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Ownership And Operating Performance Of Chinese Ipos
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Book Synopsis Ownership and Operating Performance of Chinese Ipos by : Changyun Wang
Download or read book Ownership and Operating Performance of Chinese Ipos written by Changyun Wang and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine changes in operating performance of Chinese listed companies around their initial public offerings, and focus on the effect of ownership and ownership concentration on IPO performance changes. We document a sharp decline in post-issue operating performance of IPO firms. We also find that neither state ownership nor concentration of ownership is associated with performance changes, but there is a curvilinear relation between legal-entity ownership and performance changes and between concentration of non-state ownership and performance changes. Our results are robust to different performance measures and industry adjustments. These findings suggest that agency conflicts, management entrenchment, and large shareholders' expropriation co-exist to influence Chinese IPO performance, and the beneficial and detrimental effects of state shareholdings tend to offset each other.
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 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 The Financial and Operating Performance of Chinese IPO Market by : Zhaiqing Qi
Download or read book The Financial and Operating Performance of Chinese IPO Market written by Zhaiqing Qi and published by . This book was released on 2004 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Performance and Long-Run Characteristics of the Chinese IPO Market by : Carol Padgett
Download or read book The Performance and Long-Run Characteristics of the Chinese IPO Market written by Carol Padgett and published by . This book was released on 2014 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the short-run and long-run performance of Chinese privatization initial public offerings (PIPOs), using data for 340 and 409 new issues on the Shanghai and Shenzhen Stock Exchanges respectively, from 1 January 1996 through 31 December 1997. The average market-adjusted initial return is found to be 127.31%, and the initial returns on both stock exchanges are not significantly different from each other. The average market-adjusted buy and hold return over the three years after listing is 10.26%, which is significantly different from zero at the 1% level. We then use cross-sectional analysis to explain the long-run supernormal performance of Chinese PIPOs, and find that government ownership, the offering size and the feature of belonging to a high-tech industry are the main determinants of the long-run performance. In addition, firms that perform better in the long-run tend to make more Seasoned Equity Offerings (SEOs), and the underpricing of IPOs is negatively related to their long-run performance.
Book Synopsis Regolamento per l'esecuzione della legge federale sui pesi e le misure accompagnato dalle Istruzioni per i verificatori by :
Download or read book Regolamento per l'esecuzione della legge federale sui pesi e le misure accompagnato dalle Istruzioni per i verificatori written by and published by . This book was released on 1900 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Ownership Structure and Operating Performance of IPOs in India by : Shikha Bhatia
Download or read book Ownership Structure and Operating Performance of IPOs in India written by Shikha Bhatia and published by . This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The anomalous behavior of Initial Public Offerings (IPOs) has been extensively researched and debated. Numerous studies have documented stock price and operating underperformance of IPOs and suggested several reasons like earnings management, timing of issues, agency theory, etc., as causing such decline in post-issue performance. This study attempts to examine the operating performance of IPOs in India for a period of five years subsequent to the issue. It specifically seeks to analyze the post-issue operating performance relative to pre-issue levels and to determine the relationship between ownership retained by the promoters and operating performance of issuing firms.
Book Synopsis Disproportional Ownership Structure and IPO Long-Run Performance of Entrepreneurial Firm in China by : Jerry Cao
Download or read book Disproportional Ownership Structure and IPO Long-Run Performance of Entrepreneurial Firm in China written by Jerry Cao and published by . This book was released on 2013 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the relationship between ownership structures and IPO long-run performance in China. Although entrepreneurial firms underperform the market in general after IPO but the poor performance is mainly caused by the IPOs with ownership control wedge. Entrepreneurial firms with one share one vote structure outperform those with ownership control wedge by 30% for 3 years post-IPO in either buy-and-hold or cumulative monthly returns. Entrepreneurial firms with excess ownership control wedge have higher frequency of undertaking value-destroying related party transactions. These findings suggest that entrepreneurial firms need to improve corporate governance such as disproportional ownership structure to better safeguard the interest of long-run shareholders.
Book Synopsis Does IPO Underpricing in China Explain a Firm's Long-Term Performance? An Empirical Study of IPOs in China with Corporate Governance Perspectives by : Martin Hovey
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.
Book Synopsis Ownership and Operating Performance in UK Initial Public Offering (IPO) Firms by : Despina Terta
Download or read book Ownership and Operating Performance in UK Initial Public Offering (IPO) Firms written by Despina Terta and published by . This book was released on 1998 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Competitiveness, Organizational Management, and Governance in Family Firms by : César Camison
Download or read book Competitiveness, Organizational Management, and Governance in Family Firms written by César Camison and published by . This book was released on 2019 with total page 490 pages. Available in PDF, EPUB and Kindle. Book excerpt: The ""family effect"" remains a challenge for researchers interested in both the family firm's organizational form and in the effects of familial ownership on a firm's strategy, structure, and performance. Governance mechanisms, management quality, ownership concentration, and family involvement all have relevant effects in terms of influencing monitoring costs, investment decisions, the development of the portfolio of resources and capabilities, and family firm competitiveness. Nevertheless, few studies to date have opened the black box of the ""family effect."" Competitiveness, Organizationa.
Book Synopsis The Long-run Operating Performance, Ownership and Corporate Governance Structures of Australian IPOs by : Maria Cleofas A. Balatbat
Download or read book The Long-run Operating Performance, Ownership and Corporate Governance Structures of Australian IPOs written by Maria Cleofas A. Balatbat and published by . This book was released on 2001 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Diversification of Pre-IPO Ownership and Foreign IPO Performance by : Ning Jia
Download or read book Diversification of Pre-IPO Ownership and Foreign IPO Performance written by Ning Jia and published by . This book was released on 2017 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: Foreign IPO firms incur higher issuance costs than domestic firms due to greater information asymmetry and ex ante valuation uncertainty. Little is known about how to overcome such liability of foreignness. This study, based on foreign-listed Chinese firms, shows that pre-IPO financing relationship with investors from the country of listing can effectively mitigate cross-border information friction at the time of IPO, and is associated with lower underpricing, smaller underwriting spread and other offering expenses, superior post-IPO stock returns, greater analyst coverage, lower forecast error and dispersion. The benefits of pre-IPO relationship increase in firm-level information asymmetry and the strength of relationship.
Book Synopsis Operating and Stock Performance of U.S. Listed China-based IPOs by : Quian He
Download or read book Operating and Stock Performance of U.S. Listed China-based IPOs written by Quian He and published by . This book was released on 2007 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis AN ANALYSIS OF THE IMPACT OF IPO ON CHINESE AUTOMOTIVE DEALER GROUPS' PERFORMANCE by : Fei Zhan
Download or read book AN ANALYSIS OF THE IMPACT OF IPO ON CHINESE AUTOMOTIVE DEALER GROUPS' PERFORMANCE written by Fei Zhan and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: There are some substantial disparities among organizations in performance after going public in the Chinese automotive dealer industry. This dissertation analyzes the prospectus, organizational annual report, and other public data available for the public firms in the automotive dealer industry. The dissertation conducts a longitudinal analysis of firms with continuous development and firms with operating problems. Multiple regression models are used to test various hypotheses. The results indicate that firms that are backed by venture capital experience perform worse after the IPO. Ownership Structure is positively correlated with the change in firm performance around the IPO. The change in Venture Capital ownership around the IPO is negatively correlated with the change in firm performance. Moreover, the increase in Venture Capitalist age around the IPO is negatively correlated with firm performance. Since IPOs are associated with performance decline, recommendations are provided to mitigate their impact.
Book Synopsis The Strategies of China’s Firms by : Hailan Yang
Download or read book The Strategies of China’s Firms written by Hailan Yang and published by Chandos Publishing. This book was released on 2015-07-24 with total page 191 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book aims to analyze how China’s firms in the consumer electronics (CE) sector have developed their business strategy and corporate governance during the reform process. This book examines the CE sector in particular because it is one of the country’s most important and dynamic manufacturing sectors and one of the earliest market-oriented sectors. focuses on firms with different ownership provides cases that offer insights into the interactions among key factors of environmental changes, exploitative and explorative strategies, and performance in a transition environment explains why the strategies of some firms do not fit with their environments, which leads to their poorer competitive position. compares the corporate governance of the China’s firms with different ownership explores the different ways of development of China’s firms in the consumer electronics sector from the perspectives of business strategy and corporate governance includes some wider policy-related implications related to the reform of China’s firms
Book Synopsis Aviation Infrastructure Performance by : Clifford Winston
Download or read book Aviation Infrastructure Performance written by Clifford Winston and published by Rowman & Littlefield. This book was released on 2009-02-01 with total page 249 pages. Available in PDF, EPUB and Kindle. Book excerpt: Aviation performance is an important cog in modern globalized economies, which demand flexibility, mobility, efficiency, and dependability. Airport delays have gone from being a nuisance to being a salient public concern, drawing the ire of even the White House. In this important book, international transportation experts compare and contrast how different nations have managed their airports and air traffic control systems and how well they are meeting the needs of their people. The book's cross-national approach encompasses several different institutional arrangements, making it a timely and valuable study in comparative political economy. Among the countries studied, the United States is sometimes seen as a bastion of free markets, at the forefront of airline deregulation, but its airports and air traffic control system are publicly owned and operated. The same is true in continental Europe, for the most part. In contrast, Australia, New Zealand, the United Kingdom, and Canada are experimenting with privatization, while even mainland China is allowing the private sector to participate in airport ownership. Which methods work best, and under what circumstances? This book provides the answers.
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