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Letteratura scientifica selezionata sul tema "Equity offering"

Autore: Grafiati

Pubblicato: 4 giugno 2021

Ultima modifica: 10 febbraio 2022

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Articoli di riviste sul tema "Equity offering"

Asquith, Paul, e David W. Mullins. "Equity issues and offering dilution". Journal of Financial Economics 15, n. 1-2 (gennaio 1986): 61–89. http://dx.doi.org/10.1016/0304-405x(86)90050-4.

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Costa, Vilma Sousa Ismael Da, e Márcio André Veras Machado. "A influência do Market Timing e do estágio do ciclo de vida na realização de oferta pública de ações". Revista de Administração da UFSM 9, n. 3 (2 ottobre 2016): 520–36. http://dx.doi.org/10.5902/198346599853.

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This study aimed to determine, by logistic regression, if the occurrence of market timing and the lifecycle stage influence the decision to carry out an equity public offering in Brazilian companies. The analysis focuses on whether the probability of a company making an equity public offering is negatively related to the BM index, future returns, number of years of life and size. The sample was composed by non-financial companies with stock traded on BMFBovespa. As main results, can be concluded that there is a inverse relationship between probability of equity public offering and the lifecycle stage. On the other hand, there were no evidence confirming the relationship between the BM index and the decision to carry out a equity public offering, as required by the market timing theory. Finally, no evidence was found that companies take advantage of market opportunities to issue stocks. However, evidence was found that the majority of equity public offerings was carried out by young and small companies.

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윤평식 e Lim, Byungkwon. "The Effect of Short Sales around Seasoned Equity Offerings on the Offering Price". KOREAN JOURNAL OF FINANCIAL MANAGEMENT 35, n. 2 (giugno 2018): 1–25. http://dx.doi.org/10.22510/kjofm.2018.35.2.001.

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Opare, Solomon, Muhammad Nurul Houqe e Tony van Zijl. "IFRS adoption and seasoned equity offering underperformance". Pacific-Basin Finance Journal 61 (giugno 2020): 101289. http://dx.doi.org/10.1016/j.pacfin.2020.101289.

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TULLO, ALEX. "Huntsman To Go Public With Equity Offering". Chemical & Engineering News 82, n. 38 (20 settembre 2004): 12. http://dx.doi.org/10.1021/cen-v082n038.p012a.

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Bobenhausen, Nils-Christian, e Astrid Juliane Salzmann. "Discount, transparency and announcements effects of equity rights offerings: international evidence". Journal of Business Economics 91, n. 5 (8 gennaio 2021): 733–58. http://dx.doi.org/10.1007/s11573-020-01023-8.

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AbstractEquity rights offerings and their respective announcement effects have been studied extensively in the literature. Our study expands upon these studies and focuses on those announcement effects and the relation between the discount of an equity rights offering and the announcement effect. Previous theoretical and empirical analyses show that firms can signal their quality via the discount in an equity rights offering and demonstrate a negative relation between the discount and the announcement effect. We argue that this link is only relevant in environments where signalling is possible and necessary. These are financial markets with a particularly low level of capital market transparency, i.e. high information asymmetry. We calculate announcement effects for an international sample of equity rights offerings and show that the negative effect of the discount on announcement effects can only be observed in environments with a low capital market transparency. Hence, our study estimates announcement effects across several different countries and is thus among the first to analyse signalling considerations for equity rights offerings in different transparency environments.

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Young Chung, Chune, Kangjin Ju e Doojin Ryu. "Stock split, unseasoned equity offering, and firm value: evidence from the Korean stock market". Investment Management and Financial Innovations 13, n. 3 (23 agosto 2016): 105–9. http://dx.doi.org/10.21511/imfi.13(3).2016.09.

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This study examines the extent to which announcements of stock splits and unseasoned equity offerings (capital increase without consideration) affect firm values in the Korean stock market. The authors find that, based on analyses of the cumulative abnormal return (CAR) around the announcement dates, CARs are significantly positive for both corporate events. This result suggests that both events are positive in relation to the firm’s value. The authors also examine whether the performance of firms that execute stock splits and/or unseasoned equity offerings differs from that of firms that do not, before and after their announcement dates; we do so by using the difference-in-difference test. The results indicate that a stock split is unrelated to improved firm performance following the announcement, and that an unseasoned equity offering can even have a negative impact on performance. Hence, the presence of stock splits and unseasoned equity offerings does not seem to support the signaling hypothesis, which predicts firms’ positive performance following an announcement

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Fargher, Neil L., Brian W. Mayhew e Michael Wilkins. "The Pricing of Assurance Services in Secondary Equity Offerings". Journal of Accounting, Auditing & Finance 20, n. 3 (luglio 2005): 187–207. http://dx.doi.org/10.1177/0148558x0502000301.

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This paper examines the pricing of assurance services in secondary equity offerings (SEOs). Our empirical model extends initial public offering (IPO) fee specifications to include variables that are unique to, or more relevant for, secondary offerings. We document an inverse relationship between SEO fees and a client's ability to delay its secondary offering, suggesting that auditors do not charge as much for SEOs made by relatively mature firms. The relationship reverses, however, when the client is required to use more comprehensive types of filings (i.e., when assurance effort is higher). We also show that fees are higher when the SEO comes to market during the client's annual audit period. This finding is consistent with the shifting of year-end audit fees to SEO engagements in an effort to boost earnings for both clients and auditors (at the expense of shareholders). We cannot, however, unambiguously conclude that fee shifting exists, as the observed fee premium could be explained by other factors.

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Furnari, S. L. "Trough Equity Crowdfunding Evolution and Involution: Initial Coin Offering and Initial Exchange Offering". Lex Russica, n. 1 (19 gennaio 2021): 101–17. http://dx.doi.org/10.17803/1729-5920.2021.170.1.101-117.

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This article analyzes two of the last innovative financing instruments of the crowdfunding family: Initial Coin Offering (ICO) and Initial Exchange Offering (IEO). Having both a potential financial nature, they will be addressed as «sons» of Equity-based Crowdfunding (EBCF). The main scope of this paper is to show opportunities and dangers of ICO and IEO through a comparison with EBCF. Indeed, at the end of the analysis it will be possible to understand if ICO and IEO can be considered as positive evolution of EBCF or — at least one of them — can be considered so dangerous to appear as a sort of «involution».In order to answer our question, the discussion firstly focuses on EBCF, the innovative financing instrument being one of the most important figures of the «crowdfunding family». Its importance lies in its financial nature that makes this instrument different from the other models (meaning the donation, reward and lending). Participating in an EBCF-campaign, indeed, lets participants become shareholders of the company they are giving money to. So, the main pros and cons of the participation in an EBCF campaign will be disclosed. In particular, granting easier access to capitals together with the possibility to benefit from the so-called «wisdom of the crowd» allowed EBCF to become one of the most innovative financing tools of our age. However, these advantages need to be mitigated with the main risks occurring during a crowdfunding campaign. These are: moral hazard and frauds, arbitrary exclusion during pre-emptive screening by platform and, last but not least, illiquidity.Therefore, the discussion moves to the technological advanced new entry of the crowdfunding family, meaning ICO and IEO. In order to understand why ICO and IEO are so similar to EBCF, both the main characteristic of these instruments will be described. With reference to ICO, first of all this article provides a brief description of the technology that makes this innovative financing tool the advanced «son» of EBCF. Indeed, through the launch of an ICO, a company asks the crowd a precise amount of money in exchange of a «token»: an informatic instrument through which the participant may exercise also some financial rights towards the company. From this point of view, an ICO-campaign is very similar to an EBCF one, lying the main difference in the technological solutions used, the queen on those is blockchain. Furthermore, ICO characteristic will be outlined in order to disclose its functioning — meaning the relation with blockchain and smart contracts — and the different models of tokens.After that, also IEO will be described. IEO could be considered one of the last variants of ICO. The main difference, indeed, lies in the fact that IEO campaigns are not conducted in the website owned by the company but in a specific platform, that is a crypto-asset exchange.The exam of ICO and IEO potentialities (i.e. programmability, disintermediation and tokenization) will highlight how ICO and IEO may solve most of the mentioned EBCF cons. This will lead to the potential consideration of ICO and IEO as evolution of EBCF. However, also ICO and IEO cons will be highlighted (meaning lack of transparency, not clear regulatory regime and, for IEO in particular, dangerous proximity with investors and potential conflict of interest). From the comparison between ICO and IEO pros and cons it will be possible to discuss on if we are really in front of two evolution of EBCF or nearer to an «involution» of this instrument, considering regulatory solutions in order to avoid this second scenario.

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Mola, Simona, e Tim Loughran. "Discounting and Clustering in Seasoned Equity Offering Prices". Journal of Financial and Quantitative Analysis 39, n. 1 (marzo 2004): 1–23. http://dx.doi.org/10.1017/s0022109000003860.

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AbstractAn analysis of 4,814 SEOs during 1986–1999 indicates that the average offering ofnew shares is priced at a discount of 3% from the closing price on the day before the issue. Discounts have risen steadily over time, sharply increasing the indirect costs of issuing seasoned equity. There is evidence of increased clustering of offer prices at integers, and of greater importance in the analyst coverage provided by underwriters. Adjusting for other factors, we find that issues with integer offer prices, and underwriters with highly regarded analysts, are increasingly associated with larger discounts. The rise in discounts is consistent with an increased ability of investment bankers to extract rents from issuing firms.

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Più fonti

Tesi sul tema "Equity offering"

Slabý, Jindřich. "Private Equity a veřejná emise akcií a dluhopisů jako zdroje financování podniku". Master's thesis, Vysoká škola ekonomická v Praze, 2008. http://www.nusl.cz/ntk/nusl-4376.

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This thesis inquires into the problems of funding businesses by means of so called alternative financing arrangements, i.e. by Private Equity and Public Stock and Bond Offerings. The first section involves basic ideas and characteristics of the Czech capital market and its structure. The following three sections deal, in sequence, with particular means of financing. They comprise theoretic aspects of particular financing arrangements as well as analysis of advantages and disadvantages to businesses, resulting from their application. Furthermore these sections provide for characteristics of situation in sectors of these particular financing arrangements within the scope of the Czech capital market and detect potentials to improve it.

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Autore, Don M. "Two Essays on Shelf-registered Corporate Equity Offerings". Diss., Virginia Tech, 2006. http://hdl.handle.net/10919/26823.

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This dissertation consists of two essays. The first provides evidence that the recent revival of shelf equity offers is related to changes in how firms use shelf registration. During 1990-2003 firms that make shelf filings have no immediate intent and low probability of issuance, lower pre-filing returns relative to non-shelf issuers, and often have been certified in prior SEOs. The evidence indicates that the way firms now use shelf offerings resolves the under-certification problem responsible for the shelf demise in the 1980s (Denis, 1991) and results in smaller market penalties and lower underwriter fees relative to non-shelf offerings. This allows firms with greater uncertainty to take advantage of the shelf option to defer or abandon offers. Additionally, firms often use universal shelf filings and choose between debt and equity offerings based on the prevailing relative market conditions. The second essay examines offer price discounting of traditional and shelf-registered seasoned equity offerings (SEOs). The results indicate that relative to traditional SEOs, shelf discounting during 1982 - June 2004 is similar in magnitude, is influenced by the same factors, and has increased similarly over time. Prior studies attribute the time-series increase of seasoned offer discounting to pre-offer short sale constraints (Rule 10b-21; adopted in 1988). This study provides insights about the effect of Rule 10b-21 by exploiting the fact that shelf-registered offerings were exempt from this regulation until September 2004. The analysis uses the shelf exemption as a control in testing the Rule's effect, and the elimination of the exemption as an "out-of-sample" test. The results suggest that Rule 10b-21 is not associated with the increase in seasoned offer discounts. The gradual increase in discounting over the past two decades is largely due to a shift in the composition of issuers toward firms that have greater stock volatility and pre-offer price uncertainty.
Ph. D.

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Matanova, N. "Private equity and venture capital investors' involvement in firms post initial public offering". Thesis, City University London, 2015. http://openaccess.city.ac.uk/11893/.

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The capital provided by private equity (PE) and venture capital (VC) investors represents an alternative type of financing available to firms in comparison to more traditional financial intermediaries such as banks, equity from owners or angel investors. These financial sponsors not only provide funding, but also complete intense restructuring, improve corporate governance, align interest of managers and shareholders, provide certification and improve performance (Jensen 1986, 1989; Baker and Wruck, 1989; Baker and Gompers, 2003; Hochberg, 2012; Acharya et al, 2009). These investors are likely to realize their highest returns by bringing their sponsored firms to the stock market in the form of initial public offerings (IPOs). However, in practice PE and VC investors do not always exit fully at the IPO date (Celikyurt et al, 2014; Krishnan et al, 2011; Cao, 2011). They tend to maintain a block ownership in some IPOs, which allows them to remain actively involved in shaping firms' corporate policies. It is of great importance to academics, practitioners and other market participants to understand why these investors carry on investing in firms they brought to the market and whether such holdings create or destroy value. These issues motivate my research agenda. I focus on investigating PE and VC investors' post-IPO presence in firms, their effect on corporate policies and impact on the long-run performance. In particular, the three chapters of my thesis pursue the following three distinct objectives: (i) to answer the fundamental question concerning the motivation of PE and VC investors to retain ownership in the post-IPO period and whether this retention affects the firm’s aftermarket performance (ii) to examine whether PE and VC investors remain active monitoring agents and exert significant influence on various corporate policies (iii) to investigate the effect of PE and VC ownership retention on firms' cash reserves, which, as documented in previous studies, can lead to significant agency conflicts. Hence, the main objective of my thesis is to explore the extent, type and channels of private equity and venture capital investors' involvement in firms post-flotation, and its impact on the long-run performance. To answer these research questions, I use a large sample of US and UK IPOs over the 1997 and 2010 period. In this dissertation, I differentiate and analyse separately firms backed by PE and VC investors because these investors are different in many respects, particularly since they provide capital to distinctive type of companies, as VCs invest mainly in young, growing, high-tech firms, while PE investors are likely to back high cash flow mature firms in stable industries. I provide a comparative analysis across these investors to assess whether, after controlling for these fundamental characteristics, their involvement, investment and strategies with their IPOs in the post flotation period are homogeneous. I also contrast the US and the UK markets which I found to be significantly different in terms of the composition of these two types of investors, but also the characteristics and annual distributions of IPOs. In the first empirical study, I focus on the motivations of PE and VC funds to retain voluntarily ownership, defined as holdings outside the lockup restrictions, in the post-IPO period. I test the monitoring and signalling hypotheses, which suggest that IPOs in which VC and PE firms retain their holdings in the post-IPO period are more likely to generate higher returns because of these funds’ certification and their ability to monitor companies in which they hold large stakes. I find that in contrast to UK, where both type of financing play an equally important role in bringing companies to the stock market, the relative importance of VC-backed IPOs in the US is time varying. Moreover, the VC-backed IPOs are equally distributed across various industries in the UK, whereas VC financing is more prominent in certain industries in the US such as high-tech, telecommunications and healthcare. I find a non-monotonic (convex) relationship between financial sponsors’ voluntary ownership and firm performance. Hence, in contrast to managers who become entrenched at higher levels of ownership, financial sponsors create value in companies they hold more concentrated equity stakes. More specifically, I document that financial sponsors’ ownership is positively related to firm value when PE and VC investors’ stake is above 1.83%. Therefore, continued involvement of financial sponsors in the post-flotation period is beneficial for the shareholders. Also, I present evidence that compulsory and voluntary financial sponsors’ equity retention is used to mitigate potential managerial expropriation of outside shareholders. I demonstrate that a different institutional framework in UK and US has a significant impact on financial sponsors’ divestment extent at the IPO date and in the post-flotation period. I find that investment banks impose significantly stricter lockup restrictions (in terms of how much shares to retain) on financial sponsors involved in US backed IPOs than in UK ones. This is driven by more dispersed ownership in US companies, whose market is defined by a lower prevalence of institutional investors and the largest group of shareholders in the US being individual investors. In addition, I find that PE/VC house and underwriter reputations are only considered to be alternative commitment devices in the UK. I also highlight a number of other factors which affect voluntary ownership of PE and VC investors in the post-IPO period. In particular, I show that PE and VC fund characteristics (syndicate size, PE/VC fund’s bank-affiliation and low proximity to IPO firm headquarters) partially explain compulsory and voluntary holdings of financial sponsors post-flotation. This paper extends the literature on IPOs' performance by demonstrating that financial sponsors divest fully from stronger firms at the IPO date, while commit their resources to underperforming ones in which they create value in the post-flotation period. The second empirical study focuses on examining whether PE and VC investors create value by actively shaping IPO firms’ corporate policies in the post-flotation period. In this paper I focus on three corporate policies, namely the corporate governance, as reflected in the structure of the board of directors, the investments’ spending patterns, and the payout policy. These decisions are identified in prior literature to have a direct impact on firm value. I demonstrate that PE and VC investors with retained ownership continue to extensively monitor their backed IPOs. However, the two types of investors implement different monitoring approaches, which are driven by fundamentally different characteristics of the firms they finance: PE investors’ ownership has a significant positive effect on the board’s size, while VC investors primarily focus on the proportion of independent directors on the board of directors. Moreover, I find that the ownership structure of financial sponsors has a material impact on monitoring of portfolio firms, as IPOs backed by bank-affiliated PE funds have significantly larger boards. In terms of investment decisions, VC investors minimize expenditures in all retained IPO firms. PE sponsors’ only reduce expenditures in IPOs with low proximity, so when PE investors’ monitoring abilities are significantly constrained by distance and hence costs of monitoring are higher. In contrast to non-backed IPOs, I find that financially sponsored companies are more likely to initiate a payout via dividends.

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Eriksson, Johan. "Earnings management within IPO firms and private equity backing : Earnings management's affect on stock market reaction and IPO's adjustable offering". Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-256335.

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In order to boost the exit value, it is not uncommon that issuers report earnings in excess of cash flow generated by its operations at the initial public offering (IPO). The discretionary activity of performing earnings management can mislead investors about the intrinsic value of the newly public firm. Within this study, I examine how earnings management will affect the stock market reaction upon the lockup expiration date, the IPO adjustable offering size, and how the backing of private equity or venture capital (PEVC) affects earnings management tendencies within IPO firms. Using a unique, hand-collected dataset of 56 Swedish newly public firms from 2007 - 2014, I show that IPO firms (i) manage their earnings at the full fiscal year prior to the IPO and that earnings management will result in a negative stock market reaction upon the lockup expiration date. More importantly, I show that (ii) high adjustable offerings do not affect this relationship indicating that earnings management has no impact on the adjustable part of the offering size within IPOs. I also find that (iii) IPO firms backed by PEVC firms are more eager to manipulate their earnings, and (iv) highly reputable PEVC firms do not mitigate the manipulation of earnings within IPO firms. The results taken together suggest that studying the stock market reaction on the lockup expiration date is important for manipulative IPO firm detection, and that a participation in IPOs backed by PEVC firms must be done with caution.

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Tepe, Mete. "Market Reaction To Rights Offering Announcements In The Turkish Stock Market". Master's thesis, METU, 2012. http://etd.lib.metu.edu.tr/upload/12614044/index.pdf.

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This study examines the market reaction to rights offering announcements in Turkey. Even though the topic is extensively studied in the finance literature, there is still research going on for emerging markets. The first part of this study measures market reaction to rights offering announcements for six different information arrival dates. The results are significantly negative except for the case of the announcement of the rights offering period. Additionally, the sample is divided into two sub-periods as before and after the 2001 crisis. The results show that there is a significant difference in market reaction and this difference is attributed to the change in economic policy after the 2001 crisis. The second part of the study examines the determinants of this market reaction and the findings suggest that bonus issues are positively related and there is also evidence that firms time their equity issues. The third part analyzes the long term performance of equity issuing firms in two subgroups as financial and non-financial firms. The results provide evidence of a negative performance and this finding is consistent with the results of previous studies.

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Mathew, Prem George. "Long-horizon event study methodology and seasoned equity offering performance in the Pacific Rim financial markets /". free to MU campus, to others for purchase, 1999. http://wwwlib.umi.com/cr/mo/fullcit?p9953880.

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CASOTTI, FELIPE PRETTI. "INITIAL PUBLIC OFFERING IN BRAZIL (2004-2006): A VALUATION APPROACH USING MULTIPLES AND COST OF EQUITY". PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2007. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=11704@1.

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A precificação das ações emitidas em ofertas públicas iniciais tem sido alvo de estudos em diversos países. Abordando o conceito de avaliação por múltiplos, este trabalho busca verificar se as ações das empresas estavam sub-avaliadas ou super-avaliadas no momento das suas Ofertas Públicas Iniciais (Initial Public Offerings). Posteriormente, são determinados os custos de capital próprio adotados na emissão, verificando-se a diferença entre betas utilizados no modelo CAPM, no momento da IPO, e os betas dos 12 meses após a oferta inicial. Para tal, foi utilizada uma amostra composta por empresas que abriram capital entre 2004 e 2006. Observou-se que as ações não foram sub- avaliadas, mesmo após serem observados elevados retornos iniciais. No entanto, não há evidências estatísticas de que foram super-avaliadas. Por fim, verificou-se que os betas de 12 meses são significativamente maiores do que os betas utilizados no momento da precificação. Como esperado, o modelo CAPM determinou retornos abaixo dos retornos ocorridos após a emissão.
The pricing of assets issued in initial public offerings has been the subject of many studies in several countries. Using the concept of relative valuation, this study intends to verify if the shares of selected companies were undervalued or not at the time of their IPOs (Initial Public Offering). Later, the cost of equity is determined and betas used in the CAPM model, at the time of the IPO, and the betas verified 12 months after the initial issue are compared. The sample is composed of companies with IPOs during the period 2004-2006. The results show that the shares were undervalued, although high initial returns were observed. However, there is no statistical evidence that they are overvalued. Finally, it was found that the betas after 12 months are significantly higher than the ones used at the time of the pricing. As expected, the CAPM model determined returns below the returns that occurred.

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Yi, Bingsheng. "Two Essays on Security Offerings: Information Production, Investor Perception and The Types of External Financing, and A Unified Analysis on Financing Choices and Offering Costs". [Tampa, Fla.] : University of South Florida, 2005. http://purl.fcla.edu/fcla/etd/SFE0001173.

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Svenberg, Filip, e Philip Hivander. "Private Equity-finansiering - hjälpande eller stjälpande? : En eventstudie om svenska PE- och VC-aktörers påverkan på operationellt värdeskapande för svenska portföljbolag under 2000 – 2017". Thesis, Linköpings universitet, Företagsekonomi, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-148904.

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Bakgrund och problem: Det långsiktiga värdeskapandet av Private Equity (PE)- och Venture Capital (VC)-bolag är ett fenomen som forskats kring sedan dess uppenbarelse i mitten av 80-talet. Tidigare forskning har främst fokuserat på portföljbolagens prestation under ägande, medan forskningen är gles gällande de långsiktiga konsekvenserna av PE- och VC-ägande. Trots tidigare forskning inom området, som sträcker sig över tre decennier, finns det ingen etablerad konsensus om de långsiktiga effekterna av PE- och VC-finansiering. Med tanke på den tvetydiga forskningen och det faktum att det inte råder någon konsensus inom området syftar denna studie att undersöka fenomenet på den svenska marknaden. Syfte: Denna studie syftar till att analysera huruvida det råder en operationell prestationsskillnad mellan tidigare PE- och VC-ägda portföljbolag gentemot dess branschkonkurrenter efter avyttring genom börsnotering. Vidare ämnar studien analysera de bakomliggande faktorerna till den tänkbara prestationsskillnaden samt utreda om dessa varierar beroende på vilken aktör som tidigare stått för ägandet. Metod: Undersökningen genomfördes på den svenska marknaden mellan 2000 och 2017 med EBITDA-marginalen, omsättning per anställd, avkastning på sysselsatt kapital, operativa kassaflöden/totala tillgångar och rörelsekapital/omsättning som indikator på operationell prestation. I linje med tidigare forskning tillämpar följande studie en kvantitativ forskningsmetod, en deduktiv design och använder både ett parametrisk och icke parametrisk test i syfte att avgöra den statistiska säkerheten i resultaten. Slutsats: Studien konstaterar att den långsiktiga operationella prestationen för tidigare PE-ägda portföljbolag är sämre än den för branschkonkurrenter. Resultaten fastställer dock en kortsiktig överprestation som grundar sig i varaktiga effekter av effektiviseringsåtgärder från ägandeperioden. I motsats till detta, indikerar VC-ägda portföljbolag på en operativ underprestation, relativt branschkonkurrenter, på kort- och lång sikt men på grund av ett begränsat urval av portföljbolag kan detta inte statistiskt säkerställas.
Background and problem: The long term value creation of Private Equity (PE) and Venture (VC) Capital firms is a phenomena that has been debated and researched since its revelation in the mid 80’s. Previous research has primarily focused on the performance of portfolio companies during ownership, while the offer is relatively sparse investigating the long term consequences of PE and VC ownership after divestment. Despite previous research within the field, extending over three decades, there is no established consensus of the long term results of PE and VC financing. Given the contradiction of previous research the study aims to investigate the phenomena in detail on the Swedish market. Purpose: The study aims is to investigate how formerly Private Equity (PE) and Venture Capital (VC) backed portfolio companies preform, relative industry peers, after divestment through IPO. The study is based upon five key operational metrics and further strives to analyse and determine the explanatory variables to the presumed performance deviations and if these vary depending on which actor who previously was responsible for the ownership. Methodology: The study was conducted on the Swedish market between 2000 and 2017 using the EBITDA-margin, RPE, ROCE, operational cash flows to total assets and net working capital to sales as operational determinants for long- and short term performance. In line with previous research the following event study applies a quantitative research method, a deductive design and uses both a parametric and a non-parametric test to determine the statistical significance of the results. Conclusion: The study concludes that the long term operational performance of previously PE- owned portfolio companies is inferior to that of industry peers. However, the results conclude that the portfolio companies over perform industry peers in the short term due to lasting effects of efficiency processes from the ownership period. In contrary to previous results VC-owned portfolio companies indicate an operational under performance in the short and long term but due to a limited selection of portfolio companies this cannot be statistically proven.

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Lenberg, Jesper, e Måns Wihl. "Börsnotering – träna sprint för ett maraton? : En eventstudie om Private equity-aktörers bestående värdeskapande – bevis från Skandinavien 2002-2013". Thesis, Linköpings universitet, Företagsekonomi, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-138804.

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Bakgrund och problem: Private equity-aktörers värdeskapande är ett fenomen som studerats internationellt sedan 80-talet och intensifierats under det senaste årtiondet. Med en mängd forskning angående prestationen under ägandeskapet är utbudet mindre huruvida prestationen är bestående och hur portföljbolagen presterar efter att de avyttrats. Trots detta råder det ingen konsensus kring tidigare studiers resultat. Mot bakgrund av den motstridighet som föreligger i tidigare forskning och den uppmärksammade debatten om riskkapitalisters värdeskapande söker denna studie att studera och undersöka ämnet närmre för den skandinaviska marknaden. Syfte: Studiens syfte är att undersöka hur skandinaviska portföljbolag presterar efter avyttring genom börsintroduktion. Studien ämnar därmed att utreda, kartlägga och skapa bättre förståelse huruvida det föreligger någon skillnad i tidigare PE-ägda portföljbolags prestation gentemot branschkonkurrenter utifrån utvalda nyckeltal. Metod: Studien applicerar en kvantitativ forskningsmetod, vilket är i linje med tidigare forskning och referensstudier som även använder ett parametriskt och ett icke-parametriskt statistiskt test för att utröna om över- eller underprestation föreligger för tidigare PE-ägda portföljbolag. Därefter har studiens resultat analyserats med bakgrund av tidigare forskning och vedertagna teorier inom ämnet. Slutsats: Studiens resultat konstaterar att tidigare PE-ägda portföljbolag som börsnoterats inte överpresterar sina branschkonkurrenter, utan presterar sämre eller endast i linje med dem. Till skillnad från tidigare forskning kan ingen av- eller tilltagande effekt urskiljas, vilket innebär att ägarbytet vid börsnoteringen inte medför några bestående komparativa konkurrensför- eller nackdelar.
Background and problem: Private equity companies’ long-term performance is a phenomena that has been examined internationally since the 80’s, which has intensified over the last decade. With a lot of research focusing on performance during the ownership, the offer is less extensive whether the performance is long-term and how the divested portfolio companies perform after the private equity companies exit. Nevertheless, there is up today no consensus regarding the result of the previous studies. In the light of the contradiction of the previous research and the debate on risk capitalists’ value creation, this study seeks to investigate the phenomena closer on the Scandinavian market. Purpose: The purpose of this study is to investigate how Scandinavian portfolio companies perform after divestment through an IPO. The study thus aims to investigate, plot and create a better understanding of whether there is any difference in past PE-owned portfolio companies’ performance relative industry competitors bases on selected key ratios. Methodology: The study applies a quantitative research method, which in line with previous research and reference studies, uses a statistical parametric and a non-parametric test to determine whether over- or underperformance exists for previous PE-owned portfolio companies. The result of the study have been analyzed in the light of previous research and conventional theories within the field of subject. Conclusions: This study’s findings show that previous private equity owned portfolio companies do not over perform their industry peers, but perform in line or inferior to them. Unlike previous research, no decreasing or increasing effect can be distinguished which means that the change of ownership through the IPO does not bring any long-term comparative competitive advantages or disadvantages.

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Libri sul tema "Equity offering"

IPOs and equity offerings. Oxford: Butterworth-Heinemann, 2002.

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Zhongguo shang shi gong si gu quan zai rong zi jia zhi yan jiu: Research on value of seasoned equity offering for Chinese list company. Shanghai Shi: Fu dan da xue chu ban she, 2007.

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DeAngelo, Harry. Fundamentals, market timing, and seasoned equity offerings. Cambridge, MA: National Bureau of Economic Research, 2007.

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Lyandres, Evgeny. Investment-based underperformance following seasoned equity offerings. Cambridge, Mass: National Bureau of Economic Research, 2005.

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Lyandres, Evgeny. Investment-based underperformance following seasoned equity offerings. Cambridge, MA: National Bureau of Economic Research, 2005.

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DeAngelo, Harry. Fundamentals, market timing, and seasoned equity offerings. Cambridge, Mass: National Bureau of Economic Research, 2007.

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Healy, Paul M. Risk and earnings changes subsequent to equity offerings. Cambridge, Mass: Sloan School of Management, Massachusetts Institute of Technology, 1987.

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Levis, Mario. Seasoned equity offerings and the short and long-run performance of initial public offerings. Brussels: European Institute for Advanced Studies in Management, 1993.

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Levis, Mario. Seasoned equity offerings and the short and long-run performance of initial public offerings. London: City University Business School, 1994.

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Sutton, David P. Initial public offerings: A strategic planner for raising equity capital. Chicago, Ill: Probus Pub. Co., 1988.

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Capitoli di libri sul tema "Equity offering"

Cendrowski, Harry, e James P. Martin. "Harvesting Private Equity Investments Through Initial Public Offering". In Private Equity, Second Edition, 69–83. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2015. http://dx.doi.org/10.1002/9781119203391.ch4.

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Iannotta, Professor Giuliano. "Equity Offerings: Structure and Process". In Investment Banking, 45–59. Berlin, Heidelberg: Springer Berlin Heidelberg, 2009. http://dx.doi.org/10.1007/978-3-540-93765-4_3.

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Torrence, Phillip D. "Legal Considerations in Initial Public Offerings". In Private Equity, Second Edition, 85–109. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2015. http://dx.doi.org/10.1002/9781119203391.ch5.

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Iannotta, Professor Giuliano. "Equity Offerings: Syndicate Structure and Functions". In Investment Banking, 61–77. Berlin, Heidelberg: Springer Berlin Heidelberg, 2009. http://dx.doi.org/10.1007/978-3-540-93765-4_4.

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Hemmings, Danial R., Niamh M. Brennan e Doris M. Merkl-Davies. "Explaining Communication Choices During Equity Offerings". In The Handbook of Financial Communication and Investor Relations, 145–56. Chichester, UK: John Wiley & Sons, Ltd, 2017. http://dx.doi.org/10.1002/9781119240822.ch13.

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LoBue, Robert M. "Start-Up Investor Governance Case". In Management for Professionals, 9–13. Cham: Springer International Publishing, 2021. http://dx.doi.org/10.1007/978-3-030-48606-8_3.

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AbstractIn the current age of innovative business financing opportunities available from fintech apps, social media crowdfunding sites such as Kickstarter, Indiegogo, and RocketHub, et.al., and friends and family private equity investors, start-up firms can strategically source their venture capital funds from many globally disperse organizations and individuals. As the firm in this case learned, the benefit of alternative investing sources comes with a critical hidden risk for corporate governance. After a financial restructuring, a typical Silicon Valley software start-up found itself with close to 300 external individual shareholders, some of whom had not been documented as accredited investors. The regulatory agency could decide that the prior actions of the founders and the decisions of the board had been prejudicial to the interests of the minority investors. The management of this small private company faced an atypical investor relations dilemma, before its initial public offering (IPO).

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Scott-Quinn, Brian. "Capital Market Equity Initial Public Offerings and Corporate Bond Origination". In Commercial and Investment Banking and the International Credit and Capital Markets, 164–77. London: Palgrave Macmillan UK, 2012. http://dx.doi.org/10.1007/978-0-230-37048-7_11.

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Fine, David J. "Equity Lines of Credit: Structuring and Implementing Discretionary Forward-Priced Offerings". In The Issuer's Guide to Pipes, 259–79. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2015. http://dx.doi.org/10.1002/9781119204671.ch14.

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Radner, Philip. "An Analysis of Announcement Effects of Seasoned Equity Offerings by REITs since 2008". In IPOs and SEOs in the US Real Estate Industry, 37–54. Wiesbaden: Springer Fachmedien Wiesbaden, 2017. http://dx.doi.org/10.1007/978-3-658-17139-1_4.

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Chamorro Domínguez, María de la Concepción. "Financing of Start-Ups via Initial Coin Offerings and Gender Equality". In The Fourth Industrial Revolution and Its Impact on Ethics, 183–97. Cham: Springer International Publishing, 2021. http://dx.doi.org/10.1007/978-3-030-57020-0_14.

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Atti di convegni sul tema "Equity offering"

Xiaowan. "Notice of Retraction: Corporate control and choice of seasoned equity offering based on Chinese directional add-issuance's motivation". In 2011 International Conference on E-Business and E-Government (ICEE). IEEE, 2011. http://dx.doi.org/10.1109/icebeg.2011.5881485.

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Falaschi, Elena. "The HTR Model for Well-Being in Educating Community". In Seventh International Conference on Higher Education Advances. Valencia: Universitat Politècnica de València, 2021. http://dx.doi.org/10.4995/head21.2021.12968.

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With the aim of enhancing human capital by bringing out talents, this paper offers a theoretical model for innovating teaching/learning methodological approaches. The Humor Talent Resilience (HTR) Model for Well-Being in Educating Community recognizes Humor as a pedagogical device that jointly feeds both Talent and Resilience. This nourishment triggers a dynamic process between Talent and Resilience of reciprocal and constant interdependence, while developing a mutual positive contamination in continuous evolution. This process is itself a “generator of Well-Being” but it will be able to fully convey its educational effectiveness only if it is supported by an Educating Community. While aknowledging the enhancement of all human potentials, including the high or very high potentials, the pedagogy of Well-Being must assume the educational responsibility of offering teaching/learning contexts that allow all students to reach their highest level of development. Three open reflections are presented: the concepts of justice and equity of educational policies and practices aimed at respecting and enhancing all human potentials; the virtual educating (or dis-educating) community; the need for specific training for teachers and more opportunities for international discussion in the field of gifted and talented education.

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Damanik, Jenniari, e Ferikawita Sembiring. "The Effect of Return on Assets, Current Ratio, Debt to Equity Ratio and Underwriter's Reputation on Underpricing During Initial Public Offering (IPO) on The Indonesia Stock Exchange in Period 2014-2018". In Proceedings of The International Conference on Environmental and Technology of Law, Business and Education on Post Covid 19, ICETLAWBE 2020, 26 September 2020, Bandar Lampung, Indonesia. EAI, 2020. http://dx.doi.org/10.4108/eai.26-9-2020.2302725.

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Wang, Xiao-wei, e Rui-hai Ning. "The performance of Chinese seasoned equity offerings after equity division reform". In 2012 International Conference on Management Science and Engineering (ICMSE). IEEE, 2012. http://dx.doi.org/10.1109/icmse.2012.6414370.

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Cui, Linlin, Jianhua Chen e Wentao Wu. "Predicting Secondary Equity Offerings (SEOs) Using Machine Learning". In 2018 17th IEEE International Conference on Machine Learning and Applications (ICMLA). IEEE, 2018. http://dx.doi.org/10.1109/icmla.2018.00198.

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Yin Lei e Liu Yucan. "Stock return synchronicity and seasoned equity offerings in China". In 2016 13th International Conference on Service Systems and Service Management (ICSSSM). IEEE, 2016. http://dx.doi.org/10.1109/icsssm.2016.7538528.

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Lorenz, Felix. "Underpricing in seasoned equity offerings: Evidence from European REITs and REOCs". In 26th Annual European Real Estate Society Conference. European Real Estate Society, 2019. http://dx.doi.org/10.15396/eres2019_280.

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Devos, Erik, Andrew Spieler, Seow Ong e Elizabeth Devos. "Are REIT Investors Overly Optimistic after Equity Offerings?: Evidence from Analyst Forecast Errors". In 24th Annual European Real Estate Society Conference. European Real Estate Society, 2017. http://dx.doi.org/10.15396/eres2017_129.

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Yong, Wang, e Guan Zhong-liang. "Empirical Study on Influential Factors of Underpricing in China Listed Companies' Seasoned Equity Offerings". In 2006 International Conference on Management Science and Engineering. IEEE, 2006. http://dx.doi.org/10.1109/icmse.2006.314045.

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Li, Wanli, e Gang Jia. "An Empirical Study on Market Reaction to Large Shareholder's Assets Injection through Private Equity Offerings". In 2009 International Conference on Information Management, Innovation Management and Industrial Engineering. IEEE, 2009. http://dx.doi.org/10.1109/iciii.2009.527.

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Rapporti di organizzazioni sul tema "Equity offering"

DeAngelo, Harry, Linda DeAngelo e René Stulz. Fundamentals, Market Timing, and Seasoned Equity Offerings. Cambridge, MA: National Bureau of Economic Research, luglio 2007. http://dx.doi.org/10.3386/w13285.

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Lyandres, Evgeny, Le Sun e Lu Zhang. Investment-Based Underperformance Following Seasoned Equity Offerings. Cambridge, MA: National Bureau of Economic Research, luglio 2005. http://dx.doi.org/10.3386/w11459.

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Reese, William, e Michael Weisbach. Protection of Minority Shareholder Interests, Cross-listings in the United States, and Subsequent Equity Offerings. Cambridge, MA: National Bureau of Economic Research, marzo 2001. http://dx.doi.org/10.3386/w8164.

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