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Long Run Stock Performance Of German Initial Public Offerings And Seasoned Equity
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Book Synopsis Long-Run Stock Performance of German Initial Public Offerings and Seasoned Equity by : Richard Stehle
Download or read book Long-Run Stock Performance of German Initial Public Offerings and Seasoned Equity written by Richard Stehle and published by . This book was released on 2000 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Existing estimates of the long-run abnormal performance after initial public offerings in Germany differ between +1.54 % and -19.85 % for holding periods of 36 months. We discuss the methodological problems of these studies and the peculiarities of the German market. Using a large sample, alternative benchmarks (the equally and the value-weighted market portfolio, size portfolios and matching stocks), and a simulation study we conclude that size portfolios and matching stocks are better benchmarks than market portfolios, mainly because IPO stocks typically have a small or medium market capitalization and a size effect in stock returns exists. The new listing bias, discussed intensively by Barber/Lyon (1997) seems to be of minor importance in the German market. Using buy-and-hold abnormal returns, we estimate that German stocks involved in an IPO or in a SEO, on the average, underperform a portfolio consisting of stocks with a similar market capitalization by 6 % in three years. This is considerably less than the underperformance after IPOs and SEOs in the US market reported by Loughran/Ritter (1995) and the underperformance after IPOs in Germany reported by Ljungqvist (1997). For stocks involved in a SEO the underperformance is statistically significant, for IPO stocks it is not. This is the first estimate of the abnormal performance after SEOs for the German market. We also show that the apparent underperformance of the 1988-1990 IPO cohort discovered by Ljungqvist (1997) disappears when the abnormal performance estimate is based on size portfolios, instead of market portfolios. Since we have a relatively small number of observations per event, the use of matching firms as benchmarks in the calculation of long-run abnormal returns is associated with a much higher variance of the average long-run abnormal performance estimate than the use of size portfolios in both, the actual event studies and the simulations.
Book Synopsis Initial Public Offerings, Subsequent Seasoned Equity Offerings, and Long-Run Performance by : Wolfgang Bessler
Download or read book Initial Public Offerings, Subsequent Seasoned Equity Offerings, and Long-Run Performance written by Wolfgang Bessler and published by . This book was released on 2002 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: The objective of this study is to investigate the long-run performance of initial public offerings in Germany for the period from 1977 to 1995. Of particular interest is to examine whether underpricing and the timing of subsequent seasoned equity offerings may help to explain why some firms have substantial positive and others substantial negative long-run abnormal holding period returns after going public. We find significant empirical evidence that firms that raised additional funds after an IPO through a seasoned equity offering outperformed the market. There is a significant difference in returns to the firms that had no subsequent equity offering. A comparison of seasoned equity offerings of IPOs and of established firms suggests that the information asymmetry is more pronounced for IPO firms.
Book Synopsis The Performance of Private Equity-Backed Initial Public Offerings in Germany by : Christian von Drathen
Download or read book The Performance of Private Equity-Backed Initial Public Offerings in Germany written by Christian von Drathen and published by . This book was released on 2014 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the long-term stock price performance of initial public offering (IPO) firms in Germany that were previously owned by private equity (PE) funds. A sample of 138 PE-backed IPOs (33 buyout- and 105 venture-backed) and 383 non-PE-backed IPOs between 1990 and 2007 is analysed for the long-term performance of these offerings. The analysis suggests that PE-backed IPOs outperform the stock market over the three-year term. On a risk-adjusted basis, returns are positive over a five-year post-IPO period. Within the PE-backed sample, venture capital-backed IPOs outperform buyout-backed offerings.
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:
Book Synopsis Performance Of Initial Public Offerings (Ipos) In India by : Dr. Manjusha marthadr.b.k.suryaprakasharao
Download or read book Performance Of Initial Public Offerings (Ipos) In India written by Dr. Manjusha marthadr.b.k.suryaprakasharao and published by Archers & Elevators Publishing House. This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Long-Run Performance of Global Equity Offerings by : Stephen R. Foerster
Download or read book The Long-Run Performance of Global Equity Offerings written by Stephen R. Foerster and published by . This book was released on 1999 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates the long-run return performance of non-U.S. firms that raise equity capital in U.S. markets. Overall, our sample of 333 global equity offerings with U.S. depositary receipt (ADR) tranches from 35 countries in Asia, Latin America, and Europe under-perform local and global benchmarks by 8% to 39% over the three years following issuance. We show that differences in long-run returns are related to the scope and magnitude of investment barriers that induce segmentation of capital markets around the world. Specifically, companies from emerging markets and those that issue equity by way of Rule 144A private placements significantly underperform publicly-listed issues and those of companies in developed markets. We also show that inter-market competition for order flow in the post-issuance period affects their long-run return performance. Post-issuance cumulative abnormal returns are most significantly and positively related to the ability of the offering to generate a larger share of U.S. trading volume.
Book Synopsis The German Reunification, Changing Capital Market Conditions, and the Performance of German Initial Public Offerings by : Nancy Mohan
Download or read book The German Reunification, Changing Capital Market Conditions, and the Performance of German Initial Public Offerings written by Nancy Mohan and published by . This book was released on 1998 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the performance of 103 German initial public offerings (IPOs) that went public during the early years of the German reunification. Although IPOs generated positive initial returns, on average they performed poorly in the long-run. The period starting immediately before reunification and ending in early 1994 is characterized by changing market sentiments. The research shows that risk, initial returns, and aftermarket trading of IPOs are affected by prevailing market sentiments.
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 Universal Banking in the United States by : Anthony Saunders
Download or read book Universal Banking in the United States written by Anthony Saunders and published by Oxford University Press. This book was released on 1994-01-06 with total page 287 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 1933 and 1956, the United States sharply limited the kinds of securities activities, commercial activities, and insurance activities banks could engage in. The regulations imposed on banks back then remain in place despite profound changes in the economic environment, in the structure of the national and international financial markets, and in technology. In this span of time many industries, especially those confronting global competition, have transformed themselves dramatically in their efforts to survive and prosper. Not so in the American financial services sector, banks have largely remained stuck in an antiquated regulatory structure which has placed the burden of responding to the needs of market-driven structural change on the shoulders of the regulators and the courts in a constant search for loopholes in the law. The purpose of this book is to evaluate the case for and against eliminating the barriers that have so long existed between banking and other types of financial services in the United States. Universal Banking in the United States studies the consequences of bank regulation in the U.S. as it relates to competition in international financial markets. Anthony Saunders and Ingo Walter examine universal banking systems in other countries, especially Germany, Switzerland, and the U.K., and how they work. They then apply the lessons to U.S. banking, paying particular attention to the benchmarks of stability, equity, efficiency, and competitiveness against which the performance of national financial systems should be measured. In the end, the authors propose the outlines of a level playing field on which any number of forms of organization can grow in the financial services sector, in which universal banking is one of the permitted structures, and where regulation is linked to function.
Book Synopsis Linear and Non-Linear Financial Econometrics by : Mehmet Terzioğlu
Download or read book Linear and Non-Linear Financial Econometrics written by Mehmet Terzioğlu and published by BoD – Books on Demand. This book was released on 2021-03-17 with total page 339 pages. Available in PDF, EPUB and Kindle. Book excerpt: The importance of experimental economics and econometric methods increases with each passing day as data quality and software performance develops. New econometric models are developed by diverging from earlier cliché econometric models with the emergence of specialized fields of study. This book, which is expected to be an extensive and useful reference by bringing together some of the latest developments in the field of econometrics, also contains quantitative examples and problem sets. We thank all the authors who contributed to this book with their studies that provide extensive and accessible explanations of the existing econometric methods.
Book Synopsis Underwriting Services and the New Issues Market by : George J. Papaioannou
Download or read book Underwriting Services and the New Issues Market written by George J. Papaioannou and published by Academic Press. This book was released on 2017-07-27 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt: Underwriting Services and the New Issues Market integrates practice, theory and evidence from the global underwriting industry to present a comprehensive description and analysis of underwriting practices. After covering the regulation and mechanics of the underwriting process, it considers economic topics such as underwriting costs and compensation, the pricing of new issues, the stock price and operating performance of issuing firms, the evaluation of new issue decisions, and an analysis of the many choices issuers face in structuring new issues. Unlike other books, it systematically develops a critical perspective about underwriting practices, both in the U.S. and international markets, and with a level of detail unavailable elsewhere and an approach that reveals how financial institutions deliver underwriting services. Underwriting Services and the New Issues Market delivers an innovative and long overdue look at security issuance. Foreword by Frank Fabozzi - Covers underwriting contracts and arrangements on pricing and costs - Focuses on the financial consequences of the issuance decision for the firm - Describes and evaluates decisions regarding the features and structure of new security offerings.
Book Synopsis The German Financial System by : Jan Pieter Krahmen (editor)
Download or read book The German Financial System written by Jan Pieter Krahmen (editor) and published by . This book was released on 2004 with total page 550 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written by a team of scholars, predominantly from the Centre for Financial Studies in Frankfurt, this volume provides a descriptive survey of the present state of the German financial system and a new analytical framework to explain its workings.
Download or read book Handbook of Modern Finance written by and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Variables Influencing the Severity of IPO Underpricing: An Empirical Analysis of the German Market by : Justyna Dietrich
Download or read book Variables Influencing the Severity of IPO Underpricing: An Empirical Analysis of the German Market written by Justyna Dietrich and published by Diplomica Verlag. This book was released on 2012-03 with total page 81 pages. Available in PDF, EPUB and Kindle. Book excerpt: Underpricing refers to the phenomenon of abnormal first-day returns from initial public offerings (IPOs). Without doubt, any US investor would agree that one day-returns of 11.4% on average are exceptional and a worthwhile investment. Since then many studies have proven that it is a persistent phenomenon and also occurs on markets all over the world. The most puzzling question for scientists is why companies are leaving this money on the table and do not set an offering price that reflects the market demand at the offering date. The main focus of this paper is whether and how the findings of past research, primarily conducted for the US market, apply to the German IPO market. As a result, both investors and issuers shall receive practical implications for their decision-making within the IPO process. This study comprises a brief description of some important theoretical aspects that shape the price setting of an IPO. It focuses on business valuation as it is the basis for setting the price of an IPO. Furthermore, the most common price setting mechanisms are explained. Past research results and theories with regard to IPO underpricing will be outlined and put into relation to the upcoming analysis. This also includes the long-run performance of IPOs and deals especially with the question of whether IPOs are systematically overvalued by investors and, if so, why. The empirical analysis consists of a deduction of influencing variables and an applying theoretical model. Finally, OLS results will be presented and interpreted, which also includes practical implications for both, issuers and investors.
Book Synopsis Financial Accounting and Equity Markets by : Philip Brown
Download or read book Financial Accounting and Equity Markets written by Philip Brown and published by Routledge. This book was released on 2013-06-19 with total page 443 pages. Available in PDF, EPUB and Kindle. Book excerpt: Philip Brown is one of the most admired and respected accounting academics alive today. He was a pioneer in capital markets research in accounting, and his 1968 article, co-authored with Ray Ball, "An Empirical Evaluation of Accounting Income Numbers," arguably had a greater impact on the course of accounting research, directly and indirectly, than any other article during the second half of the twentieth century. Since that time, his innovative research has focused on issues that bridge accounting and finance, including the relationships between net profit reports and the stock market, the long-run performance of acquiring firms, statutory sanctions and voluntary corporate disclosure, and the politics and future of national accounting standards to name a few. This volume brings together the greatest hits of Brown’s career, including several articles that were published in out-of-the-way places, for easier use by students and researchers in the field. With a foreword written by Stephen A. Zeff, and an introduction that discusses the evolution of Brown’s research interests and explains the context for each of the essays included in the volume, this book offers the reader a unique look inside this remarkable 50-year career.
Book Synopsis The Essence and Measurement of Organizational Efficiency by : Tadeusz Dudycz
Download or read book The Essence and Measurement of Organizational Efficiency written by Tadeusz Dudycz and published by Springer. This book was released on 2015-09-29 with total page 335 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers a collection of studies on various organizations’ efficiency, criteria for evaluating efficiency, together with tools and methods for measuring efficiency. The articles included present an interdisciplinary look at efficiency, its essence and the principles of its measurement. They represent an attempt to seek the conceptual boundaries of efficiency, i.e. to clarify this abstract and multidimensional concept including its relation to innovation, competitiveness and intellectual capital. The contributions also identify a broad spectrum of conditions for achieving efficiency in various types of organizations and systems (e.g. health care, hybrid organizations, non-profit organizations), representing various industries (e.g. insurance, banking, tourism, agriculture).
Book Synopsis The Really Long-Run Performance of Initial Public Offerings by : Paul A. Gompers
Download or read book The Really Long-Run Performance of Initial Public Offerings written by Paul A. Gompers and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial economists have intensely debated the performance of IPOs using data after the formation of Nasdaq. This paper sheds light on this controversy by undertaking a large, out-of-sample study: We examine the performance for five years after listing of 3,661 U.S. IPOs from 1935 to 1972. The sample displays some underperformance when event-time buy-and-hold abnormal returns are used. The underperformance disappears, however, when cumulative abnormal returns are utilized. A calendar-time analysis shows that over the entire period, IPOs return as much as the market. The intercepts in CAPM and Fama-French regressions are insignificantly different from zero, suggesting no abnormal performance.
