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1
Yuan, Jie. "Alternative explanations of under-pricing of Chinese initial public offerings". Thesis, University of Nottingham, 2009. http://eprints.nottingham.ac.uk/10820/.
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The thesis contains an empirical study designed to reveal why initial public offerings (IPO) of common stocks (A-share) in China are on average under-priced from alternative angles as opposed to more established theories, using a dataset of 880 IPOs from January 1996 to December 2003. A much higher degree of under-pricing compared to developed markets and even other emerging markets is a distinct feature of China’s A-share IPOs. Previous literatures based on classical hypotheses have not been able to fully explain such high level of under-pricing. Hence, alternative explanations have been put forward by academics as well as practitioner. It is said that the Chinese government has big influences in China’s primary market through tightly controlled issuing system and opaque regulatory constraints. People speculate that such influences have been both intentionally and unintentionally exerted, causing IPO under-pricing. A major contribution of the thesis is to test some new hypotheses based on three untested statements in China’s IPO literatures i.e. speculation effect, “Western Region Development” policy effect and government protection effect, which are all associated with government direct or indirect influences. More specifically, speculation effect hypotheses assume that the government constraints and regulator drawbacks have caused high level of speculation, which in turn drives the IPO under-pricing. “Western Region Development” policy effect hypotheses claim that government intentionally uses IPO under-pricing to lure investments into less developed and thus less favourable western region companies. Government protection effect hypotheses conjecture that IPO under-pricing is a compensation for investors’ concern of potential government interference in the government-protected firms. The thesis finds that speculation effect hypothesis is largely supported by empirical data while the other two are not. The thesis has also re-tested hypotheses advanced in previous literatures including classical information asymmetry hypotheses, ex ante uncertainty hypotheses, investors’ behaviour hypotheses as well as existing China-specific hypothesis such as listing time lag hypothesis. Proxies such as government retention rate that have emerged in privatisation IPO literatures are also borrowed by Chinese researchers looking into China-specific institutional settings such as dominant government control. The thesis finds that information asymmetry hypotheses in general show more strength in explaining China’s IPO under-pricing while empirical evidence for other hypotheses are either mixed or weak. In the end, the thesis finds that alternative angles emerging from the tests of the three statements combined with some classical hypotheses supported by empirical data have a greater power to explain China’s high IPO under-pricing. The so-called “floatation game” hypothesis has been put forward by researchers such as Tian (2003) who claims that the Chinese government makes use of IPOs with different lengths of IPO listing time lag i.e. the time lag between IPO announcement date and actual listing date to adjust the equity market cycle. In other words, the government let go public the IPOs with longer listing time lag thus more likely higher initial returns in the bear market and vice versa. The thesis does not find support to the “floatation game” hypothesis, although the thesis does find that the market cycle is closely related to the IPO under-pricing and the number of IPOs issued.
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Chi, Jing. "The performance and characteristics of the Chinese IPO market". Thesis, University of Reading, 2003. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.288749.
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Li, Dairui. "The life cycle of initial public offering companies : a panel analysis of Chinese listed companies". Thesis, University of Salford, 2010. http://usir.salford.ac.uk/26773/.
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Many prior studies have been devoted to the performance of Chinese listed companies over the last 20 years, however they have largely neglected what influence the transition of the post-IPO companies. This thesis reports on one of the first empirical attempts to investigate what factors influence the post-issue transition of Chinese initial public offering (IPO) companies into one of the post-IPO states over the life cycle of the company. These can be represented by either healthy state, get acquired, or delisting outright. Also, a company has strong (S-M&A) or weak performance (W-M&A) prior becoming acquisition target. Using panel data from 1998 to 2008, this research constructs measures for a large number of factors for all publicly listed companies on the Chinese stock market, particularly examines the impact of agency costs, board characteristics and ultimate ownership. With logistic regressions, this research shows that the probability of the W-M&A and delisting states goes up as agency costs increase, which indicates that agency costs are responsible for non-healthy post-IPO status. Of the board characteristics variables, higher board independence exists in healthy companies compared to acquired and delisted companies. This suggests that board independence is associated with the incidence of transition to healthy post-IPO state. CEO duality and board size do not appear to be significant determinants. Furthermore, state ultimate-controlled companies are more likely to get into both M&A states, implying that the state ownership has become one of the most important factor in determining the M&A transactions. However the state ultimate ownership deters companies from delisting. The results display significant evidence that the ultimate ownership is important for transition to the post-IPO states. Besides, this research points out that high-technology, great pre-IPO operating performance, large IPO offering size and low IPO initial returns are accountable for survival in the after-market.
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Li, Qiang, i n/a. "The Measurement of Short- and Long- Term Returns of Chinese Initial Public Offerings and the Identification of Corporate Governance Variables That May Explain These Returns". Griffith University. Griffith Business School, 2006. http://www4.gu.edu.au:8080/adt-root/public/adt-QGU20061017.155437.
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This thesis examines the relationship between the aftermarket performance of Chinese initial public offerings (IPOs) and corporate governance for firms that listed during the years 1999 to 2001. The primary objective of this study is to investigate the significance of corporate governance variables as explanations of IPOs aftermarket performance. By doing so, a set of hypotheses dealing with the relationships between IPO aftermarket performance and three categories of independent variables: corporate governance variables; issue variables; and control variables, were examined. The descriptive analysis indicates that IPOs in China continue to provide significant short-term returns to investors, although the level of underpricing has declined from that found in earlier studies. This finding suggests a growing level of maturity and sophistication in the Chinese IPO market. The analysis of long-term performance indicates negative returns to investors which is consistent with international evidence but challenges the bulk of prior Chinese studies. It is found that there is no significant relationship between corporate governance variables and IPO returns in the short-term with the exception of board composition, while IPO underpricing is primarily explained by the imbalance between supply and demand and the inefficient capital market in China. The significance of board composition can be explained by the launch of the new corporate governance code on board structures in 2001. Overall the empirical evidence shows that the Information Asymmetry Hypothesis is an appropriate explanation of the underpricing of Chinese IPOs. In the long-term, it is found that corporate governance variables do have explanatory power for the market performance of Chinese IPOs, in particular state ownership and the separation of Chairman and CEO, supporting the notion that corporate governance appears to be important to IPO investors in the long-term. It also confirms the view that investors are willing to pay a premium for the shares of what they consider to be well-governed firms in the long-term. Besides corporate governance variables, both issue variables and control variables are also found to have explanatory power in IPO aftermarket performance. In particular firm size, IPO offer price, IPO lottery rate and industry are significantly related to IPO short-term performance in China, while growth in earning per share, firm size and industry are related to the long-term market performance.
5
Jiao, Jian, i Xuan Guo. "Do Chinese underwriters grandstand to attract more firms when they are ready to go public?" Thesis, Umeå University, Umeå School of Business, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-34920.
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The concept of grandstanding comes from Gompers (1996), in his article, he defined “to grandstand” as “to act or conduct oneself with a view to impressing onlookers”. The idea of grandstanding does not only apply solely to venture capital but also could apply to underwriters of IPOs industry as well.
IPOs activities provide huge revenues for underwriters, so underwriters compete with each other for IPO business. China’s stock market grows explosively after 2006, and it has the highest underpricing, as well as more and more underwriters have emerged recently, so our paper is constrained under Chinese stock market environment. We empirically examine whether inexperienced underwriters grandstand when they conduct IPOs in order to achieve more market shares, for example by deliberate underpricing or charging lower fee rates.
This study is conducted from the underwriter’s perspective. We use two kinds of reputation measurement methods to define “inexperienced” and “prestigious underwriters” and employ a quantitative approach to analyze the data. Evidence from a sample of 392 IPOs from June 19, 2006 to March 24, 2010 suggests that inexperienced underwriters do not have incentives to grandstand. The number of IPOs that underwriters have conducted and recent IPO performance do not always contribute to a gain of market share directly. Therefore, inexperienced underwriters do not provide more underpriced IPOs nor do they charge lower fee rates. Evidence also marginally supports that underwriters do not intend to conduct small offer sized IPOs.
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Schöber, Thomas. "Buyout-Backed Initial Public Offerings". kostenfrei, 2008. http://www.biblio.unisg.ch/www/edis.nsf/wwwDisplayIdentifier/3479.
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Imtiaz, Talat. "Initial public offerings in Pakistam". Thesis, University of Essex, 2004. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.399022.
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Tastan, M. "Essays on initial public offerings". Thesis, City University London, 2014. http://openaccess.city.ac.uk/8339/.
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The present dissertation includes three essays on initial public offerings (IPO). The first chapter investigates the impact of venture capital (VC) syndicate size and diversity on the IPO and post-IPO performances of investee companies. We provide evidence that firms backed by larger and more diverse VC syndicates experience greater underpricing and lower post-IPO profitability. We suggest that this might be the consequence of coordination problems and conflicts of interests within large and heterogeneous VC syndicates which ultimately results in poorer added value for the investee companies. We also provide some evidence that the negative impact of VC syndicate size and diversity on IPO underpricing can be mitigated by the existence of alternative monitoring mechanisms such as bank loans. In the second essay, using text sentiment analysis, we investigate the relationship between tone, length and information content of prospectuses and underpricing in a sample of UK IPOs between 2004 and 2012. The peculiar feature of the UK IPO market is the wide use of fixed-priced offerings to go public, which, contrary to bookbuilding, does not allow any price discovery. Our results show that, for fixed-priced IPOs, the length of the admission document is positively correlated to the offer price and negatively correlated to underpricing and to ex-post volatility, whereas different tone and information content in the document seem to matter less. We further show that admission documents have become substantially longer for all types of IPOs since the recent financial crisis but that their impact on IPO pricing appears to be significant only during the pre-crisis period. The last chapter, the third essay, investigates how the market for European IPOs has changed, if at all, since the recent financial crisis. For this purpose we have constructed a comprehensive dataset of European IPOs between 2000 and 2012. Our research focuses on whether and how the costs, both direct and indirect, of going public have changed in the wake of the recent financial crisis. Our results suggest that both underpricing and underwriting fees have decreased since 2007. A closer look at the underwriting markets also shows that, since the financial crisis, underwriters have tended to syndicate more, and that there are some newcomers among the top ten underwriters. Additionally, we shed some light on the determinants of going public during post-crisis period, and we find that traditional models are of very little use in explaining IPO decisions during the recent recession.
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Reese, William Arthur Jr 1956. "Essays concerning initial public offerings". Diss., The University of Arizona, 1998. http://hdl.handle.net/10150/288831.
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This dissertation uses samples of Initial Public Offerings (IPOs) to examine the separate effects that a capital gains tax and investor interest have on trading volume and returns. Chapter one looks at how different tax rates for long-term and short-term capital gains and losses affect trading in IPOs. Prior to the Tax Reform Act of 1986 (TRA '86), long-term capital gains were taxed at a lower rate than short-term gains, presenting investors with an opportunity to increase their after-tax return by delaying the sale of appreciated assets until after they qualified for long-term status and selling depreciated assets prior to long-term qualification. Using a sample of Initial Public Offering, I find that stocks that appreciated prior to long-term qualification exhibit increased trading volume and decreased returns just after their qualification date, while stocks that depreciated prior to long-term qualification exhibit these effects just prior to their qualification date. Chapter two explores how the previously undefined variable "investor interest" affects an IPO's trading activity. The level of investor interest in an IPO prior to its issue influences its offer price, its initial return and its initial trading volume. After issue, this interest level impacts the stock's long-term trading volume, leading to a positive relationship between an IPO's initial return and its trading volume for more than three years after issuance. Using newspaper references as a proxy for the level of interest in a firm, I find that investor interest is positively related to initial return, initial trading volume and long-term trading volume.
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Yu, Lei, i 于雷. "Two essays on initial public offerings". Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2008. http://hub.hku.hk/bib/B4129063X.
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Singaravelu, Naidu Roubie. "Aftermarket performance of initial public offerings". Thesis, University of Cambridge, 2008. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.611970.
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Yu, Lei. "Two essays on initial public offerings". Click to view the E-thesis via HKUTO, 2008. http://sunzi.lib.hku.hk/hkuto/record/B4129063X.
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Chua, Ansley. "Two essays on initial public offerings". Tallahassee, Florida : Florida State University, 2009. http://etd.lib.fsu.edu/theses/available/etd-07062009-151728/.
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Thesis (Ph. D.)--Florida State University, 2009.Advisor: James Ang, Florida State University, College of Business, Dept. of Finance. Title and description from dissertation home page (viewed on Nov. 3, 2009). Document formatted into pages; contains viii, 56 pages. Includes bibliographical references.
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Woo, Bo-loy, i 胡寶萊. "Hong Kong's initial public offerings: 1991-1995". Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1997. http://hub.hku.hk/bib/B31954832.
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Podškubka, Tomáš. "Initial Public Offerings ? teorie, empirie a praxe". Master's thesis, Vysoká škola ekonomická v Praze, 2007. http://www.nusl.cz/ntk/nusl-4242.
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Obsahem této práce je problematika primárních emisí. IPO je jedním z možných zdrojů financování dalšího rozvoje podniku, který zatím není v ČR příliš využíván. Tato práce analyzuje výhody a nevýhody IPO a provádí komparaci tohoto zdroje financování s cizími zdroji. Primární emise ve vyspělých tržních ekonomikách jsou spojovány se dvěma anomáliemi. Tato práce vysvětluje podstatu těchto jevů a rozebírá jejich příčiny. Kromě teoretických vysvětlení obou anomálii navrhuje i dva regresní modely s cílem vysvětlit příčiny rozdílného podhodnocení emisních kurzů mezi IPO firmami. Kromě toho je obsahem této práce i makroekonomický model, který zkoumá změny průměrného podhodnocení v čase. Výsledky těchto modelů potvrzují některé hypotézy obsažené v odborné literatuře. Je to zejména vliv hospodářského cyklu na IPO aktivitu v rámci makroekonomické analýzy a vliv množství investičních příležitostí, rentability a stáří firmy na podhodnocení emisních kurzů v rámci analýzy mikroekonomické. Práce dále konstatuje, že nižší výkonnost firem po IPO je do jisté míry nadhodnocena, neboť ve srovnatelnému vzorku firem již není velká. Poslední část práce se zabývá komparací IPO aktivity v ČR a Polsku. Odbourání legislativních příčin a dobrá ekonomická situace bude pravděpodobně zvyšovat počty uskutečněných IPO v ČR.
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Woo, Bo-loy. "Hong Kong's initial public offerings 1991-1995 /". Hong Kong : University of Hong Kong, 1997. http://sunzi.lib.hku.hk/hkuto/record.jsp?B20718044.
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Lüsch, Fredrik. "Aftermarket Performance of Micro-Capitalized Initial Public Offerings". Thesis, Stockholms universitet, Företagsekonomiska institutionen, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:su:diva-145169.
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The aftermarket stock price performance of micro-capitalized IPOs with penny stock status is an often-neglected subsample in the IPO research literature. As the markets in which these IPOs are often traded are subject to lower listing and disclosure requirements, there is a higher degree of asymmetrical information between issuers and investors than on more regulated exchanges. Another characteristic of micro-capitalized IPOs is the investor base, which is dominated by retail, or irrational, investors, causing the aftermarket trading to be driven by irrational behavior. With this in mind, this paper studies 139 IPOs made on the Swedish fringe marketplace Aktietorget, over the period 2007-2015, and their 15 months’ aftermarket price performance. The study adopts an event time approach to compare the returns on the IPOs to returns on a market index used as benchmark. Using a Student’s t-test and a Wilcoxon signed rank test, there are no conclusive evidence of abnormal returns that would question the Efficient Market Hypothesis. Results from multiple linear regression models, evaluating IPO price performance over a 15-month period, provide evidence for positive hot period and hot industry effects, and negative underpricing and offer price effects. Furthermore, a positive effect of post-issue company market value is evident for 3-, 6- and 12-months aftermarket periods. This paper provides evidence of return predictability of micro-capitalized IPOs using factors surrounding the IPO date, but requests additional evidence from other geographical samples, with precise definitions of normal returns.
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Sakr, Ahmed. "Determinants of board size in initial public offerings /". Available to subscribers only, 2006. http://proquest.umi.com/pqdweb?did=1147184071&sid=1&Fmt=2&clientId=1509&RQT=309&VName=PQD.
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Hsu, Hung-Chia Scott Fulghieri Paolo. "Essays on venture capital and initial public offerings". Chapel Hill, N.C. : University of North Carolina at Chapel Hill, 2007. http://dc.lib.unc.edu/u?/etd,1118.
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Thesis (Ph. D.)--University of North Carolina at Chapel Hill, 2007.Title from electronic title page (viewed Mar. 27, 2008). "... in partial fulfillment of the requirement for the degree of Doctor of Philosophy in the Kenan-Flagler Business School Finance." Discipline: Business Administration; Department/School: Business School, Kenan-Flagler.
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Wong, Chun-keung Damian, i 王振強. "Pricing of initial public offerings in Hong Kong". Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1998. http://hub.hku.hk/bib/B31269394.
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Wang, Lun, i 王仑. "Essays on stock splits and initial public offerings". Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2009. http://hub.hku.hk/bib/B42182426.
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Chiang, Sophia Yin. "Alternative valuation methods of biotechnology initial public offerings". Thesis, Massachusetts Institute of Technology, 1996. http://hdl.handle.net/1721.1/10884.
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Martínez, Sergio (Martínez Roel) 1966, i Paul M. 1961 Perron. "The valuation and pricing of initial public offerings". Thesis, Massachusetts Institute of Technology, 2004. http://hdl.handle.net/1721.1/17903.
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Thesis (S.M.)--Massachusetts Institute of Technology, Sloan School of Management, 2004.Includes bibliographical references (leaves 89-91).
Going public is an incredibly exciting and dynamic event in a company's life. The company and its management are transformed and will forever have to conduct their business differently. During the mid to late 1990s, many companies went public, creating multitudes of instant millionaires overnight, from company executives to administrative staff. Many people recognized that Initial Public Offerings (IPOs) tend to significantly increase in price on the first day of trading. As a result, there have been many academic studies to try to determine the rationale as to why IPOs are typically underpriced. Most of these academic studies have focused on the analysis of 1 st day pricing results and attempted to correlate these results to various hypotheses. We try to understand this phenomenon and corroborate the academic hypotheses by talking to those who set the offer price -the investment bankers, underwriters, and company managers- to find out why underpricing occurs. This thesis provides the reader with a better understanding of how companies are valued and the initial offering price determined, and explain the differences in opinion between academics, bankers, and management as to why underpricing occurs. To accomplish this task, we first focused on capturing underwriters' opinions regarding the valuation and pricing of IPOs. We then interviewed executives that had taken companies public to compare and contrast their views with those from the bankers, and compared them to the conclusions from academics' research.
by Sergio Martínez and Paul M. Perron.
S.M.
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Chandriotis, Cleanthis. "Initial Public Offerings in the Cyprus Stock Exchange". Thesis, Durham University, 2013. http://etheses.dur.ac.uk/9429/.
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The academic literature is quite rich in exploring Initial Public Offerings (IPOs) in developed markets and to a lesser degree in emerging markets. However, seldom one can find research on IPOs in start-up stock exchanges. Such is the case of the Cyprus Stock Exchange which was inaugurated in March 1996 and this thesis looks at IPOs that took place over a period of six years (1997-2002). Therefore, the first motivation is to explore this setting for IPOs. Moreover, the Cyprus Stock Exchange is probably the least researched stock exchange in the European Union. Out of the 12 countries that joined the European Union between 2004 and today, only Polish, Bulgarian and Hungarian IPOs are researched. Due to the comparatively young age of the Cyprus Stock Exchange and the Capital Markets in Cyprus in general at the time of the sample, the various players (underwriters, auditors, regulators, investors) were relatively inexperienced vis-à-vis the IPO process and outcomes of their actions (or rather their lack of action) affected the development of the primary market. Therefore, the second motivation stems from the specific institutional and regulatory characteristics of the CSE at the time of the sample. Cyprus, a start-up stock exchange with a relatively new but comparably densely populated market for listed companies (150 listed companies), poses an interesting research case. In particular, the institutional characteristics that existed in the Cypriot capital market over the period 1997 to 2002 (a novice stock exchange, inexperienced market participants, lack of investment options available and restrictions in capital flows, a weak legal and institutional framework) combined with a number of socioeconomic and political factors at the time make IPOs in the CSE an interesting subject for empirical research. This ‘cocktail’ of inexperience, inadequate regulation, and limited equity culture provided the platform for the formation of a large IPO ‘bubble’ which eventually imploded. Therefore, the motivation for the study develops the following research questions: 1. What is the level of first-day returns for Cypriot IPOs and how does that compare with the available literature? 2. What are the explanations for the level of short-run underpricing recorded? 3. What is the long-run (12-, 24- and 36-months) aftermarket performance of these IPOs and how does that compare with the available literature? 4. What are the explanations for the documented long-run aftermarket performance? 5. Did CSE IPO firms employ income increasing accruals prior to the IPO? 6. What is the level of understanding of Cypriot Managers of the IPO process in relation to the extant literature? This thesis consists of three inter-related empirical studies on companies that were listed on the Cyprus Stock Exchange during the period 1997 to 2002. In particular, this thesis investigates the short- and long-run IPO performance of these companies (chapter 1). The variables employed are grouped into four categories namely advisor/certifier-, market/institutional-, issuer-, and IPO-specific. It is observed that CSE IPOs over the sample period offered investors the highest returns in a European market and one of the highest in the world. Following the establishment of these ultra-high returns, and the independent variables that are related to this spectacular performance, the thesis investigates whether these CSE IPO companies engaged in income increasing accruals before their IPOs (chapter 2). In Chapter 2, both univariate as well as multivariate tests are employed to test the hypothesis that these firms actually employed earnings management pre-IPO using income increasing accruals which reversed after the 1st year of listing. In order to establish also the relationship between the short- and long-run performance of IPO firms, the latter are regressed with the earnings management variable which takes the form of discretionary accruals, total accruals or the components of accruals which are creditors, debtors, inventory, depreciation and cash flow from operations. The results show that both the short- as well as the long-run performance are also affected by the earnings management variable together with the other variables that are found to affect IPO performance in chapter 1. Having examined the two aspects of CSE IPOs, i.e., short, long performance and earnings management, the thesis presents also the results from a questionnaire survey which aims at revealing managers of CSE listed IPO companies level of understanding of the IPO process and IPO ‘anomalies’ (chapter 3) and comparing this with the extant academic literature and also with the responses of managers in the US. Great effort, both theoretical and empirical, has been made to understand managerial decision-making in the initial public offering (IPO) process. Most empirical IPO research relies on publicly available stock return data. However, there is a need to extend the literature by examining how well managers’ motivations for conducting IPOs and understanding of the IPO process correlate with existing academic theories. By surveying managers in an emerging market to obtain a real-world perspective on the IPO process, their beliefs and experiences can be compared to both academic theory and the findings from empirical research. Cypriot managers’ responses in an emerging/novice market such as the Cyprus Stock Exchange can also be compared with those of managers in a highly-developed market such as the US. The combination/integration of the above elements makes this study, the first of its kind for Initial Public Offerings in the Cyprus Stock Exchange. The results from the first study indicate the following: a. The existence of ultra-high first-day returns. b. The existence of a hot issue period. c. Long-run under-performance of IPOs over a three-year period. d. Significant institutional deficiencies. Specifically, it is observed that IPOs in the CSE offered investors initial (first day) returns that are among the higher in the world even after adjusting for the hot issue period of 1999. IPOs ‘younger’ in age, offered higher short-run returns than ‘older’ ones. Furthermore, smaller IPOs as measured by the size of gross proceeds perform better in the short-run than larger IPOs. Moreover, IPOs in certain industrial sectors offered investors the highest initial returns. It is observed that gross proceeds, the time from application to listing, the capital structure of the IPO firm (leverage), the standard deviation of market returns 21 days after the listing, and return on shareholders’ equity provide a highly explanatory model of raw initial returns. It is also found that Cypriot IPOs underperform in the long-run as the majority of IPOs in academic studies do. Cumulative Abnormal Returns (CARs) are negative for all years in the sample period during the 24-, and 36-month periods. In contrast, the 12-month period average CARs over the sample period are all positive. Moreover, IPOs in the ‘hot’ issue period have worse performance than the rest of the pack which confirms that findings of many researchers that IPOs in ‘hot’ periods have a worse performance than the rest in the long-run. The standard deviation of returns 21 days after the listing of the IPO, the capital structure of the IPO firm (leverage), the return on equity of the IPO firm prior to listing and its sales growth prior to listing offer a satisfactory explanatory model of 36-month cumulative average returns. Cypriot firms exploited a ‘window of opportunity’ that was opened in the market for listing. However, the high inefficiencies that existed and continuous changes that took place in the regulatory and institutional framework of the market as reflected predominantly by the large time span between application and listing (probably the longest in the World), had as a result huge delays in listing.
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Kostas, Dimitris. "Initial public offerings on the London Stock Exchange". Thesis, University of Manchester, 2014. https://www.research.manchester.ac.uk/portal/en/theses/initial-public-offerings-on-the-london-stock-exchange(41d0c548-e6c5-4540-878f-3dbbf57688b7).html.
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This thesis examines the non-cash compensation paid to the underwriters/brokers during the flotation process and the IPO when-issued dealing market in one of the most successful and international stock exchanges around the world, the London Stock Exchange (LSE). The thesis consists of three essays that try to answer the following questions: Do IPO firms minimise their costs of going public by issuing warrants to their financial advisers? Does the when-issued dealing affect the setting of the offer price? The first essay examines the issue of warrants to brokers as part of their compensation package in non-underwritten offerings on the Alternative Investment Market of the LSE. The main finding is that IPO firms are able to make efficient decisions and choose the contract that minimises their costs. For companies that issue warrants to their brokers the total costs of going public are 22.74% (as a percentage of gross proceeds), but would have been 25.61% had they not issued them. This 2.87% reduction in costs is equivalent to 70.34% of the commission paid to the brokers by the IPO firms. The main source of this decrease in the costs is the lower underpricing the companies incur by granting warrants to their brokers. The second essay examines the use of non-cash compensation in underwritten IPOs. The findings suggest that firms that are cash constrained are more likely to issue warrants to their underwriters. In addition, underwriters appear to have the ability to time the issue of warrants because they include them as part of their compensation package when the market is doing well. Interestingly, warrant issuers are still able to minimise their costs of going public even under a very light regulatory setting underlying the use of non-cash compensation. The third essay examines the when-issued dealing in the Main Market of the LSE for an extensive period of time, 1996 to 2012. The main finding is that, in an institutional setting in which the when-issued dealing commences only after the allocation of shares and the offer price are announced, investors pay ‘rents’ to the underwriters in order to acquire IPO shares that will trade within the when-issued dealing. These ‘rents’ take the form of a higher offer price. In other words the when-issued dealing affects the setting of the offer price. For companies that have a when issued dealing the offer price is £3.4 but would have been 54% lower (£1.55) had these firms not had a when issued dealing.
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Wang, Lun. "Essays on stock splits and initial public offerings". Click to view the E-thesis via HKUTO, 2009. http://sunzi.lib.hku.hk/hkuto/record/B42182426.
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Wong, Chun-keung Damian. "Pricing of initial public offerings in Hong Kong /". Hong Kong : University of Hong Kong, 1998. http://sunzi.lib.hku.hk/hkuto/record.jsp?B19878515.
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Taufil, Mohd Kamarun Nisham Bin. "Three essays on initial public offerings in Malaysia". Diss., The University of Arizona, 2004. http://hdl.handle.net/10150/290150.
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This dissertation is a collection of three essays related to the initial public offerings (IPOs) in Malaysia. The IPO market in Malaysia has historically been tightly regulated. However, with the formation of the Securities Commission (SC) in 1993, the regulations have eased slowly. The first essay investigates the relationship between underpricing and regulations by looking at 546 IPOs from 1990 to 2002. Underpricing refers to the initial return that an investor earns if he buys shares of the IPO at the offer price and sells it at the end of the listing day at the market price. Regulations are measured by the relaxation of the pricing method, the required allocation to indigenous investors, the mechanisms to protect minority shareholders, and the length of time periods. The first three features of regulations are unique to Malaysia. The findings are mixed regarding the relaxation of the pricing guideline in 1995 since it does not lead to lower underpricing for the period from 1996 to November 7, 1997 or before the Asian financial crisis. Fraction of shares set aside for indigenous investors does not affect underpricing; length of time from price setting to listing date relates negatively to underpricing. Finally, the protective mechanisms lead to more underpricing for firms that go public between 1996 and November 6, 1997 or those that go public after 1998, i.e., after the Asian financial crisis. The second essay looks at the relationship between the universal banking facility and the costs of going public for 546 initial public offerings listed on the Kuala Lumpur Stock Exchange from January 1990 to December 2002. It is hypothesized that by sharing private information about a firm that is going public with its affiliated commercial bank, an investment bank could lower the costs of going public for the firm. Costs of going public are measured by the degree of underpricing and gross spread, or the fees paid to the underwriters as a fraction of gross proceeds. The result in this essay is that, for the period under study, firms do not reduce the costs of going public when they use the universal banking facility. The third essay looks at the three-year performance of the IPOs in Malaysia from 1994 to 2000. Evidence from most studies in different countries finds that initial public offerings (IPOs) underperform their benchmarks or matches in the long run. However, our evidence regarding the long run performance of IPOs in Malaysia is that the IPOs do not underperform their matches. The returns of the IPOs are adjusted by using either a market index or firms with similar characteristics to the IPOs. Two different matching estimators are employed to identify the firms of similar characteristics. One of the contributions of this essay is the use of a new methodology to identify the matches for the IPOs. (Abstract shortened by UMI.)
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Toumi, Narjess. "Essays on the performance of initial public offerings". Thesis, Paris Est, 2018. http://www.theses.fr/2018PESC0005.
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Cette thèse est composée de trois essais qui étudient le déroulement des introductions en bourse. Dans le premier essai, nous examinons l’effet de la séparation propriété-contrôle sur la performance des offres publiques initiales (IPO) à long terme en France. En utilisant un échantillon de 351 entreprises françaises introduites en bourse sur la période 1997-2011, nous constatons que la séparation entre les droits de vote et les droits de propriété des actionnaires majoritaires est négativement associée à la performance à long terme des introductions en bourse. Cette constatation indique que les IPO ayant une structure de propriété dispersée sont moins performantes que les autres entreprises au cours de la période allant de 1 à 5 ans suivant l'offre initiale. Cette séparation incite les actionnaires dominants à retirer des avantages privés de contrôle au détriment des actionnaires minoritaires.Dans le deuxième essai, nous examinons le rôle des clauses de lock-up sur la précision des prévisions de résultat publiées dans le prospectus d'introduction en bourse. En utilisant un échantillon de 303 prévisions des entreprises françaises introduites en bourse entre 1997 et 2013, nous apportons la preuve que les introductions en bourse ayant plus d'actions à détenir, ainsi que celles qui choisissent des périodes de lock-up plus longues, sont plus susceptibles de divulguer des prévisions de résultats conservatrices et précises. Ces résultats sont robustes à un certain nombre de tests de sensibilité.Dans le troisième essai, nous étudions l'impact de la localisation géographique sur la sous-évaluation à court terme des introductions en bourse françaises. Les résultats montrent que les entreprises situées à proximité du centre financier parisien sont moins sous-estimées que les entreprises distantes. Ces résultats fournissent un support empirique à l'argument selon lequel l'incertitude sur la valeur des IPO augmente proportionnellement à la distance de Paris. En d'autres termes, la proximité géographique améliore la qualité des informations collectées sur les entreprises, ce qui réduit leurs coûts d'introduction en bourse et diminue le niveau des rendements initiauxThis dissertation consists of three essays. In the first essay, we investigate whether the control-ownership divergence can explain IPO long-run performance in France. Using data from a sample of 351 French IPOs during 1997-2011, we find that the separation between ownership and control rights of the largest shareholder is negatively associated with long-term performance of French IPOs. This finding indicates that IPOs with disproportional ownership structure underperform other firms in the one- to five-year period following the initial offering. Such separation induces controlling shareholders to extract private benefits of control to the detriment of minority shareholders.In the second essay, we examine the effect of lockup agreements on management earnings forecasts in initial public offering (IPO) prospectuses. Using a sample of 303 forecasts of French firms that went public over the period 1997–2013, we find that IPOs with lockup clauses are more likely to disclose conservative profit forecasts. Moreover, we provide evidence that IPOs with more shares to lock up, as well as those selecting longer lockup periods, have more accurate management earnings forecasts. These results are robust to a number of sensitivity tests.In the third essay, we examine the impact of geographic location on the short–run underpricing of French initial public offerings (IPOs). The results show that firms located in close proximity to the financial centre, Paris, are less underpriced than distant ones. These findings provide empirical support to the argument that uncertainty about IPO value increases with distance from Paris. In other words, geographic proximity improves the quality of collected information on IPO firms, which lowers their costs of going public and decreases the level of initial returns
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Lin, Michelle Ching-Yi. "Initial public offerings and board governance : an Australian study". University of Western Australia. School of Economics and Commerce, 2006. http://theses.library.uwa.edu.au/adt-WU2006.0027.
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In March 2003, the Australian Stock Exchange (ASX) released new corporate governance guidelines, which included debatable “best practice” recommendations such as the adoption of an independent board and separation of the roles of chairperson and CEO. Given the premise that strong corporate governance enhances shareholder value and, by extension, increases initial public offering (IPO) issuers’ appeal to investors, this thesis assesses the level of conformity by a sample of Australian firms, which made an IPO between 1994 and 1999, with the best practice recommendations. We also examine the relationship between firm outcomes (including IPO underpricing, post-IPO long-run performance, and the likelihood of a SEO) and board governance quality, captured by board composition, board leadership, board size and share ownership of directors. These outcomes are addressed as they are important dimensions of firm performance that may be reasonably assumed to be associated with the quality of corporate governance, and these tests can provide an insight into the preference of investors who arguably are best placed to assess the appropriateness of the recommendations promoted by the ASX. Further, we analyse changes in IPO firms’ board structures from the time of listing to five years later to determine if IPO firms adopt governance structures that are more in line with the best practice recommendations after listing and if the changes are related to IPO firms’ long-run performance. Overall, we find that IPO firms that arguably have the strongest incentive to adopt the “optimal” board structures diverge substantially from ASX’s recommendations both at the time of IPO and five years later. IPO firms’ board structures are found to be unrelated with the level of IPO underpricing and board size, after controlling for the size of the firm, is significant in explaining both long-run aftermarket performance and the probability of a SEO. IPO firms with larger boards and those that increase the board size after listing are found to perform better in the long-run. However, contrary to expectation, smaller boards are associated with a higher likelihood of equity reissuance. Overall, the results lead us to question the role played by the board of directors in signalling firm quality. Our findings also suggest that ASX’s best practice recommendations are likely to distort the market-driven practices already in place.
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Lin, Michelle Ching-Yi. "Initial public offerings and board governance : an Australian study /". Connect to this title, 2005. http://theses.library.uwa.edu.au/adt-WU2006.0027.
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Sander, Christopher, i Clara Laidlaw. "How Initial Public Offerings Change Management Control System Packages". Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-276772.
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This study aims to further develop research, from a management approach, by studying how MCS packages change when an organization undergoes an initial public offering. Furthermore, it aims to use Malmi and Brown’s (2008) management control system package in order to categorize and analyze the complexity of organizational change brought on by an initial public offering. This study draws on interviews with top managers in a high technological firm, which has recently been listed on the stock exchange. The results of this study imply that an initial public offering can change the MCS package in a number of different ways. Public companies do not necessarily become short-term, an initial public offering can affect a company’s external focus and measurements without affecting its internal measurements, in order for companies to become suitable for the stock market they formalize policies and appoint an independent board and listed companies can experience changes to their culture.
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Govindjee, Heetal. "The performance of initial public offerings on the JSE". Master's thesis, University of Cape Town, 2012. http://hdl.handle.net/11427/12071.
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Includes abstract.Includes bibliographical references.
This study examined the performance 60 initial public offerings listing on the JSE main board between 1 January 2000 and 31 December 2011. Significant underpricing of 10.1% and 8.5% was found to exist on the first day and during first week subsequent to the IPO. Underperformance of 14.17% was found using abnormal returns and 12.91% underperformance was found when holding period returns were calculated one year after the IPO.
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Johnson, William C. "Three essays on initial public offerings and market information". Diss., Connect to online resource - MSU authorized users, 2006.
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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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Ouyang, Liangyi, i 歐陽良宜. "Accounting and stock performance of initial public offerings and seasoned equity offerings: evidence inChina". Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2004. http://hub.hku.hk/bib/B30691114.
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Ouyang, Liangyi. "Accounting and stock performance of initial public offerings and seasoned equity offerings evidence in China /". Click to view the E-thesis via HKUTO, 2004. http://sunzi.lib.hku.hk/hkuto/record/B30691114.
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Tremonte, Marco. "IPO mittels Auktionsverfahren : Alternative zum Bookbuilding bei Initial Public Offerings /". Zürich : Versus, 2009. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=017060516&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.
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Shcherbakova, Evgenia, i Olga Gogoleva. "On-line change-point detection procedures for Initial Public Offerings". Thesis, Högskolan i Halmstad, Sektionen för Informationsvetenskap, Data– och Elektroteknik (IDE), 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:hh:diva-13940.
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In this thesis we investigate the case of monitoring of stocks havingjust been introduced for public trading on the nancial market. Theempirical distribution of the change-point for 20 assets for 60 days was calculated to check the support for the assumption that the priceinitially drop or rise to some steady level.The price process X = {Xt : t in Z} is assumed to be an AR(1) process with a shift in the mean value from a slope to a constant. The Shiryaev-Roberts, Shewhart, EWMA, Likelihood ratio and CUSUM proceduresfor detecting a change-point in such a process are derived. The expecteddelay of the motivated alarm according to these methods is achievedunder the assumptions of a Poisson, uniform, binomial and geometric distributed by means of simulations.
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Heffernan, Grant B. "Effect of Lockup Agreements on Buyout Backed Initial Public Offerings". Scholarship @ Claremont, 2011. http://scholarship.claremont.edu/cmc_theses/183.
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Using a sample of 279 buyout backed firms, I examined the effect of lockup agreements on the firm’s stock returns. I found there to be a negative .8 percent cumulative abnormal return for the three-day period surrounding lockup expiration. Consistent with my hypothesis the CAR for the three-day period surrounding lockup expiration was less negative for buyout backed IPOs compared to venture capital backed IPOs. In addition, I found there to be an abnormal 24.24 percent increase in trading volume for the three days surrounding lockup expiration.
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Ahmad, Zaluki Nurwati Ashikkin. "The performance of Malaysian initial public offerings and earnings management". Thesis, University of Stirling, 2005. http://hdl.handle.net/1893/857.
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An initial public offering (IPO) of equity provides a significant source of finance for Malaysian companies. Due to the existence of inequalities of wealth within Malaysian society as a result of its colonial heritage, the government has used IPOs to redistribute wealth among ethnic groups with the main objective being to increase the involvement of the Bumiputera (local indigenous people) in the corporate sector. This thesis consists of three inter-related studies on Malaysian IPOs that were listed on the Bursa Malaysia (formerly known as the Kuala Lumpur Stock Exchange) during the period 1990 to 2000. In particular, this study investigates post-IPO performance using alternative performance approaches (market-based and accounting-based) and the earnings management explanation for observed performance. The results from the first study indicate that Malaysian IPOs significantly overperform their benchmarks when performance is measured using both equally-weighted cumulative abnormal returns (CARs) and buy-and-hold abnormal returns (BHARs), except when matched companies are used as the benchmark. However, this significant overperformance disappears when returns are calculated on a value-weighted basis and also when Fama-French (1993) three-factor regressions are employed. Cross-sectional analysis reveals differential performance related to year of listing, issue proceeds and initial returns. The results from the second study using accounting-based measures provide strong evidence of declining operating performance in the IPO year and up to three years following an IPO. The year-to-year analysis reveals that the declining performance is greatest in the year immediately following the IPO. The deterioration in performance is more pronounced when accrual-based operating performance measures are used. The difference in the results using accrual-based and cash flow-based approaches suggests the existence of earnings manipulation by the IPO manager. The investigation of the possible sources of operating performance changes suggests that post-IPO declines in asset turnover parially explain the poorer operating performance. Univariate analysis of the association between family relationships, retained ownership and post-IPO operating performance produces little evidence to explain the deterioration in operating performance. However, underpricing partially explains the deterioration when the cash flow-based performance measure is used. The results from the third study reveal that Malaysian IPO companies employ income-increasing strategies around offerings, and that these strategies were more prevalent during the East Asian crisis period, especially for those companies that provided a profit guarantee. Analysis of the assöciation between the magnitude of earnings management in the IPO year and post-IPO performance provides some evidence to support the view that aggressive earnings management at the time of an IPO subsequently leads to poor stock market and operating performance. Overall, the evidence in this thesis supports the consensus that has emerged from the international debate on studies involving long horizon returns, which suggests that the magnitude of long run performance depends on the method employed to measure performance. The evidence derived from the accounting-based measure of operating performance supports the existing international evidence that operating performance declines following IPOs. The results also provide a degree of support for the earnings management explanation of post-IPO performance. These findings have implications for investors, security analysts, companies and accounting standard setters.
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Al-Barrak, Abdulrahman Mohammed. "Initial public offerings in Saudi Arabia : motivations, barriers and effects". Thesis, University of Newcastle Upon Tyne, 2005. http://hdl.handle.net/10443/1563.
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This research has taken the form of a field study to gather empirical evidence capable of providing an overview of current initial public offerings OPOs) in Saudi Arabia. The main thrusts of this thesis are: to identify empirically the motivations for going public in Saudi Arabia; to find the barriers to going public in the Kingdom; to investigate the effects of IPOs on the performance of companies; to investigate the relationship between an increase in the number of IPOs and economic performance; to find which kind of companies are more likely to go public in the country, and to identify some suggestions which could increase the number of IPOs in Saudi Arabia. To answer the research questions, the researcher undertook three studies. Firstly, data was collected through a case study of a single company that had made an IPO in the Kingdom. Financial ratio analysis was employed to capture the changes in the financial Statements before and after the IFO, and two in-depth interviews were conducted with the company's CEO and financial manager to discuss the financial changes and other IDPO issues. Secondly, more data was gathered through a comprehensive questionnaire. The sample studied in the questionnaire was taken from the top management of the 500 largest companies in Saudi Arabia. A total of 145 companies from 7 different business sectors in Saudi Arabia participated in the study. This represented a response rate in excess of 29%. Thirdly, extra data was obtained from personal interviews with three well-experienced and educated businessmen who have taken their companies public. The results obtained from the single case study, the questionnaire, and the interviews showed firstly, that companies in Saudi Arabia are motivated to go public in order to use the money raised for more expansion and growth, to be more competitive, and to separate the company's life from that of the previous owners. Secondly, with regard to the most important barriers to going public in the Kingdom, the study finds that private fin-ns are reluctant to go public because of the failure of many joint stock companies listed on the Saudi Stock Market to generate profit; because of the possible loss of control; and because of the lengthy procedure for going public. Thirdly, this research also discovers that whereas most of the questionnaire survey participants believed that IPO performance would decline after the transition, and also confmned by the results from the case study, the interviewees thought that performance would improve after the IPO. Fourthly, with regard to the effect of IPOs on economic conditions, there is a great consensus between the questionnaire participants and all the interviewees on that an increased number of IPOs in Saudi Arabia would have a favourable, effect on economic welfare. An increase in joint stock companies in the Kingdom would improve several economic factors, such as the growth rate, foreign investment, the balance of trade, and the unemployment rate. Fifthly, this research also finds that while most of the questionnaire survey respondents thought that companies owned by more than one investor and large companies (in terms of size) are more likely to go public, most of the interviewees believed that companies working in industrial sector are more probably to seek public equity. Sixthly, this research finds that the rate of going public in Saudi Arabia could be improved if the government creates a complete financial system, prepares clear guidelines that explained the procedures for going public, and eases the procedures for IPOs. The rate of going public in Saudi Arabia also could be improved if the decision makers in private firms separate management from ownership and hire professional personnel to lead the companies. In conclusion, the study suggests that since going public would add many advantages to firms, like strengthening financial position, increasing public trust, and attracting well qualified personal, the flotation decision could solve some of the problems that the Saudi private sector has, such as severe competition, poor management, constraints of finance, and generation shift (lock of family succession and control). Nevertheless, the study also confirms that IPOs would create new problems, especially that of more restrictions on private transactions.
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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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Lam, Wai Kei. "Essays on initial public offerings, venture capital, and leveraged-buyouts". Diss., Restricted to subscribing institutions, 2007. http://proquest.umi.com/pqdweb?did=1432786331&sid=1&Fmt=2&clientId=1564&RQT=309&VName=PQD.
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Ecker, Frank. "Information risk and long-run performance of initial public offerings". Wiesbaden Gabler, 2005. http://d-nb.info/989567389/04.
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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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Brown, Eric. "Issues surrounding the long-run performance of initial public offerings". Thesis, University of Edinburgh, 2003. http://hdl.handle.net/1842/23273.
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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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Chang, Kuei-Chih, i 張貴智. "An empirical study of short-term excess returns of Chinese growth enterprise market initial public offerings". Thesis, 2010. http://ndltd.ncl.edu.tw/handle/43488855302421965023.
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碩士國立交通大學
管理學院碩士在職專班經營管理組
98
The procedure is to study the new short-term excess returns of Chinese mainland growth enterprise market. There are 58 listed companies as samples to calculate the short-term excess returns in the period of October 30, 2009 to February 26, 2010. Chinese mainland growth enterprise market newly listed companies with high growth and the development of industry are emerging. This paper consists of three parts: the issuing companies, the investors and the underwriters. Based on nine variables by imposing regression analysis to examine and validate its assumptions. From the results of the empirical analysis, we learn that the excess returns of the new growth enterprise market listed stocks on the first day do exist, and the average of the excess returns rate is up to 65.657%. However the excess returns from the day after showing the negative growth by the empirical analysis indicates that the stock price is overreacted on the first day. Drawing probabilities and short-term rate of returns have a negative affect on excess returns, while the lower drawing probabilities, the higher excess returns. The numbers of the company going public in the same month and short-term excess returns are positively related. The numbers of company going public in the same month increases, it would attract investors to participate in stock options, and it affects on the short-term excess returns. The results are in accordance with the actual market transactions.
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Kecskes, Ambrus. "Essays on initial public offerings /". 2008. http://proquest.umi.com/pqdlink?did=1671571521&sid=8&Fmt=2&clientId=12520&RQT=309&VName=PQD.
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