Corporate Governance And Valuation Of Ipos

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Corporate Governance and Valuation of Ipos

Author : Yin-Hua Yeh
Publisher :
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Corporate Governance and Valuation of Ipos by : Yin-Hua Yeh

Download or read book Corporate Governance and Valuation of Ipos written by Yin-Hua Yeh and published by . This book was released on 2004 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: We synthesize the positive interest-alignment hypothesis proposed by La Porta et al. (1999) and Claessens et al. (2000), the reduced-control hypothesis proposed by Brennan and Franks (1997), and the informativeness hypothesis proposed by Fan and Wong (2002) in explaining the relationship between corporate governance and comparable price multiples and the relationship between corporate governance and initial returns for 218 Taiwanese IPO firms in the sample period between 1992 and 2001. The results support the interest-alignment argument that the controlling shareholder's cash flow rights is positively associated with the comparable price multiples, while a deviating voting-cash structure associating with the controlling shareholder is negatively corrected with the comparable price multiples. The relationship between corporate governance and the initial return is less significant in that the prediction from the interest-alignment argument and that from the reduced-monitoring hypothesis is contradictory when the controlling shareholder invests high cash flow rights. The informativeness hypothesis receives mixed support in that the result from the information content of the ownership structure is identical to that from the interest-alignment hypothesis, while the result from the accessibility of information is less supported.

Does Corporate Governance Affect the Valuation of Spanish IPOs? The Role of Ownership Structure and the Board of Directors

Author : Susana Alvarez
Publisher :
ISBN 13 :
Total Pages : 42 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Does Corporate Governance Affect the Valuation of Spanish IPOs? The Role of Ownership Structure and the Board of Directors by : Susana Alvarez

Download or read book Does Corporate Governance Affect the Valuation of Spanish IPOs? The Role of Ownership Structure and the Board of Directors written by Susana Alvarez and published by . This book was released on 2018 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyse the influence of the board of directors and ownership structure on the valuation of IPOs in the Spanish capital market during the period 1998-2013. After controlling for other influences such as the auditor's reputation, the underwriter's reputation and the level of information asymmetry, our results lend strong support for the hypothesis of the influence exerted by ownership concentration over the level of IPO underpricing. Moreover, we find a non-linear relationship between the proportion of shares in the IPO belonging to members of the board of directors and the level of underpricing. Other IPO and firm characteristics such as the size of the offer and its structure also prove to be statistically significant. Finally, we find that the market cycle influences the valuation of IPOs, as the relationship between the market return and the initial IPO return is positive and statistically significant.

International and US IPO Planning

Author : Frederick D. Lipman
Publisher : John Wiley & Sons
ISBN 13 : 0470478675
Total Pages : 295 pages
Book Rating : 4.4/5 (74 download)

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Book Synopsis International and US IPO Planning by : Frederick D. Lipman

Download or read book International and US IPO Planning written by Frederick D. Lipman and published by John Wiley & Sons. This book was released on 2008-12-22 with total page 295 pages. Available in PDF, EPUB and Kindle. Book excerpt: Praise for International and U.S. IPO Planning "Perhaps the greatest value of Frederick Lipman's new book on initial public offerings derives as its title indicates from the emphasis that it places on planning. Lipman makes abundantly clear that an IPO is not something to be rushed into by every fledgling firm, as was typical during the dot.com boom of the late 1990s. Indeed, his extensive treatment of the many aspects of preparing a company for an IPO, particularly the non financial aspects, helps the reader to focus on the most important question of all: Is an IPO appropriate for a given company? Somewhat uniquely, Lipman then asks the further question of whether an international IPO might be appropriate for that company even if a domestic one were not. By doing so, he has made a real contribution to this literature." Kenneth C. Froewiss, Clinical Professor of Finance, NYU Stern School of Business "We are operating in a global environment in nearly every aspect of business, and structuring/planning for an IPO is no different. The recent changes in regulations for U.S.- listed companies have raised the cost of access of U.S.-listed IPO capital, making foreign exchanges much more attractive. Fred Lipman has created a wonderful guide for managers to seriously access this option for their business. I also hope his book is a wake-up call to U.S. regulators on their impact on the competitiveness of U.S. securities markets." Bob Hellman, Managing Partner & CEO, American Infrastructure MLP Funds "This book will be of immense value to the companies planning an IPO. I am particularly struck by the research done by the author, which, in my opinion, makes it an authentic guide for private companies not only in the U.S. but also in Asia, particularly India and China, where a huge opportunity awaits companies to mature into sustainable enterprises by involving a large section of society in their IPO." M.K. Chouhan, Chairman, Mahendra & Young Knowledge Foundation, and Vice Chairman of Global Advisory Board, Asian Centre for Corporate Governance "This book contains valuable suggestions for advanced planning for both U.S. and international IPOs and belongs in the library of every entrepreneur and business executive." William C. Tyson, Associate Professor, Legal Studies, The Wharton School of the University of Pennsylvania 8 crucial steps to planning a successful IPO International and U.S. IPO Planning outlines the eight step-by-step techniques all private companies must follow to prepare for a successful IPO, either in the U.S. or internationally. From advance planning techniques for both an international and U.S. IPO, to growing a business through acquisitions and "roll-ups" prior to an IPO, to deterring unwanted suitors by inserting carefully placed provisions into the charter, and so much more, International and U.S. IPO Planning provides a wealth of practical and insightful guidance to help the private company go public, regardless of its size or location.

Corporate Governance and Firm Value for Small and Medium Sized Ipos

Author : Salim Chahine
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Corporate Governance and Firm Value for Small and Medium Sized Ipos by : Salim Chahine

Download or read book Corporate Governance and Firm Value for Small and Medium Sized Ipos written by Salim Chahine and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper proposes to include corporate governance characteristics in the explanation of underpricing at the time of IPOs. It shows that the investment banks and the issuers take the characteristics of the corporate board into account when valuing the issue, while investors adjust for the ownership structure in the aftermarket. Moreover, empirical tests provide some proofs about a simultaneous relation between the initial underpricing and the offer price-to-book, and suggest that price adjustment in the aftermarket includes the board characteristics as valued in the offer price.

Essays on IPO Firm Valuation, Corporate Governance and Innovation

Author : Hanny Kusnadi
Publisher :
ISBN 13 :
Total Pages : 99 pages
Book Rating : 4.:/5 (112 download)

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Book Synopsis Essays on IPO Firm Valuation, Corporate Governance and Innovation by : Hanny Kusnadi

Download or read book Essays on IPO Firm Valuation, Corporate Governance and Innovation written by Hanny Kusnadi and published by . This book was released on 2019 with total page 99 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Role of Corporate Governance in Initial Public Offerings

Author : Jay C. Hartzell
Publisher :
ISBN 13 :
Total Pages : 41 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis The Role of Corporate Governance in Initial Public Offerings by : Jay C. Hartzell

Download or read book The Role of Corporate Governance in Initial Public Offerings written by Jay C. Hartzell and published by . This book was released on 2008 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study analyzes the impact of corporate governance structures at the initial public offering date. We test hypotheses that firms with more shareholder-oriented governance structures receive higher valuations at the IPO stage, attract more institutional ownership, and have better long-term performance. Our IPO sample is restricted to a set of 107 real estate investment trusts (REITs) over the 1991 to 1998 time period. Using a single industry and REITs in particular reduces potentially confounding effects due to differences in risk, transparency, and growth potential. We believe this - combined with our use of IPOs - mitigates the endogeneity problem present in studies of the impact of governance on seasoned firms' valuation. Our analysis indicates that firms with stronger governance structures not only have higher initial IPO valuations, but also have better long-term operating performance than their peers.

Corporate Governance, Value Creation and Growth The Bridge between Finance and Enterprise

Author : OECD
Publisher : OECD Publishing
ISBN 13 : 9264179542
Total Pages : 91 pages
Book Rating : 4.2/5 (641 download)

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Book Synopsis Corporate Governance, Value Creation and Growth The Bridge between Finance and Enterprise by : OECD

Download or read book Corporate Governance, Value Creation and Growth The Bridge between Finance and Enterprise written by OECD and published by OECD Publishing. This book was released on 2012-08-20 with total page 91 pages. Available in PDF, EPUB and Kindle. Book excerpt: This publication examines the role of corporate governance arrangements in providing right incentives to contribute the value creation process within the private enterprises and the implications of the differences in ownership structures on corporate governance practices and frameworks.

The Oxford Handbook of Strategy Implementation

Author : Michael A. Hitt
Publisher : Oxford University Press
ISBN 13 : 0190650230
Total Pages : 553 pages
Book Rating : 4.1/5 (96 download)

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Book Synopsis The Oxford Handbook of Strategy Implementation by : Michael A. Hitt

Download or read book The Oxford Handbook of Strategy Implementation written by Michael A. Hitt and published by Oxford University Press. This book was released on 2017 with total page 553 pages. Available in PDF, EPUB and Kindle. Book excerpt: Leading scholars examine the crucial role of implementation influencing how business and managerial strategies produce returns. They focus on governance, resources, human capital, and accounting-based control systems, advancing our understanding of strategy implementation and identifying opportunities for future research on this important process.

The IPO Decision

Author : Jason Draho
Publisher : Edward Elgar Publishing
ISBN 13 : 9781781008782
Total Pages : 400 pages
Book Rating : 4.0/5 (87 download)

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Book Synopsis The IPO Decision by : Jason Draho

Download or read book The IPO Decision written by Jason Draho and published by Edward Elgar Publishing. This book was released on 2004-01-01 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt: Annotation Initial public offerings (IPOs) garnered unprecedented positive attention in the 1990s for their spectacular returns and central role in entrepreneurial activity. Subsequent revelations of unscrupulous IPO allocation and promotion practices cast a less fa.

Handbook of Research on IPOs

Author : Mario Levis
Publisher : Edward Elgar Publishing
ISBN 13 : 1781955379
Total Pages : 599 pages
Book Rating : 4.7/5 (819 download)

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Book Synopsis Handbook of Research on IPOs by : Mario Levis

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

The Oxford Handbook of IPOs

Author : Douglas Cumming
Publisher : Oxford University Press
ISBN 13 : 0190614587
Total Pages : 504 pages
Book Rating : 4.1/5 (96 download)

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Book Synopsis The Oxford Handbook of IPOs by : Douglas Cumming

Download or read book The Oxford Handbook of IPOs written by Douglas Cumming and published by Oxford University Press. This book was released on 2018-11-15 with total page 504 pages. Available in PDF, EPUB and Kindle. Book excerpt: Initial public offerings (IPOs), or new listings of companies on stock exchanges, are among the most important form of finance and generate considerable attention and excitement. They are used to raise capital or to monetize investments by the early generation of venture capital and other private investors. They are increasingly international in scope and reach, especially with non-American firms offering on American stock exchanges. This handbook provides a comprehensive overview of why companies list on stock exchanges, how IPOs are regulated, initially valued, and their performance in the short and long run. The first part examines the economics of IPOs, and offers statistics and regulatory insights from the United States and other countries around the world. The volume then covers mergers versus IPOs, as well as reverse mergers and special purpose acquisition companies. Part III analyzes institutional ties in IPOs, including analysts, investment banks, auditors, and venture capitalists. The fourth section provides international perspectives on IPOs from a number of countries around the world. Part V discusses alternatives to IPOs, including private marketplaces, and crowdfunding. Reflecting the range of disciplines that analyze IPOs, the contributors come from the fields of finance, international business and management, economics, and law. The chapters cover the latest information on a range of fundamental questions that are of interest to academics, practitioners, and policymakers alike.

Does Ownership Structure Affect Ipo Valuation?

Author : Michele Meoli
Publisher :
ISBN 13 :
Total Pages : 21 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Does Ownership Structure Affect Ipo Valuation? by : Michele Meoli

Download or read book Does Ownership Structure Affect Ipo Valuation? written by Michele Meoli and published by . This book was released on 2008 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this study is to shed light on the valuation of firms at the time of their IPO. We question if the particularity in the corporate governance and ownership of European companies affect the valuation of the firms going public. With reference to the 3.052 firms that went public in Europe in the last decade, we find that value at IPO is driven by firm and offer specific variables, such as age, size, underpricing, as well as by variables measuring the separation of ownership and control. In particular, investors to some extent anticipate the higher possibility to be expropriated when pricing shares of companies owned by a pyramidal group.

Venture Capital, Corporate Governance, and Firm Value

Author : Maik Kleinschmidt
Publisher : Springer Science & Business Media
ISBN 13 : 3835095498
Total Pages : 310 pages
Book Rating : 4.8/5 (35 download)

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Book Synopsis Venture Capital, Corporate Governance, and Firm Value by : Maik Kleinschmidt

Download or read book Venture Capital, Corporate Governance, and Firm Value written by Maik Kleinschmidt and published by Springer Science & Business Media. This book was released on 2007-11-09 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt: Maik Kleinschmidt explores the determinants of venture capitalists’ influence as well as their impact on the corporate governance of portfolio companies and analyses the influence of corporate governance on the companies’ firm value. His findings support the hypothesis that venture capitalists improve the corporate governance of their portfolio companies and that their abilities determine their impact. Moreover, they show the positive impact of good corporate governance on some measures for firm value.

Governance, Sentiment Analysis and IPO Underpricing

Author : Maximiliano Gonzalez
Publisher :
ISBN 13 :
Total Pages : 42 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Governance, Sentiment Analysis and IPO Underpricing by : Maximiliano Gonzalez

Download or read book Governance, Sentiment Analysis and IPO Underpricing written by Maximiliano Gonzalez and published by . This book was released on 2018 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research Question/Issue: What is the relationship between governance, tone in language and underpricing of initial public offerings (IPOs) in Latin America.Research Findings/Insights: First, we find empirical evidence for the link between uncertainty in tone in the IPO prospectus and the level of underpricing. Second, we do not find that governance provisions at the country level explain IPO underpricing. Third, governance mechanisms at the firm level, such as board size and independence, are significant in explaining underpricing. Fourth, when interacting with uncertainty in tone, corporate governance variables at the firm level display stronger (board size) or weaker (board independence) marginal effects. Finally, we find lower levels of underpricing for family firms compared to non-family firms.Theoretical/Academic Implications: Bigger boards seem to lead to greater underpricing while more independent boards mitigate it. This finding stresses the relevance of functional convergence in regions with weak institutions. Our results also suggest that tone in communications matter more for underpricing than governance. We argue that this could be due to the minimum corporate governance provisions at the firm level that firms need to meet before going public. Practitioner/Policy Implications: Our results suggest that tone in firm communications is relevant for market valuation. In the context of family firms, we show that reputation effect is priced by the market valuation of the IPO.

The Oxford Handbook of Entrepreneurial Finance

Author : Douglas Cumming
Publisher : OUP USA
ISBN 13 : 0195391241
Total Pages : 937 pages
Book Rating : 4.1/5 (953 download)

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Book Synopsis The Oxford Handbook of Entrepreneurial Finance by : Douglas Cumming

Download or read book The Oxford Handbook of Entrepreneurial Finance written by Douglas Cumming and published by OUP USA. This book was released on 2012-03-22 with total page 937 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides a comprehensive picture of issues dealing with different sources of entrepreneurial finance and different issues with financing entrepreneurs. The Handbook comprises contributions from 48 authors based in 12 different countries.

The Oxford Handbook of Corporate Governance

Author : Mike Wright
Publisher : OUP Oxford
ISBN 13 : 0191649368
Total Pages : 832 pages
Book Rating : 4.1/5 (916 download)

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Book Synopsis The Oxford Handbook of Corporate Governance by : Mike Wright

Download or read book The Oxford Handbook of Corporate Governance written by Mike Wright and published by OUP Oxford. This book was released on 2013-03-28 with total page 832 pages. Available in PDF, EPUB and Kindle. Book excerpt: The behavior of managers-such as the rewards they obtain for poor performance, the role of boards of directors in monitoring managers, and the regulatory framework covering the corporate governance mechanisms that are put in place to ensure managers' accountability to shareholder and other stakeholders-has been the subject of extensive media and policy scrutiny in light of the financial crisis of the early 2000s. However, corporate governance covers a much broader set of issues, which requires detailed assessment as a central issue of concern to business and society. Critiques of traditional governance research based on agency theory have noted its "under-contextualized" nature and its inability to compare accurately and explain the diversity of corporate governance arrangements across different institutional contexts. The Oxford Handbook of Corporate Governance aims at closing these theoretical and empirical gaps. It considers corporate governance issues at multiple levels of analysis-the individual manager, firms, institutions, industries, and nations-and presents international evidence to reflect the wide variety of perspectives. In analyzing the effects of corporate governance on performance, a variety of indicators are considered, such as accounting profit, economic profit, productivity growth, market share, proxies for environmental and social performance, such as diversity and other aspects of corporate social responsibility, and of course, share price effects. In addition to providing a high level review and analysis of the existing literature, each chapter develops an agenda for further research on a specific aspect of corporate governance. This Handbook constitutes the definitive source of academic research on corporate governance, synthesizing studies from economics, strategy, international business, organizational behavior, entrepreneurship, business ethics, accounting, finance, and law.

Advances in Corporate Finance and Asset Pricing

Author : Luc Renneboog
Publisher : Emerald Group Publishing
ISBN 13 : 0444527230
Total Pages : 569 pages
Book Rating : 4.4/5 (445 download)

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Book Synopsis Advances in Corporate Finance and Asset Pricing by : Luc Renneboog

Download or read book Advances in Corporate Finance and Asset Pricing written by Luc Renneboog and published by Emerald Group Publishing. This book was released on 2006-03-02 with total page 569 pages. Available in PDF, EPUB and Kindle. Book excerpt: Incorporates estimation risk in portfolio choice and also covers a risk measure for retail investment products, understanding and exploiting momentum in stock returns. This book includes: Introduction - Corporate restructuring; mergers and acquisitions in Europe; and the performance of acquisitive companies in the US.