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Ipo Underpricing And Long Run Performance In Singapore
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Book Synopsis IPO Underpricing and Long Run Performance in Singapore by : Chee Wai Kwan
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.
Book Synopsis The Performance of Chinese IPOs Listed in Singapore by : Alexander Richter
Download or read book The Performance of Chinese IPOs Listed in Singapore written by Alexander Richter and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Within the global IPO market, the Asia-Pacific region has grown tremendously in importance. This paper examines the performance of Chinese IPOs listed on the Singapore Exchange (SGX), where they make up for a significant part of stock market activity. Although IPO performance has been an area of vast research, hardly any research has yet been conducted on the phenomenon of foreign listings. A sample of 103 Mainland Chinese companies that went public in Singapore between 2003 and 2013 is compared to the Singaporean overall market as well as to Chinese companies listed on the domestic stock exchanges in Shenzhen and Shanghai. Among these samples, consisting of a total of 1682 new issuances, differences are identified and possible explanations given. Models of information asymmetry and market sentiment are used to explain higher initial returns on Chinese companies as their offers are accompanied by a higher degree of uncertainty. The differences in MAIRs between Singapore and China also show that the SGX is a more efficient and sophisticated stock exchange. Based on the regressions, the author concludes that the difference in IPO underpricing between the particular samples can be explained by a variety of factors, which are sometimes hard to qualify. Furthermore, the empirical evidence indicates that Chinese companies significantly underperform the overall market in the long-run. This can be attributed to the decline in investor confidence, as investors start questioning the quality of these companies more strongly.
Book Synopsis The Phenomenon of IPO Underpricing in the European and U.S. Stock Markets by : Oliver Reiche
Download or read book The Phenomenon of IPO Underpricing in the European and U.S. Stock Markets written by Oliver Reiche and published by Anchor Academic Publishing (aap_verlag). This book was released on 2014-06-23 with total page 105 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Initial Public Offering (IPO) marks one of the most important events of a company. Basically, the aim is to generate maximum proceeds by selling the company’s shares to investors. However, the shares that are sold seem to be underpriced as the price significantly soars on the first trading day. Since the very first detection of this phenomenon in the United States in 1969, several subsequent studies have documented the existence of worldwide IPO underpricing. This study focuses on IPO Underpricing in the European and United States Stock Markets by outlining and discussing the following essential issues: What is underpricing in the context of the IPO? Which motivations are there and how do they impact? Is there IPO underpricing in the markets of Europe and the United States of America?
Book Synopsis A Study of IPO's Underpricing and Aftermarket Performance in Singapore by : Eric Kah Jin Tham
Download or read book A Study of IPO's Underpricing and Aftermarket Performance in Singapore written by Eric Kah Jin Tham and published by . This book was released on 1994 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Handbook of Corporate Finance by : Bjørn Espen Eckbo
Download or read book Handbook of Corporate Finance written by Bjørn Espen Eckbo and published by Elsevier. This book was released on 2007-05-21 with total page 559 pages. Available in PDF, EPUB and Kindle. Book excerpt: Judging by the sheer number of papers reviewed in this Handbook, the empirical analysis of firms’ financing and investment decisions—empirical corporate finance—has become a dominant field in financial economics. The growing interest in everything “corporate is fueled by a healthy combination of fundamental theoretical developments and recent widespread access to large transactional data bases. A less scientific—but nevertheless important—source of inspiration is a growing awareness of the important social implications of corporate behavior and governance. This Handbook takes stock of the main empirical findings to date across an unprecedented spectrum of corporate finance issues, ranging from econometric methodology, to raising capital and capital structure choice, and to managerial incentives and corporate investment behavior. The surveys are written by leading empirical researchers that remain active in their respective areas of interest. With few exceptions, the writing style makes the chapters accessible to industry practitioners. For doctoral students and seasoned academics, the surveys offer dense roadmaps into the empirical research landscape and provide suggestions for future work. *The Handbooks in Finance series offers a broad group of outstanding volumes in various areas of finance *Each individual volume in the series should present an accurate self-contained survey of a sub-field of finance *The series is international in scope with contributions from field leaders the world over
Book Synopsis Under-Pricing and Long-Run Performance of Initial Public Offerings in Developing Markets by :
Download or read book Under-Pricing and Long-Run Performance of Initial Public Offerings in Developing Markets written by and published by . This book was released on 2001 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The transition from being a private company to a public one is one of the most important events in the life of a firm. It is also one of particular interest to institutional investors, and the transition is facilitated through the initial public offering (IPO) process. The IPO provides a fresh source of capital that is critical to the growth of the firm and provides the founder and other shareholders such as venture capitalists a liquid market for their shares. From an institutional investor's perspective, the IPO provides an opportunity to share in the rewards of the growth of the firm. The purpose of this paper is to examine the long-run performance of IPOs in developing markets using various methods to ascertain the significance of the over or under-performance of IPOs. Among the many reasons for the performance which we see, one of them could be the sensitivity of the results to the choice of benchmarks. Dimson and Marsh, Ritter, Gregory et al., Fama and French and Fama have successively demonstrated the sensitivity of the long-run performance of the IPOs the benchmark used in the study. For this reason, I am also motivated to study the effect of various benchmarks on the return measurements so as to elucidate the possibility that the magnitude of the performance is benchmark dependent. Finally, the focus of this study will be the Chinese and Indian markets.
Book Synopsis Ungerpricing [sic] and Long-run Performance of Chinese IPOs by : Yuzhi Wang
Download or read book Ungerpricing [sic] and Long-run Performance of Chinese IPOs written by Yuzhi Wang and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A Link Between IPO Underpricing and Long-term Performance by : Joshua B. Schaeffer
Download or read book A Link Between IPO Underpricing and Long-term Performance written by Joshua B. Schaeffer and published by . This book was released on 2005 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Underpricing of Initial Public Offerings (IPOs) in Singapore by : Anthony Saunders
Download or read book The Underpricing of Initial Public Offerings (IPOs) in Singapore written by Anthony Saunders and published by . This book was released on 1989 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Underpricing and Long-run Performance of Chinese IPOs by : Yuzhi Wang
Download or read book Underpricing and Long-run Performance of Chinese IPOs written by Yuzhi Wang and published by . This book was released on 2005 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the underpricing and long-term performance of A-share initial public offerings (IPOs) issued in China between January 1996 and December 2004. The sample is divided into State Owned Enterprises (SOEs) and non-State Owned Enterprises (non-SOEs) to investigate the difference in IPO underpricing and long-term performance between these two groups. I find that non-SOEs are significantly less underpriced than SOEs. In addition, I find that the changes in government policies do have an impact on IPO underpricing. My study confirms the results of previous studies that the long-term stock returns of Chinese IPOs is positive using a market index as a benchmark, while the long-term operating performance of these IPO firms exhibits negative changes. However, the SOE and non-SOE sub-samples do not show any significant differences in either long-term stock returns or operating performance when size- and book-to-market-matched portfolios are used as benchmarks. Finally, my findings are also consistent with the signaling theory of IPOs.
Book Synopsis The Impact of IPO Underpricing on the Long-run Performance of Swiss Listed Companies by :
Download or read book The Impact of IPO Underpricing on the Long-run Performance of Swiss Listed Companies written by and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The following Master Thesis explores the characteristics of the Swiss IPO market in the 2000's, mainly focusing on IPO underpricing, and on the long-run performance. The paper starts by introducing the reader to the process and costs associated with an Initial Public Offering, along with the academic coverage of underpricing and long-run performance. The statistics presented in this thesis will show that the average Market Adjusted Initial Return for Swiss IPOs between 2000 and 2010 is 10.44% and that their three-year SPI-adjusted performance is respectively -7.26% and -13.99%, depending on the chosen method of calculation. Using an OLS regression, I then prove that there is a negative relationship between IPO underpricing and long-run performance. Moreover, I find no relationship between the sector of the issuer and its performance in the after-market, and no evidence was found about the impact of IPO timing. To my knowledge, this paper is the first one to prove an existing relationship between IPO underpricing and the long-run performance of Swiss IPOs.
Book Synopsis Initial Public Offerings (IPO) by : Greg N. Gregoriou
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
Book Synopsis Empirical Evidence on IPO-Underpricing by : Marius Hamer
Download or read book Empirical Evidence on IPO-Underpricing written by Marius Hamer and published by GRIN Verlag. This book was released on 2008 with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt: Diploma Thesis from the year 2007 in the subject Business economics - Investment and Finance, grade: 1,3, European Business School - International University Schlo Reichartshausen Oestrich-Winkel, 80 entries in the bibliography, language: English, abstract: This paper aims at establishing a link between the average level of initial return of IPO shares, existing underpricing explanations and the dot-com bubble. In years prior to the boom of the new economy, underpricing was explained by various theories, which have extensively been developed since decades. However, in the years 1998 to 2001 IPOs were overly underpriced, leading to assumptions about behavioural aspects and investor irrationality. Analysing a comprehensive dataset of 371 IPOs on the Frankfurter B rse between 1997 and 2007, this paper aims at providing evidence that the observed lower levels of initial returns in recent years can indeed be aligned with existing theories on the basis of rational behaviour of market participants. Firstly, the IPO process and its major participants will be presented followed by a review of relevant studies on the IPO phenomenon. In the next step, established underpricing theories are recapitulated. A descriptive analysis of the data sample points out the particularities concerning the company and transaction characteristics of the sample firms. In a last step, a regression analysis relates various proxies for information asymmetry to established underpricing theories. It gives reason to believe that the irrationality at the turn of the century has vanished and that underpricing can again be explained by established theories.
Book Synopsis The Short and Long-Run Initial Public Offerings (IPOs) Performance in the Emerging Market by : Kamilah Kamaludin
Download or read book The Short and Long-Run Initial Public Offerings (IPOs) Performance in the Emerging Market written by Kamilah Kamaludin and published by . This book was released on 2018 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the short-and-long-run share performance of IPO companies listed on the Saudi Arabia Stock Exchange (Tadawul) from 1st January 2000 to 31st August 2017. 45 IPO companies were included in this study. This study employs the event time approach and abnormal returns are calculated using the market-adjusted initial returns for short-run share performance and buy-and-hold abnormal returns (BHAR) for long-run performance. First, our analysis reports under-pricing of IPO shares at Tadawul with a high abnormal initial return of 76.61%. Second, we find over performance of IPO shares in the long-run where the market-adjusted BHAR outperformed both market indices - (i) positive and significant when benchmarked against EWI; and (ii) positive but not significant when benchmarked against VWI. Our findings are consistent with extant literature for the developing countries like Malaysia and Singapore.
Book Synopsis The Aftermarket Performance of Chinese IPOs by : Nuo Lai
Download or read book The Aftermarket Performance of Chinese IPOs written by Nuo Lai and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In this thesis, I study the phenomena of initial underpricing and long-run underperformance of initial public offerings (IPO) in the Chinese A-share market. After giving an overview on existing literature and the characteristics of the Chinese IPO market, I examine a sample consisting of 196 A-share IPOs issued on the Shanghai Stock Exchange (SSE) during 2002 and 2004 and find that the average market-adjusted initial underpricing is 93.89% and that the average market-adjusted cumulative return and buy-and-hold return over the three years after listing are -20.77% and -24.07%, respectively, which are both significantly negative at 1% level. I then use a cross-sectional analysis to explain the initial underpricing of Chinese IPOs, showing that issuing companies with smaller offer sizes, lower offer prices and higher profitability have higher initial underpricing. Chinese IPO investors are also facing the winner's curse problem. The cross-sectional analysis of long-run performance shows that companies with lower initial underpricing perform better in the long-run and that long-run performance mainly depends on the operating performance of the companies. Government ownership has no significant impact on initial underpricing and long-run performance of IPOs in my sample.
Book Synopsis An Examination of the Factors Influencing IPO Underpricing in Singapore Stock Market by : Yunwei Xiong
Download or read book An Examination of the Factors Influencing IPO Underpricing in Singapore Stock Market written by Yunwei Xiong and published by . This book was released on 2010 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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
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