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Relationship Between The Changes In Ownership And Performance Of Indian Firms Around Ipo
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Book Synopsis Relationship between the Changes in Ownership and Performance of Indian Firms Around IPO by : Manas Mayur
Download or read book Relationship between the Changes in Ownership and Performance of Indian Firms Around IPO written by Manas Mayur and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The study investigates the change in performance of Indian public firms post to their Initial Public Offerings (IPOs) and its relationship with the changes in the insiders' ownership around the time firms do their IPOs. A three step methodology is followed. First, the pre-IPO performance of a sample of Indian publicly listed firms is compared with their post-IPO performance. Second, a univariate analysis is carried out wherein the median of post-IPO performance of sampled firms having low level of insiders' ownership in the post-IPO period is compared with the median of post-IPO performance of sampled firms having high level of insiders' ownership in the post-IPO period. Finally, multivariate analysis is done in form of a panel data regression model to assess the effect of changes in the insiders' ownership around the time firms do their IPOs on the post-IPO performance of the firms. It is found that: (a) performance of entire sample of publicly listed Indian firms deteriorates significantly post to their IPOs; and (b) firms having low levels of insiders' ownership in the post-IPO period experienced the greatest decrease in their post-IPO performance. It is concluded that the changes in the level of insiders' ownership are inversely proportional to changes in performance of firms around the time firms do their IPOs.
Book Synopsis Agency Problems and Operating Performance in an Emerging Market by : Manas Mayur
Download or read book Agency Problems and Operating Performance in an Emerging Market written by Manas Mayur and published by . This book was released on 2013 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: The study examines the following two interrelated research issues: (i) how the operating performance of Indian firms changes around the time firms do their Initial Public Offerings (IPOs)? and (ii) how the post-IPO performance of Indian firms is related to the changes in insiders' ownership around their IPOs? It is found that performance of Indian firms deteriorates significantly post IPO. The panel data analysis of 306 Indian firms examined the relationship between ownership and performance. The results illustrated a curvilinear relationship between ownership and performance. Whereas the negative relationship was found for low and very high ownership level and positive relationship was found for intermediate level. This is an attention-grabbing outcome as it contrasts with earlier studies on curvilinear relationship between ownership and performance, where the negative relationship was found for intermediate level and positive relationship was found for both very low and very high ownership level.
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 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 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 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 Changes in Ownership Structure and Board Structure after an Initial Public Offering by : Yuen Teen Mak
Download or read book Changes in Ownership Structure and Board Structure after an Initial Public Offering written by Yuen Teen Mak and published by . This book was released on 1999 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines changes in ownership structure and board structure of initial public offering (IPO) firms as these firms mature. To measure changes, data on the characteristics of ownership structure and board structure are collected and compared at two time periods: the time of the IPO and five years after. The study also examines the association between changes in ownership structure and changes in board structure. Based on a sample of 88 Singapore IPO firms, the findings indicate that managerial ownership and blockholder ownership decline significantly after an IPO. However, blockholder ownership remains very high for Singapore IPO firms five years after the IPO. In addition, as IPO firms mature, the board structure changes to include more members and relatively more outside directors. However, although there are some leadership structure changes (leadership structure being defined as whether the CEO and Chairperson positions are held by the same individual), leadership structure tends to remain relatively stable over time. Consistent with predictions, there is a positive relationship between changes in board ownership and changes in proportion of executive directors, and a negative relationship between changes in blockholder ownership and changes in proportion of executive directors. We also find that firms with a greater decline in blockholder ownership are less likely to switch from unitary to dual leadership. However, there is no relationship between changes in board ownership and changes in leadership structure, nor was there any relationship between changes in ownership structure and changes in board size. Overall, there is some support for the argument that decreases in board ownership and increases in blockholder ownership lead to greater board independence.
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 Impact of Insider Ownership Stake Changes at the IPO and Earnings Management on Post-IPO Operating Performance by : Alex Leum Han
Download or read book The Impact of Insider Ownership Stake Changes at the IPO and Earnings Management on Post-IPO Operating Performance written by Alex Leum Han and published by . This book was released on 2010 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Past academic research reports that post-IPO operating performance can be signaled through or explained by company characteristics in a period immediately preceding or following the IPO. This paper examines whether post-IPO operating performance is correlated with earnings management activities immediately preceding and following the IPO, insider ownership retention rates after the IPO, and percentage of insider ownership changes at the IPO. I also test whether aggressive earnings managers experience worse operating performance measured by operating income over total assets than conservative earnings managers. The results from various regression analyses and t-tests in this paper show that earnings management activities immediately preceding and following the IPO and insider ownership retention rates are not correlated with post-IPO operating performance. However, this paper reports a statistically negative relationship between percentage of insider ownership changes at the IPO and post-IPO operating performance in the issue year.
Book Synopsis The Impact of Fundamentals on IPO Valuation by : Rajesh K. Aggarwal
Download or read book The Impact of Fundamentals on IPO Valuation written by Rajesh K. Aggarwal and published by . This book was released on 2014 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate IPO valuation for a sample of 1,655 IPOs from three time-periods: 1986-1990, January 1997 through March 2000 (designated as the boom period), and April 2000 through December 2001 (designated as the crash period). We find that firms with more negative earnings have higher valuations than do firms with less negative earnings and firms with more positive earnings have higher valuations than firms with less positive earnings. This V-shaped pattern to the relation between value and earnings suggests that inference based solely on firms with positive earnings is inaccurate. This is especially true for the boom and crash periods. Our results suggest that negative earnings are a proxy for growth opportunities for internet firms. We also find that investment bankers and first-day investors assign different weights to post-IPO ownership and changes in ownership around the IPO for different classes of pre-IPO shareholders (CEOs, VCs, other blockholders, and officers and directors) when pricing the IPO.
Book Synopsis Ownership Structure and Initial Public Offerings by : Reena Aggarwal
Download or read book Ownership Structure and Initial Public Offerings written by Reena Aggarwal and published by . This book was released on 2016 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: Aggarwal and Klapper study the relationship between ownership structure, corporate governance, and the initial public offering (IPO) process. They examine equity ownership by different institutions, such as foreign and domestic financial institutions, banks with and without lending relationships, venture capitalists, and corporations prior to an IPO. The authors also analyze the relationship between ownership structure and corporate governance. They use a unique dataset of 152 Indian IPOs during the period 1999-2001 to analyze ownership of shares by main groups of shareholders. The authors find a relationship between ownership structure and firm-specific factors such as sales, leverage, and profitability, and IPO characteristics such as percentage of equity locked up, gross proceeds, and exchange of listing. There is also a strong relationship between ownership by different types of institutions. Ownership is also tied to bank lending relationships. Finally, the authors find strong relationships between ownership types and corporate governance. For example, firms with foreign investors are more likely to have an outside chief executive officer and offer an employee stock option plan.This paper - a product of Finance, Development Research Group - is part of a larger effort in the group to study international corporate governance.
Book Synopsis Dissertation Abstracts International by :
Download or read book Dissertation Abstracts International written by and published by . This book was released on 2008 with total page 612 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Effect of IPOs on German Family-owned Firms: Governance Changes, Ownership Structure, and Performance by :
Download or read book The Effect of IPOs on German Family-owned Firms: Governance Changes, Ownership Structure, and Performance written by and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Underpricing and Performance of Australian IPOs by : Long Zhang
Download or read book Underpricing and Performance of Australian IPOs written by Long Zhang and published by . This book was released on 2016 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since 2010, on average over 70 initial public offerings (IPOs) are listed on the Australian Securities Exchange each year. These IPO firms have a wide range of performance in the short term and long term. The impact of founders on a firm's performance is a much debated topic and extant studies provide mixed evidence. Findings from other markets may not apply in Australian markets as different institutional and market settings may moderate and enhance the founder effect. This study assessed the effects of founders on IPO firms' performance in the short term and long term in Australia. By examining three founder variables of founder ownership, founder CEO and founder experience, we are able to identify founder effects on firm performance. With a dataset of 253 IPO firms from 2003 to 2013, we analysed the mean differences in IPO firms' performance among groups with different founder features. Our results indicate there are significant mean differences in underpricing between different levels of founder ownership. We conducted regression analysis for our whole sample and subsamples. Our results suggest a hump-shape curvilinear relationship between founder ownership and IPO underpricing in the short term. our findings show that IPO firms led by founder CEOs have poor performance in the long term. The analysis shows founder CEO firms are younger, smaller and have higher retained founder ownership compared to professional CEO firms.
Book Synopsis Does Ownership Structure Influence Firm Value? Evidence from India by : Jayesh Kumar
Download or read book Does Ownership Structure Influence Firm Value? Evidence from India written by Jayesh Kumar and published by . This book was released on 2012 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate Governance deals with the issue of how the suppliers of finance to various corporations assure themselves of getting a return on their investment. Several Studies have examined the relationship between ownership structure and firm performance. Using different data samples from different countries, most of the studies provide evidence that ownership in uence firm performance. This study examines empirically the effects of ownership structure on the firm performance for a panel of Indian corporate firms, from an 'agency perspective'. We examine the effect of interactions between corporate, foreign, institutional, and managerial ownership on firm performance. Using panel data framework, we show that a large fraction of cross-sectional variation, in firm performance, found in several studies, can be explained by unobserved firm heterogeneity. We also provide some evidence that the shareholding by institutional investors and managers affect firm performance, after controlling for observed firm characteristics and unobserved firm heterogeneity and the effect is non-linear.
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 Sustainable Education and Development – Making Cities and Human Settlements Inclusive, Safe, Resilient, and Sustainable by : Joseph N. Mojekwu
Download or read book Sustainable Education and Development – Making Cities and Human Settlements Inclusive, Safe, Resilient, and Sustainable written by Joseph N. Mojekwu and published by Springer Nature. This book was released on 2022-01-01 with total page 826 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents papers from the 10th Applied Research Conference in Africa (ARCA), showcasing the latest research on education and inclusive, safe, resilient, and sustainable communities. The conference is focused on applied research discussion and its dissemination, developing understanding about the role of research and researchers in the development of the continent. Education is a key driver to transform lives, build peace, eradicate poverty and drive sustainable development in Africa. Researchers face large challenges to making a meaningful contribution to the development of Africa. It is a continent where research can at time be not viewed directly related to development. The aim of the Applied Research Conference in Africa is to provide a platform for capacity building and networking among researchers in Africa. The proceedings is focussed on applied research, its discussion and dissemination and will be if interest to researchers, professors, graduate students, policymakers and professionals in industry.
