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Intended Use Of Proceeds And The Post Issue Operating Performance Of Ipo Firms
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Book Synopsis Intended Use of Proceeds and the Post-Issue Operating Performance of IPO Firms by : Andriansyah
Download or read book Intended Use of Proceeds and the Post-Issue Operating Performance of IPO Firms written by Andriansyah and published by . This book was released on 2014 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the link between intended use of proceeds and the decline in post-issue operating performance of IPO firms. After taking into account special features of the compositional data containing zero values, a quantile regression analysis is employed for the Indonesian equity market data over the period of 2000-2010. The results show that the post-issue performance can be explained by different types of intended use of proceeds. Fixed asset investment and investment in stock market shares will lead to better operating performance for average and high performing firms only. Allocation to other usages leads to poor operating performance. The findings were found to be robust when ownership structure was included in the models. These results have policy implications for the management of IPO proceeds.
Book Synopsis The Post-Issue Operating Performance of IPO Firms by : Bharat A. Jain
Download or read book The Post-Issue Operating Performance of IPO Firms written by Bharat A. Jain and published by . This book was released on 2000 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the change in operating performance of firms as they make the transition from private to public ownership. It documents a significant decline in operating performance subsequent to the initial public offering (IPO). Additionally, it finds a significant positive relation between post-IPO operating performance and equity retention by the original entrepreneurs but does not find any relation between post-IPO operating performance and the level of initial underpricing. Post-Issue declines in the market-to- book ratio, P/E ratio and the earnings per share are also documented.
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.
Book Synopsis Post-IPO Mergers and the Operating Performance of IPO Firms by : 林佑蓉
Download or read book Post-IPO Mergers and the Operating Performance of IPO Firms written by 林佑蓉 and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Post-Issue Operating Performance of Indian IPO Firms by : Shikha Bhatia
Download or read book The Post-Issue Operating Performance of Indian IPO Firms written by Shikha Bhatia and published by . This book was released on 2017 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the change in post-issue operating performance of 300 Indian IPO firms over a three-year period relative to their pre-issue levels. Further, it explores, whether the issuing firms signal their value at the time of issue through underpricing and whether operating performance of issuing firms is reflected in their long-run stock price performance. The accounting ratios have been used as the proxy for the long-run performance of the issuing firms. Using several performance measures, it has been found that IPO firms are not able to sustain the pre-IPO levels of profitability in the after-market period.
Book Synopsis The Operating Performance of Initial Public Offerings by : Arif Khurshed
Download or read book The Operating Performance of Initial Public Offerings written by Arif Khurshed and published by . This book was released on 2013 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the post-issue operating performance of UK Initial Public Offerings. Using several measures, we find that the performance of firms going public on the Official List deteriorates significantly after the issue. On the contrary, IPO-firms on the Alternative Investment Market (AIM) use the IPO as springboard for growth without sacrificing their profitability. The AIM is, indeed, the first market where operating performance is not found to be declining after the IPO. The listing on the AIM does not affect significantly the leverage of the firms, but gives the opportunity to raise fresh funds, both at the time of the initial offering and through further (debt or equity) capital raisings. Conversely, the permanent decrease in leverage after the IPO on the Official List characterizes the flotation on this market as a mean to rebalance the firms' capital structure.
Book Synopsis Market Timing and Operating Performance in an Emerging Market by : Manas Mayur
Download or read book Market Timing and Operating Performance in an Emerging Market written by Manas Mayur and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this paper is to investigate the market timing behaviour of issuers of Indian Initial Public Offerings (IPOs). The declining trend in variables reflecting investor's sentiments and expectation in post IPO period suggested that firms took advantage of over-optimism of investors. The deterioration in post IPO performance suggested that issuer took benefit of pre IPO profit margin. In order to confirm whether IPOs were timed or not a new variable HOT was constructed which basically referred to favourable market condition for the issuers. The result based on multivariate regression suggested that Market timers, identified as firms that go public when the market is hot, tried to maximize the total proceeds at the time of IPO proving that IPOs were timed. The hot issue market effect was found to be remarkably robust; it was significant for both firm and industry-level characteristics.
Book Synopsis Operating Performance of PE-backed IPOs by : Fotios Diamantis
Download or read book Operating Performance of PE-backed IPOs written by Fotios Diamantis and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Using data from Thompson One, Compustat and Bloomberg, this paper examines the relationship between Buyout and Venture Capital backing and accounting measured post-IPO operating performance of issue companies. The paper also compares this performance with companies that undergo IPOs but are not backed by financial sponsors. The sample consists of 1,790 IPOs in the US that breaks down to 816 Sponsor-backed and 974 Not-backed IPOs from 1998 to 2014. The results indicate that Buyout firms are significantly larger in size, more profitable, more efficient and carry larger amounts of debts as a percentage of assets before and after the IPO comparing to other IPOs. To the contrary, VC-backed firms are less profitable, less efficient and less indebted than the group of Not-backed firms. With the use of cross-section regressions, we find a positive relationship between PE certification and post-IPO performance changes that is only consistently significant in the long-term and in normal markets periods.
Book Synopsis Corporate Governance and Financial Performance by : Marc Goergen
Download or read book Corporate Governance and Financial Performance written by Marc Goergen and published by Edward Elgar Publishing. This book was released on 1998 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: A study of German and UK financial markets, addressing the relationship between corporate governance, ownership and financial performance in German and UK firms floated in the 1980s. Company micro-data is used to examine the firms' performances over the six years from flotation.
Book Synopsis The Long-run Performance of Private Equity-backed IPOs in the US and the UK by : Luca Fritz
Download or read book The Long-run Performance of Private Equity-backed IPOs in the US and the UK written by Luca Fritz and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis studies the long-run performance of Private Equity-backed and non Private Equity-backed Initial Public Offerings between the years 2000 and 2012 in the United States and the United Kingdom. Using a unique data sample of 141 PE-backed and 185 non PE-backed IPOs between 1-10 billion in market capitalisation, this study measures the statistical significance of their abnormal performance three years after the IPO using all of the conventional performance measurement methodologies. Due to the measurements' considerable shortfalls, a new abnormal return measurement was developed, which allows for a new perspective on long-term performance by taking into account the companies' financial and industry risk, as well as investors' return expectations. Contrary to prior research, it was found that PE-backed IPOs do not outperform the market, while non-backed IPO firms do, especially in the US. Furthermore, companies that went public in years of heavy IPO activity did not underperform worse. It could also not be shown that IPO firms in technological industry sectors exhibit worse long-run returns compared to others. Lastly, a considerable impact of firm size on post-issue operating performance could be established, despite the size restricted sample. Measurement issues in long-run IPO performance studies were, however, clearly brought to light.
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.
Download or read book Going Public written by Tim Jenkinson and published by Oxford University Press, USA. This book was released on 2001 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: Going Public investigates why companies routinely underprice themselves as they try to list themselves on the stock exchange. They subsequently underperform over the long-term and, in Going Public, the authors explore these 2 phenomena in plain English.
Book Synopsis Initial Public Offerings by : Michelle Lowry
Download or read book Initial Public Offerings written by Michelle Lowry and published by . This book was released on 2017 with total page 166 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this monograph is to provide an overview of the IPO literature since 2000. The fewer numbers of companies going public in recent years has raised many questions regarding the IPO process, in both academic and regulatory circles. As we all strive to understand these changes in the market, it is especially important to understand the dynamics underlying the IPO process. If the process of going public is too costly or the IPO mechanism is plagued by too many conflicts of interest among the various intermediaries, then private companies may rationally choose other methods of raising capital. In a related vein, it is imperative that new regulations not be based on research focusing solely on large, more mature firms. Newly public firms have unique characteristics, and an increased understanding of such issues will contribute positively to well-functioning public markets and further growth of the entrepreneurial sector. We also provide a detailed guide to researchers on how to obtain a research-quality sample of IPOs, from standard data sources. Related to this, we tabulate important corrections to these standard data sources.
Book Synopsis The Effects of Leveraged Buyouts on Productivity and Related Aspects of Firm Behavior by : Frank R. Lichtenberg
Download or read book The Effects of Leveraged Buyouts on Productivity and Related Aspects of Firm Behavior written by Frank R. Lichtenberg and published by . This book was released on 1989 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 Handbooks. This book was released on 2018-12-13 with total page 841 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This book provides a comprehensive analysis of IPOs. The chapters cover the latest information on a range of fundamental questions, including: How are IPOs regulated? How are IPOs valued? How well does an IPO perform in the short and long run, and what are the drivers of performance"--
Book Synopsis Venture Capital and the Finance of Innovation by : Andrew Metrick
Download or read book Venture Capital and the Finance of Innovation written by Andrew Metrick and published by John Wiley and Sons. This book was released on 2011-06-15 with total page 1153 pages. Available in PDF, EPUB and Kindle. Book excerpt: This useful guide walks venture capitalists through the principles of finance and the financial models that underlie venture capital decisions. It presents a new unified treatment of investment decision making and mark-to-market valuation. The discussions of risk-return and cost-of-capital calculations have been updated with the latest information. The most current industry data is included to demonstrate large changes in venture capital investments since 1999. The coverage of the real-options methodology has also been streamlined and includes new connections to venture capital valuation. In addition, venture capitalists will find revised information on the reality-check valuation model to allow for greater flexibility in growth assumptions.
Book Synopsis A Survey of the European IPO Market by :
Download or read book A Survey of the European IPO Market written by and published by CEPS. This book was released on 2006 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt:
