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1
Ondová, Michaela. "IPO ČSOB." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-76257.
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The thesis aims to apply the theoretical approach of IPOs and financial services firm valuation on the Czech subsidiary of KBC: ČSOB. The theoretical part reviews the process of IPO with typical features of IPOs, and the pricing of IPO is discussed with the focus on theory of banks valuation. The empirical part of the thesis provides a financial analysis of the ČSOB, business plan and the valuation of the bank as of 30 September 2010 with the price of the actual IPO. This part aims at practical application of the theory of IPO and valuation. Al in all, the aim of the thesis is to apply theoretical knowledge of the IPOs on the practical case of ČSOB. Various analyses such as of KBC, ČSOB, Czech banking market, development of IPOs in CEE are used in order to apply and determine the reasons for the IPO, its timing, price and potential structure of investors.
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Alzamel, Mazen. "Cost of IPOs, IPO dynamics in the short and long-run and value of textual tone of IPO prospectus." Thesis, University of York, 2016. http://etheses.whiterose.ac.uk/16169/.
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This thesis is an attempt to understand few aspects of the initial public offerings (IPO) market using the data from the London Stock Exchange (LSE) for both the Main Market (MM) and the Alternative Investment Market (AIM) segments. I examined the cost of raising money for the IPOs. I found that IPO spread is in the range of 4% - 6.43% and a median of 5%, which contrasts with previous US studies that report a spread of 7%. More interestingly, there is no clustering of fees at any level in the LSE. Economies of scale explain the spread charged in the AIM better than the MM, implying the spread decreases when the proceed increases. As the final product of the IPO preparation stage is the IPO prospectus, I conducted a textual analysis to measure the tones’ relationship with IPO short-run and long-run dynamics. I used a novel methodology of analysis the textual tone from the IPO prospectus utilising Loughrun and McDonald (2011) modified word list. I found that IPO tone is related to underpricing, spread and lockup length. However, I did not find any relationship with the volatility or idiosyncratic risk. That may be due to the fact that these are not useful measures of ex-ante uncertainty. I also examined some of the long-run anomalies in the IPO literature. The tone measures show a significant relationship with the survival of the firms and time till dead. I showed that the information disclosed at the time of IPO is still valid for predicting the survival of IPO firms. However, I do not find much correlation with the IPO tone measures and lockup expiration returns and long-run IPO performance. That might be a result of methodological controversies of measuring the long-run performance of the IPO. JEL Code: G14, G15, G24, G30, G32.
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Tillmann, Martin. "Innovative Prozesskettenoptimierung (IPO)." Aachen Apprimus-Verl, 2009. http://bvbr.bib-bvb.de:8991/F?func=service&docl̲ibrary=BVB01&docn̲umber=017109421&linen̲umber=0001&funcc̲ode=DBR̲ECORDS&servicet̲ype=MEDIA.
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Tillmann, Martin. "Innovative Prozesskettenoptimierung (IPO)." Aachen Apprimus-Verl, 2008. http://d-nb.info/992672562/04.
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Neupane, Suman. "Transparency in IPO mechanism : information production, IPO pricing and investors' participation." Thesis, Cranfield University, 2011. http://dspace.lib.cranfield.ac.uk/handle/1826/7170.
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In this doctoral thesis we bring together some empirical analysis on investors’ participation
in initial public offering (IPOs) from a market whose characteristics are unique and
significantly different from US and other important IPO markets. There are two important
features which distinguishes the Indian IPO market. First, the Indian IPO market is
characterised by a high level of transparency. Information on the participation of different
investor categories is publicly available during the offer period on a real time basis. Second,
Indian IPO firms are also required to reserve and allocate pre-determined fraction of total
shares on offer to different investor categories participating in the IPO.
Our first empirical study shows that the transparency in the mechanism creates highly
inelastic demand curves for a large number of IPOs. Analysis of demand over-time shows
that while institutional investors take the lead in subscribing to strong IPOs, noninstitutional
investors do so in weak IPOs, but perhaps not always with an honest intent.
Our analysis of IPO pricing shows that favourable demand by uninformed investors is
positively associated with a high IPO price. Further, while reputed underwriters appear to
exercise far more caution and restraint in setting prices, we find that in a large number of
IPOs, less reputed underwriters ignore information produced during the offer period and set
the price at the upper bound of the price range. Our findings suggest that the transparency
in allocation mechanism appears to be a double edged sword for the uninformed (retail)
investors. We recommend a change in the current regulation to protect investor’s welfare.
We also examine the influence of the participation of different investor categories on initial
returns. Unsurprisingly, we find that while the participation of both the informed investor
categories significantly influences initial returns, the participation of retail investor losses
its significance in explaining initial returns for bookbuilding and auction IPOs. We also
analyse the participation of informed institutional investors to examine whether the
presence of new bank loans at the time of the IPO reduces information asymmetry. Our
results show that presence of bank loans do not appear to reduce information asymmetry as
institutional investors participate significantly less in IPOs with new bank loans. While this
result is contrary to prior studies on bank loan announcements, it is consistent with a recent
study which shows that prior studies on bank loan announcements are plagued by sample
selection issues.
In our final empirical analysis we examine the participation of employees in IPOs and
analyse whether such participation can predict superior financial and operating performance
of the firm. We find that IPOs with high employee participation offer significantly higher
initial returns than IPOs with low employee participation. We also find that firms with high
employee participation in their IPOs exhibit superior post IPO operating performance.
Further, we find that the prior participation of other investor categories, in particular the
institutional investors, does not appear to influence the participation of employees in IPOs.
Our results suggest that employees have valuable private information about the quality of
the firm. The evidence presented in the study suggests that in the context of Indian IPOs,
where data on investors’ participation is available on a real time basis, uninformed
investors may use information on employee participation to select well performing IPOs.
6
Dillon, Michael Edward Jr. "A comparison of IPO issuers' perceptions and academic theories about IPOs." Cincinnati, Ohio : University of Cincinnati, 2006. http://www.ohiolink.edu/etd/view.cgi?ucin1172593998.
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Thesis (Ph. D.)--University of Cincinnati, 2006.Advisor: Dr. Michael C. Walker. Title from electronic thesis title page (viewed May 19, 2008). Keywords: IPO; Survey; Going Public; Life-cycle; Market Forces. Includes abstract. Includes bibliographical references.
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Dillon, Michael Edward Jr. "A Comparison of IPO Issuers’ Perceptions and Academic Theories About IPOs." University of Cincinnati / OhioLINK, 2007. http://rave.ohiolink.edu/etdc/view?acc_num=ucin1172593998.
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Girotto, Chiara <1996>. "ICO vs IPO Analisi delle performance per il biennio 2018-2019." Master's Degree Thesis, Università Ca' Foscari Venezia, 2021. http://hdl.handle.net/10579/19027.
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L'elaborato è incentrato sulle ICO in parallelismo alle IPO. Il primo capitolo verge sulla digitalizzazione del settore finanziario e sulle nuove tecnologie figlie del fintech: prime tra tutte le criptovalute. Il secondo capitolo invece è incentrato sulle Initial Coin Offering, nello specifico in cosa consistono, come vengono realizzate tecnicamente e la normativa che le disciplina. Il terzo capitolo tratta le IPO da un punto di vista accademico. Infine l'ultimo capitolo quantitativo verrà realizzato attraverso un'analisi delle performance di un dato campione di IPO e ICO per il biennio 2018-2019.
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BERGGREN, DENNIS. "IPO Underpricing and techvaluation An empirical study of the Swedish IPO market." Thesis, KTH, Skolan för industriell teknik och management (ITM), 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-223891.
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Scribano, Francesca. "The impact of ownership and advisors on IPO and post-IPO performance." Doctoral thesis, Università di Catania, 2015. http://hdl.handle.net/10761/4051.
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This dissertation focuses on the impact that the advisory team, namely underwriting bank and auditor, private equity investors and firms owners have on firms IPO and post-IPO performance in a bank-oriented system like Italy. The decision of a firm to go public posits many important problems, among which there are how to reduce information asymmetries and uncertainty surrounding private firms and how to preserve and improve firms value. The phenomenon is analyzed using the signaling theory, a relative recent theory and one of the main used in the IPO literature, which aims to resolve the information asymmetry problem suggesting to rely on certain indicators that can send signals to the market about the quality of firms. Another important theory applied to the IPO context is the agency theory, as the separation of ownership and control posits problems to firms profitability and value. Both theories have been largely applied to the US context and the goal of this dissertation is to contribute to these long-standing debates by adding evidence from a non-US country. Evidence from foreign countries has shown that institutional settings are important to consider when generalizing theories. This dissertation confirms this thesis, showing that signals are not always correctly perceived and valued by the market, and that theories may not work in different contexts.
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Vogt, Patrick. "Erfolgsfaktoren des IPO-Managements /." Hamburg : Kovač, 2005. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=013177014&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.
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Vogt, Patrick. "Erfolgsfaktoren des IPO-Managements." Hamburg Kovač, 2004. http://www.verlagdrkovac.de/3-8300-1844-4.htm.
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Dumrongwong, Konpanas. "Analysis of IPO advertising." Thesis, University of Exeter, 2013. http://hdl.handle.net/10871/15277.
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This research investigated the market conditions caused by IPO advertising by examining the impact of IPO advertising, based on the US stock market from 1986 to 2009. The relationship between advertising intensity in the IPO year and the degree of IPO underpricing was examined. It was found that IPO advertising is an inappropriate way to convey a firm's true value of IPO to market participants. An increase in advertising intensity around an IPO event increases the degree of initial returns. Simultaneously, however, advertising intensity around an IPO event also increases the post-IPO initial-return uncertainty, which raises the question as to whether advertising serves primarily as a mechanism to convey a firm's true value to investors. The theoretical valuation of IPO, the relation between IPO advertising and the degree of stock overvaluation and the relation between IPO advertising and long-run performance of IPO are discussed. Based on the Peasnell (1982)'s residual income valuation framework (henceforth RIV), IPO advertising was proved to cause stock price to be more overvalued in the secondary market: a positive relationship was found between advertising and the degree of stock overvaluation relative to its theoretical value. The stock price tends to revert back to its fundamental value in the long run a few years after IPO. The link between advertising intensity and long-run performance was investigated. The Fama French 3-factor model and Carhart 4-factor model were employed, with investment horizons of one, two, three and four years. While advertising is relevant to a firm’s value in the IPO year, the degree of advertising in the IPO year is unrelated to its value two and three years following the IPO event. The view that advertising serves primarily as a form of intangible asset that enhances future earnings (i.e., a 4 firm's value) is unable to account for the degree of underpricing. Accordingly, an alternative hypothesis, that advertising inflates the short-run stock price, was proposed. The results of this study are consistent with the view of Purnanandam and Swaminathan (2004), namely that the stock price of newly listed firms can be overvalued.
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Šenkyřík, Ivo. "Analýza IPO v ČR." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-5223.
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The thesis "IPO analysis in Czech Republic" focuses on initial public offering (IPO) issue applied on the Czech capital market. The beginning of the thesis focuses on IPO characteristics and company's alternative financing. The work describes IPO process in detail in case of an issue on the Prague Stock Exchange and the long-term performance characteristics of the new issues further. The ending focuses on the current Czech capital market, the Prague Stock Exchange and the investors.
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Hoque, Hafiz. "Information content of insider trades, IPO lockup expiration and long-run IPO performance." Thesis, City University London, 2010. http://openaccess.city.ac.uk/12096/.
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A number of previous studies have assessed whether insider trades convey information to the market. Whilst lots of research has been undertaken in the past three decades, the issue is still contentious and there is ongoing debate concerning the legality and profitability of insider trading. Regulators restrict insider trading before any material news announcements, so that insider cannot take advantage of private information. Motivated by the studies in individual and aggregate insider trading, the objective of this thesis is to understand the role of signals that insiders send to the financial market about their companies when they trade, in general and to assess the role of insider trading in the context of initial public offerings (IPOs), particularly under lockup restrictions and the high information asymmetries inherent in IPOs.
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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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Westgren, Jakob, and Markus Sandsjö. "IPO Underpricing – Can it be predicted? : A quantitative research study of Swedish IPOs 1997-2011." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Företagsekonomi, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-18327.
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When a company sells shares of their business to the public for the first time, it is called an Initial Public Offering, IPO. The IPO is usually conducted by the issuing firm to raise capital for their future growth. Before the IPO the information about the issuing company is often limited and the investment in an IPO is associated with risks. The investors who choose to invest in an IPO are therefore usually compensated with a discount on the shares and often experience a first day positive return. This first day positive return is the definition of underpricing. If the majority of the IPOs are underpriced it should be of interest for an investor to take part of this opportunity and use it as an investment strategy. This thesis investigates if there is a way to predict which IPOs that will generate a positive first day return based on the information in the IPO prospect.En IPO är det första erbjudandet av företagets aktier till den publika marknaden. En IPO genomförs ofta i samband med att företaget behöver ta in nytt kapital för framtida investeringar. Innan ett företag blir publikt är informationsinsynen begränsad vilket medför en risk för den som vill investera i det initiala erbjudandet. Investerarna som väljer att investera i erbjudandet är ofta kompenserade med en rabatt på aktierna och får då ofta en positiv avkastning på första handelsdagen. Denna initiala avkastning definieras som underprissättningen av erbjudandet. Om en majoritet av börsnoteringarna är underprissatta skulle det vara av stort intresse för investerare att upprepande investera i IPOs och ha detta som investeringsstrategi. Den här uppsatsen undersöker om det går att förutspå vilka IPOs som genererar en positiv avkastning första handelsdagen baserat på den informationen som finns att tillgå i IPO prospektet.
Civilekonom-uppsats
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Червякова, С. В. "Операції IPO на фінансовому ринку." Master's thesis, Українська академія банківської справи Національного банку України, 2009. http://essuir.sumdu.edu.ua/handle/123456789/49722.
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Проблеми капіталізації українських підприємств, пошуку джерел залучення дешевих грошей на довгий строк набувають у наш час особливої актуальності та потребують негайного вирішення. Підприємствам реального сектору економіки для стабільного розвитку та ведення бізнесу, зокрема інноваційного розвитку, необхідні стабільні довгі ресурси. Проблеми пошуку ефективних інструментів для залучення фінансових ресурсів є першочерговим питанням стратегічного розвитку акціонерних товариств.
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Башлай, С. В. "IPO – Ринковий механізм фінансування банків." Thesis, Українська академія банківської справи Національного банку України, 2008. http://essuir.sumdu.edu.ua/handle/123456789/62207.
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Вивчення зарубіжного досвіду, визначення правових і економічних передумов, окремих технологічних складових та перспектив розвитку IPO для банків України.A study of foreign experience, determination of legal and economic pre-conditions, separate technological constituents and prospects of development of IPO, is for the banks of Ukraine.
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Bohdan, Roman. "Innovation, Ownership and IPO Underpricing." ScholarWorks@UNO, 2018. https://scholarworks.uno.edu/td/2550.
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This dissertation consists of two empirical essays. The first chapter titled: “Hedge Fund Activism and Dual Ownership of U.S. Multinationals”. Harford, Wang & Zhang (2017) conclude that holding high cash balances abroad to avoid US taxes causes internal capital markets and investments distortions. We posit that hedge funds target MNCs with more severe internal capital and agency problems. We demonstrate that upon acquiring dual ownership in these firms, hedge funds reduce internal capital problems and improve investment, especially innovation, efficiencies. To further reduce agency costs of foreign cash holdings, hedge funds engage dual firms in focused acquisitions. These improvements are reflected in superior performances of dual firms relative to non-dual firms. Chapter 2 titled as “Innovation Strategies & IPO Underpricing”. In this chapter, we investigate how a firms’ choice of pre-IPO innovation strategies affect IPO pricing. We differentiate the orientation of the issuing firm’s innovation portfolio in terms of exploitative orientation versus explorative orientation based on citations of patents across technology classes. We introduce a measure of innovation power to generate breakthrough innovations. We show that the issuing firms with greater innovation power, especially firms with exploratory orientation of a patent, significantly decrease underpricing and have the power to bargain a higher offer price. Our results suggest that a higher exploration strategy requires more time to negotiate a higher offer price while more valuable innovation requires less time to bargain at the higher offer price.
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Bennouna, Karim. "IPO failures around the world." Thesis, Queensland University of Technology, 2015. https://eprints.qut.edu.au/91358/1/Karim_Bennouna_Thesis.pdf.
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This thesis consists of two essays on IPO failures around the world. IPO failures are defined as IPO withdrawals (Essay 1) or delistings of recent IPOs for negative reasons (Essay 2). A common theme that runs through the two essays is the importance of institutional and cultural characteristics in explaining cross-country differences in IPO failures.
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Rizk, Peter, and Joel Nilsson. "Hur presterar en IPO? : En analys av den risk-justerade avkastningen på den svenska IPO-marknaden." Thesis, Umeå universitet, Företagsekonomi, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-176953.
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Problemformulering 1: Vilken risk-justerad överavkastning på lång sikt ger investeringar i IPO? Problemformulering 2: Vilken av de valda tidshorisonterna som investeringsstrategi genererar den högsta avkastningen när man investerar i IPO:s? Syfte: Syftet med studien är att studera huruvida det går att generera en överavkastning på lång sikt genom att investera i IPO:s, vidare är syftet med studien att ge investeraren ett bättre beslutsunderlag gällande vilken tidshorisont som är mest lönsam när man investerar i IPO: s. Teori: Den teori som denna studie baseras på är den effektiva marknadshypotesen som menar att det inte är möjligt att generera en överavkastning på aktiemarknaden. Detta eftersom all tillgänglig information är inprisad i kursen. Vidare menar EMH att alla investerare är rationella och att alla har samma tillgång till information och att informationen värderas lika av alla investerare. Kritik av EMH diskuteras också. Vi har anledning att ifrågasätta denna teori. Forsättningsvis behandlar vi teorin om informationsasymmetrin och signaleringshypotesen vilket innebär att det finns en skillnad i den information som säljaren och köparen har samt att i detta fall säljaren kan signalera hur bra ett företag genom olika ageranden, respektive. Metod: Metoden för studien består i en kvantitativ metod. Urvalet efter bortfall är 248 IPO:s som har noterats på stockholmsbörsens Small, -Mid & Large Cap listor samt på First North mellan 2008– 2019. Beräkningen av avkastningarna för portföljerna och den eventuella över eller underavkastningen kommer ske genom att beräkna den faktiska avkastningen, buy hold abnormal return samt Cumulative abnormal returns. Resultat & analys: Resultatet från studien är att det går att generera överavkastning på kort sikt jämfört med jämförelseindexet. Det går däremot inte med säkerhet att säkerställa att IPO:s underavkastar på medellång och lång sikt. Vi kan med statistik säkerhet säga att det inte går att generera överavkastningar under livslängden för en IPO mellan 2008–2019. Jämförelsen mellan portföljerna visar att den högsta årliga avkastningen ges genom att investera i börsnoteringar på kort sikt, i vårt fall med en tidshorisont på tre månader. Sämst avkastning har evighetsportföljen. Slutsats: Problemformulering 1 Vilken risk-justerad överavkastning på lång sikt ger investeringar i IPO? – IPO:s på den svenska marknaden har en underprestation jämfört med det valda jämförelseindexetm Six Return Index. Problemformulering 2: Vilken av de valda tidshorisonterna som investeringsstrategi genererar den högsta avkastningen när man investerar i IPO:s? – Investeringsstrategin med en tremånaders tidshorisont ger den högsta avkastningen.
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Henricson, Tobias. "Underpricing in the Swedish IPO market : Can investors earn abnormal returns by investing in IPOs?" Thesis, Högskolan i Jönköping, Internationella Handelshögskolan, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-18404.
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This thesis examines underpricing in Sweden using unique data on the 185 firms going public through initial public offerings (IPOs) and listing on the Stockholm Stock Exchange between 1994-2011. The average initial return in the Swedish IPO market adjusted for index movements is 11.49% but underpricing of individual IPOs was as high as 241.04%. Further, time trends in underpricing, the level of average initial returns effect on IPO supply underpricing and differences between sectors, segments and investment banks are examined. Finally, it is argued that investors must be rewarded for taking the high risk associated with IPO investing and that the average initial return of 11.49% is a reasonable compensation for that risk.
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Hertli, Sascha. "How to Make IPO Underpricing Investable." St. Gallen, 2008. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/04603346001/$FILE/04603346001.pdf.
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Kovář, Jakub. "Financování podniků prostřednictvím IPO cenných papírů." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2011. http://www.nusl.cz/ntk/nusl-223121.
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Subject of this thesis is initial public offering and it’s main goal is describing of obtaining external funds for company’s funding. In the first part of the thesis is description of basic structure of financial markets, especially stock markets. The term IPO and it’s advantages and disadvantages are described. The last part is focused on individual steps of IPO realization. This thesis is focused on evaluation of chosen company’s entry on stock market. Especially macro-economic presumptions for IPO, readiness of chosen company and choice of suitable market are evaluated.
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Chintakananda, Asda O'Neill Hugh. "Managing entrepreneurial growth timing the IPO /." Chapel Hill, N.C. : University of North Carolina at Chapel Hill, 2007. http://dc.lib.unc.edu/u?/etd,1088.
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Thesis (Ph. D.)--University of North Carolina at Chapel Hill, 2007.Title from electronic title page (viewed Mar. 27, 2008). "... in partial fulfillment of the requirements for the degree of Doctor of Philosophy at the Kenan-Flagler Business School." Discipline: Business Administration; Department/School: Business School, Kenan-Flagler.
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Salzer, Eva. "Investor Relations-Management und IPO-Erfolg /." Wiesbaden : Dt. Univ.-Verl, 2004. http://www.gbv.de/dms/zbw/474808971.pdf.
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Paulus, Clinton. "The Drivers of Monthly IPO Volume." Scholarship @ Claremont, 2011. http://scholarship.claremont.edu/cmc_theses/244.
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This paper looks at the drivers of monthly IPO volume. Different factors have impacted IPO volume in successive time periods since 1960. By using monthly data, there are sufficient data points to draw conclusions about some of the main factors that have continuously had an effect on IPO volume, as well as some variables that have shifted in importance. This paper shows that trailing monthly S&P returns are a potential predictor of future IPO volume, and emphasizes the seasonal boost found at the end of the calendar year. *page numbers do not line up with removed copyright images.
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Basílio, Diana Sofia Abreu. "TIMWE: IPO go or no go?" Master's thesis, NSBE - UNL, 2014. http://hdl.handle.net/10362/11688.
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A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and EconomicsThis case study describes the path TIMWE followed from its creation in 2002 up to 2012, highlighting its portfolio of services and the expansion strategy. It addresses the two IPO attempts, including the main steps involved, namely the selection of the underwriters and of the market. It briefly describes the main challenges the company had to face, from reputational issues of being a Portuguese company to external factors that fell beyond the company’s control. The chosen company – TIMWE – is a Portuguese case of success, having experienced an impressive growth since is foundation.
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Nord, Karl Axel, and Filip Franzén. "What makes a successful Unicorn IPO?" Thesis, KTH, Matematisk statistik, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-275677.
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Amongst the great numbers of companies being listed on the stock exchange, one type of company stands out from the rest. Known as Unicorns, these companies are valued at $1 billion or more before they are even acquired or listed on the stock market. In order to understand why some of these companies perform well on the stock exchange, this thesis attempts to find the driving factors of stock price growth using multiple regression analysis. The results are two different models that can be used by investors considering investing in this type of company. The first model consists of the increase of a company’s total costs, research and development costs, total assets and number of employees. This model is likely to be useful when investing in companies operating in the tech industry as they typically have high research and development costs. The second model consists of a company’s increase in marketing costs, return on invested capital and number of employees. When considering investing in companies that have a large amount of marketing costs, such as companies operating in the retail industry, this model is likely to serve a better purpose. The models are however not accurate enough to solely be relied upon when deciding if and how much to invest but should rather be used as pointers on whether a company will increase in value after the first day of trading.Bland den mängd företag som listas på börsen, är det en typ av företag som sticker ut från mängden. De kallas för Unicorns och är värderade till över en miljard dollar innan de köps upp eller börsnoteras. För att förstå varför vissa av dessa företag presterar så bra på börsen, försöker man i denna rapport hitta de drivande faktorerna för aktieprisutveckling genom multipel regressionsanalys. Det resulterade i två olika modeller som skulle kunna nyttjas av investerare som överväger att investera i denna typ av företag. Den första modellen bestod av tillväxten av ett företags totala kostnader, forskning- och utvecklingskostnader, totala tillgångar och antalet anställda. Den här modellen skulle kunna vara användningsbar när man överväger att investera i företag som verkar inom teknologisektorn, då dessa företag investerar mycket pengar i forskning och utveckling. Den andra modellen bestod av tillväxten av ett företags marknadsföringskostnader, avkastning på investerat kapital och antalet anställda. I situationer där man överväger att investera i företag som har stora marknadsföringskostnader, som företag som verkar i detaljhandel, är denna modell förmodligen mer användbar. Modellerna är dock inte korrekta nog för att fullständigt lita på vid ett beslut om och hur mycket man ska investera, utan bör istället användas som en fingervisning för om företaget kommer stiga i värde efter första handlingsdagen på börsen.
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Wang, Wei. "Two essays on IPO information revelation." Connect to online resource, 2008. 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:3315850.
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Bossolani, Tharso. "IPO e o desempenho das empresas." reponame:Repositório Institucional do FGV, 2009. http://hdl.handle.net/10438/2647.
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Previous issue date: 2009-02-10T00:00:00ZThe creation of the European “New” Markets represented a substantial change to support innovative, fast growing companies. In Brazil, there is no evidence of empirical studies that analyze how an IPO impacts the companies’ performance. This study compiles data of companies that went public during 2004 and 2006, when the capital markets went through an important progress. The purpose of this study is to analyze if companies improve their performance after an IPO. The results suggest that companies accelerate the growth of assets and sales after the IPO, becoming less leveraged. These changes as consistent with credit constraints faced before the IPO. As a consequence, profitability is maintained the same after the IPO. Further, companies utilize the larger owner`s equity as a result of the IPO to increase their debt.
A criação dos novos mercados europeus representou uma mudança substancial para suportar empresas inovadoras e de alto crescimento. No Brasil, não foi verificado nenhum estudo empírico que avaliasse o impacto do IPO para o desempenho das empresas. Para tal, utilizou-se dados de empresas que fizeram seu IPO durante os anos de 2004 até 2006, quando o mercado acionário passou por um importante progresso. O objetivo deste trabalho é analisar se as empresa melhoram seu desempenho após o IPO. Os resultados obtidos sugerem que as empresas brasileiras aceleram o crescimento dos ativos e receitas após o IPO, tornando-se menos alavancadas que no período pré-IPO. Estas mudanças indicam uma restrição de crédito antes do IPO. Assim, as empresas conseguem manter a mesma rentabilidade após o IPO. Além disso, as empresas utilizam-se do aumento do patrimônio líquido proveniente do IPO para fazerem captações de novas dívidas.
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Kašpar, Jan. "Financování podniků prostřednictvím IPO cenných papírů." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2012. http://www.nusl.cz/ntk/nusl-223531.
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The aim of the thesis is to assess the suitability of financing company’s project via initial public offering as well as to set the steps of the whole IPO process. The introductory section clarifies important terms related to the issue. Practical section deals with the company’s readiness and observance rate of assumptions of a successful emission. There are outlined individual steps in addition. The conclusion formulates own suggestions, including improving recommendation.
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VOLOSHYNA, OLENA. "Alternative IPO method: an experimental analysis." Doctoral thesis, Università Bocconi, 2007. http://hdl.handle.net/11565/4051028.
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Romsäter, Tara, and Åsa Matti. "Den mytomspunna effekten av IPO : En analys av IPO och dess påverkan på svenska bolags finansiella prestation." Thesis, Södertörns högskola, Företagsekonomi, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-43650.
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Purpose: This study is made to analyze and examine effects of an IPO before and after a stock is introduced on the market, and if the age of the company makes a difference on the day it becomes listed. And if it could be associated with an improved financial performance through several assumptions. Theory: This study is based on three different theories, the Pecking Order Theory, Agency Cost Theory and Window-Dressing Theory, but could also be supported by previously recognized research. Method: The theories subjected of the study is based on quantitative elements of deductive and theory-testing approaches in different angles of the company's financial status. Empiries: 54 companies were involved in a study of Initial Public Offering in the years of 2014 and 2015, the selection of the 54 companies were divided in two groups depending on which stock market they were listed on. We then made further research based on three questions. Is getting listed on the stock market an advantage for financial growth? If the age of the company gives it an advantage in financial growth when it gets listed on the stock market? Does it affect the financial growth depending on where the company got listed? Conclusion:Generally we can see a connection between choice of trading venue and the company's age of an IPO does affect the impact of financial growth and performance.Syfte: Studien avser att analysera effekter av en börsnotering innan och efter, samt om ett bolags ålder vid noteringsdagen kan associeras med en förbättrad finansiell prestation genom olika antaganden. Teori: Denna studie utgår från tre teorier, Pecking Order Theory, Agency Cost Theory och Window-Dressing Theory, men även en referensram av tidigare forskning. Metod: Studien utgår från en kvantitativ ansats med inslag av deduktiv- och teoriprövande ansatser. Empiri: Ett urval bestående av 54 bolag studerades utifrån deras börsnotering som skedde år 2014 och 2015. Urvalet av 54 bolag delades upp i två grupper beroende på vilken marknadsplats som de var listade på. Därefter gjordes en vidare undersökning baserat på tre forskningsfrågor. Leder en börsnotering till tillväxt i bolaget? Påverkar valet av handelsplats ett bolags tillväxt vid börsnotering? Är bolagets ålder vid noteringsdagen associerat med förbättrad finansiell prestation? Slutsats: IPO har generellt sett en påverkan på bolags finansiella prestation. Beroende på val av handelsplats gav den finansiella prestationen olika utslag. Samband mellan ett bolags ålder vid en IPO verkade även ha en inverkan på den ekonomiska tillväxten.
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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
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Stucki, Christian. "Book Building versus Auctions in IPO Processes." St. Gallen, 2008. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/05602800001/$FILE/05602800001.pdf.
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Schuster, Josef Anton. "An empirical analysis of European IPO markets." Thesis, London School of Economics and Political Science (University of London), 2003. http://etheses.lse.ac.uk/1725/.
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This analysis provides evidence regarding the performance of Initial Public Offerings (IPOs) in Europe during a time of dramatic change. For the sample of 973 IPOs taken from the six major Continental European markets and Sweden during 1988-98, there is significant underpricing and autocorrelation in IPO underpricing and activity. Privatization programs account for most of the "money left on the table". For the sample as a whole, we do not find long-run underperformance. Over shorter measurement horizons, IPOs outperform the market. The favourable performance is driven by New Economy IPOs, which account for 28 percent of the sample. The pervasiveness of these results across various methodological choices is puzzling and shows one of the forces behind the dramatic shift in industry composition of IPOs in favour of New Economy IPOs during the "Internet Bubble" of 1999 and 2000. Underpricing extends across all countries studied, with IPO activity being partially influenced by changes in tax regimes or in the regulatory framework. There is also a strong link between IPO performance and the national exchanges' ability to attract New Economy IPOs. This fundamentally explains why stock exchanges have attempted to establish "New Market" segments during the 1990s. Tests for performance differences between countries confirm the homogeneity of the European IPO market. In order to shed more light on the results, we study the relationship between management behaviour towards earnings management and the subsequent market response for the German IPO market. When applying two forms of earnings management, issuers that overperform in the long-run tend to manage earnings less aggressively. Over shorter measurement horizons, however, the performance is sensitive to the starting date of the measurement period. The market takes a considerable amount of time to respond to the fundamental message conveyed by management behaviour towards earnings management. Within the first four months, IPO returns are essentially driven by factors other than fundamentals. Apart from casting doubt on the efficiency of the IPO aftermarket, this can explain the observed negative relationship between short- and long-run IPO returns and the rationale behind investing in IPOs.
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Ren, Jinjuan, and 任錦娟. "Investor sentiments, agency conflicts, and IPO underpricing." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2009. http://hub.hku.hk/bib/B42664342.
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Liu, Chia-Yi, and 劉佳怡. "How does pre-IPO alliance experience reduce IPO anomaly?Evidence of biopharmaceutical IPOs during 1986~2011." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/g7zyeb.
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博士國立臺灣大學
國際企業學研究所
101
The IPO market has long been haunted by IPO anomaly on the first trading day. Although strategic alliance along with other strategic actions of IPO firms are viewed as a way to reveal growth potential, the literature wheels out few explanations for why IPO firms still fail to soften the information asymmetry problem by signaling to investors. In response to the recent calls for more sustained solution to both IPO anomaly and post-IPO performance, the study aims to firstly understand the effects of pre-IPO alliance experience on the incidence of IPO anomaly and post-IPO performance, and secondly investigate the repairing effect of alliance fit on post-IPO performance. In a sample of 305 biopharmaceutical IPOs during 1986-2011, this study shows that the pre-IPO alliance experience relates negatively to post-IPO performance due to signal misfit and IPO hidden information. The former is caused by the limited attention of investors to correctly interpreting all the signals from IPO firms, while the latter refers more to incomplete information about an IPO firm’s alliance experience available to the public. However, the study also evidences the contribution of alliance fit, in terms of the alignment among partner type, collaborative goal and governance modes, to enhancing post-IPO performance but softening the negative influence of IPO hidden information on post-IPO performance.
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Catarino, Pedro Alexandre Correia. "Wework Ipo: the Ipo that never was." Master's thesis, 2021. http://hdl.handle.net/10362/123025.
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WeWork was a start-up venture founded by Adam Neumann and Miguel McKelvey in 2010.
Both were advocates of the potentiality of human productivity and creativity while living in a
community. Hence, they wanted to transform the way people worked, by offering to
entrepreneurs a coworking space, embedded in technology. Adam attracted the intention of
prestigious investors, most notoriously Masayoshi Son. After spending more than $10 billion,
the unicorn was valued at $47 billion. However, after the release of the S-1 Form, investors were
skeptical of the business financial sustainability and the lack of proper governance within
WeWork.
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Yang, Chu-Wei, and 楊楚威. "Trading Strategies of PRE-IPO and IPO Stocks." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/9bqk6h.
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碩士國立中興大學
財務金融系所
101
Jan 2, 2012 was the first trading date for Taiwanese emerging stock market, or “pre-IPO market”. Since the day it was born, this market has been serving its function as a market for pre-IPO securities. Investors interested in investing those securities could trade through brokers. In respect that the market is well-developed, this paper would like to test whether there contains any abnormal returns in these firms during the period between IPO application date and IPO date, and between IPO permission date and IPO date. This paper further discusses 4 factors that may contribute to price change in securities applying for IPO for the first time, and construct an investment strategy. These 4 factors include “equity distribution before IPO”, “company fundamentals”, “specific condition in IPO application”, as well as “macroeconomic condition and regulations”. The empirical results show that there contains abnormal returns during the period between IPO application date and IPO date, and between IPO permission date and IPO date. The abnormal returns would be greater if investors choose to hold pre-IPO securities from IPO application date to one day before IPO date. Moreover, this paper examines the effect of 3 different factors to investment returns, namely “equity distribution before IPO”, “company fundamentals”, and “specific condition in IPO application”. The paper introduces a new investment strategy that defeats the market performance as the main contribution. The paper also constructs two investment portfolios, named “PREIPO_SCORE” and “Regression results”, to provide an alternative for investors.
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Wu, Jianguo. "Executive IPO stock option compensation and IPO underpricing." Thesis, 2008. http://spectrum.library.concordia.ca/975236/1/MR45531.pdf.
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Do executives influence IPO underpricing when they stand to gain from the increased value of their IPO stock options? The present thesis examines this question for 422 U.S. software IPO firms from 1996 to 2000. The specificity of the software industry coupled with the bull market of the late 90s affects the cost-benefit tradeoff an executive faces with respect to the offer price of an IPO. I consider the possible interplay of traditional underpricing theories (signaling, asymmetric information, litigation and managerial influence) with high human capital intensity in a tight labor market. I correct for an exhaustive list of variables including: pre-IPO stock ownership, underwriter quality, VC backing, founder-manager. OLS regression results show no difference in underpricing between option-granting and non-option-granting firms; however, greater underpricing is significantly associated with higher total dollar value of stock options granted to top management and/or CEOs. After controlling for endogeneity, I find no evidence that there's relation between option grants and underpricing. However, the bubble years 1998-2000 have significant explanatory power, under all specifications, with regard to the greater IPO underpricing for software companies compared to the average level of all industries in the same period. [PUBLICATION ABSTRACT]
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Hu, Te-Chung, and 胡德中. "Choice of IPO Mechanisms and Optimal IPO Strategy." Thesis, 2004. http://ndltd.ncl.edu.tw/handle/81007678329573432293.
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博士國立中山大學
財務管理學系研究所
92
The purpose of the study is to analyze the problem of offer pricing and share issuing in the issuer with a dynamic model. The result shows: First, the correlation between discount and the prosperity of the market is not a linear function. Thus, ‘the IPO’s timing’ should be the key issue of issuing firm, which can reasonably explain the fluctuations in underpricing over time. Second, we also discover that the relationship between the ownership structure and the prosperity of the market is not a liner function as what Bolton and Thadden (1998) have claimed. Third, the firm with low quality prefers to release issuing shares in IPO when the market is booming. Fourth, the less the IPO discount in traditional industry, the more the share releasing. Finally, the more the phenomena of subscription, the more the investors subscribe blindly and generate an effect of the cascade. One of the contributions in this model comprises the views between the prosperity of the market and IPO discount in the literature to integrate a profound viewpoint by dividing the IPO discount into the offer pricing error and the market pricing error. Another finding is that the offer pricing error will decrease subject to the prosperity of the market. This is consistent with the viewpoint of Chemmanur (1993) that when the market is booming, the issuers can decrease the cost of adverse choice. As for the non-linear relation between the market pricing error and the prosperity of the market is coordinate with what Ma(1999) has claimed that IPO discount is influenced by the offer pricing and the market pricing. Besides, the non-linear relationship between ownership structure and the prosperity of market can reasonably account for the real situation. Besides, the benefit of controlling authority is better than the value of the cash flow of the released shares owing to the depression of the market, even the market is turning booming. Therefore, the issuers will minimize releasing share. However, the issuers will increasing released shares up to the market is keeping booming and the value of the cash flow of the released shares is better than the benefit of controlling authority. An auction model is established to analyze the choice of firms between fixed-price offerings and auctions. Chemmanur and Liu(2003) stated that obtaining the auction information is more advanced; however, the cost is high so that it can not catch enough investors to produce information which does not favor the discovery of the secondary market price. On the contrary, we proclaim that the information transmitting effect produced by auction will be helpful to the discovery of the secondary market price. Thus, a profitable company but suffers from high levels of information asymmetry prior to the IPO might expect the secondly market price to reflect its real value by auction. Moreover, the choice of underwriting mechanisms lies in the prosperity of the market, the reputation of the company and the degree of the releasing shares. The result of the empirical study is consistant with the expectation of our model.
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Hu, Zhi-Chen, and 胡智辰. "Enterprise IPO strategy—Taking Xiaomi IPO as an example." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/3z92by.
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碩士國立政治大學
財務管理學系
107
Based on the reform announced by the Hong Kong stock exchange in December 2017 and Xiaomi group's selection of listing in Hong Kong in July 2018, this paper discusses how the company makes relevant decisions that are most in line with the company's interests before and after the listing, as well as how Xiaomi evaluates and sets the listing price. The case first analyzes Xiaomi's business situation and the composition of the revenue, and analyzes its business model. It is found that Xiaomi is a comprehensive enterprise that has been developing IOT and Internet companies in addition to mobile phone business this year. Xiaomi chose 2018 as the year for its IPO, citing improved performance and redemption of its preferred stock. In the selection of the listed market, the internal factors are analyzed and the external factors of the two markets are compared. All things considered, Xiaomi will choose Hong Kong as its IPO venue. Then use DCF method to evaluate Xiaomi. Finally, the market reaction was observed after the listing, and the decline of Xiaomi's share price was analyzed.
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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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Chen, Yu-Li, and 陳鈺澧. "IPO Performance Study." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/06650939391854090128.
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碩士國立雲林科技大學
財務金融系
103
This study is using DEA to analyze and discussion the relative efficiency among the underwriters in Taiwan who underwriting IPO . The underwriting performance as efficiency measure by whether the underwriting price and numbers of share achieves target . And analyze each underwriter difference whether there are significant efficiency factor which including control factor , and learning about underwriters of relative efficiency variance based on control factor . Finally , discussing the reason of relative efficiency variance by tobit regression . In this study choosing three kinds of factor . First , directors of shareholding ratio as the agency problem factor . Second , underwriters company size and underwriting size as the underwriters monopoly Power factor . At least , the years of underwriters company as the information transfer factor . This study shows there are two group of underwriters . One of the group shows no difference between including control factor or not including control factor . The other one group shows significantly differences between including control factor or not including control factor . After analyzing the difference by Tobit regression , showing the underwriters company size is significantly negatively correlated , and the absolute value of the correlation coefficient nearly 0.5 , which means that underwriters company size have powerful impact in this study .
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Correia, Pedro. "Road To IPO." Master's thesis, 2019. http://hdl.handle.net/10362/72925.
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This project aims to evaluate a potential Initial Public Offering scenario for the company Indie Campers. As a first approach, it was assessed if and where would this listing be most beneficial for the company. Subsequently, for informational purposes, an analysis on the necessary IPO requirements and procedural steps was elaborated. In addition, past IPOs and companies listed within the same industry were studied to infer investor’s and market reactions towards this type of opportunity. Finally, based on a 10-year business model and on comparable listed companies, it was possible to calculate Indie Campers’ potential market value which, considering that assumptions hold, could reach €2.4B. Also, this valuation would entail a listing share price of approximately 20€ and would allow the company to raise close to €305M.
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Fan, Bao-Shen, and 范保身. "IPO Short Covering." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/78592742361001125988.
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碩士國立中正大學
財務金融研究所
100
This article investigates the determinants related to intensity of short covering and the effect of stock price by underwriter short covering behavior. The results presented in this paper show that the factors of underwriter using short covering, including low market demand, high offering risk and the IPOs issues listed in times of bear markets to prevent stock price decline below offer price. The short covering intensity of IPOs is strongly correlated with more reputable underwriters. If the IPO trading price of underwriter is closer to the offering price, the more effective of underwriter to support stock price. If the IPOs trading price is below the offering price more, the more cumulative intensity of short covering. Generally, underwriter short covering activities are propping up the IPOs price in short terms and provide the confidence to market investor, by reducing investment loss, and support the issue by trying to keep the price from falling. Therefore, underwriter play an important role in stabilizing IPOs market price, and the short covering system has a substantial contribution to the stock market
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Chang, Wei-Hsiu, and 張瑋修. "Multi-period Dynamic Model for Timing IPO Issuance and IPO Strategy." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/03929145016537915484.
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碩士銘傳大學
管理研究所
98
Capital is a very important factor for enterprises’ development. When companies face capital constraints, they will consider IPO in order to raise capital for the company development. Many companies make operational and financial decisions in an effort to maximize the expected present value of the proceeds from IPO. That is, they treat IPO as an cash-out opportunity. Therefore, this research focuses on IPO timing and IPO strategy. This research studies the appropriate IPO decision-making process via a multi-period dynamic model. The results show that a company should make IPO when the demand is smaller than a threshold value or the sales is greater than its sales capacity.