo Underperformance a Peso Problem?" Journal of Financial and Quantitative Analysis 42, no. 3 (September 2007): 565–94. http://dx.doi.org/10.1017/s0022109000004105.
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AbstractRecent studies suggest that the underperformance of IPOs in the post-1970 sample may be a small sample effect or “Peso problem.” That is, IPO underperformance may result from observing too few star performers ex post than were expected ex ante. We develop a model of IPO performance that captures this intuition by allowing returns to be drawn from mixtures of outstanding, benchmark, or poor performing states. We estimate the model under the null of no ex ante average IPO underperformance and construct small sample distributions of various statistics measuring IPO relative performance. We find that small sample biases are extremely unlikely to account for the magnitude of the post-1970 IPO underperformance observed in data.
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Xu, Chang. "Dose Underwriter Credit and its Guiding Function Have Impact on IPO Break in China?" International Journal of Economics and Finance 9, no. 5 (April 5, 2017): 36. http://dx.doi.org/10.5539/ijef.v9n5p36.
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Underwriters’ pricing behavior is partially unreasonable in China, and the overreaction of investors can easily lead to IPO break. The paper explores datum of listed companies between 2009 and 2016 in A share market and establishes Logistic Regression Model, aimed to pro how Underwriter Credit and Investor Sentiment affecting IPO break. Conclusions are as follows: overpricing of new shares will make IPO break easier; Underwriters Credit have opposite effect on IPO break; Investor Sentiment has negative relationship with IPO break significantly; underwriters can guide Investor Sentiment by credit weekly, in order to lower the probability of IPO break.
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Brailsford, Tim, Richard Heaney, John Powell, and Jing Shi. "Hot and Cold IPO Markets: Identification Using a Regime Switching Model." Multinational Finance Journal 4, no. 1/2 (June 1, 2000): 35–68. http://dx.doi.org/10.17578/4-1/2-3.
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Urbini, Flavio, Antonino Callea, Antonio Chirumbolo, Alessandra Talamo, Emanuela Ingusci, and Enrico Ciavolino. "Team performance in the Italian NHS: the role of reflexivity." Journal of Health Organization and Management 32, no. 2 (April 9, 2018): 190–205. http://dx.doi.org/10.1108/jhom-07-2017-0180.
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Purpose The purpose of this paper is twofold: first, to investigate the goodness of the input-process-output (IPO) model in order to evaluate work team performance within the Italian National Health Care System (NHS); and second, to test the mediating role of reflexivity as an overarching process factor between input and output. Design/methodology/approach The Italian version of the Aston Team Performance Inventory was administered to 351 employees working in teams in the Italian NHS. Mediation analyses with latent variables were performed via structural equation modeling (SEM); the significance of total, direct, and indirect effect was tested via bootstrapping. Findings Underpinned by the IPO framework, the results of SEM supported mediational hypotheses. First, the application of the IPO model in the Italian NHS showed adequate fit indices, showing that the process mediates the relationship between input and output factors. Second, reflexivity mediated the relationship between input and output, influencing some aspects of team performance. Practical implications The results provide useful information for HRM policies improving process dimensions of the IPO model via the mediating role of reflexivity as a key role in team performance. Originality/value This study is one of a limited number of studies that applied the IPO model in the Italian NHS. Moreover, no study has yet examined the role of reflexivity as a mediator between input and output factors in the IPO model.
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Hutagaol, Yanthi, and Felita Wdiyanto. "Accrual Quality of Indonesian Firms Before and After Initial Public Offerings." Advanced Science Letters 21, no. 4 (April 1, 2015): 874–77. http://dx.doi.org/10.1166/asl.2015.5911.
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Changing from a private to a public firm will change the financial reporting environment of a company. More stakeholders and regulations demand high-quality financial reports. Using Indonesian quoted non-finance and related industry IPO firms, this study purports to examine the change in reported earnings quality, measured by accrual quality, before and after the IPOs. Based on the discretionary-accrual model, we find that there is no difference of accrual quality before and after IPO. However, as we hypothesized, based on cash-flow model, the result shows that accrual quality increases after IPO due to diminishing of unintentional accrual estimation errors after IPO.
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Huang, Leo, and Michael Chang. "Why do travel agencies choose to undergo IPOs in Taiwan?" Tourism Economics 24, no. 1 (August 23, 2017): 79–91. http://dx.doi.org/10.1177/1354816617725452.
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Travel agencies have seen an increasing number of firms going public in recent years. This study explores and empirically examines the initial public offering (IPO) strategy model for travel agencies by adopting a three-round Delphi research design. Qualitative interviews with the 13 travel agency chief executive officers and related experts provided additional insights. The result shows that Taiwanese travel agencies consider 9 internal motivations, 8 external environment forces, and 11 determinants for the decision to go IPO and 10 performance indicators post-IPO. Finally, the model herein illustrates how travel agencies can realize IPOs’ strategic goals by increasing the performance of travel agency post-IPO.
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Firth, Michael, Yue Li, and Steven Shuye Wang. "Valuing IPOs Using Price-Earnings Multiples Disclosed by IPO Firms in an Emerging Capital Market." Review of Pacific Basin Financial Markets and Policies 11, no. 03 (September 2008): 429–63. http://dx.doi.org/10.1142/s0219091508001428.
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Existing studies show that markets use comparable firm multiples to price IPOs. This study explores IPO valuations in an emerging market where reliable comparable price multiples may not be readily available, or cannot be reliably identified. In particular, we examine the value relevance of price-earnings multiples disclosed by managers in IPO prospectuses in China. Using a sample of IPOs from 1992 to 2002, we find that price-earnings multiples disclosed by IPO firms provide significant power in explaining price formation in this emerging market. We also find that price-earnings multiples disclosed by IPO firms after 1999, when the China Securities and Regulatory Commission relaxed its internal guideline for approving IPO applications, are more informative. The results are robust to a variety of empirical model specifications. This study contributes to the existing IPO literature by showing that the disclosure of price-earnings multiples provides a mechanism for IPO firms to convey information about IPO firm quality when reliable comparable firm multiples may not exist.
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Huang, Danqing, Aiguo Dai, Ben Yang, Peiwen Yan, Jian Zhu, and Yaocun Zhang. "Contributions of Different Combinations of the IPO and AMO to Recent Changes in Winter East Asian Jets." Journal of Climate 32, no. 5 (February 8, 2019): 1607–26. http://dx.doi.org/10.1175/jcli-d-18-0218.1.
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Abstract Recent concurrent shifts of the East Asian polar-front jet (EAPJ) and the East Asian subtropical jet (EASJ) in the boreal winter have raised concerns, since they could result in severe weather events over East Asia. However, the possible mechanisms are not fully understood. In this study, the roles of the interdecadal Pacific oscillation (IPO) and the Atlantic multidecadal oscillation (AMO) are investigated by analyzing reanalysis data and model simulations. Results show that combinations of opposite phases of the IPO and AMO can result in significant shifts of the two jets during 1920–2014. This relationship is particularly evident during 1999–2014 and 1979–98 in the reanalysis data. A combination of a negative phase of the IPO (−IPO) and a positive phase of the AMO (+AMO) since the late 1990s has enhanced the meridional temperature gradient and the Eady growth rate and thus westerlies over the region between the two jets, but weakened them to the south and north of the region, thereby contributing to the equatorward and poleward shifts of the EAPJ and EASJ, respectively. Atmospheric model simulations are further used to investigate the relative contribution of −IPO and +AMO to the jet shifts. The model simulations show that the combination of −IPO and +AMO favors the recent jet changes more than the individual −IPO or +AMO. Under a concurrent −IPO and +AMO, the meridional eddy transport of zonal momentum and sensitive heat strengthens, and more mean available potential energy converts to the eddy available potential energy over the region between the two jets, which enhances westerly winds there.
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Dianti, Dina Wening Ati, Irfan Syauqi Beik, and Ascarya. "Analisis Efisiensi pada Pra dan Pasca Initial Public Offering (IPO) Panin Dubai Syariah Bank." AL-MUZARA'AH 8, no. 1 (June 4, 2020): 17–37. http://dx.doi.org/10.29244/jam.8.1.17-37.
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Panin Dubai Syariah Bank (PDSB) conducted an initial public offering (IPO) in January 2014 and was also registered as the first Islamic bank (IB) to conduct an IPO. With an IPO, PDSB is required to provide information disclosure and increase the company's competitive advantage. This study aims to determine 1) financial performance pre and post implementation of the PDSB IPO; 2) the efficiency of the pre and post implementation of the PDSB IPO compared to the IB BUKU 2. The study used a quantitative descriptive approach. The type of data used is secondary data in the form of annual report IB BUKU 2 2010-2017 and IB publication reports. Data were analyzed using the Data Envelopment Analysis (DEA) model to measure efficiency as a concept for evaluating PDSB performance. The results showed (1) CAR pre IPO better than post IPO. BOPO, NPF and FDR there are no significant differences between pre IPO and post IPO (2) PDSB efficiency scores in 2010-2017 are always more efficient when compared to IB BUKU 2. There are significant differences in the parameters of technical efficiency, pure technical efficiency, and scale efficiency on pre-IPO, while post-IPO significant differences only in the efficiency of technical efficiency and scale efficiency.
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Westra, Seth, Benjamin Renard, and Mark Thyer. "The ENSO–Precipitation Teleconnection and Its Modulation by the Interdecadal Pacific Oscillation." Journal of Climate 28, no. 12 (June 11, 2015): 4753–73. http://dx.doi.org/10.1175/jcli-d-14-00722.1.
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Abstract This study evaluates the role of the interdecadal Pacific oscillation (IPO) in modulating the El Niño–Southern Oscillation (ENSO)–precipitation relationship. The standard IPO index is described together with several alternatives that were derived using a low-frequency ENSO filter, demonstrating that an equivalent IPO index can be obtained as a low-frequency version of ENSO. Several statistical artifacts that arise from using a combination of raw and smoothed ENSO indices in modeling the ENSO–precipitation teleconnection are then described. These artifacts include the potentially spurious identification of low-frequency variability in a response variable resulting from the use of smoothed predictors and the potentially spurious modulation of a predictor–response relationship by the low-frequency version of the predictor under model misspecification. The role of the IPO index in modulating the ENSO–precipitation relationship is evaluated using a global gridded precipitation dataset, based on three alternative statistical models: stratified, linear, and piecewise linear. In general, the information brought by the IPO index, beyond that already contained in the Niño-3.4 index, is limited and not statistically significant. An exception is in northeastern Australia using annual precipitation data, and only for the linear model. Stratification by the IPO index induces a nonlinear ENSO–precipitation relationship, suggesting that the apparent modulation by the IPO is likely to be spurious and attributable to the combination of sample stratification and model misspecification. Caution is therefore required when using smoothed climate indices to model or explain low-frequency variability in precipitation.
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Spiegel, Matthew, and Heather Tookes. "Why Does an IPO Affect Rival Firms?" Review of Financial Studies 33, no. 7 (August 2, 2019): 3205–49. http://dx.doi.org/10.1093/rfs/hhz081.
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Abstract IPO firms’ rivals tend to experience performance declines following an IPO in the industry. Why? We estimate a dynamic structural oligopoly model to distinguish between alternative theories that can explain an industry’s evolution post-IPO. We find that most changes in rivals’ performance are due to industry trends that also drive IPOs. However, we also find some “competitive” IPOs where the IPO enhances the IPO firm’s performance at the expense of competitors. These findings help reconcile prior evidence of average performance reductions of both IPO firms and their rivals with well-known cases in which firms have benefited from going public. (JEL G30, G32) Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.
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Sudarmaji, Eka, Sri Ambarwati, Aulia Keiko Hubbansyah, and Shinta Budi Astuti. "EVENT STUDY OF IPO IN INDONESIA: PUMP-AND-DUMP & FLIPPING STRATEGY ANALYSIS." Journal of Accounting and Finance Management 1, no. 1 (July 2, 2020): 81–94. http://dx.doi.org/10.38035/jafm.v1i1.14.
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There were three important IPO anomalies: the positive average initial return (improperly called short-term 'underpricing'), the long-term underperformance, and hot/cold IPO. The EVENT STUDY model explained the 'underpricing' based on the assumption that the underwriter sets the initial price equal to the market-perceived true value and investors were rational. IPO prices are affected by demand and supply. The idea of the model was to explore pump-and-dump and flipping patterns exhibited upon IPO anomalies event in Indonesia. Pump-and-dump is the strategy to manipulate stock prices, while flipping was stocks bought at the IPO and sold at early days ta listing date. This strategy oftentimes exhibits anomalous behavior. Some implications of this model for the IPO market were positive 1st-day initial return (IR) and a negative relation cumulative average abnormal 5-days abnormal return (CAAR-5days) for flipping strategy. The other was a relationship between underperformance cumulative average 30-days abnormal returns (CAAR-30days) and cumulative average 5-days (CAAR-5days) abnormal returns in terms of pump-and-dump strategy. Using the relation between the Characteristics (Size of issue, Board and Floating rate) and Macroeconomics Condition (Central Bank Rate, Inflation rate, USD/IDR exchange, and GDP growth), and the IR, a CAAR-5days and a CAAR-30days, this EVENT STUDY explained the existence of the pump-and-dump and flipping pattern in the Indonesian stock exchanges. The Authors implemented a multivariate analysis of variance (MANOVA) to test hypotheses regarding the effect of a three-variables dependent (the initial return, a 5-days abnormal return, and a 30-days abnormal return) into several dependent variables. Using the IPO data taken from 2015-2019, the paper found that this EVENT STUDY explained the existence of pump-and-dump and flipping patterns at the early trading of IPO stocks in the Indonesia Exchange Market.
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Tian, Lihui, and Wei Zhang. "Extreme IPO underpricing." Nankai Business Review International 5, no. 2 (May 27, 2014): 225–55. http://dx.doi.org/10.1108/nbri-02-2014-0012.
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Purpose – The purpose of this paper is to model the Chinese unique regulation changes with the supply-and-demand analytical framework and structure the relationship between initial public offerings (IPO) underpricing and institutional changes with the comparative static method. A well-functioning stock market is crucial to the transition into a market economy, but the Chinese stock market is somehow twisted with frequent government interventions, particularly the IPO market. Can the underpricing issue be mitigated in the changing institutional settings? Can the market-orientated incremental reform of regulations succeed in the Chinese stock market? Design/methodology/approach – The theoretical analysis confirms that IPO underpricing becomes relatively better with dynamic changes of relaxation of the approval and pricing systems. Collecting and examining the data of newly listed firms from 1993 to 2010, the influence of institutional changes on IPO underpricing with regressions, such as ordinary least square (OLS), bootstrap and two stage least square (2SLS) estimation methods was further empirically examined. Findings – The magnitude of the Chinese IPO underpricing during the past two decades is as high as 181.6 per cent on the average. The sizes of IPO underpricing significantly reduce with an increase in the issuing sizes and the ratios of price-earnings ratios. The dummy variables of government-approved regulations are negatively associated with IPO underpricing. The dummy variables of pricing regulations are positively related to IPO underpricing and the coefficients become smaller with newer regulations. Generally, the magnitude of the Chinese IPO underpricing decreases over time. Originality/value – This paper enriches the IPO literature by dynamically examining the effect of institutional changes on IPO underpricing in Chinese primary markets. We argue that institutional changes characterized by incremental marketization can help to alleviate extreme IPO underpricing and to promote financial development. The Chinese transition from the planning system to the market system in the IPO market will be a long and strenuous process, but it works.
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Guo, Lining, and Tian Yuan. "Fuzzy regression model for forecasting impact of venture capital network and underwriter network on IPO premium." Journal of Intelligent & Fuzzy Systems 40, no. 4 (April 12, 2021): 8511–21. http://dx.doi.org/10.3233/jifs-189671.
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In recent years, social network analysis is one of the top 20 fields of artificial intelligence. Based on the network signal theory, this study examines the influence of the dual network embeddedness on the premiums of Chinese initial public offerings (IPOs). In this paper we proposed fuzzy regression model for forecasting the impact of venture capital network and underwriter network on IPO premium based on some hypothesis. We find that: (1) Enterprises embedded in the central position of venture capital network will increase the IPO secondary market premium; (2) Secondly, employing underwriter in the central position of underwriting network will increase the IPO secondary market premium; (3) As venture capital are getting closer to the central position of venture capital network, the influence of underwriter network centrality in underwriting network on the increase of IPO secondary market reaction will gradually weaken. The research shows that occupying central position both in venture capital syndication network and underwriting network have the functions of sending signals, then increase the IPO secondary market premium, but the functions of different network signals will replace each other.
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Matilda, Matilda. "Nilai Pasar, Aset Tetap, Profitabilitas, Struktur Modal dan Nilai Perusahaan pada Perusahaan yang Melakukan IPO di Tahun 2013." Jurnal Manajemen Bisnis dan Kewirausahaan 1, no. 1 (August 2, 2019): 133. http://dx.doi.org/10.24912/jmbk.v1i1.4762.
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This research aims to find out financial performance of firms that conduct an IPO of shares in the year of 2013 which are listed in the Indonesian Capital Market (Bursa Efek Indonesia) for observation period 2013 until 2016, using Tobin’s Q model. To get the value of Tobin’s Q, data are collected form internet, such as financial statement and closing stock price. Companies with highest Q value (overvalued condition) illustrates that the company has high investment growth. Which variations are influenced by variations of free variables such as market value, tangibility, profitability, and capital structure. The specific uniqueness is emperical data are generally applied for IPO-firms. Because IPO is a phenomenon of the early phase of growth. This research conducted by using Eviews 8. Model 1 uses random effect model. Model 2 uses fixed effect model. The conclusion of this research is that market value, tangibility dan profitability have significant influence for capital structure. Futhermore, firm value would be more fit with capital structure as compared to profitability. Because profitability of firms that conduct an IPO of share is negative.
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Wu, Chien Hsing, Shu Chen Kao, and Ying Yi Wu. "ICT-mediated interaction in the organisational IPO model." International Journal of Information Technology and Management 13, no. 4 (2014): 324. http://dx.doi.org/10.1504/ijitm.2014.065632.
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MELUZÍN, Tomáš, Marek ZINECKER, Adam P. BALCERZAK, Karel DOUBRAVSKÝ, Michał B. PIETRZAK, and Mirko DOHNAL. "THE TIMING OF INITIAL PUBLIC OFFERINGS – NON-NUMERICAL MODEL BASED ON QUALITATIVE TRENDS." Journal of Business Economics and Management 19, no. 1 (April 30, 2018): 63–79. http://dx.doi.org/10.3846/jbem.2018.1539.
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The objective of this study is to develop a qualitative model supporting chief financial officers (CFOs) while considering the timing of initial public offerings (IPOs) under conditions of underdeveloped capital markets, where decision making is often made under information shortage. A lack of adequate statistical data in connection with turbulently changing environment suggests that additional research is needed to develop new IPO timing models based not only on statistical analyses. We used a qualitative research approach based on trends, which are increasing, constant or decreasing. Firstly, we identified key variables influencing IPO timing, which have sufficient support in the relevant IPO academic literature, e.g. GDP growth rates, level of compliance, stock market returns, etc. Next, a qualitative model working with 9 variables was developed. The result is represented by 19 scenarios and their qualitative solutions. The transitional graph represents all possible transitions among the 19 scenarios. The main message of the findings presented is what scenarios can occur and what actions might be implemented by CFOs in order to increase the chances of IPO success. We believe that our findings provide valuable implications for local issuers, investment bankers, stock exchanges and macroeconomic policy makers.
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Kim, Dongmin, Sang-Ki Lee, Hosmay Lopez, and Marlos Goes. "Pacific Mean-State Control of Atlantic Multidecadal Oscillation–El Niño Relationship." Journal of Climate 33, no. 10 (May 15, 2020): 4273–91. http://dx.doi.org/10.1175/jcli-d-19-0398.1.
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AbstractWe investigate the potential impacts of the interdecadal Pacific oscillation (IPO) and Atlantic multidecadal oscillation (AMO) on El Niño and the associated atmosphere and ocean dynamics by using the Community Earth System Model–Large Ensemble Simulation (CESM-LENS). The individual effects of IPO and AMO on El Niño frequency and the underlying atmosphere–ocean processes are well reproduced in CESM-LENS and agree with previous studies. However, the sensitivity of El Niño frequency to the AMO is robust mainly during the negative IPO phase and very weak during the positive IPO phase. Further analysis suggests that the atmospheric mean state in the Pacific is much amplified during the negative IPO phase, facilitating the AMO-induced interocean atmospheric teleconnections. More specifically, during the negative IPO phase of the amplified mean state, the positive AMO enhances ascending motion from the northeastern Pacific, which in turn increases subsidence into the southeast Pacific through local anomalous Hadley circulation. The associated low-level easterly wind anomalies in the central equatorial Pacific are also reinforced by amplified upper-level divergence over the Maritime Continent to enhance the negative IPO, which is unfavorable for El Niño occurrence. Conversely, the negative AMO nearly cancels out the suppressing effect of the negative IPO on El Niño occurrence. During the positive IPO phase of the weakened atmospheric mean state, however, the AMO-induced interocean atmospheric teleconnections are much weaker; thus, neither the positive nor the negative AMO has any significant impact on El Niño occurrence.
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Zhang, Fei, Xiao-Hua Zhou, Jiafu Su, Sang-Bing Tsai, and Yu-Ming Zhai. "Governance role of media information’s uncertainty in IPO market-oriented pricing." Kybernetes 49, no. 12 (January 2, 2020): 2849–71. http://dx.doi.org/10.1108/k-01-2019-0066.
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Purpose The purpose of this paper is to examine how signals of uncertainty in the media affect retail investor decisions and initial public offering (IPO) underpricing through theoretical and empirical methods. Design/methodology/approach The authors construct a theoretical model of the influence of media signals on IPO pricing, which describes the micro process in which uncertain signals in media influence retail investors’ decisions and IPO underpricing. Besides, the authors take 516 small and medium-size enterprises (SMEs) listed in A-share from July 2009 to December 2012 as samples for empirical tests and establish an in-depth learning model for text analysis with Java programming to measure Chinese media tone. Finally, the results of the model analysis are verified by empirical results. Findings The results show that authoritative media with high credibility can reduce the uncertainty of information sources attract more investors’ attention and improve the valuation and demand of retail investors. The higher the media credibility is the higher the IPO underpricing rate is. The uncertain tone of the media will increase the decision-making cost of investors reduce the valuation expectation and demand of the secondary market and lead to a lower IPO underpricing rate. Originality/value The authors study the influence of the uncertainty of media source and media content on the degree of IPO underpricing of SMEs. This is a useful supplement to the Chinese media tone research system that is still in the exploration stage. The research has reference value for government regulation and investor decision-making.
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Heryan, Yosi Dwi, and Zaenal Alim Adiwijaya. "ANALISIS PENGARUH KUALITAS AUDIT DAN UKURAN PERUSAHAAN TERHADAP MANAJEMEN LABA." Jurnal Akuntansi Indonesia 2, no. 1 (November 14, 2016): 65. http://dx.doi.org/10.30659/jai.2.1.65-71.
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The purpose of this research is to investigate and get empirical about auditor big four, auditor industry specialist, and size in the earning management limit by the firms audited for IPO firms. Earning management on this research is use discretionary accrual. Audit quality on this research is used by auditor big four and auditor industry specialist. Size on this research is measured by total assets. The object of this research is non finance firms which do IPO (Initial Public Offerings) in Indonesia. It used 47 Indonesia IPO firms from 2008-2011. The method of data collection is purposive sampling method. Multiple regression is used to analysis data and develops the theory model. The result of this research indicates that auditor big four proved cannot limit the earning management for firms which is audited by auditor big four when firms do IPO. Auditor industry specialist can limit the earning management when firms do IPO in Indonesia. Size cannot limit the earning management when the firms do IPO in Indonesia
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Xu, Yangyang, and Aixue Hu. "How Would the Twenty-First-Century Warming Influence Pacific Decadal Variability and Its Connection to North American Rainfall: Assessment Based on a Revised Procedure for the IPO/PDO." Journal of Climate 31, no. 4 (February 2018): 1547–63. http://dx.doi.org/10.1175/jcli-d-17-0319.1.
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Decadal climate variability of sea surface temperature (SST) over the Pacific Ocean can be characterized by interdecadal Pacific oscillation (IPO) or Pacific decadal oscillation (PDO) based on empirical orthogonal function (EOF) analysis. Although the procedures to derive the IPO and PDO indices differ in their regional focuses and filtering methods to remove interannual variability, the IPO and PDO are highly correlated in time and are often used interchangeably. Studies have shown that the IPO and PDO conjointly (IPO/PDO for conciseness) play a vital role in modulating the pace of global warming. It is less clear, however, how externally forced global warming may, in turn, affect the IPO/PDO. One obstacle to revealing this effect is that the conventional definitions of the IPO/PDO fail to account for the spatial heterogeneity of the background warming trend, which causes the IPO/PDO to be conflated with the warming trend, especially for the twenty-first-century simulation when the forced change is likely to be more dominant. Using a large-ensemble simulation in the Community Earth System Model, version 1 (CESM1), it is shown here that a better practice of detrending prior to EOF analysis is to remove the local and nonlinear trend, defined as the ensemble-mean time series at each grid box (or simply as the quadratic fit of the local time series if such an ensemble is not available). The revised IPO/PDO index is purely indicative of internal decadal variability. In the twenty-first-century warmer climate, the IPO/PDO has a weaker amplitude in space, a higher frequency in time, and a muted impact on global and North American temperature and rainfall.
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Gumanti, Tatang Ary, Ari Sita Nastiti, and Ayu Retsi Lestari. "Good corporate governance and earnings management in Indonesian initial public offerings." Corporate Ownership and Control 13, no. 4 (2016): 558–65. http://dx.doi.org/10.22495/cocv13i4c4p5.
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This study investigates the relationship between corporate governance mechanisms and earnings management (as measured by discretionary current accruals) for Indonesian IPO firms. Previous studies have mainly focused on an examination of the effect of corporate governance on the earnings management of publicly traded firms, whilst this study examines newly listed firms. It employs a modified Jones model to measure earnings management as developed by Tykvova (2006). The hypothesis predicts that Indonesian IPO firms with good corporate governance will engage in less earnings management in the periods prior to the IPO year. The sample consists of 75 IPOs and the results show that the proportion of board of commissioners, public ownership, institutional ownership and managerial ownership constrain the extent of earnings management of IPO firms. This study contributes to the literature in showing that corporate governance mechanism is an important determinant in earnings management practices for Indonesian IPO firms.
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Andriana, Denny. "PENGARUH NILAI TUKAR TERHADAP HARGA SAHAM SETELAH INITIAL PUBLIC OFFERING (IPO)." Jurnal Riset Akuntansi dan Keuangan 3, no. 3 (December 27, 2015): 761. http://dx.doi.org/10.17509/jrak.v3i3.6619.
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This study aims to examine the effect of exchange rate on stock prices after Initial Public Offering (IPO) on companies listed on the Indonesia Stock Exchange. Observations made on 137 companies that conduct an IPO in the period of 2009 to 2014. The purposive sampling method undertaken in this study resulted in 78 companies that became the research sample. Data analysis technique used in this research is simple regression model. The test results prove that exchange rate has positive but not significant effect on stock price after IPO. The value of determination coefficient is 0.047 (4.7%) indicating that the exchange rate variation can only explain 4.7% against stock price variation after IPO. The other 95.3% is another variable not included in this study.
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Chen, Chao, and Xinrong Wang. "The impact of the reputation of underwriter and sponsoring representative on IPO underwriting fees." China Finance Review International 6, no. 4 (November 21, 2016): 342–66. http://dx.doi.org/10.1108/cfri-07-2015-0109.
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Purpose The purpose of this paper is to analyze the effect of the reputation of underwriters and sponsoring representatives on initial public offering (IPO) underwriting fees, and further investigates the role of ownership and political connection. Design/methodology/approach The methodology includes three models. Model 1 empirically investigates the effect of underwriter’s reputation on underwriting fee. Model 2 studies the effect of sponsoring representative’s reputation on underwriting fee. Model 3 further examines the effect of underwriter’s reputation and sponsoring representative reputation on the underwriting fee controlling for the impact of ultimate controlling ownership and political connection. Findings The study documents that underwriters’ and sponsoring representatives’ reputation can result in reputational premiums. In the IPO of state-owned enterprises (SOEs), the reputation of underwriters and sponsoring representatives does not significantly affect the underwriting fees. In the IPO of non-state-owned enterprises (NSOEs), there is a significantly positive correlation between underwriters’ and sponsoring representatives’ reputation and underwriting fees. Further research results show that, on the one hand, the effect of underwriters’ and sponsoring representatives’ reputation on underwriting fees is not significant in the IPO of NSOEs with political connection. On the other hand, underwriting fees are positively associated with underwriters’ and sponsoring representatives’ reputation in the IPO of NSOEs without political connection. Research limitations/implications The sponsoring representative’s fee is not disclosed separately, which makes it difficult to distinguish the incremental effect from underwriter’s services and reputation. Practical implications NSOEs relative to SOEs are more likely to pay higher underwriting fees for hiring underwriter and sponsoring representative with better reputation during the process of IPO. Social implications The reputation of underwriter and sponsoring representative does not matter to SOEs but does matter to NSOEs. However, NSOEs’ political connection affects underwriter fees. Originality/value This paper provides new evidence of sponsoring representatives’ reputation and political connection on the underwriting fees in the IPO in Chinese SOEs and NSOEs.
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Laurencia, Odelia, and Carmel Meiden. "Faktor–Faktor yang Mempengaruhi Tingkat Pengungkapan Modal Intelektual dan Dampaknya terhadap Nilai Perusahaan pada Perusahaan yang Melakukan IPO di BEI 2016 – 2018." Jurnal Ilmu Komputer dan Bisnis 11, no. 1 (October 10, 2020): 2344–55. http://dx.doi.org/10.47927/jikb.v11i1.197.
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Penelitian ini bertujuan untuk mengetahui pengaruh dualitas CEO, ukuran komisaris independen, kepemilikan manajerial sebelum IPO, profitabilitas, dan leverage terhadap tingkat pengungkapan modal intelektual serta dampaknya terhadap nilai perusahaan. Sampel penelitian ini adalah 64 perusahaan yang melakukan IPO di Bursa Efek Indonesia selama periode 2016 – 2018. Teknik pengambilan sampel yang digunakan adalah teknik non-probability sampling dengan menggunakan metode jugdement sampling. Pengujian data dilakukan dengan menggunakan SPSS 20.0. Teknik analisis data yang digunakan meliputi analisis statistik deskriptif, uji asumsi klasik, analisis regresi linear berganda untuk model 1 dan analisis regresi sederhana untuk model 2. Hasil penelitian pada model 1 menunjukkan bahwa dualitas CEO, ukuran komisaris independen, dan kepemilikan manajerial sebelum IPO tidak terbukti berpengaruh terhadap tingkat pengungkapan modal intelektual, sementara profitabilitas dan leverage terbukti berpengaruh positif terhadap tingkat pengungkapan modal intelektual. Sedangkan untuk model 2, hasil menunjukkan tingkat pengungkapan modal intelektual terbukti berpengaruh positif terhadap nilai perusahaan.
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Chipeta, C. "Post IPO dynamics of capital structure on the Johannesburg Stock Exchange." South African Journal of Business Management 47, no. 2 (June 30, 2016): 23–31. http://dx.doi.org/10.4102/sajbm.v47i2.57.
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This paper examines the dynamics of capital structure for firms engaging in initial public offerings (IPOs) on the Johannesburg Stock Exchange (JSE). Censored Tobit regressions are used to model capital structure targeting behaviour. The findings suggest evidence of targeting behaviour consistent with the static trade off theory of capital structure. On average, IPO firms adjust towards the capital structure target at a faster pace than seasoned firms; IPO firms take, on average, 0.77 years to cover half the financing gap, whereas seasoned firms take an average of 2.65 years. In the first year following the IPO, hot market IPOs significantly reduce their total debt, while cold market IPOs increase the total debt significantly. In terms of the total debt ratio, hot market IPOs adjust at a marginally faster pace than cold market IPOs. However, the opposite is true when the long term debt ratio is considered. In addition, hot market IPOs adjust faster than cold market IPOs in the first year following the IPO. The average first year adjustment speed of hot market IPO firms is 45.61 percent higher than the speed of adjustment for the average cold market IPO firm.
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Ivanov, Stoyu I. "The performance of IPOs excluding the jump." Studies in Economics and Finance 35, no. 2 (June 4, 2018): 273–86. http://dx.doi.org/10.1108/sef-11-2016-0264.
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PurposeThis paper aims to examine performance of firms with a negative second-day return after the Initial Public Offering (IPO) relative to stocks with a positive second-day return after the IPO. Loughran and Ritter (1995) document that firms which have done an IPO or an SEO underperform similar firms over three- and five-year investment horizons. Loughran and Ritter (2002) also document that firms that go public “leave money on the table”, with this amount being almost twice as large as the fees paid to the investment banks.Design/methodology/approachThe study’s null hypothesis is that stocks with a negative return on the second day of the IPO perform better than firms with a positive return on the second day of the IPO. The authors estimate the second-day return based on first- and second-day closing prices from the Center for Research in Security Prices, and they use a regression model and Jensen’s alpha to test the hypothesis.FindingsThe authors find evidence that rejects the paper’s working null hypothesis of superior performance of negative second-day return IPO firms relative to positive second-day return IPO firms in the three-year and five-year period samples. They fail to find statistically significant evidence in the entire period samples which suggest that negative second-day return IPO firms perform similarly to positive second-day return IPO firms.Originality/valueThe findings in this study raise interesting questions with regards to the ideas developed by Loughran and Ritter (2002) and the “money left on the table”. These findings are of interest to both entrepreneurs and investment bankers who advise them during the underwriting process. If there is not a benefit in terms of IPO performance to investors, then the question becomes – shouldn’t owners possibly consider actually “taking money from the table”. After all, the return to investors will be the same either way but if entrepreneurs make more money at IPO they would be motivated to start more companies in the future.
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Kérivel, Thibault, Cyril Bossard, and Gilles Kermarrec. "Applying the Input-Process-Outcome Model to Team Learning in Sport Sciences: An Exploratory Qualitative Study on Twenty Soccer Players." Journal of Human Kinetics 78, no. 1 (March 1, 2021): 251–62. http://dx.doi.org/10.2478/hukin-2021-0040.
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Abstract In sport science literature, referring to the Input-Process-Outcome (IPO) model, few studies demonstrated links between team training and team learning despites several calls for empirical studies. Thus, this study aimed at exploring systemically the building process of the interpersonal coordination by focusing on (1) a specific antecedent (i.e., video feedback during practice), (2) the influence of this antecedent on the team learning process, and (3) outcomes from this process as shared cognitive contents. Thus, this study was original by examining empirically the IPO model in a sport-training context. Our study showed that Input influenced the specific learning Process during practice (five processes) and video feedback sessions (five processes) and produced Outcomes (six typical shared cognitive contents). Finally, results are discussed in relation to team learning processes theoretically identified in the literature and an IPO soccer model adapted to team learning in a soccer context is proposed.
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Xiao, Xiucheng, Danqing Huang, Ben Yang, Jian Zhu, Peiwen Yan, and Yaocun Zhang. "Contributions of Different Combinations of the IPO and AMO to the Concurrent Variations of Summer East Asian Jets." Journal of Climate 33, no. 18 (September 15, 2020): 7967–82. http://dx.doi.org/10.1175/jcli-d-19-0366.1.
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ABSTRACTHuang et al. recently reported that opposite phases of the interdecadal Pacific oscillation (IPO) and the Atlantic multidecadal oscillation (AMO) can affect the shift of the East Asian polar front jet (EAPJ) and the East Asian subtropical jet (EASJ) in the boreal winter. To give a full image of the relationship among the IPO, AMO, and concurrent variation of jets throughout the whole year, this study investigates the changes in summer jets response to the combinations of the IPO and AMO, and mostly focuses on the quantitative analysis in the role of the IPO and AMO. Both of the diagnostic analysis and atmospheric model simulations confirm that combinations of the negative phase of the IPO (“−IPO”) and the positive phase of the AMO (“+AMO”) can significantly enhance the EAPJ and reduce the EASJ in the summer, via the meridional temperature gradient and the Eady growth rate, and vice versa in the “+IPO −AMO” combination. The reanalysis data show that this relationship is particularly evident between the periods of 1999–2014 and 1979–98. Based on the simulations, the multilinear regression has indicated that −IPO plays a more important role than +AMO, particularly for the reduced EASJ. We have further revealed two pathways of the stationary Rossby wave activity anomaly, eastward from the North Atlantic to East Asia along 60°N and westward from the North Pacific to East Asia along 40°N. The two activities are associated with anomalous anticyclone along the active regions between EAPJ and EASJ, and therefore affect the jet variations.
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Hu, Zeyuan, Aixue Hu, and Yongyun Hu. "Contributions of Interdecadal Pacific Oscillation and Atlantic Multidecadal Oscillation to Global Ocean Heat Content Distribution." Journal of Climate 31, no. 3 (January 22, 2018): 1227–44. http://dx.doi.org/10.1175/jcli-d-17-0204.1.
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Abstract Regional sea surface temperature (SST) mode variabilities, especially the La Niña–like Pacific Ocean temperature pattern known as the negative phase of the interdecadal Pacific oscillation (IPO) and the associated heat redistribution within the ocean, are the leading mechanisms explaining the recent global warming hiatus. Here version 1 of the Community Earth System Model (CESM) is used to examine how different phases of two leading decadal time scale SST modes, namely the IPO and the Atlantic multidecadal oscillation (AMO), contribute to heat redistribution in the global ocean in the absence of time-evolving external forcings. The results show that both the IPO and AMO contribute a similar magnitude to global mean surface temperature and ocean heat redistribution. Both modes contribute warmer surface temperature and higher upper ocean heat content in their positive phase, and the reverse in their negative phase. Regionally, patterns of ocean heat distribution in the upper few hundred meters of the tropical and subtropical Pacific Ocean depend highly on the IPO phase via the IPO-associated changes in the subtropical cell. In the Atlantic, ocean heat content is primarily associated with the state of the AMO. The interconnections between the IPO, AMO, and global ocean heat distribution are established through the atmospheric bridge and the Atlantic meridional overturning circulation. An in-phase variant of the IPO and AMO can lead to much higher surface temperatures and heat content changes than an out-of-phase variation. This result suggests that changes in the IPO and AMO are potentially capable of modulating externally forced SST and heat content trends.
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Hsieh, Jim, Evgeny Lyandres, and Alexei Zhdanov. "A Theory of Merger-Driven IPOs." Journal of Financial and Quantitative Analysis 46, no. 5 (June 7, 2011): 1367–405. http://dx.doi.org/10.1017/s0022109011000421.
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AbstractWe propose a model that links a firm’s decision to go public with its subsequent takeover strategy. A private bidder does not know a firm’s true valuation, which affects its gain from a potential takeover. Consequently, a private bidder pursues a suboptimal restructuring policy. An alternative route is to complete an initial public offering (IPO) first. An IPO reduces valuation uncertainty, leading to a more efficient acquisition strategy, therefore enhancing firm value. We calibrate the model using data on IPOs and mergers and acquisitions (M&As). The resulting comparative statics generate several novel qualitative and quantitative predictions, which complement the predictions of other theories linking IPOs and M&As. For example, the time it takes a newly public firm to attempt an acquisition of another firm is expected to increase in the degree of valuation uncertainty prior to the firm’s IPO and in the cost of going public, and it is expected to decrease in the valuation surprise realized at the time of the IPO. We find strong empirical support for the model’s predictions.
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Cho, Deuk Hwan, Ho Sun Ryou, Seung Hwan Jung, and Kyong Joo Oh. "Using AI to develop forecasting model in IPO market." Journal of the Korean Data And Information Science Society 31, no. 3 (May 31, 2020): 579–90. http://dx.doi.org/10.7465/jkdi.2020.31.3.579.
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Cho, Sung-II. "A model for IPO pricing and contract choice decision." Quarterly Review of Economics and Finance 41, no. 3 (September 2001): 347–64. http://dx.doi.org/10.1016/s1062-9769(00)00078-8.
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Moshirian, Fariborz, David Ng, and Eliza Wu. "Model specification and IPO performance: New insights from Asia." Research in International Business and Finance 24, no. 1 (January 2010): 62–74. http://dx.doi.org/10.1016/j.ribaf.2009.01.003.
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Muscarella, Chris J., and Michael R. Vetsuypens. "A simple test of Baron's model of IPO underpricing." Journal of Financial Economics 24, no. 1 (September 1989): 125–35. http://dx.doi.org/10.1016/0304-405x(89)90074-3.
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İnce, Özgür Ş. "Why Do IPO Offer Prices Only Partially Adjust?" Quarterly Journal of Finance 04, no. 03 (September 2014): 1450009. http://dx.doi.org/10.1142/s2010139214500098.
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This study develops a structural model of the initial public offering (IPO) pricing process that enables the estimation of adjustment rates for public and private pricing information gathered during bookbuilding. The estimated upward adjustment rate of public information is only 21%, significantly less than the 28% rate of private information. Adjustment rates decline towards the IPO date, especially for upward adjustments. The findings contradict information acquisition theories that predict a complete adjustment to public information and highlight the inefficiency of the IPO bookbuilding mechanism in handling new information even when information is publicly available and especially when it is favorable.
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Li, Rui, Wei Liu, Yong Liu, and Sang-Bing Tsai. "IPO Underpricing After the 2008 Financial Crisis: A Study of the Chinese Stock Markets." Sustainability 10, no. 8 (August 10, 2018): 2844. http://dx.doi.org/10.3390/su10082844.
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A firm’s capability of raising funding is closely related to its sustainable development. With a more efficient allocation of funding among the whole society, social resources will be better utilized. Initial Public Offering (IPO) can indeed be an effective means of raising capital for corporate ventures. Using 1069 firms which completed IPOs on Chinese stock exchanges between 1st January 2004 and 1st January 2013, we investigate the difference in IPO underpricing before and after the 2008 financial crisis. Based on OLS regression models, we find that the IPOs are less underpriced in the post-crisis period. We examine the moderating effects of firm size on the difference in IPO underpricing between pre- and post-crisis periods, finding that small firms experienced less IPO underpricing than large firms after the financial crisis. After applying different model specifications such as Robust and OProbit regressions, the results remain consistent. Our study contributes to understanding the dynamics and influences of the financial crisis on firms’ IPO cost from the perspective of information asymmetry.
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Schosser, Josef, and Heiko Ströbele. "What is the value of Facebook? Evidence from the Schwartz/Moon model." Journal of Risk Finance 20, no. 3 (August 12, 2019): 267–90. http://dx.doi.org/10.1108/jrf-05-2018-0069.
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Purpose On May 17, 2012, the social networking company Facebook Inc. fixes its initial public offering (IPO) price at $38.00 a share. Over the next couple of months, contrary to expectations raised by previous IPOs, the stock price crashes more than 50 per cent. Immediately, the question arises whether the issuer’s or the stock market’s pricing of the share are in line with the firm’s fundamentals. Thus, the purpose of this paper is to determine the company value in close proximity to the date of IPO. Design/methodology/approach As Facebook is an archetypal internet growth company, it is evaluated using the Schwartz/Moon model. This approach features significant advantages over traditional valuation models and more adequately captures the characteristics of growth companies. Findings As of September 30, 2012, the fundamental share value determined was $26.53, which exceeded the market price per share of $22.66 by 22.48 per cent, but was far less than the IPO stock price. The subsequent sensitivity analysis reveals the robustness of the result to key input parameters. Originality/value The results raise doubts about the IPO price of Facebook. Furthermore, this paper is of value from a more conceptual perspective in that an extended version of the Schwartz/Moon model is provided. Beyond extensions previously discussed in the subject-based literature, the authors include stochastic interest rates (as an additional source of uncertainty) and investigate their valuation effects.
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Yang, Qing, Zhuguo Ma, Peili Wu, Nicholas P. Klingaman, and Lixia Zhang. "Interdecadal Seesaw of Precipitation Variability between North China and the Southwest United States." Journal of Climate 32, no. 10 (April 30, 2019): 2951–68. http://dx.doi.org/10.1175/jcli-d-18-0082.1.
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Abstract This paper reports a consistent seesaw relationship between interdecadal precipitation variability over North China and the Southwest United States, which can be found in observations and simulations with several models. Idealized model simulations suggest the seesaw could be mainly driven by the interdecadal Pacific oscillation (IPO), through a large-scale circulation anomaly occupying the entire northern North Pacific, while the Atlantic multidecadal oscillation (AMO) contributes oppositely and less. Modulation of precipitation by the IPO tends to be intensified when the AMO is in the opposite phase, but weakened when the AMO is in the same phase. The warm IPO phase is associated with an anomalous cyclone over the northern North Pacific; consequently, anomalous southwesterly winds bring more moisture and rainfall to the Southwest United States, while northwesterly wind anomalies prevail over North China with negative rainfall anomalies. The east–west seesaw of rainfall anomalies reverses sign when the circulation anomaly becomes anticyclonic during the cold IPO phase. The IPO-related tropical SST anomalies affect the meridional temperature gradient over the North Pacific and adjacent regions and the mean meridional circulation. In the northern North Pacific, the atmospheric response to IPO forcing imposes an equivalent barotropic structure throughout the troposphere. An important implication from this study is the potential predictability of drought-related water stresses over these arid and semiarid regions, with the progress of our understanding and prediction of the IPO and AMO.
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Dolatkhah, Somayeh, and Mohamad Bagher Menhaj. "Model Predictive Control Based on Real Time Particle Swarm Optimization (IPO)." Advanced Materials Research 403-408 (November 2011): 3461–68. http://dx.doi.org/10.4028/www.scientific.net/amr.403-408.3461.
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A novel approach for the implementation of nonlinear model predictive control (NMPC) is proposed based on Individual particle optimizer (IPO1) while functional link neural network (FLNN) is introduced as a nonlinear model of the plant where individual particle optimization (IPO2) is applied for training of the neural network. The IPO algorithm is used as a real-time optimal tuning technique, which is applied to the neural network so that the proposed optimized FLNN can be used in nonlinear model predictive control scheme. Finally, the proposed NMPC applied to the Load frequency control (LFC) problem. Simulation results verify that the proposed IPO based technique possesses efficient performance in the sense of speed up and set point tracking.).
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Mansikka, Heikki, Don Harris, and Kai Virtanen. "An Input–Process–Output Model of Pilot Core Competencies." Aviation Psychology and Applied Human Factors 7, no. 2 (September 2017): 78–85. http://dx.doi.org/10.1027/2192-0923/a000120.
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Abstract. The aim of this study was to investigate the relationship between the flight-related core competencies for professional airline pilots and to structuralize them as components in a team performance framework. To achieve this, the core competency scores from a total of 2,560 OPC (Operator Proficiency Check) missions were analyzed. A principal component analysis (PCA) of pilots’ performance scores across the different competencies was conducted. Four principal components were extracted and a path analysis model was constructed on the basis of these factors. The path analysis utilizing the core competencies extracted adopted an input–process–output’ (IPO) model of team performance related directly to the activities on the flight deck. The results of the PCA and the path analysis strongly supported the proposed IPO model.
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Saadah, Siti, and Yunia Panjaitan. "The Green Shoe Option’s Effectiveness at Stabilizing the IPO’S Stock Price on the Indonesian Stock Exchange (2000-2013)." Gadjah Mada International Journal of Business 18, no. 1 (February 19, 2016): 71. http://dx.doi.org/10.22146/gamaijb.9292.
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The increased of price volatility due to positive initial returns will reduce investor confidence and impact on the overall market. Market stabilization mechanism is needed to control the price volatility. This research is intended to explore the effectiveness of Green-Shoe Option in reducing stock price volatility after IPO. This study is done through GARCH model development intended to identify the volatility of IPO shares price. This research compares the volatility price of company shares that apply Green shoe option at IPO with companies that do not apply it. The result of this research on companies that conduct IPO on 2000-2013 periods showed that the green shoe option stabilization program which was used by the issuers was effective in muffing the stock prices’ volatility. Therefore, according to researchers Green Shoe Option stabilization program can be used to prevent or ease the drop of shares price under Public offering.
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Maheshwari, Yogesh, and Khushbu Agrawal. "Impact of IPO grading on earnings management." Journal of Financial Reporting and Accounting 13, no. 2 (October 5, 2015): 142–58. http://dx.doi.org/10.1108/jfra-05-2013-0036.
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Purpose – This paper aims to examine the impact of initial public offering (IPO) grading on earnings management by Indian companies in their IPOs. Specifically, it investigates whether earnings management significantly differs in the pre-IPO grading regime and post-IPO grading regime. Further, it examines whether earnings management significantly differs between high-graded and low-graded IPOs. Design/methodology/approach – The cross-sectional modified Jones model is used to obtain the discretionary accruals, a proxy for earnings management. The impact of IPO grading on earnings management is assessed using multiple regression analysis. Findings – Earnings management is significantly lower in graded IPOs as compared to the ones that are not graded. Further, among the graded IPOs, the high-graded IPOs exhibit lower earnings management as compared to the low-graded IPOs. The findings are robust to the use of an alternative measure for discretionary accruals. Originality/value – IPO grading in India is a unique certification mechanism, introduced for the first time in any market. This paper establishes the efficacy of this mandatory certification mechanism in reducing earnings management. The findings could be valuable to issuer companies, investors and market regulators.
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Zhao, Yi, and Dong Li. "Equilibrium Signal and Purchase Decision in China’s IPO Net Roadshow: A Dynamic Game Approach." Discrete Dynamics in Nature and Society 2016 (2016): 1–13. http://dx.doi.org/10.1155/2016/6327308.
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The net roadshow has been dominant in China’s IPO (initial public offerings) roadshow structure. Considering the dynamic game with incomplete information between the issuer and investor during China’s IPO net roadshow, the quality of the letter of intent is presented as a discrete signal in this paper in accordance with China’s IPO net roadshow characteristics. A signaling game model is established to conclude the issuer’s equilibrium signal and the investor’s purchase action. The issuer disguised a letter of intent to uplift its quality if the disguising cost per share stands below the bidding spread. If the investor judges the letter of intent as high-quality, the basis of purchase is that the opportunity cost per share is less than the expectation on the intrinsic value of the IPO stock. Otherwise the investor rejects purchasing on the condition that the opportunity cost outnumbers the valuation of intrinsic value. In conclusion, there exist unique separating equilibrium and pooling equilibrium as a perfect Bayesian Nash equilibrium, and the existence and uniqueness of their equilibrium domains have been verified by numerical simulation. Finally, the comprehensive empirical studies have validated only one separating and pooling equilibrium existing in China’s real-world IPO market.
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Kumar Singla, Harish. "A comparative analysis of long-term performance of construction and non-construction IPOs in India." Engineering, Construction and Architectural Management 26, no. 10 (November 18, 2019): 2447–73. http://dx.doi.org/10.1108/ecam-01-2019-0009.
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Purpose The purpose of this paper is to analyze the long-term performance of construction sector initial public offers (IPO) made in India during 2006–2015. The study aims to compare the performance of the construction sector IPOs with the non-construction sector IPOs and finds the determinants of long-term performance of construction sector IPO with a time horizon of three years. The study also attempts to find out, if the long-term IPO underpricing that has been discussed in the literature, really exists or it is a myth. Design/methodology/approach The study uses data of IPOs listed on National stock exchange during 2006–2015. In total, 281 IPOs are considered for the study, among which 44 are construction sector IPOs. IPOs anniversary performance of three successive years is calculated from the date of listing, and a random effect panel regression model with clustered robust estimates using the maximum likelihood method is performed to find out the determinants of IPO performance. The data are also tested for multicollinearity, stationarity and heteroscedasticity to ensure the robustness of results. Findings The results show that in the long-run construction sector IPOs outperform the non-construction sector IPOs, though the performance is below average when compared to market returns. The IPO underpricing is a myth, and IPO underperformance is a reality in India. The performance of construction sector IPOs is driven positively by market return, size of the firm and negatively by liquidity of the firm. Originality/value The paper is the first attempt to analyze the performance of construction sector IPOs, and compare it with non-construction sector IPOs. The study uses a random effect panel regression model with robust estimates using the maximum likelihood method to ensure the robustness of results. This is the first time the performance of IPOs is studied with a panel data approach.
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Komenkul, Kulabutr, and Dhanawat Siriwattanakul. "How the unremunerated reserve requirement by the Bank of Thailand affects IPO underpricing and the long-run performance of IPOs." Journal of Financial Regulation and Compliance 24, no. 3 (July 11, 2016): 317–42. http://dx.doi.org/10.1108/jfrc-09-2015-0052.
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Purpose The purpose of this paper is to investigate the characteristics of the Initial Public Offering (IPO) market, IPO underpricing and the long-run performance of IPOs and to find out the ex ante difference in the market structure between the pre-, during and post-periods of the Unremunerated Reserve Requirement (URR) at the 30 per cent rate. Design/methodology/approach The sample is a total of 245 IPOs listed on the Stock Exchange of Thailand (SET) and the Market for Alternative Investment (mai), during the period 2001-2012. The explanatory variables consist of the age of the firm, the offer size, the time-lag between the IPO date and the first trading date, the proportion of shares owned by the government and the IPO subscription rates by foreign and institutional investors. In further analysis, the authors adopt a two-stage least squares approach to derive unbiased estimates of the relationship between government ownership, IPO underpricing and firm quality. Findings We find the ex ante uncertainty and earning management partially explain the IPO underpricing phenomenon in the Thai IPO market. Our findings support the impresario hypothesis shown by the negative relation between underpricing and the three-year after-market. In addition, the 30 per cent URR imposition by the Thai Central Bank promptly reduced the number of IPO issues and the proportion of foreigners and institutions subscribing to IPOs. However, it was able to enhance the degrees of IPO underpricing and the long-run performance of IPOs in Thailand. Practical implications The results presented in this paper may be, therefore, useful for investors, security analysts, companies and regulators in many other emerging markets beyond Thailand. Given the results from the over-performance of IPOs in the post-URR period, investors may do better holding Thai IPOs for a long period with a likelihood of gaining a higher return. Originality/value This paper contributes to the literature concerning IPOs – in that we have considered two stock markets, namely, SET and mai. Furthermore, unique data such as the government ownership and proportion of IPOs subscribed by foreign and institutional investors are taken into consideration in our research model. To the best of our knowledge, for the first time in the Thai IPO market, the effect of the 30 per cent URR on IPO underpricing and the performance of IPOs in the long-run has been closely examined.
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Cucculelli, Marco, Manuela Geranio, Camilla Mazzoli, and Sabrina Severini. "IPO Pricing and Dealers’ Interaction: A Stochastic Frontier Approach." International Business Research 14, no. 1 (December 18, 2020): 1. http://dx.doi.org/10.5539/ibr.v14n1p1.
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This study investigates the impact of ongoing relationships between underwriters and institutional investors on Initial Public Offerings (IPO) pricing. Differently from previous studies that are focused on allocations of underpriced shares we propose a model of primary market pricing in which the incomplete adjustment of the offer price to its maximum achievable level depends on the intensity of interactions that occurred between players in the years before the IPO. Using a stochastic frontier approach on a sample of 1 677 US IPOs between 2000 and 2016 the paper shows that the more investment banks and investors regularly work together the more the IPO offer price is set closer to the fair value of the issuing firm. This analysis helps to disentangle the ambiguous effects of underwriters’ discretion on IPO primary market pricing when bookbuilding is used. We then support the idea that banks can maximize value to issuers by fostering a regular clientele of investors.