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Author : Cheng Zhou
Publisher :
ISBN 13 :
Total Pages : 236 pages
Book Rating : 4.:/5 (15 download)
Download or read book Corporate Governance and IPO Performance written by Cheng Zhou and published by . This book was released on 2004 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Alessandro Zattoni
Publisher : Cambridge University Press
ISBN 13 : 110701686X
Total Pages : 613 pages
Book Rating : 4.1/5 (7 download)
Download or read book Corporate Governance and Initial Public Offerings written by Alessandro Zattoni and published by Cambridge University Press. This book was released on 2012-03-22 with total page 613 pages. Available in PDF, EPUB and Kindle. Book excerpt: A major international study on corporate governance and Initial Public Offerings (IPOs) in twenty-one countries.
Author : Rolf Christian Thiess
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (89 download)
Download or read book Corporate Governance, Professionalisation and Performance of IPO Firms written by Rolf Christian Thiess and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Combining agency theory and the resource-dependence perspective as well as signalling theory, this thesis examines the role venture capitalists (VCs) and founders play with respect to both structural board characteristics and board capital in terms of experience and prestige and whether these are linked to performance. It claims that VCs and founders shape the governance system of the firms going public and are influential in the professionalisation of the ventures especially in terms of human and social capital of its board of directors. It also argues that the board of directors represents a signal of firm quality in the initial public offering (IPO) market and should thus be linked to performance. Similarly, according to the venture capital certification hypothesis, being funded by VCs signals a firm's quality and potential. In order to assess these claims, this thesis employs a unique sample of matched venturecapital- backed and non-venture-capital-backed entrepreneurial IPOs that floated either on the London Stock Exchange's Official List or the Alternative Investment Market (AIM). Extending previous research this thesis employs more fine-grained measures and introduces new conceptually relevant variables in the analysis. The findings indicate that VCs and founders are influential in shaping corporate governance of IPO-stage ventures both from an agency and resource-provision perspective. Findings from the examination of governance and professionalisation characteristics with respect to IPO short-run performance (underpricing) indicate that it may the involvement of prestigious auditors that signal firm quality while a founder bias discount seems to exist. While evidence is found that VC involvement (and to a lesser extent director/board characteristics) is related to post-IPO market performance, this seems to depend on the time period following the IPO examined, whereas auditor prestige shows a positive association in all of these time periods.
Author : C. N. V. Krishnan
Publisher :
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.:/5 (129 download)
Download or read book Venture Capital Reputation, Post-IPO Performance and Corporate Governance written by C. N. V. Krishnan and published by . This book was released on 2011 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the association of a venture capital (VC) firm's reputation with the post-IPO long-run performance of its portfolio firms. We find that VC reputation, measured by the past market share of VC-backed IPOs, has significant positive associations with long-run firm performance measures. While more reputable VCs initially select better quality firms, more reputable VCs continue to be associated with superior long-run performance, even after controlling for VC selectivity. We find more reputable VCs exhibit more active post-IPO involvement in the corporate governance of their portfolio firms and this continued VC involvement positively influences post-IPO firm performance.
Author : Mario Levis
Publisher : Edward Elgar Publishing
ISBN 13 : 1781955379
Total Pages : 599 pages
Book Rating : 4.7/5 (819 download)
Download or read book Handbook of Research on IPOs written by Mario Levis and published by Edward Elgar Publishing. This book was released on 2013-11-29 with total page 599 pages. Available in PDF, EPUB and Kindle. Book excerpt: The chapters offer some important new insights into issues that will be of interest not only to the academic community but also to professionals involved in the preparation, structure and execution of such transactions, market regulators, and private a
Author : Salim Chahine
Publisher :
ISBN 13 :
Total Pages : 55 pages
Book Rating : 4.:/5 (13 download)
Download or read book Top Management Ties with Board Members written by Salim Chahine and published by . This book was released on 2014 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper is the first study on the effects of pay-performance sensitivity (PPS) on the performance of initial public offerings (IPOs) in the presence of social ties and family ties of the top managers with board members. We find that both social ties and family ties increase PPS. In turn, PPS improves IPO performance. More importantly, greater PPS increases the positive effect of social ties on IPO performance whereas it reduces the negative effect of family ties.
Author : Chee Wai Kwan
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (1 download)
Download or read book IPO Underpricing and Long Run Performance in Singapore written by Chee Wai Kwan and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: [Truncated] This study employs a composite corporate governance index, specific corporate governance variables, and a full range of firm-specific variables to examine initial returns and long-run performance of IPOs in Singapore. It appears to be the first study to examine this combination of variables and to adopt both qualitative and quantitative approaches. An initial qualitative phase involves interviews with representatives from three major parties to an IPO transaction: issuers, underwriters, and investors. Their views are sought on the relative importance of corporate governance, appropriateness of particular items for the construction of a corporate governance index (CGI) and how IPO performance should be measured. The quantitative phase examines the extent to which the level of underpricing and long-run performance of the IPOs are associated with: (i) corporate governance attributes, (ii) whether the IPO is VC-backed and (iii) the lock-up period for the IPOs. The qualitative phase reveals that interviewees see a positive relationship between corporate governance and IPO performance in the long-run, but not in the short-term. In addition, they feel that IPOs producing better results have the following governance attributes: larger board size with a good mix of skills and experience among the independent directors, a dual leadership structure, a higher level of equity ownership by the directors after listing, backed by venture capitalists, and a longer lock-up period. Some of the interviewees do not believe IPO performance is necessarily related to which board the IPO is listed on - the Main or SESDAQ, though some do.
Author : S.M.R.K. Samarakoon
Publisher :
ISBN 13 :
Total Pages : 9 pages
Book Rating : 4.:/5 (13 download)
Download or read book Short-Run Price Performance of IPOs and Corporate Governance Practices written by S.M.R.K. Samarakoon and published by . This book was released on 2019 with total page 9 pages. Available in PDF, EPUB and Kindle. Book excerpt: The short-run price performance of Initial Public Offerings (IPOs) indicates that the prices are often underpriced which is widely documented as a universal phenomenon. This phenomenon was first documented in the finance literature by Stoll and Curley (1970), Logue (1973) and Ibbotson (1975). To test the underpricing phenomenon, most researchers used the first listing day average return (Chan, Wang & Wei 2004; Chang et al. 2008; Dimovski & Brooks 2005; Finn & Higham 1988; Ibbotson, Sindelar & Ritter 1994; Lee, Taylor & Walter 1996; Loughran & Schultz 2006; Moshirian, Ng & Wu 2010; Omran 2005; Ritter 1987). Corporate governance refers to the set of systems, principles, and processes by which a company is governed. Establishing good corporate governance system in an IPO company makes good decisions which attract more outside investors.. Therefore, this study examines whether there is any impact of corporate governance practices on the short-run price performance of Sri Lankan IPOs. The study examined 44 fixed price IPOs which were listed on the Colombo Stock Exchange (CSE) during the period of 2003 - January to 2015- December. The study found that Sri Lankan IPOs underprice by 30% on AR, which is statistically significant at 5% level. Further, it found that block holder ownership (ownership concentration), CEO duality and existence of the non-executive directors in the board are positively related to the short-run underpricing, which are statistically significant at 5%. But, the board size has a significant negative impact on underpricing. These relationships are in line with the international literature, which confirms that the corporate governance practices have a significant impact on the short-run price performance of IPOs in Sri Lanka. This findings also support the agency and signaling theories.
Author : Joseph P. H. Fan
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (129 download)
Download or read book Politically-Connected CEOs, Corporate Governance and Post-IPO Performance of China's Partially Privatized Firms written by Joseph P. H. Fan and published by . This book was released on 2005 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Property rules of China's partial share issue privatization have created rent-seeking incentives for politicians that may hurt the performance and corporate governance of newly listed state enterprises. This study reports that almost 28% of the CEOs in the sample of 625 firms are ex- or current government bureaucrats. The three-year post-IPO average stock returns of the sample underperform the market by 20%, and the underperformance of firms with such politically-connected CEOs exceeds those without politically-connected CEOs by almost 30%. Firms with politically-connected CEOs are more likely to appoint other bureaucrats to boards of directors, while they appoint fewer directors with relevant professional background or prior business experience, nor any representative of minority shareholders. The presence of politically-connected CEOs is related to the unemployment and fiscal conditions of the firms' regions while unrelated to most firm characteristics. Overall, the results indicate that the appointment of politically-connected CEOs does not enhance shareholder value but rather fulfill political goals of politicians.
Author : Bee Wah Ong
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (93 download)
Download or read book Effects of Corporate Governance on Performance written by Bee Wah Ong and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Martin Hovey
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (129 download)
Download or read book Does IPO Underpricing in China Explain a Firm's Long-Term Performance? An Empirical Study of IPOs in China with Corporate Governance Perspectives written by Martin Hovey and published by . This book was released on 2009 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: In excess of 1,500 firms have listed publicly on the Shanghai and Shenzhen stock exchanges in China since 1990. With close to 20 years of unique IPO activity, China represents a rich source of data to explore the IPO aftermarket performance. The sample of this study includes 311 IPOs issued from 1999 to 2001. The period is studied because it was the most dynamic phase of IPO issues in the Chinese market in recent times after which the market subsequently became extremely volatile. The results of the study show that firms with higher initial IPO returns are valued more highly by investors, and are expected to provide superior returns in the long-run. The ownership structure has a bearing on the corporate governance of the firm and its objectives. Accordingly, the market in China values legal person and foreign ownership more than other forms of ownership and expect these to enhance performance long-term. Management ownership has a positive influence on performance as it related to State ownership, but not to legal person ownership. On the other hand, State ownership was negatively related to performance. The findings also show that the growth potential of a firm has a significant bearing on the long run performance of IPOs in China. Larger firms are considered more highly by the market in IPOs in China. A number of other variables, including aspects of corporate governance, are applied to the study and their results are reported.
Author : Rekha Handa
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)
Download or read book The Effect of Board Size on Underpricing of IPOs written by Rekha Handa and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate governance mechanisms are being widely researched for their impact on different measures of corporate performance. Board structure being a dominant means of monitoring and governance for sustaining the competition and improving financial and overall performance, forms an integral part of these mechanisms. The present paper explores the size of the board as a governance method and its relationship with Initial Public Offering (IPO) performance, IPOs being a unique setting to establish the contribution of corporate governance in general and boards in specific. The study investigates specifically board size to explore its independence as a governance mechanism and contribution in explaining the initial returns of an IPO.
Author : Arif Khurshed
Publisher : Harriman House Limited
ISBN 13 : 085719688X
Total Pages : 147 pages
Book Rating : 4.8/5 (571 download)
Download or read book INITIAL PUBLIC OFFERINGS - 2ND EDITION written by Arif Khurshed and published by Harriman House Limited. This book was released on 2019-02-18 with total page 147 pages. Available in PDF, EPUB and Kindle. Book excerpt: A fully revised and updated second edition of the essential guide that tells you everything you want to know about IPOs in the UK. An initial public offering (IPO) - the occasion when a firm's shares are issued to the public for the first time - is one of the most exciting events in the life of a company, providing new opportunities for the business, its managers and for investors. IPOs attract a lot of attention from stock market researchers, academics and investors seeking to understand more about how they work and how the shares of IPO companies perform once they are listed. In this second edition of Initial Public Offerings, Arif Khurshed delves into the history of IPOs on the London Stock Exchange, explains the mechanics of how IPOs are arranged and how they are priced, and provides an analysis - with detailed but lucid reference to past academic studies - of how the shares of IPO companies perform in the short and long term. The book provides valuable insight into many fundamental IPO matters, including: - the different methods of flotation that are used, - the alternative ways in which IPO shares are priced, - how common it is for IPO shares to over or underperform, - the survival of IPO firms once they are listed. There are also detailed case studies of the short- and long-run performance of a number of high-profile IPOs, including those of Facebook, Alibaba and Royal Mail. If you are an academic, finance professional or serious investor looking to broaden your knowledge of stock market flotations then you will find Initial Public Offerings to be an indispensable guide.
Author : Amal Latif Zeitouny
Publisher :
ISBN 13 :
Total Pages : 104 pages
Book Rating : 4.:/5 (787 download)
Download or read book The Effect of the Board of Directors on IPO Performance Evidence from GCC IPOS from 2006 to 2008 written by Amal Latif Zeitouny and published by . This book was released on 2009 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt: Analyzing factors affecting IPO underpricing has received considerable attention in the financial literature. Most studies have indicated that the factor that m ostly contributes to underpricing is the information asymmetry; and as better co rporate governance reduces information asymmetry, it should also lower underpric ing. Relying on prior literature and focusing on the board of directors side of corporate governance, this paper tries to shed some light on the effect of the b oard of directors on underpricing, using IPOs listed on the GCC exchanges betwee n January 2006 and September 2008. Using regression analysis and controlling for other company and market parameter s, this paper could not find a strong relationship between any of the board of d irectors provisions considered - namely board size, board composition and board ownership retention - and underpricing. Therefore, it can be inferred that under pricing in the GCC market is affected by other factors that are characteristics of the GCC region, possibly the ownership of the company by influential GCC fami lies.
Author : Greg N. Gregoriou
Publisher : Elsevier
ISBN 13 : 0080461670
Total Pages : 463 pages
Book Rating : 4.0/5 (84 download)
Download or read book Initial Public Offerings (IPO) written by Greg N. Gregoriou and published by Elsevier. This book was released on 2011-04-01 with total page 463 pages. Available in PDF, EPUB and Kindle. Book excerpt: After the cooling off of IPOs since the dot com bubble, Google has rekindled the fire for IPOs. This IPO reader contains new articles exclusive to this reader by leading academics from around the world dealing with quantitative and qualitative analyses of this increasingly popular and important area of finance. Articles address new methods of IPO performance, international IPOs, IPO evaluation, IPO underwriting, evaluation and bookbuilding. Although numerous articles are technical in nature, with econometric and statistical models, particular attention has been directed towards the understanding and the applicability of the results as well as theoretical development in this area. This reader will assist researchers, academics, and graduate students to further understand the latest research on IPOs. *Interest in IPOs is increasing again after the Google IPO, and IPOs are up significantly from last year *Chapters by well known academics provide an international perspective, describing research results from IPO data in countries spanning the globe *Research is based on real results from IPO data collected over the past 5-7 years
Author : Marie-Claude Morin
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (11 download)
Download or read book Pre-IPO Firm Performance and Corporate Governance of U.S. IPO Firms written by Marie-Claude Morin and published by . This book was released on 2003 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines differences between venture-backed and non venture-backed IPO firms in three aspects. First, operating performance and firm growth are examined in the pre-IPO period and in the IPO year. Second, differences in the corporate governance mechanisms in place at the time of the IPO are considered. In order to do so, board structure and directors' ownership and voting power are considered. Third, differences in the degree of IPO underpricing between the two groups are tested. Possible relationships of IPO underpricing with firm performance and corporate governance are also explored. We find venture-backed firms experience poorer operating performance in the IPO year as well as in the four years preceding it. On the other hand, they show higher growth in operating performance and revenues compared to non venture-backed firms. Board size is positively related to the number of VCs involved, but negatively related to VCs' ownership in the firm. Venture-backed firms have more outside directors but fewer independent directors on their board compared to non venture-backed firms. In addition, CEO duality is less common in venture-backed firms. Finally, IPO underpricing is larger for venture-backed firms, except for firms in the smallest size quartile. We also find underpricing not to be significantly related to firm performance and corporate governance mechanisms.
Author : Robert Gregory Bell
Publisher : ProQuest
ISBN 13 : 9780549556565
Total Pages : 195 pages
Book Rating : 4.5/5 (565 download)
Download or read book Institutional Distance and Foreign IPO Performance written by Robert Gregory Bell and published by ProQuest. This book was released on 2000 with total page 195 pages. Available in PDF, EPUB and Kindle. Book excerpt:
