Journal articles on the topic 'IPO'
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1
Abrekov, Magomed, and Andrey Vlasov. "ICO and IPO Markets: An Overview and Prospects." Spatial Economics 18, no. 4 (2022): 36–67. http://dx.doi.org/10.14530/se.2022.4.036-067.
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The purpose of this work is to study the investment capital markets by analysing the IPO and ICO procedures, identifying the main trends, leading sectors and comparing their volumes. The methodological basis was a retrospective analysis of the development of various forms of investment attraction (IPO and ICO). The main research methods were deduction, induction, synthesis and logical analysis. This article examined the main trends taking place in the IPO and ICO markets; key types of used blockchain platforms were identified; the leading countries and sectors in terms of the amount of funds raised are presented. The ICO market showed high growth rates in 2013–2018, but did not reach volumes comparable to the IPO market. Most of the projects that used the ICO (digital token issuance) procedures chose the Ethereum blockchain system as a platform, implemented projects in the fintech and IT industries, infrastructure development and decentralized applications (DApps). The leading states, residents, which have carried out the largest number of ICO procedures, are the USA, Singapore, United Kingdom and Hong Kong. In the IPO market, the largest volume of funds was attracted by projects from such sectors as finance, consumer services, oil and gas, industry and healthcare. The US remains the main platform chosen by companies for IPOs. The US is followed by the UK, China and Hong Kong
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Simpson, C. J., and A. Wise. "Binding of zinc and calcium to inositol phosphates (phytate) in vitro." British Journal of Nutrition 64, no. 1 (July 1990): 225–32. http://dx.doi.org/10.1079/bjn19900024.
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Inositol compounds with three to five phosphate groups (IP3–IP5) were produced by hydrolysis of phytate (inositol hexaphosphate, IP6) and their binding affinities for calcium and zinc investigated at neutral pH with relative concentrations that had been found in a range of students' meals. Zn solubility was negligible at many of these concentrations, with less Zn bound to precipitates of Ca-IP6 than Ca-IP5. The capacity to precipitate Zn at these ratios fell between IP5 and IP3. Zn was partially desorbed by soluble chelators (histidine and picolinate), especially when it had been adsorbed to preformed Ca-IP precipitates. A lower proportion of Zn was accessible to soluble chelators from Ca-IP4 than the other compounds. IP3-IP4 were hydrolysed. by phytase more readily than IP5–IP6.
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Hahn, Christopher, and Robert Wilkens. "ICO vs. IPO – Prospektrechtliche Anforderungen bei Equity Token Offerings." Zeitschrift für Bankrecht und Bankwirtschaft 31, no. 1 (February 12, 2019): 10–26. http://dx.doi.org/10.15375/zbb-2019-0104.
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Zusammenfassung Mit Initial Coin Offerings (ICOs) ist auf Basis der Blockchain-Technologie eine neuartige Form der Unternehmensfinanzierung entstanden, die das Potenzial hat, klassische VC-Investments in den Schatten zu stellen. Trotz der sprachlichen Ähnlichkeit haben ICOs meist wenig mit einem Börsengang (Initial Public Offering, IPO), zu tun. Mit den sog. Equity Token Offerings (ETOs) hat sich jedoch eine besondere ICO-Form herausgebildet, die zwar weniger in sprachlicher, dafür aber umso mehr in funktionaler Hinsicht mit einem klassischen IPO vergleichbar ist und nun auch in Deutschland in den Startlöchern steht. ETO-Initiatoren treibt dabei vor allem. die Frage nach einer möglichen IPO-ähnlichen Prospektpflicht um.
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Sandhu, Harsimran, and Kousik Guhathakurta. "Effects of IPO Offer Price Ranges on Initial Subscription, Initial Turnover and Ownership Structure—Evidence from Indian IPO Market." Journal of Risk and Financial Management 13, no. 11 (November 13, 2020): 279. http://dx.doi.org/10.3390/jrfm13110279.
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In this paper, we establish the significance and effects of initial public offer (IPO) offer price ranges on subscription, initial trading, and post-IPO ownership structures. The primary market in India provides a unique setting for estimating the effect of various initial public offer (IPO) price ranges and IPO issue factors on the initial demand for an IPO among investors, measured by full IPO subscription/oversubscription, initial turnover (liquidity), and the post-IPO listing ownership structure among investors (ownership). For the IPO pre-listing stage, this study uses firth logistic regression to estimate the effect of various IPO offer price ranges (low to high) and various IPO issue factors on the full subscription/oversubscription of an IPO in each investor category. For the post-IPO listing stage, the study uses OLS regression to estimate the effect of various IPO offer price ranges (low to high) and various IPO issue factors on the initial trading ratio (IPO listing day trading) and the ownership percentage between institutional and individual investors. We find that all investor categories show a lesser likelihood for full subscription or oversubscription of an IPO issue at the lowest range of IPO offer prices. At the post-listing stage, the results indicate a diverse IPO offer price range in which individuals and institutions maximize their respective ownership holdings after the IPO listing. The results further show that lower promoter holdings diffuse higher ownership among individual shareholders by targeting lower IPO offer prices, thus increasing control.
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Cox, Justin S. "Pre-IPO cash flow volatility and aftermarket valuation." Managerial Finance 46, no. 1 (November 29, 2019): 159–76. http://dx.doi.org/10.1108/mf-06-2019-0288.
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Purpose The purpose of this paper is to examine how pre-IPO cash flow and earnings volatility influence both post-IPO pricing and valuation. This paper provides an empirical extension of Pástor and Veronesi’s (2003, 2005) argument that uncertainty surrounding a private firm’s expected profitability can impact how the firm is valued in the IPO aftermarket. Design/methodology/approach This paper includes a sample of 695 IPOs between 1996 and 2011. Pre-IPO financial statement data are hand collected from the EDGAR database. Pre-IPO cash flow and earnings volatility is computed using the standard deviation of the firm’s three years of cash flows and earnings prior to the IPO. Tobin’s Q serves as a measure of post-IPO firm valuation. This paper includes two subsamples to account for the “hot” IPO market of the late 1990s. Findings Firms with higher pre-IPO cash flow volatility are associated with higher post-IPO aftermarket valuations. This result holds for both the “hot” IPO and the later sub-sample. Pre-IPO earnings volatility does not influence aftermarket valuations, suggesting that only the uncertainty surrounding cash flows serves as a salient measure to IPO investors. Finally, IPO underpricing is associated with pre-IPO cash flow volatility, suggesting another channel in which IPO pricing is influenced. Research limitations/implications The hand collection for this paper is laborious and is limited to yearly cash flow and earnings numbers. The paper documents that quarterly and yearly cash flow and earnings volatility measures are highly correlated for the select stocks that allow for such testing. Further, a broader sample that accounts for more international IPO issues might corroborate the findings in this paper. Practical implications This study shows that investors both initially price and value IPO firms base on their pre-IPO cash flow volatility. Originality/value This is the first paper to examine the direct link between pre-IPO cash flow and earnings volatility on IPO aftermarket valuation and IPO pricing.
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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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Šimenc, Marjan. "IPO Essay." Journal of Didactics of Philosophy 4, no. 3 (Special Issue) (December 31, 2020): 153–64. http://dx.doi.org/10.46586/jdph.2020.9587.
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The article examines the status of the IPO essay, starting from the thesis that the essay is a neutral form that does not favour or disadvantage any particular group of students and that allows everyone complete freedom of writing. The discussion yields two findings: firstly, the essay is not a neutral form, since students are required to adhere to specific rules in their writing. The basic regulations governing the essay are contained in the IPO Statute in the form of criteria of evaluation. Further provisions are laid down in the IPO Essay Guide. The Guide specifies in greater detail what is expected of students in their essay writing; however, these specifications seem to be one-dimensional. The article seeks to propose a more complex understanding of the philosophical essay based on various essay writing guides which focus on the essay as representing not merely a form of knowledge examination, but also a school of thought and a realm of freedom. Thus, the second conclusion arising from the article is the thesis that the philosophical essay is by essence linked to the freedom of the subject; however, this is not a complete freedom, but one that should be regarded as relating to philosophical socialisation and qualification.
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Gorzala, Jeannette. "IPO „light“." Zeitschrift für das gesamte Bank- und Börsenwesen 67, no. 11 (2019): 835. http://dx.doi.org/10.47782/oeba201911083501.
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Bartlett, Joseph W., and Zach Shulman. "IPO Reform." Journal of Private Equity 6, no. 3 (May 31, 2003): 25–36. http://dx.doi.org/10.3905/jpe.2003.320047.
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Li, Wei, Yajing Li, and Hongquan Zhu. "Government Intervention in IPO—Evidence on the Exemption from IPO Regulatory Requirements in China." Journal of International Accounting Research 15, no. 2 (June 1, 2016): 79–96. http://dx.doi.org/10.2308/jiar-51499.
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ABSTRACT This study examines whether and how the Chinese central government's intervention in the IPO process, in terms of the State Council's granting the discretionary exemption to help IPO firms circumvent its own regulation on the three-year operation requirement, is related to the quality of IPO firms and investor protection. The results show that the State Council grants the exemption to IPO firms with relatively better operating performance in both the pre-IPO and the post-IPO periods. Although the financial information of exempt IPO firms for the pre-IPO period is pro forma, investors do not show more concern. As a result, they do not react more negatively to these firms than to the regular IPO firms on the IPO day. Moreover, the stock of exempt IPO firms outperforms that of regular IPO firms in both the short term and the long term after the IPO. Overall, the results indicate that the central government can sometimes act as a helping hand, which produces positive impacts on resource allocations.
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Ramanouski, Y. Y. "Comparison of Attracting Investments Through ICO and IPO in International Practice." Digital Transformation 28, no. 2 (September 2, 2022): 14–22. http://dx.doi.org/10.35596/2522-9613-2022-28-2-14-22.
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The development of new technologies in the field of finance (fintech) creates new opportunities and ways to carry out economic activity. One of these tools is blockchain and technologies created on its basis. One of the most famous of such tools is the process of issuing and selling digital coins (tokens), called Initial coin offering (ICO). The ICO process is often mistakenly viewed as a simpler and faster alternative to the classic IPO procedure. However, these procedures have more differences than similarities. This article provides a detailed comparison of IPO and ICO in terms of a number of key parameters, key similarities and differences from the point of view of both the investor and the issuer. At the end, there are recommendations for choosing an instrument depending on the goals of the investor and the issuer.
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Sharma, Ashish, and Prashant Gupta. "Sme Financing: IPO ISSUE AND POST-IPO ANALYSIS." Effulgence-A Management Journal 16, Spl1 (January 1, 2018): 01. http://dx.doi.org/10.33601/effulgence.rdias/v16/ispl1/2018/article0.8.
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Balapur, Ashish, and Mary Jessica. "IPO FIRMS SUBSEQUENT ACQUISITION ACTIVITY AND IPO UNDERPERFORMANCE." International Journal of Economics and Financial Issues 9, no. 6 (October 1, 2019): 29–32. http://dx.doi.org/10.32479/ijefi.8004.
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Mun, Sung Gyun, and SooCheong (Shawn) Jang. "Restaurant firms’ IPO motivations and post-IPO performances." International Journal of Contemporary Hospitality Management 31, no. 9 (September 9, 2019): 3484–502. http://dx.doi.org/10.1108/ijchm-08-2018-0677.
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Purpose This study aims to identify why restaurant firms go public (IPO) despite high financing costs and which factors make firms stay public for the long term after an IPO. Also, this study aimed to link and compare restaurant firms’ pre- and post-IPO accounting information and how IPO proceeds were used. Design/methodology/approach This study used random-effects regression analysis with a number of dependent variables for a sample of 1,347 unbalanced panel data. In addition, logistic regression analyses were used to identify why restaurant firms were delisted within short periods after going public. Findings First, rebalancing financial structures was the most important reason for IPOs, whereas financing future growth was only a minor motivation. Second, post-IPO performance significantly differed between restaurant firms based on their pre-IPO financial conditions, as well as how they used IPO proceeds. Third, restaurant firms with low profitability, inefficient non-operating expenses and difficulties in generating revenue increased their financial burdens, which ultimately caused restaurant firms to be delisted within a short period after an IPO. Furthermore, the reasons for merging included cash shortages, large short-term liabilities and increased major operating expenses, together with increases in capital expenditures. Originality/value This study is unique, in that it explains the relationships between motivations for going public and post-IPO performances by directly linking the usages of IPO proceeds with firms’ operational performances. To the best of the authors’ knowledge, this study is the first to examine the effects of IPOs on restaurant firms’ operational, non-operational, investment and financial activities on firms’ performances.
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Zhu, Gexuan. "IPO Fund Raising and Chinese Markets IPO Suspension." Advances in Economics, Management and Political Sciences 70, no. 1 (January 8, 2024): 271–82. http://dx.doi.org/10.54254/2754-1169/70/20231719.
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During the period spanning from 2007 to 2021, China had substantial increase in its Gross Domestic Production (GDP). However, it is noteworthy that this rise was not mirrored by a commensurate expansion in China's A-share market. When examining the performance of China's stock market in relation to other major global economies within the same time frame, it becomes evident that the overall returns of China's stock market are comparatively lower. For example, Standard & Poors 500 increased 236.11%, Nasdaq Composite Index increased 547.75%, the German Stock Index 30 increased 109.99%, and Nikkei Stock Average (Nikkei 225) increased 66.21%, whereas Shanghai Stock Exchange Composite Index increased 33.41%. Based on the monthly Initial Public Offering (IPO) proceeds of China's stock market from 2007 to 2021, this paper comprehensively examines the impact of IPO activities on China's stock market, including the correlation coefficients among IPO fundraised, index amplitude, index return, and GDP. By studying the correlation between the Chinese All-securities Index (CSI) data and IPO fundraising, as well as exploring the impact of policy changes on the market, it can be concluded that IPO fundraising itself has a limited impact on market returns. The low yield in China's country's stock market might be due to corporate information asymmetry, corporate information fraud, and imperfect supervision. The contributions of this paper include the summary and interpretation of China's IPO and related data, the interpretation of China's IPO reform and other policy actions, and the suggestions for the future development direction of China's market.
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Li, Zhi, Zecheng Xu, Yue Fang, and Kuiping Li. "Influence of the Interdecadal Pacific Oscillation on Super Cyclone Activities over the Bay of Bengal during the Primary Cyclone Season." Atmosphere 13, no. 5 (April 25, 2022): 685. http://dx.doi.org/10.3390/atmos13050685.
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An obvious interdecadal change can be measured in the super cyclones (SCs, categories 4 and 5) that occur from October to November over the Bay of Bengal (BoB). This change may be modulated by the interdecadal Pacific oscillation (IPO). A La Niña-like difference between the 1977–1998 (IP1) and 1999–2014 (IP2) periods forced a local Hadley circulation in the eastern tropical Indian Ocean by strengthening the Walker circulation, which caused plummeting upper-level temperatures and ultimately created favorable thermodynamic conditions to enhance the cyclone intensity. Meanwhile, an equatorial downwelling Kelvin wave caused by heating and westerly wind differences entered the BoB rim along the coast and aptly intensified the cyclone, such that the downwelling Kevin wave and Rossby wave generated by its reflection deepened the thermocline in the BoB. The favorable atmospheric and oceanic conditions in IP2 jointly and preferentially cause far more SC activities from October to November over the BoB compared to IP1.
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Li, Zhi, Zecheng Xu, Yue Fang, and Kuiping Li. "Influence of the Interdecadal Pacific Oscillation on Super Cyclone Activities over the Bay of Bengal during the Primary Cyclone Season." Atmosphere 13, no. 5 (April 25, 2022): 685. http://dx.doi.org/10.3390/atmos13050685.
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An obvious interdecadal change can be measured in the super cyclones (SCs, categories 4 and 5) that occur from October to November over the Bay of Bengal (BoB). This change may be modulated by the interdecadal Pacific oscillation (IPO). A La Niña-like difference between the 1977–1998 (IP1) and 1999–2014 (IP2) periods forced a local Hadley circulation in the eastern tropical Indian Ocean by strengthening the Walker circulation, which caused plummeting upper-level temperatures and ultimately created favorable thermodynamic conditions to enhance the cyclone intensity. Meanwhile, an equatorial downwelling Kelvin wave caused by heating and westerly wind differences entered the BoB rim along the coast and aptly intensified the cyclone, such that the downwelling Kevin wave and Rossby wave generated by its reflection deepened the thermocline in the BoB. The favorable atmospheric and oceanic conditions in IP2 jointly and preferentially cause far more SC activities from October to November over the BoB compared to IP1.
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Teja, Adrian. "A COMPARISON OF UNDERWRITER REPUTATION MEASUREMENT METHODS IN EXPLAINING IPO STOCK PERFORMANCE." Akurasi : Jurnal Studi Akuntansi dan Keuangan 4, no. 2 (December 23, 2021): 195–209. http://dx.doi.org/10.29303/akurasi.v4i2.85.
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This study objective compares the underwriter reputation, measured by a different method, in explaining Initial Public Offering (IPO) performance. The reputation is measured based on underwriter IPO frequency and deal value. The underwriter's reputation is then ranked and categorized into quartiles. We use cross-section regression methods to test the effect of different underwriter reputation measurement methods on IPO performance. The dependent variable is short-term and long-term IPO performance. The independent variable is four underwriter reputation categories represented by three-level dummy variables. We found that only underwriter reputation measured by IPO frequency can explain IPO performance. The findings suggest IPO frequency help underwriter understand the market condition and value IPO more accurately. Firms that want to reduce the cost of IPO underpricing should choose underwriters with a higher IPO frequency.
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Zhou, Chun, Wenyu Zhou, and Jiajun Lu. "The Short-Term Impacts of the Registration-Based IPO Reform in China: Towards a More Sustainable Equity Market." Sustainability 13, no. 20 (October 14, 2021): 11365. http://dx.doi.org/10.3390/su132011365.
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The sustainable development of a modern equity market heavily relies on an effective IPO system that can properly reflect the underlying risk, demand, and supply in the IPO market. Recently, China has implemented an unprecedented IPO reform that transforms the previous approval-based IPO system to a registration-based one. Despite its importance, the impacts of the reform still remain unexplored. Using firm-level data from the Chinese A-shares market, we show that the recent IPO reform significantly increases IPO cost and reduces the degree of IPO underpricing. We also investigated the impacts of the reform on the market structures in different IPO service markets. Overall, our findings are consistent with the hypothesis that the registration-based IPO reform makes the IPO system in China more market-oriented. To our best knowledge, this is the first empirical study that sheds light on the short-term impacts of the adoption of a registration-based IPO system.
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Edwards, Alexander, Michelle Hutchens, and Sonja Olhoft Rego. "The Pricing and Performance of Supercharged IPOs." Accounting Review 94, no. 4 (October 1, 2018): 245–73. http://dx.doi.org/10.2308/accr-52304.
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ABSTRACT This study examines a new form of initial public offerings, “supercharged” IPOs, where a firm-organized pre-IPO as a pass-through entity undergoes a series of transactions that steps-up the adjusted tax basis of the IPO firm's assets. This step-up imposes tax liabilities on pre-IPO owners, but also creates significant future tax benefits for the firm; the average anticipated deferred tax asset is $486 million ($13 per share) for our sample of supercharged IPO firms. Pursuant to tax receivable agreements, supercharged IPO firms pay a large portion of these tax benefits to pre-IPO owners as they are realized in the future. Future firm performance must be sufficiently strong for the IPO firm and the pre-IPO owners to realize the future tax benefits created by the supercharged transaction structure. We hypothesize and provide evidence of higher IPO offer prices and stronger future performance for supercharged IPO firms relative to traditional IPO firms. JEL Classifications: G14; G32; G34; H25.
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Siregar, Endang Satriani. "Pengaruh Corporate Governance terhadap Earnings Management Perusahaan IPO." Juripol (Jurnal Institusi Politeknik Ganesha Medan) 4, no. 1 (May 21, 2021): 107–13. http://dx.doi.org/10.33395/juripol.v4i1.10989.
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Penelitian ini mengkaji pengaruh corporate governance terhadap earnings management perusahaan yang melakukan IPO. Tujuan perusahaan adalah meningkatkan dana yang dapat diperoleh pada saat IPO tanpa disadari public. Perusahaan perlu meningkatkan daya tarik saham perusahaan melalui laporan keuangan, karena laporan keuangan merupakan landasan para investor sebelum melakukan investasi. Beberapa penelitian menunjukkan bahwa perusahaan yang melakukan IPO memiliki discretionary accrued income lebih tinggi dibanding dengan perusahaan yang belum melakukan IPO. Perusahaan yang melakukan IPO memiliki hak akrual yang lebih tinggi, dan kinerjanya akan menurun dalam tiga tahun setelah IPO. Namun hasil penelitian ini tidak menemukan bukti bahwa penurunan kinerja disebabkan oleh earnings management pada saat IPO. Hasil penelitian ini juga menunjukkan jika hanya dewan komisaris dapat menurunkan earnings management.
Kata Kunci: Earnings Management; IPO; Corporate Governance
Penelitian ini mengkaji pengaruh corporate governance terhadap earnings management perusahaan yang melakukan IPO. Tujuan perusahaan adalah meningkatkan dana yang dapat diperoleh pada saat IPO tanpa disadari public. Perusahaan perlu meningkatkan daya tarik saham perusahaan melalui laporan keuangan, karena laporan keuangan merupakan landasan para investor sebelum melakukan investasi. Beberapa penelitian menunjukkan bahwa perusahaan yang melakukan IPO memiliki discretionary accrued income lebih tinggi dibanding dengan perusahaan yang belum melakukan IPO. Perusahaan yang melakukan IPO memiliki hak akrual yang lebih tinggi, dan kinerjanya akan menurun dalam tiga tahun setelah IPO. Namun hasil penelitian ini tidak menemukan bukti bahwa penurunan kinerja disebabkan oleh earnings management pada saat IPO. Hasil penelitian ini juga menunjukkan jika hanya dewan komisaris dapat menurunkan earnings management.
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Yang, Songling, Mengwei Liu, Hemei Li, Juncheng Li, and Qiuyue Zhang. "Earnings Management for Second-time IPOs: Evidence from China." Applied Economics and Finance 8, no. 3 (May 26, 2021): 22. http://dx.doi.org/10.11114/aef.v8i3.5245.
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In China’s IPO market, firms that fail in their first IPO application make considerable adjustments before making their second IPO application. Examining firms that applied for IPOs during 2004-2018, we find that failed IPO applicant firms “package” themselves to obtain approval of the China Securities Regulatory Commission (CSRC) by reducing accrual earnings management and increasing real earnings management. In addition, after a successful second IPO application, these firms relax their vigilance vis-à-vis the CSRC and increase both accrual and real earnings management. This pre-IPO “packaging” behavior deceives investors, leading to higher IPO prices and higher post-IPO returns.
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Kawahara, Koutarou, Giovanni Alfieri, and Tsunenobu Kimoto. "Deep Levels Generated by Ion-Implantation in n- and p-Type 4H-SiC." Materials Science Forum 615-617 (March 2009): 365–68. http://dx.doi.org/10.4028/www.scientific.net/msf.615-617.365.
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The authors have investigated deep levels in the whole energy range of bandgap of 4H-SiC, which are generated by N+, P+, Al+ implantation, by deep level transient spectroscopy (DLTS). Ne+-implanted samples have been also prepared to investigate the pure implantation damage. In the n-type as-grown material, Z1/2 (Ec – 0.63 eV) and EH6/7 (Ec – 1.6 eV) are dominant deep levels. When the implant dose is low, seven peaks (IN1, IN3 ~ IN6, IN8, IN9) have emerged by implantation and annealing at 1000oC in the DLTS spectra from all n-type samples. After high-temperature annealing at 1700oC, however, most DLTS peaks disappeared, and two peaks, Z1/2 and EH6/7 survive. In the p-type as-grown material, D center (Ev + 0.40 eV) and HK4 (Ev + 1.4 eV) are dominant. When the implant dose is low, two peaks (IP1, IP3) have emerged by implantation and annealing at 1000oC, and four traps IP2, IP4 (Ev + 0.72 eV), IP7 (Ev + 1.3 eV), and IP8 (Ev + 1.4 eV) are dominant after annealing at 1700oC.
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Monteiro, Fred Julio Costa, José Carlos Tavares Carvalho, and Raimundo Nonato Picanço Souto. "Distribuição da Oviposição e Dinâmica Temporal do Aedes aegypti (Linnaeus) por Meio de Ovitrampas." EntomoBrasilis 7, no. 3 (December 5, 2014): 188–92. http://dx.doi.org/10.12741/ebrasilis.v7i3.419.
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O presente estudo teve como objetivo monitorar a dispersão do Aedes aegypti (Linnaeus) por meio de ovitrampas e correlacionar com as variáveis ambientais durante período aproximado de um ano na cidade de Macapá, AP, Brasil. Foram instaladas um total de 66 ovitrampas em 4 zonas da cidade: oeste, sul norte e central, trocando semanalmente as armadilhas. A contagem de ovos permitiu calcular o índice de positividade de ovo (IPO) e índice de densidade de ovo (IDO). Comparou-se o IPO e o IDO entre zonas, e correlacionou-se com os dados climáticos. Durante o estudo, o IPO foi de 50,44% e o IDO 103,79. Não houve diferença do IPO entre as zonas, apenas o IDO da zona central fora maior que as demais. O IPO e o IDO estiveram correlacionados positivamente com a pluviosidade e umidade do ar mínima e, negativamente com a umidade máxima do ar e temperatura máxima e mínima. O monitoramento do A. aegypti por meio de ovitrampa direciona complementarmente a equipe de combate ao vetor, permitindo atuar de maneira mais eficaz na área de maior positividade. Nossos resultados indicam que Macapá está similarmente infestada pelo A. aegypti e que estes elevados índices são influenciados fortemente pelas variáveis ambientais, sendo o período mais chuvoso com os maiores índices entomológicos.
Distribution of Oviposition and Temporal Dynamics of Aedes aegypti (Linnaeus) by Ovitraps
Abstract. This study aimed to monitor the spread of Aedes aegypti (Linnaeus) using ovitraps and correlate the results with the climate data over a period of approximately one year in the city of Macapá, AP, Brazil. A total of 66 ovitraps were installed in four areas of the city (west, south, north and central), and replaced weekly. The eggs were counted to calculate the egg positivity index (EPI) and egg density index (EDI). The EPI and EDI were compared across zones and correlated with climate data. For the period of the study, the EPI was 50.44% and the EDI was 103.79. There was no difference in EPI across different areas, and only the EDI in the central area was greater than that in the other areas. The EPI and EDI were correlated positively with rainfall and humidity minimum and negatively with maximum humidity of air and maximum and minimum temperature. The monitoring of A. aegypti using ovitraps helps the team to combat the vector, enabling them to act more effectively in areas of higher positivity. Our results indicate that Macapa is similarly infested with A. aegypti and these high levels are strongly influenced by environmental variables, being the rainiest period with the largest entomological indices.
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Qun Wang, Qun Wang, and Po-Hsin Ho Qun Wang. "The long-run abnormal returns and the subsequent SEO characteristics of profit-exempted IPO firms in Taiwan." 企業管理學報 47, no. 4 (December 2022): 013–38. http://dx.doi.org/10.53106/102596272022120474002.
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<p>The deregulation of IPO requirements changes the industrial structure. Focusing on Taiwan’s unique profit-exempted IPO requirements, this study confirms that deregulation not only leads to IPO clustering, but also to a concentration in chemical and bio-pharmaceutical industry. The profit-exempted IPO issuers actively release optimistic information about future growth and take advantage of overvaluation to increase IPO revenue by misleading investors into mispricing the IPO. This results in poor long-run abnormal stock returns when stock price reverses after the IPO to correct the mispricing. In addition, some profit-exempted companies continue to use mispricing to raise equity capital and issue new shares after the IPO. For profit-exempted IPO companies, the characteristics of seasoned equity offerings within three years after IPO are significantly different from other companies. They are more likely to issue shares after IPO with shorter interval, larger size, and more frequent than non-profit exempted IPO firms. This study finds that the phenomenon of profit-exempted issuers raising capital is more consistent with the market timing theory.</p> <p> </p>
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Haggard, K. Stephen, and Yaoyi Xi. "IPO overvaluation and returns prior to lockup expiration." Managerial Finance 43, no. 12 (December 4, 2017): 1392–410. http://dx.doi.org/10.1108/mf-05-2017-0172.
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Purpose Conventional wisdom says that the price reduction stocks experience at expiration of the initial public offering (IPO) lockup period is due to relaxation of selling constraints. Findings from more recent literature question this explanation. The purpose of this paper is to examine a different cause for this price drop, IPO overvaluation. Design/methodology/approach Using the IPO overvaluation measures of Purnanandam and Swaminathan (2004), the authors examine IPO lockup period stock return differences between stocks in the highest and lowest overvaluation quintiles. Findings The authors show that the IPO lockup period price reduction is strongly related to overvaluation. Zero-investment portfolios long in the lowest overvaluation quintile and short in the highest overvaluation quintile of IPO firms have positive significant returns. Practical implications IPO investors can use the technique to identify firms likely to underperform in the IPO lockup period, potentially avoiding bad investments. Originality/value This is the first study to link IPO lockup period stock returns to IPO overvaluation, providing evidence on the impact of both overvaluation and short-selling constraints on stock returns in the IPO lockup period.
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Khadim, Muhammad Irfan, and Samreen Fahim Babar. "IPO Intra Industry Effects on Peer Firm's Earnings, Composition and Stock Returns." Global Economics Review VI, no. II (June 30, 2021): 41–48. http://dx.doi.org/10.31703/ger.2021(vi-ii).04.
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The present study is conducted to see how an IPO event affects the existing firm's performance within the same industry. For this purpose, 88 IPO firms were examined from Pakistan Stock Exchange (PSX) from 1998-2016. IPO is examined from three major perspectives IPO proceeds, initial returns and time Lag between IPO listing date and IPO subscription. The study uses Buy and Hold Abnormal Returns (BHAR) and Cumulative Abnormal Returns (CAR) to calculate competitor's abnormal returns. To calculate the operating performance of competitors, the Wilcoxon significance test was applied. IPO intra-industry effects are significant in the long run, whereas insignificant results are shown in the short run. In addition, IPO proceeds and abnormal returns are significant but negatively related to competitors' stock returns (long term). Moreover, Herfindahl Hirschman Index (HHI) finds IPO improves competitiveness in the industry environment. This present study is an important one from an emerging economy perspective.
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Shen, Fong-Yi, and Yeong-Jia Goo. "The IPO initial returns-aftermarket risk question revisited: evidence from firms in Taiwan." Investment Management and Financial Innovations 16, no. 2 (April 12, 2019): 14–24. http://dx.doi.org/10.21511/imfi.16(2).2019.02.
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The purpose of this study is to utilize the Three Stage Least Squares (3SLS) of the simultaneous equation estimation approach to revisit the possible cross relationship between IPO initial returns and aftermarket risk. A structural form equation system of IPO initial returns and aftermarket risk equations is estimated first to obtain the structural form coefficients. The analytically derived reduced form coefficients are then calculated to analyze the net effects of each exogenous variable on two endogenous variables. Major findings of this study are as follows. First, the signs of net effects of all exogenous variables on IPO initial returns and aftermarket risk are the same. In other words, any change in exogenous variables, IPO initial returns and IPO aftermarket risk will change in the same direction, i.e., the higher (lower) the IPO initial returns, the higher (lower) the IPO aftermarket risk. Second, the less the degree of corporate governance, the higher the IPO initial returns and aftermarket risk. Third, the higher the market risk or return before IPO, the higher the IPO initial returns and aftermarket risk.
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Львутин, Павел П., and О. В. Фетцер. "Первичные публичные размещения акций: обзор исследований." Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438 1, no. 1 (December 31, 2010): 145–89. http://dx.doi.org/10.17323/j.jcfr.2073-0438.1.1.2007.145-189.
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В данной статье анализируются методы и результаты академических исследований IPO. Рассматриваются широко известные и дебатируемые феномены IPO в рамках трех подходов: с точки зрения акционеров, с точки зрения компании как независимой хозяйственной единицы в рамках бизнес- среды и с точки зрения инвестиционного банка и инфраструктуры финансового рынка. Представлен обзор статей по феномену недооценки и переоценки IPO на разных инвестиционных горизонтах, выбора компанией времени для выхода и мотивов выхода на IPO, волнам IPO, эффективности компании после IPO.
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Кокорев, Дмитрий Александрович, and А. Г. Чистяков. "Первичные публичные размещения акций: основные исследуемые аномалии." Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438 6, no. 4 (February 14, 2013): 144–51. http://dx.doi.org/10.17323/j.jcfr.2073-0438.6.4.2012.144-151.
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Авторы: Дмитрий Александрович Кокорев НИУ ВШЭ
А Г Чистяков НИУ ВШЭ
В данной статье представлен обзор исследований, посвященных анализу первичных размещений акций (IPO). Подробно рассматриваются следующие аномалии IPO – недооценка IPO (феномен существенного роста цен на акции после их размещения), пониженная долгосрочная доходность акций после IPO (на долгосрочном горизонте акции компании, прошедших через IPO, показывают худшую доходность, чем аналоги) и волны IPO (эмпирически установлена цикличность размещений). Посредством обзора статей показано, что все три аномалии тесно взаимосвязаны между собой.
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Львутин, П. П., and О. В. Фетцер. "Первичные публичные размещения акций: обзор исследований." Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438 1, no. 1 (December 31, 2010): 145–89. http://dx.doi.org/10.17323/jcfr.2073-0438.vol1.iss1.2007.pp145-189.
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В данной статье анализируются методы и результаты академических исследований IPO. Рассматриваются широко известные и дебатируемые феномены IPO в рамках трех подходов: с точки зрения акционеров, с точки зрения компании как независимой хозяйственной единицы в рамках бизнес- среды и с точки зрения инвестиционного банка и инфраструктуры финансового рынка. Представлен обзор статей по феномену недооценки и переоценки IPO на разных инвестиционных горизонтах, выбора компанией времени для выхода и мотивов выхода на IPO, волнам IPO, эффективности компании после IPO.
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Fang, Kaiwen, Yunxiang Li, and Wanjia Xu. "Research And Analysis on Tax Risk Management of Enterprises Proposed for IPO." Highlights in Business, Economics and Management 24 (January 22, 2024): 1011–17. http://dx.doi.org/10.54097/8c38sn19.
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In recent years, IPO has become one of the important financing methods for many enterprises, and IPO listing has brought more resources and opportunities for many enterprises. However, some enterprises to be listed on the IPO lack the awareness of risk avoidance and do not do a good job in tax management, which leads to negative impacts on the IPO listing and even failure of the IPO listing, which can be seen from the fact that enterprises deal with the tax-related issues is a key factor for the success of the listing on the IPO, and it is very important to carry out effective tax risk management. Effective tax risk management is of great importance. This paper analyses the tax risk problems of IPO enterprises by studying the tax risk problems of today's IPO enterprises and puts forward suggestions for tax risk management of IPO enterprises, as well as puts forward the outlook for future research.
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Herlina, Tati, and Dina Dia. "ANALISIS KINERJA KEUANGAN PERUSAHAAN SEBELUM DAN SESUDAH INITIAL PUBLIC OFFERING (IPO) DI BURSA EFEK INDONESIA." Jurnal Manajemen Bisnis Unbara 1, no. 1 (September 30, 2020): 55–75. http://dx.doi.org/10.54895/jmbu.v1i1.545.
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Data analysis techniques used is descriptive qualitative. Based on the results of the study showed that the performance of the company PT. Semen Baturaja before and after the IPO at the current ratio of the company has fluctuated, this change has a very good company performance when before IPO this was because after the IPO the company was able to achieve a ratio of 385% while after the IPO the company's current ratio reached only 8.26%. DER and DAR of fluctuated but when compared before and after the IPO the value is more spread before the IPO. company net profit margin has a very high value but if compared to before and after the IPO, the company has a higher net profit margin value after the IPO in 2012 38%. Gross Profit Margin, Operating Profit Margin, ROE and ROA are the ratio shows the same thing, namely a ratio that has a higher ratio before the IPO and after the IPO switches to a lower ratio. The Simple Paired test shows that the value of t arithmetic <t table (0.860 <2.06390) and P value (0.398> 0.05) then H0 is accepted meaning that there is no difference between the financial performance of the company before and after the initial public offering (IPO)
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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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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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Jia, Ning. "Diversification of pre-IPO ownership and foreign IPO performance." Review of Quantitative Finance and Accounting 48, no. 4 (May 5, 2016): 1031–61. http://dx.doi.org/10.1007/s11156-016-0577-x.
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Diniz, Morgana M. C. de S. L., Daniella Vilela Lima, Filipe Gabriel Menezes Pancetti, Delsio Natal, and Paulo Roberto Urbinatti. "Influência de fatores climáticos na presença, densidade e distribuição de Aedes aegypti na Zona Oeste de São Paulo / Influence of climatic factors on the presence, density and distribution of Aedes aegypti in the West Zone of São Paulo." Brazilian Journal of Animal and Environmental Research 4, no. 3 (July 27, 2021): 3418–28. http://dx.doi.org/10.34188/bjaerv4n3-049.
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Objetivo: avaliar a presença do Aedes aegypti por meio de indicadores entomológicos de monitoramento, associando as variáveis meteorológicas. Métodos: As coletas ocorreram de dezembro de 2013 a novembro de 2014, mensalmente foram instaladas 40 ovitrampas e 40 adultraps, o material coletado foi levado ao laboratório para análise. Após análise foram calculados os índices IDO (índice de densidade de ovos), IPO (índice de positividade das ovitrampas), IPaegypti(índice da presença de Ae. aegypti) e Mfaegypti(média de fêmeas); todos esses indicadores foram associados a variáveis ambientais. Resultados: Abril (90%) foi o mais expressivo para o IPO e setembro (80,5) o de maior IDO. Para os adultos janeiro (11,8%) apresentou o maior IPaegypti, para Mfaegypti março (0,15) foi mais representativo. Conclusão A presença do Ae. aegypti na Cidade Universitária foi expressiva ao longo do ano, necessitando um monitoramento constante da presença do vetor.
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Li, Yihong, Xinyang Shi, and Rui Yuan. "Research on IPO Listing Inquiries of Information Transmission, Software and Information Technology Services Industry." Highlights in Business, Economics and Management 11 (May 9, 2023): 41–48. http://dx.doi.org/10.54097/hbem.v11i.7942.
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IPO inquiries are one of the key topics of research today. Scholars have identified many issues, but there is still a gap in the research on the correlation between IPO inquiry rounds and performance. Therefore, the research topic of this paper is a study of IPO inquiries in the information transmission, software and information technology services industry. The research methodology of this paper is as follows: firstly, we collect the questions and results of IPO inquiries, screen the data, and then calculate the volatility and the underpricing of each round of IPO inquiries by comparing the data. Finally, the total number of questions asked by IPO companies was counted in order to identify high-frequency key questions. The study finds that IPO inquiries have a significant impact on the timing of IPO, the underpricing and volatility of companies. The study suggests that the enterprises being questioned should do a good job in related areas and improve the quality of information disclosure to reduce the negative impact of IPO inquiries. Regulators should improve the monitoring of information disclosure quality of listed companies to protect investors' rights and interests and enhance the governance role of IPO inquiries in capital market resource allocation. Investors should always pay attention to the process and results of IPO inquiries of the companies they care about, and understand the financial status and management system of the companies through IPO inquiries, so as to facilitate their own investment and protect their own rights and interests.
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Bedford, M., and X. Rousseau. "Recent findings regarding calcium and phytase in poultry nutrition." Animal Production Science 57, no. 11 (2017): 2311. http://dx.doi.org/10.1071/an17349.
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Calcium (Ca) is an essential element for poultry and even a mild deficiency can lead to significant welfare and performance issues. As a result, it is often fed at levels in excess of requirement, partly as an insurance policy and, to some degree, because of its relatively low cost compared with other feed ingredients. However, when diets meet but do not exceed the phosphorus (P) requirements of the bird, a marginal Ca excess can interfere with P digestibility. This problem is exacerbated when phytases are used to provide some of the required P because Ca decreases the efficiency of phytate (IP6) hydrolysis in a dose-dependent manner. More recently, phytases have been used at very high doses (1500 FyTase units (FTU); ‘superdosing’) in commercial diets, to improve bird performance by removing as much of the dietary IP6 and lower esters of phytate (IP5, IP4, IP3 and IP2) as possible, all of which are considered anti-nutrients, and concomitantly producing as much inositol, a nutrient, as possible. In such a regimen, the ability of the phytase to degrade the lower phytate esters, namely IP4, IP3 and IP2, takes on greater importance than does simply releasing phytate P. Calcium has recently been shown to reduce the efficacy of hydrolysis of the lower phytate esters to a greater degree than the extent to which it decreases IP6 hydrolysis. As a result, Ca concentrations in the diet should be monitored frequently if the maximum value of a phytase is to be realised.
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Ozdemir, Ozgur, and Murat Kizildag. "Does franchising matter on IPO performance?" International Journal of Contemporary Hospitality Management 29, no. 10 (October 9, 2017): 2535–55. http://dx.doi.org/10.1108/ijchm-11-2015-0662.
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Purpose This paper has two main purposes. First, this paper aims to examine whether pre-initial public offering (IPO) franchising activity of issuing firms is priced in the financial markets and results in pricing differential between franchising and non-franchising firms at the time of IPO. Second, the paper aims to find out whether firms with pre-IPO franchising achieve better post-IPO stock performance compared to non-franchising firms. Design/methodology/approach To test research hypotheses, empirical models were developed and tested through ordinary least square regression analysis. Several data sources were used including Thomson One Banker’s SDC database, Compustat/CRSP and IPO prospectuses. Findings The paper provides further insights to the underpricing phenomenon surrounding IPOs and long-run performance of IPO shares subsequent to listing. Particularly, the study reveals that franchising firms underprice their issues to a higher degree compared to non-franchising firms, and franchising positively affects the post-IPO benchmark adjusted cumulative abnormal returns (CARs) over a three-year observation period. Research limitations/implications Because the study tests the proposed hypotheses using data only from the restaurant industry, the research results may lack generalizability. Therefore, researchers are encouraged to test similar hypotheses using larger sample sizes from other industries. Practical implications The study’s findings have important implications both for IPO issuers in positioning their offering and for IPO investors in comparing IPO stocks and forming long-run portfolios. Originality/value This paper contributes both to the IPO and franchising literatures by providing primary insights about how investors perceive pre-IPO franchising and incorporate their perception into their pricing at an IPO.
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Djerbi, Chiraz, and Jarboui Anis. "Boards, retained ownership and failure risk of French IPO firms." Corporate Governance 15, no. 1 (February 2, 2015): 108–21. http://dx.doi.org/10.1108/cg-10-2013-0115.
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Purpose – This paper aims to investigate the relationship between corporate governance structures of French initial public offering (IPO) firms and the likelihood of failure and involuntary delisting from the stock exchange in the long run. Design/methodology/approach – A matched-pairs research design was used and 36 delisted IPO firms were compared to an equal number of control IPO firms matched in terms of time, size and industry. Conditional logistic regression analyses were performed, and it was found that corporate governance structures in delisted IPO firms were relatively weak compared to control IPO firms. Findings – A significant negative association was found between the likelihood of exchange delisting and the proportion of independent directors. A positive and significant relationship was also found between the likelihood of exchange delisting on the one hand and the chief executive officer/Chair role duality and the retained ownership by insiders after the IPO on the other hand. However, no relationship was detected between IPO failure risk and board size at the IPO time. Originality/value – Retained ownership and failure risk of French IPO firms.
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HARJITO, D. AGUS, and HENRY FERDYANA. "THE RELATIONSHIP BETWEEN IPO RETURNS AND FACTORS INFLUENCING IPO PERFORMANCE IN THE INDONESIA STOCK EXCHANGE." Jurnal Ekonomi dan Bisnis 10, no. 1 (January 1, 2009): 191. http://dx.doi.org/10.30659/ekobis.10.1.191-291.
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Studi ini bertujuan untuk menguji factor-faktor IPO performance dengan IPO return. Studiini mencoba menidentifikasi mekanisme yang cocok untuk menguji factor-faktor yangdapat mempengaruhi IPO return di Indonesia, seperti yang ditunjukkan oleh perusahaanperusahaandi Bursa Efek Indonesia. Faktor-faktor yang mempengaruhi IPO performanceditunjukkan oleh enam variable, yaitu ukuran perusahaan, umur perusahaan, total sahamyang dibagikan ke masyarakat, tipe investor, tingkat hutang perusahaan dan rasio antaraharga yang ditawarkan dengan pendapatan per lembar saham. Factor-faktor IPO returnditunjukkan oleh satu variable, yaitu return jangka pendek (initial return). Data dari studi inidiambil dari perusahaan-perusahaan yang terdaftar di Bursa Efek Indonesia pada tahun 1996-2006. Berdasarkan hasil penelitian dan pembahasan, didapatkan bahwa factor-faktor yangditeliti (ukuran perusahaan, umur perusahaan, total saham yang dibagikan di masyarakat,tipe investor, tingkat hutang dan rasio harga) tidak dapat mempengaruhi IPO return di pasarIndonesia. Ini kemungkinan terjadi karena para investor, khususnya investor luar, masihkhawatir tentang kondisi eksternal seperti kondisi ekonomi yang tidak stabil,kondisi politik,peraturan pemerintah dan kondisi keamanan di Indonesia, jadi, ini yang memungkinkanbahwa kondisi eksternal dapat mempengaruhi IPO return di IndonesiaKeywords : IPO return, IPO performance, initial return, internal condition, external
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Ferdila and Sri Martina. "PERBANDINGAN KINERJA KEUANGAN PERUSAHAAN SEBELUM DAN SESUDAH INITIAL PUBLIC OFFERING (IPO) PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA." JRB-Jurnal Riset Bisnis 6, no. 1 (October 31, 2022): 87–103. http://dx.doi.org/10.35814/jrb.v6i1.4037.
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Penelitian ini membandingkan hasil keuangan perusahaan manufaktur sebelum dan sesudah penawaran umum perdana (IPO). Mengingat statistik laporan keuangan ditulis secara lengkap, maka metode yang digunakan adalah penelitian deskriptif kuantitatif, yang kemudian mengolah dan menganalisis data yang dihasilkan untuk menarik kesimpulan. Seluruh bisnis manufaktur yang go public pada tahun 2019 menjadi sampel dalam penelitian ini. Untuk menghasilkan sampel penelitian untuk analisis data menggunakan analisis statistik deskriptif dan pengujian hipotesis, yaitu uji-t sampel berpasangan, pengambilan sampel bertujuan, strategi pengumpulan sampel dengan perhatian yang cermat. Temuan penelitian mengungkapkan bahwa IPO tidak berdampak pada rasio likuiditas, yang diukur dengan rasio lancar. Hal ini menunjukkan bahwa peluncuran IPO tidak akan meningkatkan tingkat likuiditas perusahaan. Debt to Equity Ratio menunjukkan bahwa IPO tidak berdampak pada rasio solvabilitas. Hal ini menunjukkan bahwa tingkat solvabilitas perusahaan tidak terpengaruh oleh IPO. Rasio Perputaran Aset Total, yang mengukur rasio aktivitas, menunjukkan bahwa IPO tidak berdampak padanya. Hal ini menunjukkan bahwa peluncuran IPO tidak akan meningkatkan volume kegiatan bisnis. Rasio profitabilitas yang dinyatakan dalam Net Profit Margin tidak terpengaruh oleh IPO. Hal ini menunjukkan bahwa melakukan IPO tidak akan meningkatkan profitabilitas perusahaan.
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Wang, Zheyi, Chenlan Xiao, and Wenjia Zhu. "A Review of Research on Factors Influencing IPO Premiums." Highlights in Business, Economics and Management 24 (January 22, 2024): 1018–23. http://dx.doi.org/10.54097/1wtts988.
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The IPO (Initial Public Offering) market has garnered increasing attention in recent years, and the IPO issue premium, as an important indication, is vital for both investors and firms. The purpose of this research is to investigate the elements that influence the IPO offering premium. This article discover numerous crucial factors after examining and organizing related papers. First, the registration system, including its development history, is a key component in determining the IPO issue premium. Second, the market environment, such as market volatility and market maturity, influences the IPO issue premium. Furthermore, investor mood has a significant impact on the IPO issue premium. Finally, the prominence and experience of underwriting organizations have an impact on IPO issuance premiums. This study verifies the impact of the aforementioned factors on IPO issuance premiums and makes some interesting results by gathering relevant data and employing appropriate statistical methodologies. With a better grasp of these aspects, investors and firms can make more educated investment decisions by better understanding the mechanism of IPO issuance premium development.
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Bao, Ben-Hsien, Richard Chung, Yanjun Niu, and Steven Wei. "Real and accrual earnings management around IPOs: US evidence." Corporate Ownership and Control 10, no. 3 (2013): 76–94. http://dx.doi.org/10.22495/cocv10i3art7.
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This study examines the presence of real activities manipulation (REM) of IPO firms utilizing the cross-sectional regressions on each industry-year (Roychowdhury, 2006). The real activities examined in this paper include sales manipulation, reduction of discretionary expenses and overproduction. We show that IPO firms have significantly negative abnormal cash flows from operations and significantly positive abnormal production costs in the IPO year. The findings suggest that IPO firms not only manipulate accruals to inflate reported earnings, but also engage in real activities manipulation. We also show that IPO firms‟ decisions to manipulate earnings in the IPO year is positively related to the amounts of IPO proceeds and negatively related to the underwriters‟ reputation rankings and the presence of venture capital
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Kongkaew, Tharitsaya, Supa Tongkong, and Sungworn Ngudgratoke. "Moderating Effects of Founders’ Role on the Influence of Internationalization on IPO Performance of Listed Companies in Thailand." International Journal of Financial Studies 9, no. 3 (July 23, 2021): 37. http://dx.doi.org/10.3390/ijfs9030037.
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Previous research suggests that internationalization affects initial public offering (IPO) performance in the short term, but it less is known about the founders’ role in the relationship between internationalization and IPO performance. The objectives of this study were to investigate moderating effects of the founders’ role on the impact of internationalization on IPO performance of newly listed companies. The samples included 80 international firms listed in Thailand stock markets from 2013 to 2020. Multiple regression analysis was employed to test the effects of internationalization on IPO performance, and the PROCESS macro was applied to test the moderating effects. Founder CEO as a proxy of a founders’ role was a moderator variable where internationalization was a predictor variable and IPO underpricing, a proxy of IPO performance, was the outcome variable. The results revealed that internationalization demonstrated no statistically significant effect on IPO underpricing. A non-founder CEO had a moderating effect on the influence of internationalization on IPO underpricing, whereas a founder CEO revealed no moderating effect. Specifically, internationalization had a negative effect on IPO underpricing once an international firm had a non-founder CEO. A decrease in IPO underpricing of international firm is clearly explained by the results of this study.
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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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Matthews, Gilbert E. "Why Pre-IPO Studies Are Unsound in Concept and in Practice." Business Valuation Review 40, no. 3 (November 1, 2021): 97–103. http://dx.doi.org/10.5791/21-00005.
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This article explains why pre–initial public offering (IPO) studies are not a valid basis for determining marketability discounts. They are unsound in concept because the pre-IPO transactions and the subsequent IPO are priced at materially different dates and because the IPO price is not knowable at the earlier date. They are unsound in practice for several reasons, such as selectivity—the data include only companies that subsequently become publicly traded—and the fact that any pre-IPO discount includes not only a marketability discount but also a second discount for the risk that the IPO may not take place.
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Musikhina, Ekaterina. "Initial Public Off erings’ Process at the World's Largest Stock Exchanges in 2001–2012." Moscow University Economics Bulletin 2015, no. 5 (October 30, 2015): 104–28. http://dx.doi.org/10.38050/01300105201556.
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This article is investigating the initial public offerings (IPO) activity at world’s largest stock exchanges in 2001–2012. The main goal of the article is to determine the main trends of the IPO process at the world largest Stock Exchanges in 2001—2012. To achieve this goal the the author examines world and regional exchange centers of IPO-activity concentration and dentifies the factors determining the leading position of particular stock exchanges in various countries and regions in different periods of time. The autor coliects and analyses data from annual «IPO Watch Europe» reports provided by PwC Company in 2001—2012. The obtained time-series gives the opportunity to examine the variations of IPO-activity at different world Stock Exchanges along two dimensions: the overall volume and value of IPO deals at various Stock Exchanges. The analysis proves that the IPO-activity was mostly concentrated at European, US and the Greater China stock exchanges during the period under con sideration. The study reveals the shift of the world IPO-activity to Asian equity markets, with high IPO-activity indicators reported in emerging market econo mies. Brazilian, Saudi Arabian, Polish stock exchanges demonstrate the highest offerings indicators in this group. Thus, they are expected to become the new re gional centers of IPO-activity in future. In order to maintain or increase the current IPO-activity indicators ex-leaders had to resort to the consolidation of existing facilities throng M&A processes.
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Dobridge, Christine, Rebecca Lester, and Andrew Whitten. "IPOs and Corporate Taxes." Finance and Economics Discussion Series 2021, no. 058 (September 7, 2021): 1–75. http://dx.doi.org/10.17016/feds.2021.058.
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How does going public affect firms’ tax obligations and tax planning? Using a panel of U.S. corporate tax return data from 1994 to 2018, we compare tax payments for firms that completed an IPO with those that filed for an IPO but later withdrew and remained private. We find that in the years immediately following IPO completion, firms have a higher probability of paying taxes and pay more U.S. tax. The effects occur regardless of tax status in the pre-IPO period and are not explained by statutory limitations imposed on the use of pre-IPO losses. Higher income reported for financial reporting purposes, as well as lower interest deductions attributable to debt repayment, contribute to the increased tax payments. These increases are partially offset by higher tax deductions for post-IPO investment and employment spending. Furthermore, the IPO is associated with increased tax planning through foreign tax haven use. The evidence adds to the nascent literature examining corporate tax implications of the IPO decision.