Read Books Online and Download eBooks, EPub, PDF, Mobi, Kindle, Text Full Free.
Ownership Pre And Post Ipos And Operating Performance Of Italian Firms
Download Ownership Pre And Post Ipos And Operating Performance Of Italian Firms full books in PDF, epub, and Kindle. Read online Ownership Pre And Post Ipos And Operating Performance Of Italian Firms ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Book Synopsis Ownership Pre- and Post- IPOs and Operating Performance of Italian Firms by : Francesca Scribano
Download or read book Ownership Pre- and Post- IPOs and Operating Performance of Italian Firms written by Francesca Scribano and published by . This book was released on 2015 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Evidence shows that, after an IPO, firms usually report a decline in operating performance. This result is confirmed also for the Italian market. In this paper we investigate if this deterioration is explained by the change in ownership following IPO. In particular, we take into consideration two major dimensions of ownership: a quantitative one, indicating ownership concentration and represented by the stake held by top shareholders, and a qualitative one, about the type of shareholder and relative to the presence of private equity firm both before and after the IPO. The main hypotheses question if there are positive relationships between operating performance and the following dimensions: (i) the stake held by top 3 shareholders before IPO; (ii) its change following IPO; (iii) the presence of private equity firm before IPO; (iv) the presence of private equity firm after IPO. Interestingly, we find that ownership structure positively influences operating performance in the years before IPO, but this is not verified in the years after the IPO, although, in the sample, the relationships are all verified. This is an interesting finding of the paper, which should need further investigation.
Book Synopsis IPO Valuation and Profitability Expectations by : Matteo Bonaventura
Download or read book IPO Valuation and Profitability Expectations written by Matteo Bonaventura and published by . This book was released on 2014 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyses the valuation process of IPO companies listed on the Italian Exchange in the period 2000-2009. One the most common valuation techniques declared in the IPO prospectus to determine the offer price is the Discounted Cash Flow (DCF) method. We develop a 'reverse engineering' model to discover the short term profitability implied in the offer prices. We show that there is a significant optimistic bias in the estimation of future profitability compared to ex-post actual realization and the mean forecast error is substantially large. Yet we show that such error characterizes also the estimations carried out by analysts evaluating non-IPO companies. The forecast error is larger the faster has been the recent growth of the company, the higher is the leverage of the IPO firm, the more companies issued equity on the market. IPO companies generally exhibit better operating performance before the listing, with respect to comparable listed companies, while after the flotation they do not perform significantly different in term of return on invested capital. Pre-IPO book building activity plays a significant role in partially reducing the forecast error and revising expectations, while the market price of the first day of trading does not contain information for further reducing forecast errors.
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
Book Synopsis Evolution of Ownership and Control in Italian IPO Firms by : Silvia Rigamonti
Download or read book Evolution of Ownership and Control in Italian IPO Firms written by Silvia Rigamonti and published by . This book was released on 2007 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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.
Book Synopsis Impact of Managerial Ownership on Operational Performance of IPO Firms by : Adel Boubaker
Download or read book Impact of Managerial Ownership on Operational Performance of IPO Firms written by Adel Boubaker and published by . This book was released on 2014 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt: The study investigates the change in performance of French public firms post to their Initial Public Offerings (IPOs) and its relationship with the changes in the managerial ownership around the time firms do their IPOs. Tests are conducted on a sample of 65 French companies placed on the stock market over the period 2000-2006. The majority of our results show there is a significant negative relation between post-IPO change in performance and equity retention by the managerial ownership. Indeed, several results are opposed to the predictions resulting from the assumption of agency but contribute to retain the assumption of the timing.
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 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 The Long-Run Performance of Italian IPOs by : Maria Cristina Arcuri
Download or read book The Long-Run Performance of Italian IPOs written by Maria Cristina Arcuri and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The aim of the paper is to investigate the long-run performance of Italian IPOs, paying close attention to the banking companies. Specifically, the objective is to test if there are differences and/or anomalies between the securities issued by banks and those delivered by other issuers, in the Italian context, strongly oriented to the intermediaries. In this regard, recent studies prove anomalies in the short-term yields (underpricing) of banking IPOs, which have a lower underpricing than companies active in different sectors. There are anomalies also in the long-run? More in general, does the phenomenon of the long-run underperformance exist in Italy? Coherently, the analysis takes the medium-long term into consideration with the aim of observing the banks' stock performance after the listing. The study can help to investigate, on one hand, the existence of information asymmetries and/or behaviors of financial intermediaries that obstruct the listing of companies, on the other hand, the greater difficulty of the market in defining the correct price of several securities rather than others.
Book Synopsis IPOs, the Level of Private Equity Engagement and Stock Performance Matters by : Andreas Oehler
Download or read book IPOs, the Level of Private Equity Engagement and Stock Performance Matters written by Andreas Oehler and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Research on IPOs commonly focuses on the relation between firms' pre IPO ownership structure and subsequent stock performance. We extend the literature by additionally focusing on companies' post IPO ownership structure, in particular private equity capital engagement, to analyze IPOs stock performance matters. For this purpose, we employ a unique dataset on German IPOs from 2004 to 2014 that allows us to identify companies' ownership structures before and after the IPO. We compute stocks' market-adjusted returns and information ratios for the first 200 trading days to answer two research questions. First, do stocks of companies that were (partially) owned by private equity investors prior the IPO show a different performance after the IPO than stocks of companies without prior investments of private equity investors? Second, does the extent of private equity investors' involvement at the IPO (i.e. their pre and post IPO shareholdings) influence the stock performance following the IPO? We do not find evidence that stocks of companies, which had private equity investors as shareholders prior to the IPO, outperform stocks of companies without private equity investors per se. However, for the subsample of companies that had private equity investors as shareholders we document that the stronger the private equity investors reduce their engagement the stronger is the performance of the issued stock.
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 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 Impact of Family Control on Investors' Risk and Performance of Italian Listed Companies by : Giovanni Fiori
Download or read book The Impact of Family Control on Investors' Risk and Performance of Italian Listed Companies written by Giovanni Fiori and published by . This book was released on 2007 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: Agency costs, deriving from the separation between ownership and control, affect whatever company model. In case of firms with dispersed ownership (the public companies), the classic agency conflict regards the relation between shareholders and managers. In case of family firms the classic agency conflicts are mitigated thanks to reduced separation between ownership and control, but there are other types of agency conflicts, moreover between family shareholders and minority ones.This paper focuses on the relation between agency costs and ownership structure, in the specific perspective of minority shareholders, providing a first empirical evidence of the proposition that family ownership reduces the agency costs of equity and has a negative effect on the equity risk perceived by the market.The analysis statistically compares family and non-family firms, sorted from Italian listed companies, in any sector with a significant presence of family business, to get evidence of family's ownership impact on equity cost of capital.
Book Synopsis Foreign Ownership and Performance by : Chiara Bentivogli
Download or read book Foreign Ownership and Performance written by Chiara Bentivogli and published by . This book was released on 2016 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 Corporate Governance and Initial Public Offerings by : Alessandro Zattoni
Download or read book Corporate Governance and Initial Public Offerings written by Alessandro Zattoni and published by Cambridge University Press. This book was released on 2012-03-22 with total page 613 pages. Available in PDF, EPUB and Kindle. Book excerpt: A major international study on corporate governance and Initial Public Offerings (IPOs) in twenty-one countries.
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:
