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Добірка наукової літератури з теми "INITIAL PUBLIC OFFERINGS (IPO'S)"

Автор: Grafiati

Опубліковано: 11 вересня 2023

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Статті в журналах з теми "INITIAL PUBLIC OFFERINGS (IPO'S)"

KAMRAN FAROOQ, SAEED AKBAR, KIRAN ALIM, and SOURATH. "Impact of Firm Characteristics on IPO’s Short Run Performance: Evidence from Pakistan." Journal of Business & Tourism 4, no. 2 (November 7, 2021): 53–66. http://dx.doi.org/10.34260/jbt.v4i2.161.

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In present day world, the concept of initial public offering (IPO's) has got much significance since its execution altogether influence the success of the companies. The current study aims at conducting a nonsystematic review of literatures on the concept of short runs performance of initial public offering in Pakistan. In this regard, we studied the IPO’s of 77 companies listed at Pakistan Stock Exchange (PSX) from the period of 2000-2015. The finding shows a positive and significance relationship between size of the firm and underwriter reputation while the age of the firm and risk shows negative relationship with the dependent variable MAAR. The performance of initial public offerings has significant effect on success or failure of a company. In this way, the companies in modern corporate world can ensure their success through effective utilization of initial public offerings.

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AlShiab, Mohammad S. "Initial Public Offerings Short and Long Term Performance of MENA Countries." European Scientific Journal, ESJ 14, no. 10 (April 30, 2018): 234. http://dx.doi.org/10.19044/esj.2018.v14n10p234.

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This study examines a comprehensive set of 162 Middle East and North Africa (MENA) Initial Public Offerings (IPO’s) for the period 2001- 2015, considered the first and most comprehensive data set investigated to date. Results confirmed that IPO performances are mixed among MENA countries classified into three groups. The first group comprises countries whose IPOs over-performed the Benchmark portfolio over the short-run, but underperformed over the long-run. The second group comprises countries where IPOs underperformed the Benchmark portfolio over the following 60 months post-listing date where such underperformance became quite significant over the long-run in comparison to the short-run. The third group comprises countries whose IPOs experienced cyclical performance change from over-performance to under- performance and vice versa. Overall, the IPOs went through cycles of price corrections around the fundamental value over the long term when compared to the short term performance.

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Tong, Suk-Chong. "Financial communication in initial public offerings." Corporate Communications: An International Journal 20, no. 1 (February 2, 2015): 30–47. http://dx.doi.org/10.1108/ccij-02-2014-0006.

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Purpose – The purpose of this paper is to propose a model of financial communication to investigate the process of communicating risk signals between listed companies and their individual retail investors in initial public offerings (IPOs). Design/methodology/approach – A survey study on individual IPO investors (n=212) in the Hong Kong Stock Exchange was conducted to examine how risk estimates of individual retail investors were affected by three factors of financial communication, namely organizational trust, organizational reputation and investors’ trust in the media specialists. Structural equation modeling analysis was conducted. Findings – Respondents’ perceived risks of below-target returns and perceived risks of losses of principals were significantly affected by their perceived market risks. Respondents relied significantly on organizational trust to estimate their amounts of target returns and mitigate their perceived risks of losses of principals. Organizational reputation, which could be possibly reinforced by respondents’ trust in the media specialists, could enhance organizational trust. Practical implications – Corporate communications practitioners should pay attention to the effect of perceived market risk on risk estimate. As organizational trust is a significant precondition of risk taking in IPOs, practitioners should rethink the effectiveness of financial communication in which organizational trust, organizational reputation and investors’ trust in the media specialists are interrelated. Originality/value – There is a lack of research in financial communication from the organization-stakeholders perspective. This paper conceptualizes financial communication and provides insights to both scholars and practitioners in corporate communications on how significant factors of financial communication affect risk estimate in the financial market.

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Prasad, Sameer, David C. Porter, and Linda Yu. "Modeling Internet Operations Using Initial Public Offerings." American Journal of Business 20, no. 2 (October 28, 2005): 25–34. http://dx.doi.org/10.1108/19355181200500009.

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In this research we test the generalizability of an existing model for classifying information‐intensive services that can be globally disaggregated to Internet services. This categorization allows us to judge which types of Internet Initial Public Offerings (IPOs) are likely to have superior performance. Specifically, we hypothesize that Internet firms with higher information intensity, lower physical presence and lower customer contact needs will have a greater probability of generating larger risk‐adjusted returns. We test these hypotheses on 340 Internet IPOs and find partial support for the model. In particular, Internet firms with high information intensity and low customer contact need yield superior performance. However, firms with low physical presence underperform in our sample.

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Andreas, Enni Savitri, Tatang Ary Gumanti, and Nurhayati. "Earnings management and initial public offerings among Indonesian manufacturing companies." Investment Management and Financial Innovations 18, no. 3 (August 2, 2021): 27–39. http://dx.doi.org/10.21511/imfi.18(3).2021.03.

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Earnings management (EM) refers to the common use of accounting techniques in various economic settings, such as Initial Public Offerings (IPOs), to produce financial statements. This study, therefore, analyzes the effect of firm size, operating cash flow, the used IPO proceeds, earnings changes, and leverage on EM of manufacturing companies on the Indonesia Stock Exchange from 1989 to 2013. This sector comprises the essential chemical industry, miscellaneous organizations, and consumer goods, with 63 firms being used to meet the selection criteria. The regression analysis showed that the intended use of funds and leverage had a negative and significant impact on EM. Furthermore, the process is measured using Friedlan’s (1994) Discretionary Current Accruals model with similar results found in each industry group and their insignificant differences used to regulate the level of discretionary accruals between the three sectors. This study implies that the EM level is qualitatively similar among IPO companies in the three sub-sectors examined. AcknowledgmentsThe authors are grateful to the audience for their comments during the 11th Environmental and Sustainability Management Accounting Network-Asia Pacific (EMAN-AP) Conference held at the Danang University of Economics, Danang, Vietnam, 12-13 August 2019. The early draft was titled “Earnings Management and Initial Public Offerings on Manufacturing Sectors Companies”.

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Helwege, Jean, and Nellie Liang. "Initial Public Offerings in Hot and Cold Markets." Journal of Financial and Quantitative Analysis 39, no. 3 (September 2004): 541–69. http://dx.doi.org/10.1017/s0022109000004026.

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AbstractThe literature offers many explanations for why the IPO market cycles from hot to cold. These include theories in which hot markets represent clusters of IPOs in a new industry, and signaling models that predict that hot markets draw in better quality firms. Others suggest hot market IPOs' stock returns reflect their poor quality. We compare IPOs over cycles during 1975–2000 and find that hot and cold IPO markets do not differ so much in the characteristics of the firms that go public as in the quantity of firms that go public. Both hot and cold IPOs are largely concentrated in the same narrow set of industries and they have few distinctions in profits, age, or growth potential. Our results suggest that hot markets are not driven primarily by changes in adverse selection costs, managerial opportunism, or technological innovations, but more likely reflect greater investor optimism.

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Madhusoodanan, T. P., and M. Thiripalraju. "Underpricing in Initial Public Offerings: The Indian Evidence." Vikalpa: The Journal for Decision Makers 22, no. 4 (October 1997): 17–30. http://dx.doi.org/10.1177/0256090919970403.

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Underpricing in the initial public offerings (IPOs) is a well documented phenomenon in the stock markets. In this paper T P Madhusoodanan and M Thiripalraju analyse the Indian IPO market for the short-term as well as long-term underpricing. They also examine the impact of the issue size on the extent of underpricing in these offerings and the performance of the merchant bankers in pricing these issues. The study indicates that, in general, the underpricing in the Indian IPOs in the shortrun was higher than the experiences of other countries. In the long-run too, Indian offerings have given high returns compared to negative returns reported from other countries. The study also reveals that none of the merchant bankers showed any better pricing capabilities.

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Jain, Neeta, and C. Padmavathi. "Underpricing of Initial Public Offerings in Indian Capital Market." Vikalpa: The Journal for Decision Makers 37, no. 1 (January 2012): 83–96. http://dx.doi.org/10.1177/0256090920120107.

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This paper is an attempt to empirically explore the determinants of underpricing of Initial Public Offerings (IPOs) in the Indian Capital Market. IPOs are one of the largest sources of capital for the firms to invest in the growth opportunities. It encourages investment activities in the economy by mobilizing funds from low growth opportunities to high growth opportunities. It has been observed that IPOs are underpriced in most of the countries (Loughran, Ritter and Rydqvist 1994). Underpricing is the pricing of the issue at lesser price than the true value of the issue. The degree of underpricing varies from country to country and issue to issue in the same country. The underpriced IPO leaves money on the table which is a cost (loss of capital) for the company and the same becomes a gain for the investors in the form of positive initial returns on the underpriced shares. Though underpricing is a cost for the issuing company, the issuing company underprices the issue. There are many theoretical explanations for underpricing of IPOs. This is an empirical study which aims to find out the factors which are causing underpricing in India. The underpricing of IPOs is a serious problem for any economy. On the one hand, high underpricing tendency in the primary market discourages IPOs issued by those companies which cannot afford or do not want underpricing (leaving money on the table). On the other hand, it creates arbitrage activities in the secondary market and in the grey market. The underpricing of IPOs thus hampers the growth opportunities and creates instability in the secondary market. In India, introduction of book building mechanism of IPOs in 1998 aimed to reduce underpricing because in the book building mechanism, offer price of the issue is determined on the basis of market feedback. The present study on 227 book-built IPOs for the period of 2004 to 2009 found that the average underpricing during this period was 28 per cent while the maximum underpricing was around 242 per cent. Thus underpricing of IPOs is still an issue of concern.

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Zubair Mumtaz, Muhammad, Zachary A. Smith, and Ather Maqsood Ahmed. "The Aftermarket Performance of Initial Public Offerings in Pakistan." LAHORE JOURNAL OF ECONOMICS 21, no. 1 (January 1, 2016): 23–68. http://dx.doi.org/10.35536/lje.2016.v21.i1.a2.

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This paper estimates the aftermarket performance of initial public offerings (IPOs) listed on the Karachi Stock Exchange. The evidence confirms that IPOs generate statistically significant abnormal returns in the short run, which indicates that underwriters initially underprice IPOs when analyzed using a short time horizon. However, when using longer time horizons to estimate abnormal performance, the results indicate that IPOs underperform in the long-run. There is an apparent dislocation between the initial valuation set by underwriters and the premium paid by the market for these new issues. The market sentiment that causes this temporary disequilibrium eventually fades and the market reprices the newly issued shares. We conduct an extreme bounds analysis to test the sensitivity and robustness of 16 explanatory variables in determining the long-term performance of unseasoned newly issued shares. The results indicate that the long-term investment ratio, industry affiliation, market-adjusted abnormal returns, financial leverage, return on assets, IPO activity period, the aftermarket risk level of unseasoned issues, and the post-issue promoter’s holdings variables significantly affect IPOs’ aftermarket performance. Theoretically, the overreaction hypothesis, ex-ante uncertainty hypothesis and window-of-opportunity hypothesis best explain IPOs’ aftermarket performance in this study.

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Burrowes, Ashley, and Kevin Jones. "Initial public offerings: evidence from the UK." Managerial Finance 30, no. 1 (January 1, 2004): 46–62. http://dx.doi.org/10.1108/03074350410768831.

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This investigation into the performance of Initial Public Offerings on the new Alternative Investment Market reveals that the expected high level of underpricing, that is usually associated with the risky nature of small, young and growing companies, is not supported by the evidence in this study. Raw and market adjusted figures reveal that IPOs listed on AIM at the London Stock Exchange appear to be only conservatively mispriced when contrasted to main board IPO listings in the US, UK and other countries. Due diligence listing requirements could be offsetting the otherwise risky nature of these small, young and growing companies. Finally AIM is discussed in terms of meeting its own targets and its ability to attract international listings.

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Дисертації з теми "INITIAL PUBLIC OFFERINGS (IPO'S)"

Alm, Emelie, Elin Berglund, and Andreas Falk. "Initial Public Offerings : An investigation of IPO's on the swedish market." Thesis, Jönköping University, JIBS, Accounting and Finance, 2009. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-11493.

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When a firm decides to go public, two abnormalities often occur. The first is called underpricing and can be defined as a capital loss made by the company the first day of trade due to that the offer price is lower than the closing price after the first day of trade. The increase in stock value is equal to capital the issuing firm could have gained initially; this capital loss is referred to as the “money left on the table”. The second abnormality, underperformance, is a result from underpricing. It means that the stocks that were underpriced the first day also tend to underperform 3-5 years after the initial public offering (IPO) compared to competitors within the same industry.

These two abnormalities together constitutes a problem for the firm because they loose money. However it also enables investors to make a quick profit. There are many studies covering this area, however mostly made by Americans, therefore the aim of this report is to investigate whether the two abnormalities exist on the Swedish market.

In order to fulfill the purpose, companies that were listed 1998-2007 were investigated. Their stock performance is analyzed both on the day of IPO, where we found that 51% of the companies listed were underpriced, with an average of 23%. Further, the average “money left on the table” per company was 3.9 MSEK. The stock prices have also been analyzed on a one- as well as a five year period after the IPO in order to analyze the long-run performance and later compare it to the rest of the industry as well as industry index. We found that most of the companies that where underpriced also tend to follow underperformance. However, how long they underperform depends in which industry they operate. The IT industry, for example had a negative performance after 5 years whereas the Industrials industry has the turning-point from negative performance before 5 years.

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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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Goot, Tjalling van der. "Valuing new issues : information quality of initial public offerings at the Amsterdam Stock Exchange /." Amsterdam : Thesis Publishers, 1997. http://www.loc.gov/catdir/enhancements/fy0630/98206588-d.html.

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Vithanage, Kulunu Sathsara. "Three Essays on Multiple Lead Underwriters in IPOS." Thesis, Griffith University, 2017. http://hdl.handle.net/10072/366345.

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The objective of this thesis is to investigate the role of multiple lead underwriter (MLU) syndicates in initial public offerings (IPOs). Despite the increasing tendency among US issuers to employ MLUs to manage their offerings, the role of MLUs has not been widely recognised in the IPO literature. Using a sample of US IPOs from 1999–2012, this thesis explores several roles of MLUs in three related yet distinct empirical essays. In the first empirical essay, we investigate the information production role of underwriters in an MLU syndicate. We find that, compared to SLU-backed IPOs, MLU-backed IPOs contain more informative content in their IPO prospectuses. The level of informative content, which is a proxy for pre-filing the due diligence efforts of lead underwriters, suggests that MLUs produce more information during the pre-filing period. Further, we find that MLUs use a more readable writing style in IPO prospectuses to effectively communicate pre-filing information to investors. We also find that MLUs produce less information during bookbuilding and provide less support for partial adjustment phenomena. Together, our results suggest that MLUs replace the costly process of bookbuilding information production with their extensive pre-filing information production.
Thesis (PhD Doctorate)
Doctor of Philosophy (PhD)
Griffith Business School
Griffith Business School
Full Text

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Vong, Pou Iu. "Underpricing of initial public offerings (IPOS) in the Hong Kong stock market." Thesis, University of Macau, 1994. http://umaclib3.umac.mo/record=b1636786.

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Goergen, Marc G. J. "Ownership, control and performance issues in German and UK IPOs." Thesis, University of Oxford, 1997. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.339898.

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Mangozhe, Gwarega Triumph. "The long-run investment performance of initial public offerings (IPOs) in South Africa." Diss., University of Pretoria, 2010. http://hdl.handle.net/2263/24692.

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This study investigated the long-run investment performance of 411 South African IPOs during the period 1992 to 2007. Consistent with historical studies, no evidence of abnormal performance was found on a calendar-time approach using the Fama- French (1993) three-factor model. While the long-run performance did not differ materially, factors such as financial and industrial industry classifications were found to impact after-market performance of IPO portfolios. It was found that large new company issuances within the Financials and Industrials categories produced abnormal returns, but on a collective basis there was no evidence of abnormal performance. In particular, a positive relationship was found to exist between book-tomarket ratios and IPO performance in the financial and industrial sectors, but there was scant evidence on a collective basis. Market conditions were found to have an impact on IPO performance. In periods of market buoyancy, IPOs performed well and in periods of market distress, IPOs‟ performance suffered. The implications of this study are that investors, in making decisions on whether or not to invest in new issues, should not expect to make superior returns to the market over a five-year period by investing in IPOs. IPO performance after the five-year period was not part of the scope for this study and may form the basis for future studies. Copyright
Dissertation (MBA)--University of Pretoria, 2010.
Gordon Institute of Business Science (GIBS)
unrestricted

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Charalambides, Marios. "Underpricing and the long-run performance of initial public offerings (IPOs) in the U.K." Thesis, Brunel University, 1998. http://bura.brunel.ac.uk/handle/2438/4287.

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The underpricing and long—run underperformance of initial public offerings (IP0s) of common stock are well documented anomalies. The aim of this thesis is to examine why these two anomalies occur. For this purpose we employ a sample of 653 U.K. IPOs listed in the Main Market (official list) and the Unlisted Securities Market (USM) during the period 1984-1992. The thesis has been primarily motivated by the fact that there are not many comprehensive studies examining these anomalies for IPOs in the U.K., particularly with regards to IPOs obtaining a quotation on the official list. We begin the thesis by examining the initial and aftermarket performance of IPOs. In line with previous studies, we find that the IPOs in our sample are underpriced on average by 10.42%. To assess long—run performance after the initial offering we employ the cumulative return and the buy and hold return measures. We compute IPO abnormal returns relative to two market indexes by using three different models: (1) the market—adjusted model, (2) lbbotson's (1975) RATS model and (3) the Fama and French (1993) three factor asset pricing model. We find that new offerings perform poorly in the long—run. A one pound investment in IPOs is worth less than 90 pence after three years. The thesis continuous by investigating the causes of underpricing. We examine the underpricing anomaly from several angles. First, we test the hypothesis that IPOs produce positive short—run returns because of the ex ante uncertainty surrounding their post—issue value. Employing OLS regression analysis, we find the influence of ex ante uncertainty on the level of initial returns to be rather weak. Second, we examine whether issuers intentionally underprice their IPOs in order to signal firm quality. The empirical findings, however, obtained through logit and OLS regression analysis, provide limited evidence in support of this signalling hypothesis. Third, we investigate whether new issues are deliberately underpriced in the IPO premarket. For this purpose we employ the stochastic frontier model pioneered by Aigner et al. (1977). Although we find that IPOs are deliberately underpriced in the premarket, we fail to establish a significant relation between premarket and initial underpricing. Lastly, we evaluate the underwriter price support hypothesis, which posits that the high IPO initial returns are the result of aftermarket inefficiencies. We find, however, on the basis of statistical analysis and Tobit analysis, that this hypothesis cannot explain away positive first day returns. Overall, the results presented in the current thesis point to the conclusion that newly listed firms generate positive returns in the short—run and negative returns in the long— run because they are initially overvalued by optimistic investors.

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Neupane, S. "Conflicts of interest in IPOs: case of investment banks - a systematic review." Thesis, Cranfield University, 2008. http://dspace.lib.cranfield.ac.uk/handle/1826/12486.

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Анотація:

Since the burst of the internet bubble there is a great deal of interest in the way investment bank prices and allocates initial public offerings (IPOs). The additional scrutiny and spotlight is also because of the dominance of bookbuilding mechanism, which gives complete discretion in terms of allocation and pricing to underwriters, and the huge amount of money left on the table by the issuers, especially during the internet bubble period. Numerous press stories and law suit by investors and issuers alleged conflicts of interest by investment banks at the expense of issuers and investors. On the basis of scoping study we identified five areas to examine conflicts of interest: laddering, spinning, relationship banking, profit sharing allocation and allocation to affiliated funds. The findings of the systematic review show that very limited research has been done on the areas identified. Moreover, there is almost no evidence available to examine the behaviour of investment banks post internet bubble burst. Likewise, very limited evidence is available from countries other than United States. From whatever limited research has been done in these areas there does seem to be enough evidence to suggest that investment banks have been involved in activities that is in conflict with their responsibilities and duties. There is clear evidence of wrong doing by investment banks in US during the internet bubble period by being involved in spinning, laddering and profit sharing allocations. There is not much evidence available at the moment to charge the underwriters of exploiting issuers and investors through the use of affiliated banks, venture capitalists and mutual funds. There is a great need to examine the behaviour of investment banks not only for the sake of the stability of the financial markets but also for the financial intermediaries themselves as unnecessary regulations undermine the efficient operations of financial markets.

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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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Книги з теми "INITIAL PUBLIC OFFERINGS (IPO'S)"

Initial public offerings: The mechanics and performance of IPOs. Petersfield, Hampshire, UK: Harriman House, 2011.

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Indian Institute of Management, Ahmedabad., ed. Grading initial public offerings (IPOs) in India's capital markets, a globally unique concept. Ahmedabad: Indian Institute of Management, 2008.

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Saunders, Anthony. The underpricing of initial public offerings (IPOs) in Singapore: Public policy issues and possible solutions. Singapore: Institute of Southeast Asian Studies, 1989.

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Tian, Lin Jie. The Inital Performance of Shanghai Stock Exchange Initial Public Offerings (IPOS) during the period 1197-2001. Manchester: UMIST, 2003.

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Higgins, John. Financing emerging business: Canada and U.S. cost comparisons of initial public offerings (IPOs). Ottawa, Ont: Conference Board of Canada, 1994.

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Pande, Alok. Studying earnings management in initial public offerings (IPOS) and its impact on IPO pricing in India. Bangalore: Fellow Programme in Management, Indian Institute of Management Bangalore, 2009.

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Ibbotson, Roger G. Initial public offerings. [New Haven, CT]: Yale School of Organization and Management, 1993.

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Wall, David K. Underpricing of initial public offerings. Dublin: University College Dublin, 1993.

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Zattoni, Alessandro, and William Judge, eds. Corporate Governance and Initial Public Offerings. Cambridge: Cambridge University Press, 2012. http://dx.doi.org/10.1017/cbo9781139061513.

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Anderson, Seth C., T. Randolph Beard, and Jeffery A. Born. Initial Public Offerings: Findings and Theories. Boston, MA: Springer US, 1995. http://dx.doi.org/10.1007/978-1-4615-2295-9.

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Частини книг з теми "INITIAL PUBLIC OFFERINGS (IPO'S)"

Anderson, Seth C., T. Randolph Beard, and Jeffery A. Born. "Theoretical Models of IPOs." In Initial Public Offerings: Findings and Theories, 27–67. Boston, MA: Springer US, 1995. http://dx.doi.org/10.1007/978-1-4615-2295-9_4.

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Kurth, Andreas. "Performance der IPOs am Neuen Markt." In Agency-Probleme und Performance von Initial Public Offerings, 339–58. Wiesbaden: Deutscher Universitätsverlag, 2005. http://dx.doi.org/10.1007/978-3-322-82085-3_13.

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Kurth, Andreas. "Empirische Ergebnisse zur Performance von IPOs." In Agency-Probleme und Performance von Initial Public Offerings, 111–40. Wiesbaden: Deutscher Universitätsverlag, 2005. http://dx.doi.org/10.1007/978-3-322-82085-3_6.

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Krinitz, Jonas, and Dirk Neumann. "Decision Analytics for Initial Public Offerings: How Filing Sentiment Influences Stock Market Returns." In Market Engineering, 45–67. Cham: Springer International Publishing, 2021. http://dx.doi.org/10.1007/978-3-030-66661-3_3.

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AbstractCompanies issuing stocks through an initial public offering (IPO) are obligated to publish relevant information as part of a prospectus. Besides quantitative figures from accounting, this document also contains qualitative information in the form of text. In this chapter, we analyze how sentiment in the prospectus influences future stock returns. In addition, we investigate the impact of pre-IPO sentiment in financial announcements on first-day returns. The results of our empirical analyses using 572 IPOs from US companies suggest a negative link between words linked to uncertainty and future stock market returns for up to 10 trading days. Conversely, we find that uncertainty expressed in pre-IPO announcements is positively linked to first-day stock returns. These insights have implications for research on IPOs by demonstrating that future stock returns are also driven by textual information from the prospectus and assist investors in placing their orders.

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Ising, Peter. "Initial Public Offerings." In Earnings Accruals and Real Activities Management around Initial Public Offerings, 5–10. Wiesbaden: Springer Fachmedien Wiesbaden, 2014. http://dx.doi.org/10.1007/978-3-658-03794-9_2.

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Derrien, Francois. "Initial Public Offerings." In Behavioral Finance, 475–90. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2011. http://dx.doi.org/10.1002/9781118258415.ch25.

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Anderson, Seth C., T. Randolph Beard, and Jeffery A. Born. "Initial Public Offerings: An Introduction." In Initial Public Offerings: Findings and Theories, 1–4. Boston, MA: Springer US, 1995. http://dx.doi.org/10.1007/978-1-4615-2295-9_1.

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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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Wirtz, Bernd W., and Eva Salzer. "Das Management von Initial Public Offerings." In IPO-Management, 3–14. Wiesbaden: Gabler Verlag, 2001. http://dx.doi.org/10.1007/978-3-322-92966-2_1.

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Dimovski, Bill. "Initial Public Offerings of Energy Companies." In Energy Economics and Financial Markets, 235–50. Berlin, Heidelberg: Springer Berlin Heidelberg, 2012. http://dx.doi.org/10.1007/978-3-642-30601-3_13.

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Тези доповідей конференцій з теми "INITIAL PUBLIC OFFERINGS (IPO'S)"

Ibrahim, Noor Ayuernie, and Norashikin Ismail. "The association of ownership structure and the management earnings forecast: The case of Malaysian initial public offerings (IPOs)." In 2012 IEEE Symposium on Business, Engineering and Industrial Applications (ISBEIA). IEEE, 2012. http://dx.doi.org/10.1109/isbeia.2012.6422916.

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Mohamad, Maslinawati, and Noor Ayuernie Ibrahim. "Governance oversight roles on the voluntary disclosure of internal control systems and its impact on firms performance of Malaysian initial public offerings (IPOs)." In 2012 IEEE Symposium on Business, Engineering and Industrial Applications (ISBEIA). IEEE, 2012. http://dx.doi.org/10.1109/isbeia.2012.6422886.

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Hruška, Domagoj, Hruška Milković, and Maja Daraboš Longin. "INITIAL PUBLIC OFFERINGS AND CORPORATE GOVERNANCE IN CROATIA." In 14th Economics & Finance Conference, Lisbon. International Institute of Social and Economic Sciences, 2020. http://dx.doi.org/10.20472/efc.2020.014.006.

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Cao, Lantao, Yidan Hu, Jiachen Liu, and Yuwei Mao. "Media Coverage Influence on Initial Public Offerings (IPO)." In 2022 7th International Conference on Financial Innovation and Economic Development (ICFIED 2022). Paris, France: Atlantis Press, 2022. http://dx.doi.org/10.2991/aebmr.k.220307.148.

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Utomo, Kurniawan Prambudi, and Abdul Rahman. "IMPLEMENTATION OF DEBT EQUITY RATIO (DER) AND UNDERWRITER'S REPUTATION ON UNDERPRICING DURING INITIAL PUBLIC OFFERING (IPO) ON THE IDX." In Global Conference on Business and Management Proceedings. Goodwood Conferences, 2022. http://dx.doi.org/10.35912/gcbm.v1i1.10.

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This study is expected to describe a real phenomenon that occurs on the Indonesian stock exchange to determine the direct relationship between the Debtto Equity Ratio (DER) and the Reputation of the Underwriter on the Indonesia Stock Exchange (IDX). uses qualitative research, namely field observation research by distributing data that has been structured in a structured manner, and collecting information on the IDX, IDX Fact Book, and scientific literature. From 104 companies and there are 96 companies who experience underpricing, Underpricingon the condition of the company selling shares to the public or Initial Public Offering (IPO) in 2018 which is influenced by the reputation of the underwriter, the size of the company. This study only consists of three variables, Debt to Equity Ratio (DER), Influence, and Reputation of the Underwriter on the Underpricing Phenomenon, while there are many other factors such as stock trivia and e-IPO so that it will be better and meet scientific principles. Underpricing that occurs in companies conducting IPOs, is mostly avoided by other companies because the funds obtained are not maximally obtained from the initial investment price and are below the market price or stock price in the market.

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Cheng, Jao-Hong, Huei-Ping Chen, and Sun-Far Chang. "A Research on Information Spillover Effects in Initial Public Offerings." In Third International Conference on Natural Computation (ICNC 2007). IEEE, 2007. http://dx.doi.org/10.1109/icnc.2007.130.

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Pu, Danlin, and ShanPing Wang. "Empirical research on the underpricing of initial public offerings in China." In EM). IEEE, 2009. http://dx.doi.org/10.1109/icieem.2009.5344622.

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Hruška, Domagoj, Dražen Milković, and Maja Daraboš Longin. "ASYMMETRIC INFORMATION AND UNDERPRICING OF INITIAL PUBLIC OFFERINGS: EVIDENCE FROM CROATIA." In 14th Economics & Finance Conference, Lisbon. International Institute of Social and Economic Sciences, 2020. http://dx.doi.org/10.20472/efc.2020.014.007.

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Meng, Dan. "A Neural Network Model to Predict Initial Return of Chinese SMEs Stock Market Initial Public Offerings." In 2008 IEEE International Conference on Networking, Sensing and Control (ICNSC). IEEE, 2008. http://dx.doi.org/10.1109/icnsc.2008.4525247.

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Chang-chun, Lv, Sun Jing-chun, and Wang Jian-wei. "Governance Structure and Operating Performance of Initial Public Offerings in China: A New Explanation." In 2006 International Conference on Management Science and Engineering. IEEE, 2006. http://dx.doi.org/10.1109/icmse.2006.314005.

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Звіти організацій з теми "INITIAL PUBLIC OFFERINGS (IPO'S)"

Lucas, Coraline, Sebastián Rodríguez, Fernando Sánchez, and José Buitrago. Exploring SPACs: Considerations for Latin American and Caribbean Entrepreneurs about Special Purpose Acquisition Companies. Inter-American Development Bank, June 2023. http://dx.doi.org/10.18235/0004939.

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Special Purpose Acquisition Companies (SPACs) can offer great advantages for companies planning on going public, including shortening times compared with conventional pathways to initial public offerings (IPOs). But SPACs can also present many risks, including subpar returns to investors and incomplete deals. Recently, SPACs have gained great media attention as markets saw a SPAC bubble boom and bust between 2020 and 2023, regulatory updates, and changing views about the value of SPACs.

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Jovanovic, Boyan, and Peter Rousseau. Interest Rates and Initial Public Offerings. Cambridge, MA: National Bureau of Economic Research, February 2004. http://dx.doi.org/10.3386/w10298.

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Shiller, Robert. Initial Public Offerings: Investor Behavior and Underpricing. Cambridge, MA: National Bureau of Economic Research, December 1988. http://dx.doi.org/10.3386/w2806.

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Gale, Ian, and Joseph Stiglitz. The Informational Content of Initial Public Offerings. Cambridge, MA: National Bureau of Economic Research, February 1990. http://dx.doi.org/10.3386/w3259.

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Aggarwal, Reena, Nagpurnanand Prabhala, and Manju Puri. Institutional Allocation In Initial Public Offerings: Empirical Evidence. Cambridge, MA: National Bureau of Economic Research, July 2002. http://dx.doi.org/10.3386/w9070.

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Gompers, Paul, and Josh Lerner. The Really Long-Run Performance of Initial Public Offerings: The Pre-NASDAQ Evidence. Cambridge, MA: National Bureau of Economic Research, October 2001. http://dx.doi.org/10.3386/w8505.

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