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Dai, Kai. "Liquidity shocks and SEO underpricing." Thesis, University of Nottingham, 2012. http://eprints.nottingham.ac.uk/12627/.
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We hypothesise that certain market conditions could lead to liquidity shocks that will consequently increase SEO underpricing (defined as the close-to-offer return). We propose three scenarios of market conditions, namely aggregate issues with large volume, large market declines and market volatility. Using a sample of about 5,000 seasoned equity offerings from 1987 to 2009, we found that market volatility is significantly and positively related to SEO underpricing after controlling for other factors. We employed an estimation method proposed by Chambers and Dimson (2009) to examine the behaviour of SEO underpricing over our sample period from 1987 to 2009. We found that after controlling for changing risk composition, price practice, market conditions and the influence of underwriter reputation and analyst coverage, there was still an upward shift in SEO underpricing over the sample period, and the pattern cannot be fully explained by the practice of setting offer prices at lower integers. We borrowed the investment banking power hypothesis from the literature and argued that the upward shift of SEO underpricing over the sample period could be explained by the increase of investment banking power. As the industry structure of underwriting transfers from a competitive market to an oligopoly market, banks use non-price dimensions to gain market power and consequently increase SEO underpricing.
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kobeisy, islam. "Underpricing of US FinTech IPOs." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Företagsekonomi, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-42312.
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This master thesis examines the effect of ex-ante uncertainty about the intrinsic value of US FinTech IPOs stock on the underpricing level. Baron (1982) Asymmetric information model and Beaty and Ritter (1986) the ex-ante uncertainty model were tested using regression analysis by selecting different proxies of ex-ante uncertainty (Firm Age and Market capitalization, IPO proceed and Number of uses of proceed, Venture backing and Underwriter reputation). The Data set consists of 62 US FinTech IPOs during the period from January, 2005 to July, 2017. The underpricing level of US FinTech IPOs was 20.46%. The market capitalization, venture backing and the number of uses of proceed were found to be significant in determining the level of underpricing. The thesis also concludes that Baron (1982) and Beaty and Ritter (1986) models don’t hold for the FinTech IPOs during the period from January, 2005 to July, 2017.
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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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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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Maciel, Luiz Paulo Pires. "Underpricing of equity offerings in Brazil." reponame:Repositório Institucional do FGV, 2006. http://hdl.handle.net/10438/2331.
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Previous issue date: 2006-09-11T00:00:00ZWe examine the underpricing of twenty-seven IPOs and twenty-nine SEOs issued in Brazil from January 1999 to March 2006. Determinants on pre-market demand, underwriting activities and information asymmetry were discussed. Common characteristics seem to exist between all issues. 94% have been on premium market corporate level and 93% were realized via bookbuilding. Underpricing for IPOs and SEOs has been recorded at 9.6% and 3.6%, respectively. IPOs are more underpriced when (i) more informed investors receive shares, (ii) better ranked underwriters lead the offer, and (iii) there is positive revision in the final price compared to the initial price range defined before information disclosure. SEOs are more underpriced when (i) shares presents higher appreciation in pre-offer period, and (ii) the proportion of primary offers are larger, supporting adverse selection costs theory.
Esta dissertação examina os determinantes do deságio nas emissões de ações entre Janeiro de 2004 e Maio de 2006 no Mercado Brasileiro de Capitais. Apresentando forte liquidez e rentabilidade nos últimos três anos, o mercado brasileiro vem passando por melhorias institucionais e de regulamentação, como a criação do Novo Mercado na Bovespa e a publicação da CVM nº 400. Como reflexo destes aspectos e da maior participação de investidores estrangeiros e individuais, as ofertas de ações vêm apresentando recordes de emissão em número de empresas e volume negociado. A evolução no desempenho do mercado Brasileiro também é acompanhada pelo retorno das ações recém-emitidas. Comparando com estudo de Aggarwal, Leal e Hernandez (1993), o deságio das ações apresentam forte queda nas últimas décadas, de 78,5% para 9,6%. Esta diferença deve-se a melhoria de ferramentas que reduzem a assimetria de informação entre agentes de mercado e ao desenvolvimento do próprio mercado acionário, tanto para ofertas inicias quanto para secundárias. O que determina este deságio é o principal foco deste trabalho. O nosso objetivo principal é o de contribuir para a literatura brasileira e internacional acerca do desenvolvimento do mercado acionário de países emergentes. Neste trabalho identificamos, organizamos e buscamos compreender as características das emissões de ações, juntamente aos determinantes do deságio observado. Hipóteses principais baseiam-se (a) no papel do banco de investimentos líder na colocação de ações no mercado, (b) na demanda pela ação a ser emitida antes do apreçamento da mesma e (c) na assimetria de informação existente entre a empresa emissora e os potenciais investidores. Nós concluímos que os bancos de investimentos utilizam políticas discricionárias na alocação de ações. Ofertas Públicas Inicias apresentam maior deságio quando (a) os investidores de varejo recebem menos ações, (b) melhores bancos de investimentos coordenam a oferta e (iii) quando o preço final está acima da faixa de preço estipulada anteriormente. Ofertas Públicas Secundárias apresentam maior deságio quando (a) suas ações apresentam valorização nos cinco dias anteriores à emissão e (b) quando há maior ocorrência de ofertas primárias.
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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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Reeder, Arnold Sietse. "Initial public offering underpricing : 1990s vs. 1980s." Honors in the Major Thesis, University of Central Florida, 2003. http://digital.library.ucf.edu/cdm/ref/collection/ETH/id/330.
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This item is only available in print in the UCF Libraries. If this is your Honors Thesis, you can help us make it available online for use by researchers around the world by following the instructions on the distribution consent form at http://library.ucf.edu/Systems/DigitalInitiatives/DigitalCollections/InternetDistributionConsentAgreementForm.pdf You may also contact the project coordinator, Kerri Bottorff, at kerri.bottorff@ucf.edu for more information.Bachelors
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Zheng, Chen. "Essays on IPO underpricing : an economic approach." Thesis, University of Reading, 2018. http://centaur.reading.ac.uk/78876/.
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Regardless of the huge body of literature on the short-run performance of initial public offerings (IPOs), the anomaly remains unsolved and there are still less explored areas, mainly due to a lack of data availability and methodology restrictions. This thesis aims to provide a better understanding of IPO valuation and initial returns with an economic approach, which is new to the focus of current literature on firm- and issuing-characteristics. Specifically, this thesis introduces three new macroeconomic determinants in an IPO valuation, including the country-level financial integration, regional economic openness and geographic business/investment location of real assets, by focusing on the cross-country and real estate IPOs. Due to the already mentioned restrictions on data and methodology, the analysis of this thesis is carried out on three studies, each with a unique and different dataset. The results show that a country’s financial integration reduces IPO initial returns, along with the country-level institutional settings. Alongside this direct effect, the results also suggest a moderation effect where financial integration weakens the impact of country institutions on IPO underpricing. Furthermore, in the second study, urban economic openness at a regional (or city) level within a country is found to reduce IPO initial returns. We use the laboratory of real estate IPOs in China, where we observe high underpricing and cross-sectional variation in openness between regions. As this impact is transmitted through the geographic location of a company’s underlying real assets, the final study shows how this geographic factor matters for U.S. Real Estate Investment Trust (REIT) IPOs. The findings reveal a negative relationship between the geographic diversification of the underlying properties and IPO initial returns. Overall, this thesis highlights the importance of the macroeconomic conditions surrounding the issuing company to its IPO valuation.
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Ren, Jinjuan. "Investor sentiments, agency conflicts, and IPO underpricing." Click to view the E-thesis via HKUTO, 2009. http://sunzi.lib.hku.hk/hkuto/record/B42664342.
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Guidolin, Katia <1988>. "Il fenomeno dell'IPO underpricing: il caso Cina." Master's Degree Thesis, Università Ca' Foscari Venezia, 2013. http://hdl.handle.net/10579/3096.
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Il processo di quotazione, modalità chiave a disposizione delle aziende per raccogliere capitale presso il pubblico, cela un'anomalia che da decenni ha interessato schiere di studiosi ed esperti: il fenomeno dell'underpricing. Al fine di spiegare questo "puzzle" della finanza si è innescato un'attento processo di indagine delle cause e formulazione delle relative teorie esplicative a partire da dati empirici, avendo però privilegiato come scenario d'analisi perlopiù il contesto occidentale. Questo elaborato vuole invece volgere lo sguardo verso il continente asiatico, la Cina in particolar modo, dove il fenomeno si è registrato con un tale grado di intensità e di straordinarietà da farlo ritenere un caso eccezionale.
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Ramsin, Anders, and Kristoffer Göthner. "Underpricing in Swedish IPOs : An investigation of the current situation and possible causes." Thesis, Högskolan i Jönköping, Internationella Handelshögskolan, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-26689.
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Using a unique dataset of 41 IPOs from 2005 to 2015, we investigate the underpricing situation in the NASDAQ OMX Stockholm stock exchange. Our findings show a mean underpricing of 4.9% for the period, with values ranging from -20% to 28.3%. Further, we use a set of statistical models to explore the impact on underpricing from the issuing company’s age and size, choice of underwriter, their line of industry, and the size of their offering, all with some surprising results.
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Pindroch, Michal. "Underpricing and the Long-Run Underperformance of IPOs." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-71977.
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When companies go public, the shares they sell tend to be underpriced, and thus exhibit a significant price jump on the first day of trading. As a result, IPO investors materialize significant first-day returns. In the long-run, however, relative to some benchmark, investors appear to lose out by continuing to hold the stocks of firms that have recently gone public. These IPO phenomena are subject of the following study. The thesis addresses two main objectives. First, it systematically surveys relevant empirical evidence and theories that have been proposed to explain IPO underpricing and long-run underperformance. In addition, both anomalies are studied form the viewpoints of two competing finance theories: efficient market hypothesis and behavioral finance. Theories of underpricing are grouped within two broad categories: asymmetric information based models and behavioral theories. While asymmetric information based models assume that one of the IPO transaction parties knows more than others, and that these information frictions give rise to underpricing, behavioral explanations, on the other hand, assume the presence of irrational investors who are the prime cause of underpricing. Theories of poor long-term performance are based on behavioral finance perspective only, where "investor sentiment" plays the main role. On the contrary, proponents of market efficiency strongly argue that the notion of systematic IPOs long-run underperformance is spurious. Secondly, the thesis empirically examines the presence of underpricing and the long-performance of IPOs in European NYSE Euronext markets. In general, the results undoubtedly show that IPOs in the sample are moderately underpriced on average. However, the assessment of IPOs long-run performance provides contentious findings and probably requires further research.
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Tian, Zhimin. "Accounting conservatism and IPO underpricing : evidence from China." HKBU Institutional Repository, 2011. http://repository.hkbu.edu.hk/etd_ra/1272.
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Qiao, Yongyuan. "On the determinants of initial public offering underpricing." Thesis, St Andrews, 2008. http://hdl.handle.net/10023/575.
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Ieong, Hoi Ian. "Investor-related perspectives of IPO underpricing in Hong Kong." Thesis, University of Macau, 2009. http://umaclib3.umac.mo/record=b2147734.
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Booragadda, Bhavika. "IPO Underpricing and Insider Wealth Maximization in Internet firms." Scholarship @ Claremont, 2018. http://scholarship.claremont.edu/cmc_theses/1818.
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This paper empirically tests the theoretical model developed by Aggarwal, Krigman and Womack (2001), which argues that insiders of a firm strategically underprice its initial public offering to maximize personal wealth by selling shares at lockup expiration. First day underpricing generates information momentum for the stock in terms of increased research coverage and recommendations by analysts. Increased research coverage is positively correlated with stock returns and insider selling at the end of the lockup period. Although the value of the stock should be typically based on discounted expected future cash flows, several empirical papers suggest a downward sloping demand curves for new issues (Kaul, Mehrotra and Morck 2000, Field and Hanka 2000), consistent with the assumption of this paper’s empirical model. The hypothesis is tested using a sample of 210 internet-based firms such as Social media platforms, online travel agents, online real-estate agents and E-commerce services. The empirical results are significant and consistent with the hypothesis.
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Siri, Andrea. "Dual track sell-out: Signaling through IPO and Underpricing." Master's thesis, NSBE - UNL, 2013. http://hdl.handle.net/10362/11669.
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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 EconomicsRecent empirical analyses suggest the existence of a new exit strategy for private companies’ owners: the dual track sell-out. This paper aims to understand whether this strategy involves signals and why some firms undertake it more than others. I build a model depicting how going public and underpricing arise also as a response to asymmetric information. Target firms and market’s characteristics influence both signaling choices in equilibrium and conditions under which going public costs are offset by its benefits. It is shown that signaling plays a relevant role, answering why most firms dual tracking are characterized by valuation uncertainty.
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Hunger, Adrian [Verfasser]. "IPO-Underpricing im Kontext einer vertikalen Marktsegmentierung. / Adrian Hunger." Berlin : Duncker & Humblot, 2015. http://d-nb.info/1238350933/34.
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Agriman, Paolo. "Underpricing delle IPO nei mercati regolamentati e non regolamentati." Master's thesis, Alma Mater Studiorum - Università di Bologna, 2009. http://amslaurea.unibo.it/682/.
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Läck, Nätter Anton. "Underpricing of Initial Public Offerings : Evidence from the Nordic." Thesis, Uppsala universitet, Nationalekonomiska institutionen, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-388804.
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This thesis is an empirical event study that examines the short-run performance of initial public offerings (IPO), known as underpricing and initial return. I argue that literature which only presents equal weights could potentially give the reader a skewed understanding of the width of the concept. By using a new data set of Nordic IPOs during the period 2009-2018, I provide estimates using equal as well as market capitalization weights consistently to give a more nuanced and fair picture. The equally weighted first-day initial return is estimated to be 4.96% and the value weighted first-day initial return is estimated to be 5.32% during the examined time period. Further, the initial return is examined in relation to firm characteristics as well as quarterly index returns and issuance volume. No statistically significant characteristics that can identify additional levels of underpricing was found. Quarterly average initial returns and quarterly index returns are independent of each other. In line with previous literature the positive relationship of issuance volume and initial return is valid on a quarterly level, indicating that firms tend to go public in times of positive and higher initial returns to a greater extent.
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Xia, Shujie. "IPO Underpricing: The Role of Expected Future Business Conditions." Scholarship @ Claremont, 2019. https://scholarship.claremont.edu/cmc_theses/2050.
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In this paper, I explore whether the expected economic condition plays a role in determining the degree of IPO underpricing. My hypothesis is that given the current condition, the IPO underpricing is higher when the expected economic condition is worse. I test the hypothesis on the aggregate level and the industry level. I find no evidence that supports my hypothesis on both levels. On the aggregate level, I find the “hot” market, a period when the underpricing is significantly higher than other periods, exists when both the current and expected economic conditions are good. On the industry level, I find that the underpricing pattern of technology industry IPOs prior to the dot-com crash is consistent with my hypothesis. It seems that insiders see signs of imminent bubble burst and they rush to take companies public by accepting higher underpricing.
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Reid-Grant, Marcia Yvonne. "Share Retention, Underwriter Reputation, and Initial Public Offering Underpricing." ScholarWorks, 2018. https://scholarworks.waldenu.edu/dissertations/6268.
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Initial public offering (IPO) underpricing is a costly practice that decreases the IPO proceeds accruing to the issuing firms and can derail a firm's growth objectives. The purpose of this correlational study was to determine the relationship between share retention, underwriter reputation, and IPO underpricing among a population of IPOs issued in Jamaica. The efficient market hypothesis served as the theoretical framework for this study. Archived data for 52 IPOs issued in Jamaica from 1986 to 2018 were collected and Spearman's correlation matrix and heteroscedasticity-consistent standard errors regression analysis were applied. The outcomes of this study indicated no significant relationship between share retention and IPO underpricing, α = .1 and α = .05, r = .059, p = .35; however, there was partial acceptance of the alternative hypothesis that underwriter reputation is related to IPO underpricing at α = .1, r = .234, p = .055, but not α = .05. Additionally, underpricing was higher for IPOs supported by the high reputation underwriters, and share retention was a slightly better predictor of IPO underpricing for this group of IPOs, R2 = .02, p = .31 versus R2 = .01, p = .75. Finally, the overall model indicated that the independent variables did not jointly explain IPO underpricing, F(2, 45) = .78, p = .455, R2 = .032. The results of this study might contribute to social change because successful IPOs can increase employment opportunities as well as improve income distribution and socioeconomic indicators for the communities served by IPO firms.
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Hu, Xiaofan, and Lars Andreas Sundberg. "The Degree of Underpricing in the Swedish Market : An analysis of the most relevant factors influencing IPO underpricing between main and secondary markets." Thesis, Umeå universitet, Företagsekonomi, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-94622.
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Underwriters evaluate the optimum price of IPO issued shares and conduct underpricing based on a higher degree of risk and information asymmetry. These are calculated under a series of determined risk proxies that adjust the most suitable offering and opening price of IPOs in both main and second tier markets. Quantitative results are obtained by regression analysis and t-test. It is verified that the degree of underpricing differs between main and second tier markets and this difference influences the risk proxies and the underwriters differently when evaluating the optimum price of IPOs. This study performs a comparison of eight risk proxies; market volatility, age of the firm, leverage book value, earnings per share, bank prestige, leverage and IPO activity between the OMX as representative of the main market and Aktietorget as representative of the second tier market. The comparison reveals how these risk proxies influence the underpricing of an IPO in different Swedish stock markets. A theoretical analysis, backed by 101 observations of several newly listed IPOs during the period from 2003 to 2013 indicates that IPOs in the secondary tier market are more underpriced than IPOs listed in the primary market. Regarding the influences from the variables, book value and market volatilities seem to have a strong influence on the degree of underpricing, in addition to the finding that there is no relation between the independent variables and underpricing of IPOs listed in the Aktietorget, it suggests that further research must be conducted in this area.
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SADKOWSKI, ANTHONY COELHO. "UNDERPRICING IN THE BRAZILIAN STOCK MARKET: OCCURENCE AND RELATED FACTORS." PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2018. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=35745@1.
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O objetivo deste trabalho é verificar a ocorrência do underpricing no mercado brasileiro e analisar sua relação com fatores internos, externos da empresa e da oferta. O underpricing é considerado uma anomalia de mercado, pois proporciona para os investidores ganhos elevados com a mesma composição de risco. Para as empresas, a ocorrência do underpricing no IPO compromete a eficiência da oferta, uma vez que reduz o montante arrecadado. Este fenômeno foi estudado nas décadas de 80 e 90, porém somente na última década estudos começaram a ser realizados com foco no mercado brasileiro. Desta forma, foi observada a ocorrência do underpricing no mercado brasileiro em uma amostra composta por 30 IPO entre os anos de 2010 a 2016, e para analisar a relação dos fatores foi aplicado a análise de cluster aliada ao teste não paramétrico de Wilcoxon.The objective of this paper is to verify the occurrence of underpricing in the Brazilian market and to analyze its relationship with internal, external factors of the company and the offer. Underpricing is considered a market anomaly as it provides investors with high returns with the same risk composition. For companies, the occurrence of underpricing in the IPO compromises the efficiency of the offer, since it reduces the amount collected. This phenomenon was studied in the 80 s and 90 s, but only in the last decade studies began to be carried out focusing on the Brazilian market. Thus, underpricing in the Brazilian market was observed in a sample composed of 30 IPO between the years 2010 and 2016, and to analyze the relationship of factors was applied to the cluster analysis allied to the Wilcoxon nonparametric test.
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Zavala, Rocha Dorita Cristina, Figueroa Guillermo Pedro Freire, and Di Baja Ian Carlo Venero. "Underpricing y subvaluación en las OPI de Perú y Chile." Master's thesis, Universidad del Pacífico, 2015. http://hdl.handle.net/11354/1122.
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El fenómeno del underpricing en la oferta pública inicial (OPI) se viene estudiando hace ya varias décadas, y se refiere al retorno positivo del primer día de la acción, calculado como la diferencia entre el precio de cierre del primer día de cotización y el precio de emisión pactado entre el emisor y el banco de inversión. Por otro lado, también existe el overpricing, es decir, al fenómeno que sucede cuando el precio de cierre del primer día de negociaciones es menor que el precio de oferta. En nuestro estudio, encontramos evidencia de ambos, con el underpricing presente en 71,67% de empresas de la muestra y el overpricing tan solo presente en el 28,33% de la muestra. Asimismo, se determinará si existe subvaluación o sobrevaluación realizando un análisis entre el precio de oferta y el valor fundamental calculado a través de una valorización por múltiplos. Esta comparación permitirá comparar un valor fundamental (calculado por nosotros) y el precio de la OPI calculado por la empresa que realiza la cobertura, dejando de lado el precio que el mercado le otorga a la acción en su primer día (precio que puede tener mucho ruido y depender de diversos factores como el sentimiento del mercado y el comportamiento de los inversionistas). Al observar la diferencia entre el valor y el precio de la OPI, podremos determinar si existe o no sobrevaluación. En nuestro estudio, sí hemos encontrado presencia de sobrevaluación del precio de las OPI, alrededor de un 110% por encima del valor fundamental.
Si bien la mayoría de investigaciones que se han realizado sobre estos temas han sido sobre empresas en mercados desarrollados, nuestra investigación se centra en empresas de Perú y Chile, que son economías en desarrollo y, además, presentan sectores bastante semejantes en su economía. La muestra consiste en 60 OPI de empresas de Perú y Chile para el periodo 2003 – 2014. Las diversas empresas se han agrupado en los siguientes sectores: servicios públicos, que incluyen eléctricas, agua y control ambiental; materiales básicos, que incluye mineras, químicas y de papel; financiero, que incluye servicios financieros diversificados, bancos, bienes raíces y fondos de inversión; consumo no cíclico, que incluye alimentos, bebidas, farmacéuticas, agricultura, servicios comerciales y de salud; consumo cíclico, que incluye retail, ropa, aerolíneas, entretenimiento y alojamiento; energía, que incluye petróleo y gas; industrial, que incluye materiales de construcción, transporte, construcción y hardware, diversificadas (holdings) y tecnología.
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Muller, Michael. "Underpricing on initial public offerings: further evidence from the JSE." Master's thesis, University of Cape Town, 2011. http://hdl.handle.net/11427/11056.
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This paper provides evidence of the existence of IPO underpricing on the JSE between 2000 and 2008. Average underpricing over the period was found to be 17.1 percent (median: 9.4 percent). In line with the general global decline in first day returns following the end of the internet bubble period, average underpricing on the JSE has decreased relative to previous studies.
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Morales, Camargo Emmanuel. "Underpricing: Lessons from Bookbuilt Initial Public Offerings in Hong Kong." Diss., The University of Arizona, 2006. http://hdl.handle.net/10150/194114.
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This dissertation consists of two chapters, each representing an independent study on Initial Public Offers. The first study tests the implications of some of the leading IPO underpricing models, using over five years of bid and allocation data on a Hong Kong sample of bookbuilt offerings, subject to clawback restrictions. I find that these allocation restrictions significantly modify the nature of the bookbuilding mechanism, reducing the amount of information underwriters are able to extract from road show participants. However, far from inducing a complete breakdown of the IPO price discovery process, I find that clawbacks enhance it. My tests show that when institutional investors have alternative ways to convey valuable pricing information to underwriters, the information gains from those alternative channels can more than offset the loss of road show information. Moreover, this can be done at no incremental cost in terms of underpricing, since the institutional investors who chose the alternative channels of can settle for larger allocations of shares with the standard underpricing levels. The second study evaluates the implications of three of the extant IPO models relating underpricing and aftermarket liquidity. Using the aforementioned sample of bookbuilt Hong Kong IPOs, this study tests the predictions of the these three models by evaluating not only the direction and sign of the theorized relation between underpricing and aftermarket liquidity, but also the role played by the shareholder base and information environment factors suspected of shaping this relation. The public availability of bid and allocation data in the Hong Kong Stock Exchange has made it possible to conduct such an in-depth evaluation of these models, an undertaking not yet attempted by prior empirical research. Test results show little support for models that posit that aftermarket liquidity and liquidity risk are responsible for higher underpricing. In contrast, I find strong support for models that conceive observed underpricing as a significant driver of post-IPO liquidity.
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Gumanti, Tatang Ary. "Accounting information and the underpricing of Indonesian initial public offerings." Thesis, Edith Cowan University, Research Online, Perth, Western Australia, 2000. https://ro.ecu.edu.au/theses/1378.
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The purpose of this study is to examine the relation between accounting measures of total firm risk and the magnitudes of IPO initial returns. The existing explanations of the underpricing of lPO's suggests that the extent of underpricing is positively related to ex ante uncertainty about the issues. This study argues that accounting risk measures are related to the ex ante uncertainty. Since ex ante uncertainty is positively related to IPO underpricing, accounting risk measures are also arguably related to IPO underpricing. An event methodology is employed in this study. Five accounting risk measures are examined: financial leverage, operating leverage, firm size, firm growth, and profitability. The model is tested using a sample of 149 Indonesian IPOs that went public during the period of 1989-1997. Three accounting measures of total risk: financial leverage, size, and firm growth, are found to be consistently related to the degree of underpricing. Financial leverage, measured as the ratio of total debt to total assets plus the market value of the issue in the first day, is positively and significantly associated with the degree of underpricing. A negative and significant association is found between firm size, measured as the size of the issue, and the degree of underpricing. In contrast to my expectations, growth is negatively related to the degree of underpricing. The coefficients of the other two accounting risk measures: operating leverage and profitability, are mixed. Overall, the results allow rejection of the null hypothesis that accounting measures of total firm risk are not related to the degree of underpricing. Consistent with previous studies, this study finds that the portion of shares retained by the initial owners and the state of the market arc significantly related to the extent of underpricing. Other findings reveal that underpricing is positively related to aftermarket standard deviation of return and is negatively related to the IPO’s number of years in operation and the quality of underwriter. Further investigation suggests that the model fits better in the situation where more firms are making IPOs (hot periods). Tests on the pricing of IPOs provide additional evidence that the IPOs’ accounting information is value relevant to the market price of the IPO. In particular, the IPOs' accounting information explains a large part of the variation of the offering price and first week market price. Two important implications pertaining to the findings of this study are identified. Firstly, the study has provided further evidence that the degree of underpricing is positively related to the ex ante uncertainty about the aftermarket price of the issue. Secondly, the results give additional support to the proposition that accounting information is value relevant to the pricing of IPOs
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Hirano, Emily K. N. "The Effects of Industry on Cross-Border and Domestic IPO Underpricing." Scholarship @ Claremont, 2011. http://scholarship.claremont.edu/cmc_theses/128.
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Increasing numbers of foreign firms are holding cross-border IPOs in attempts to raise capital in markets outside of their home nation. Within the United States cross-border IPOs consistently experience greater amounts of underpricing than domestic IPOs. This paper examines the effects of SIC industry classifications on cross-border and domestic IPO underpricing from 2004-2010. Analysis demonstrates that in various industries, SIC classification has a significant impact upon underpricing in comparison to other industries. While in other industries, significance is solely exhibited through the differing impacts of domestic and cross-border IPOs, within the industry itself, upon underpricing. The most significant industry effect is seen in high-technology industries which display a significant impact on underpricing on both the inter-industry and intra-industry level.
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Hsu, Ru-Yi, and 許茹儀. "IPO Underpricing-Is Underpricing a Signal of Quality?" Thesis, 1997. http://ndltd.ncl.edu.tw/handle/93925085543945621615.
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KUO, Hui-Chen. "ADR Underpricing and Information Spillover." 2004. http://www.cetd.com.tw/ec/thesisdetail.aspx?etdun=U0009-0112200611304176.
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KUO, Hui-Chen, and 郭惠誠. "ADR Underpricing and Information Spillover." Thesis, 2005. http://ndltd.ncl.edu.tw/handle/33748967480487798552.
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碩士元智大學
財務金融研究所
93
American depositary receipts (ADRs) are negotiable instruments representing foreign company shares traded in US dollars in the U.S. capital market. We present comparative analyses of the underpricing of ADRs and U.S. IPOs which listed during 1985~2004. The same as prior issues we find underpring of ADRs (9.49 %) is much lower than U.S. IPOs (18.75 %). ADRs which have positive partial adjustment in offer price, come from Hi-tech industries and issued during 1996~2000 experience higher underpricing. Foreign firms that have common border, language and culture tie can enhance investor’s recognition thus have lower underpricing The most important finding in this paper is we document the information about offering of U.S. IPO market spillovers to ADR market and involves ADR underpricing substantially. Furthermore, we suppose that the underwriters may charge ADR underpricing according to their experience and information about underwriting U.S. IPOs which come from the same industry as ADR.
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Jeng, Shu-Huei, and 鄭淑慧. "Analyst forecast and IPO underpricing." Thesis, 2004. http://ndltd.ncl.edu.tw/handle/36158647098637655997.
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碩士國立中央大學
企業管理研究所
92
Underpricing and consensus exists amount analysts forecasting earnings are negative. Underpricing and benefit of aggregating individual analysts' forecasts are positive. Underpricing and analyst coverage are negative. Underpricing and analyst optimism are positive.
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"Underpricing of H-shares IPOs." 1999. http://library.cuhk.edu.hk/record=b5896262.
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by Ng Chi-Cheong, Allen, Tsea Po Kwan.Thesis (M.B.A.)--Chinese University of Hong Kong, 1999.
Includes bibliographical references (leaves 39-41).
ABSTRACT --- p.ii
TABLE OF CONTENTS --- p.iii
LIST OF ILLUSTRATIONS --- p.v
LIST OF TABLES --- p.vi
ACKNOWLEDGEMENT --- p.vii
Chapter
Chapter I. --- INTRODUCTION --- p.1
Chapter II --- LITERATURE REVIEW --- p.3
General Review --- p.3
Model Review --- p.6
Rock´ةs Model --- p.6
Principal-Agent Model --- p.7
Signaling Model --- p.11
Chapter III --- H SHARES LISTING PROCEDURE --- p.13
Chapter IV --- DATA AND METHODOLOGY --- p.17
Research Period and Source --- p.17
Measures of Underpricing --- p.18
Chapter V --- RESULTS AND DISCUSSION --- p.23
Underpricing of H shares IPOs --- p.23
Regression Model --- p.25
Chapter VI --- CONCLUSION --- p.30
APPENDIX --- p.34
BIBLIOGRAPHY --- p.38
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Liu, Cheng-Chi, and 劉承啟. "CEO overconfidence and IPO underpricing." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/90668756870056296233.
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碩士元智大學
財務金融暨會計碩士班(財務金融學程)
104
This paper examines the relationship between CEO confidence and IPO underpricing. From a large body of literature, we know that there are many factors that affect underpricing, and the main explanation for underpricing is asymmetric information theory. Lowry and Murphy (2007) try to find a relationship between underpricing and IPO options, Chahine and Goergen (2011) also try to find a relationship between the two by considering board independence, and the power of the CEO, and venture capitalists. However, this paper focuses on underpricing from a different perspective. Using CEO confidence to explain underpricing is a new idea since it combines financial behavior and underpricing. I find a strong negative relationship between CEO confidence and underpricing.
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Chang, Chih-hui, and 張智惠. "IPO Underpricing and Long-run Performance." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/33921682796438622287.
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碩士國立中興大學
高階經理人碩士在職專班
97
This study examines the underpricing and the long-run post-issue performance of the initial public offerings (IPOs). The sample includes companies that went public on NYSE, AMEX and NASDAQ from 1985 to 2002. I separate the sample into two groups: “normal” IPOs and companys that undertook mergers and acquisitions (M&As) within the two years prior to the IPOs. The results show that similar to previous studies, IPOs exhibit poor long-run performance. I also find that underwriter ranking, going public on different exchanges, internet industry, and debt ratio significently affect underpricing. In addition, I find that higher initial returns tend to show lower long-run post-issue performance.
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Chen, Chih-Hsiang, and 陳郅翔. "Pre-market Trading and IPO Underpricing." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/37902864006650351188.
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碩士國立中山大學
企業管理學系研究所
104
The IPO underpricing phenomenon is common all over the world, hence the most important issue is to improve the efficiency of IPO pricing. The establishment of pre-IPO market platform is to increase the information disclosure for the preparing firms, and also be expected to achieve the purpose of price discovery. Taiwan has the only mandatory pre-IPO trading market in the world – Emerging Stock Market(ESM). So it provides an opportunity to understand the trading, the informativeness, and the association with IPO underpricing theory on the ESM market. Our research sample consists 436 firms that went IPO through bookbuilding underwriting between 2005 and 2014. By the observation on the statistics summary at critical time point and regression analysis, the finding of this thesis are as below： (1) Even through the procedure of trading on ESM market, the IPOs in Taiwan still have high initial return. (2) The informativeness of ESM price is positively related to liquidity of the market. In addition, as the date getting closer to the pricing day, the informativeness of ESM price also increase, but the effect is not good. (3) The relationship between ESM price and IPO offer price cannot be explained well by theories based on asymmetric information. Also, the relationship between FPO fee and IPO underpricing cannot fit the explanation of rent-seeking behavior.
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Hsu, Kai-hsuan, and 許凱旋. "The Early Predictor of IPO Underpricing." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/50444806176162729575.
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碩士義守大學
財務金融學系碩士班
95
The special features of this paper are as follows: first, Try to revise over paper about Indicators of IPO Underpricing that the parameter is weighed. Revise into the data that investors can get before offering date. After Revising, we analysis on IPO underpricing. Second, Using Quantile Regression (QR) method should help to solve the limitation if using Ordinal Least Square (OLS). The findings of this paper has ability of the early predictor about IPO underpricing. According to predicting the range is distinguished, market momentum is superior to market volatility to superior to changing rate of offer price. When IPO underpricing is higher, changing rate of offer price is stronger the prediction result to IPO underpricing. We also find company''s financial data do not have function of the leading indicator on IPO underpricing. The reason that they would carry on the movements of the window dressing to the financial statement before listed.
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Henriques, Diogo Rafael Santos. "Ofertas Públicas Iniciais: Underpricing no mercado Euronext." Master's thesis, 2018. http://hdl.handle.net/10316/84464.
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Relatório de Estágio do Mestrado em Economia apresentado à Faculdade de EconomiaEste trabalho efetua uma análise ao fenómeno do underpricing das ofertas públicas iniciais (Initial Public Offerings - IPOs) nas bolsas europeias que integram o mercado Euronext: Lisboa, Amesterdão, Bruxelas e Paris.No período entre os anos de 2013 e 2017, verificámos indícios de underpricing no curto prazo para a amostra global, composta por 127 observações, e de overpricing no longo prazo. Particularmente, no que diz respeito á primeira semana após a realização da entrada em bolsa deparáramo-nos com evidências empíricas de um underpricing médio de 4,10% com uma significância estatística robusta, respetivamente 1%. Sequentemente, também encontrámos evidências de que o underpricing é mais acentuado nas indústrias que possuem mais ativos intangíveis, tais como a Tecnologia (essencialmente constituída por empresas que atuam nos sectores do Software e dos Componentes Eletrónicos), e a Saúde (essencialmente constituída por empresas que atuam nos sectores da Biotecnologia e da Farmacêutica), do que em indústrias com uma elevada proporção de ativos tangíveis no total dos ativos, como é o caso das Utilities. Ainda para as mesmas indústrias, Tecnologia e Saúde, averiguamos que existe overpricing um ano após a entrada e que por sua vez este é mais elevado em comparação com as restantes indústrias.Posteriormente, aplicamos um modelo de regressão linear cuja variável dependente era a taxa de rentabilidade ajustada ao desempenho do mercado, para comparar o nível de underpricing para as diferentes indústrias nas quais as empresas operam e utilizamos variáveis de controlo que são o ano e a localização do mercado de entrada.
This paper analyzes the Initial Public Offerings (IPOs) underpricing phenomenon in the European stock exchanges that are part of the Euronext market, precisely: Lisbon, Amsterdam, Brussels and Paris.In the period between the years 2013 and 2017, we observed evidence of underpricing in the short term for the global sample, composed by 127 observations, and overpricing in the long term. Especially, with respect to the first week after entering the stock market, we found empirical evidence of an average underpricing of 4.10% with a robust statistical significance, respectively 1%. Subsequently, we have also found evidence that underpricing is more pronounced in industries with more intangible assets, such as Technology (essentially composed of companies that operate in the Software and Electronic Components sectors) and Health Care (essentially composed of companies active in the Biotechnology and Pharmaceutical sectors), than in industries with a high proportion of tangible assets in total assets, as is the case of Utilities. Still for the same industries, Technology and Health, we find that there is overpricing one year after entry and that in turn this is higher compared to the other industries.Thereafter, we used a linear regression model whose dependent variable was the rate of return adjusted to the market performance, to compare the level of underpricing for different industries in which the companies operate and we used control variables that are the year and the location of the input market.
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Chen, Shiao-Chin, and 陳曉親. "Internationalization, Earning Quality and Underpricing of IPOs." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/49164439133518515388.
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碩士靜宜大學
會計學系
99
The objective of this study is to research the relationship between the degree of globalization and initial public offering under-pricing. Because of the trend of globalization which will make company’s operation more complexity. This situation makes the asymmetric information more deeply between investors and companies. The results will reflect on the discount of new stocks price. This study explores the relationship of earning quality and the discount of new stocks. The research is targeted to the IPO in Taiwan from 2001 to 2007. It has judged the degree of globalization by the numbers of countries which make investment, the total assets of investment abroad and the numbers of subsidiary companies. The quality of surplus in a company is measured by discretionary accruals and financial statement restatements. The findings in this study are the more deeply of globalization, the more complexity operation of enterprises. Furthermore, the more serious of asymmetric information between enterprises and investors, the more deeply discount of new stocks. It also found that if the IPOs companies when earning quality is better, the degree of discount in new stock will be shorter.
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Hong, Yu-shan, and 洪郁珊. "Intangible Assets、IPO Underpricing and Insider Trading." Thesis, 2000. http://ndltd.ncl.edu.tw/handle/16776368857456204644.
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碩士國立彰化師範大學
商業教育學系
88
This paper examines the relation between magnitude of underpricing and the extent to which accounting-related information asymmetry and general information asymmetry exist. Proxies for major unrecognized intangible assets and general information asymmetry, are significantly positive related to magnitude of underpricing. Alternatively, we use another long-term proxy for magnitude of underpricing, and documents that long-term magnitude of underpricing for one year is still significantly positive related to Proxies for major unrecognized intangible assets for electronic companies, but not for all sample. Findings are consistent with IPO firms using underpricing to convey favorable information about firm value not reflected in accounting assets, which then reflected in returns. Key words：Intangible assets、Accounting-related information asymmetry、IPO underprcing.
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Wu, Chu-Yun, and 吳竺芸. "The Influential Factors on Underpricing of IPOs." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/27831366301057356702.
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碩士東吳大學
經濟學系
101
The purpose of this study is to investigate the factors that influence the underpricing of initial public offerings in Taiwan. The sample used is the initial public offerings in Taiwan's Stock Exchange and Over-The-Counter market during the period from 2002 to 2011. In this study, multiple regression models are constructed to find which factors influence the underpricing of IPOs. In addition to analyzing variables that have been considered by previous academic papers, this study also attempts to analyze the correlation between IPO underpricing and four kinds of stock price evaluation models that are internationally customary. The four kinds of stock price evaluation models are price/earning ratio model, price/book value ratio model, book value model and discount cash flow model. The empirical results of the first regression model shows that changes in the underwriting system, the underwriter's reputation and the rate of return on assets have a significant impact on the underpricing of IPOs up to one year, and the correlation between these three factors and the underpricing of IPOs are positive, negative and negative respectively. Taiwan’s corporate credit risk index is negatively correlated with the underpricing of IPOs with a three month to one year lag. The financial crisis、different stock markets, different industries, corporate size, accountant reputation, return on equity and debt ratio have no significant impact on the underpricing of IPOs. The empirical results of the second regression model show that the price/earning ratio model and the price/book value ratio model both have a significant impact on the underpricing of IPOs, and the correlation are positive and negative respectively. Book value model and discount cash flow model are not significantly correlated with the underpricing of IPOs. Therefore, investors and underwriters can use the significantly correlated factors as a reference for investment and price setting of IPOs.
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Točík, Václav. "Underpricing při IPO na vybraných kapitálových trzích." Master's thesis, 2010. http://www.nusl.cz/ntk/nusl-89538.
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Chang, Wen-Hsin, and 張文心. "Relationship between management quality and IPO underpricing." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/94120974343448229076.
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碩士國立臺灣大學
財務金融學研究所
104
This paper tests the relationship between management quality and IPO underpricing. The sample contains 1,202 firms went IPO during 2004 to 2014 in United States. To obtain management quality data, I studied the prospectus (S-1) of each firm and focus on the management section. I derive education and work experience data from it using programming technics. I counted the number of manager who studied in top business school or had superior past work experience to decide the management quality of each IPO firm, then I test the relationship between management quality and underpricing and found them negatively correlated. When I test all the industries all together, only education is negatively significant, indicating better educational background for manager helps reduce the information asymmetry therefore lowers underpricing. The reason why variable COM associated with past work experience is not statistically significant may be the inappropriateness of the top company list which varies across industries and not applicable to all the firms. To remedy this issue, I create specific top company list for that industry. Here I use technology associated industry for example, I found that in this industry past work experience is significant rather than education. This is not surprising for technology firms since it requires much knowledge that you cannot learn in school. In short, the information asymmetry caused the underpricing phenomenon in equity market. Better management quality signals good company to investors, reduces information asymmetry therefore lowers underpricing. This result is coherent with previous literatures and serve as another evidence for this theory
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HUANG, YU-CHENG, and 黃俞臻. "Top Managers from Family and IPOs Underpricing." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/91872735220708402656.
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碩士靜宜大學
國際企業學系
104
This study uses internal angle of the main managers in the enterprises to explore the impact between IPO underpricing and the internalization of chairman and president. We selected 500 initial public offerings in Taiwan Stock Exchange. Which the family members took in charge from 2005 to 2014. This research investigates the reaction of IPO underpricing and the major shareholder and his/her family members being president or chairman. In one hand, some people think that family members have more coherence of the firm and being president or chairman has a positive influence of IPO underpricing. In the other hand, some people think that family members are easily committing irregularities. Which has a negative influence of IPO underpricing. The empirical result showed that the IPO underpricing is negatively significant when the internalization of chairman is higher, which means the IPO underpricing will be reduced as the higher internalization of chairman.
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Chiu, Yi-long, and 邱一龍. "Venture Capital Reputation and Underpricing of IPOs." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/71674657154937501906.
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碩士國立成功大學
財務金融研究所
95
This paper examines the premarket underpricing within a group of venture-backed and a group of non-venture-backed initial public offerings （IPOs）. Consistent with recent research, we find that venture-backed IPOs are underpriced more than other IPOs. Besides, companies backed by lower reputation venture capital are more underpriced when they go public compared to those of reputable venture firms. This stems from lower reputation venture capital firms want to establish their reputation／experience quickly by taking firms public in order to raise limited partnership.
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Yin, Chen Hsiang, and 陳香吟. "Why Has IPO Underpricing Changed Over Time?" Thesis, 2005. http://ndltd.ncl.edu.tw/handle/17164638324152681728.
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碩士輔仁大學
金融研究所
93
This paper took the initial public offerings (IPOs) cases of Taiwan from 1991 to 2003 as sample to examine the reason causing the decline of initial returns of IPOs. Results showed that the underwriting reform in 1994-1995 can prevent the decline of initial returns of IPOs in 1995. Besides, the decrease of the establishment period of IPO companies, the increase of the capital and total assets, the enlarge of the 3 years volatility of EPS before listing result in the IPO risks to be increased by time. The rearrangement of incentives for controlling stockholder of IPO has made the right for cash flow decrease gradually, which caused the rise of the bias of controlling right and the right for cash flows and reduced the incentives for controlling stockholders to management the IPO companies. Furthermore, investors have become more rational and looked into the behavior of management of listed companies contribute to the decent of IPO markets.
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Liu, Chia-Yun, and 劉家妘. "ownership structure, board structure, and IPO underpricing." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/06398876304383318480.
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碩士銘傳大學
會計學系碩士班
98
The main purpose of this study is to investigate announcement of the new policy to remove first-five-day price the effect limits of Initial Public Offerings』on March 1, 2005, This paper investigates whether the stock prices of IPO reflect to take new policy efficiently. The sample of this study consists of 207 companies engaging in IPO from March 2005 to December 2009. The empirical results show that (1) there is a significantly negative relation between ownership of directors and supervisors with IPO underpricing. (2) And Institutional ownership is positively and significantly related to IPO underpricings. (3) There is a significantly negative relation between large shareholding ratios with IPO underpricings. (4) Rates of the impact of board size are related to IPO underpricings negatively and not significantly.(5) Rates of independent directors and supervisors are related to IPO underpricings negatively and not significantly.
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CHEN, YI-LUN, and 陳奕綸. "Management Overconfidence on Underpricing and Stock Return." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/44w4rh.
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碩士國立中正大學
財務金融系研究所
106
The paper examines the influence of management overconfidence on IPO underpricing and stock performance. It also collects analyst forecasts data to see whether managers’ overconfidence will have impact on the analysts’ forecasts. For example, forecasts optimism, smaller errors and dispersion. It focuses on U.S market and use the IPO sample from 2000-2013. The research finds that management overconfidence has positive and significant influence on underpricing. The results find that managers’ overconfidence won’t let analyst forecasts more positive and less dispersed. On the other hand, some control factors like market capitalization and stock returns have more influence on analyst forecast. Finally, management overconfidence on IPO underpricing has positive effect on long-run performance.
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Stewart, Susan M. "Investment banker prestige & underpricing of reverse LBOs." Thesis, 1994. http://spectrum.library.concordia.ca/3525/1/MM01323.pdf.
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Looks for an explanation why reverse leveraged buyouts experience far less underpricing than initial public offerings do. Factors of riskiness of the issue and the prestige of the investment banker account for the difference.