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The Analysis Of Effects Of Initial Public Offering On The Warsaw Stock Exchange
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Book Synopsis The Analysis of Effects of Initial Public Offering on the Warsaw Stock Exchange by : Katarzyna Kopczewska
Download or read book The Analysis of Effects of Initial Public Offering on the Warsaw Stock Exchange written by Katarzyna Kopczewska and published by GRIN Verlag. This book was released on 2006-03-29 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research Paper (postgraduate) from the year 2003 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: advanced, Warsaw University (Faculty of Economic Sciences), language: English, abstract: European integration will have a real influence on the shape of the financial market in Poland and in other former socialistic countries which undergone the transformation. To stop the tendency of weakening of Polish stock exchange it is important to recognize mechanisms influencing the decisions of companies about the public sale of shares. Decision of companies about the entry on the stock exchange is driven with the expectation that it will help them in the realization of the particular goals. There are many primary reasons for issuing shares, among other to gain the capital on investments, to acquire prestige, to increase sale etc. In Poland till now the entry on the stock exchange of some companies was a method of the privatization, however this process extinguishes. Going public companies will be owned by private businessmen. Hence, very important is to recognize the original mechanisms of initial public offering (IPO). The analysis of IPO effects, enforced with the use of panel models points, that thanks to funds from going public the company realize investment projects and use resources in compliance with declared destination, i.e. on investments, and not on the debts repayment. Public companies do not change their previous capital structure, the debts after the entry on the stock exchange grow to the level from before IPO. Listing on the stock exchange raises the size of the company, but lowers the rate of its growth and decreases the profitability. Findings from research confirm hypotheses that companies go public from the opportunistic motives and then by the way they realize investment programmes.
Book Synopsis Motives and Effects of the Initial Public Offerings on the Warsaw Stock Exchange by : Tomasz Sosnowski
Download or read book Motives and Effects of the Initial Public Offerings on the Warsaw Stock Exchange written by Tomasz Sosnowski and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper empirically investigates the links between the motives for going public and changes in the market value and efficiency of new stock companies. Using a sample of 200 firms from Warsaw Stock Exchange between 2005 and 2012 I find that the principal purpose of initial public offering is raising additional capital by the company but divestment grounds of initial shareholders are also important. I find evidence that the sale of secondary shares in the initial public offering may be seen as a negative signal at aftermarket performance of the firm. The data reveal that the most adverse long-term changes in the market value and business efficiency are observed for those companies, where in the initial public offering both primary and secondary shares were sold.
Book Synopsis The Performance of Initial Public Offerings in the United States and in Poland by : Maciej W. T. Dworniak
Download or read book The Performance of Initial Public Offerings in the United States and in Poland written by Maciej W. T. Dworniak and published by . This book was released on 1998 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis What Drives the Amount of Capital Raised at IPO? Evidence from the Warsaw Stock Exchange by : Tadeusz Dudycz
Download or read book What Drives the Amount of Capital Raised at IPO? Evidence from the Warsaw Stock Exchange written by Tadeusz Dudycz and published by . This book was released on 2018 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the impact of market timing and legal changes in 2005, aimed at aligning Polish regulations on financial markets with the UE standards, on the amount of capital raised at initial public offerings (IPOs) on the Warsaw Stock Exchange. We find that although during IPOs firms sell, on average, quite the same fraction of firm ownership regardless of the year of the IPO, they raise much more capital in hot- rather than in cold-market conditions. We also find that firms going public in hot and cold markets as well as before and after the legal changes in 2005 do not differ significantly with regard to their profitability, leverage, or liquidity ratios. The amount of money raised in hot- and cold-market conditions is, however, determined by different factors. In cold-market conditions, only the terms of share issue determine the amount of money raised at IPO. In hot-issue markets, the size of the company is the most important factor and the financial situation of companies and investor optimism also have a significant impact on the amount of money raised at IPO. On the other hand, contrary to the cold-market conditions, the terms of share issue are almost insignificant. The changes in the law did not affect the market timing phenomenon, but after the year 2005 there was observed an increasing role of profitability and investor optimism in the investors' evaluation of new share issues.
Book Synopsis Initial Public Offerings: Findings and Theories by : Seth Anderson
Download or read book Initial Public Offerings: Findings and Theories written by Seth Anderson and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 126 pages. Available in PDF, EPUB and Kindle. Book excerpt: Initial public offerings (IPOs) play a crucial role in allocating resources in market economies. Because of the enormous importance of IPOs, an understanding of how IPOs work is fundamental to an understanding of financial markets generally. Of particular interest is the puzzling existence of high initial returns to equity IPOs in the United States and other free-market economies. Audience: Designed for use by anyone wishing to perform further academic research in the area of IPOs and by those practitioners interested in IPOs as investment vehicles.
Book Synopsis Valuation and Underpricing of Initial Public Offerings by : Susanna Holzschneider
Download or read book Valuation and Underpricing of Initial Public Offerings written by Susanna Holzschneider and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work investigates valuation and underpricing of initial public offerings at the German stock market from 1997 to 2007.When firms decide to complete an initial public offering (IPO) to raise new equity by issuing shares on a public stock market, their shares have to be priced to allow potential investors to be found. In almost every stock market across several countries the phenomenon of »underpricing« can be seen in the process of going public: share prices after the first day of trading are higher than the initial offering price.The German stock market was characterized by highly different market and going public conditions during the investigated time period. This allows to empirically analyse determinants of IPO valuation and underpricing within different market cycles. The work focuses on two major research questions: influence of pre-IPO ownership structures on the level of underpricing and the willingness to »leave money on the table« as well as effects of comparable firm multiples of already publicly traded firms on IPO valuation. The analysis shows that determinants and explanations of IPO valuation and underpricing change with different stock market cycles.
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 Strategies on Initial Public Offering of Company Equity at Stock Exchanges in Imperfect Highly Volatile Global Capital Markets with Induced Nonlinearities by : Dimitri Ledenyov
Download or read book Strategies on Initial Public Offering of Company Equity at Stock Exchanges in Imperfect Highly Volatile Global Capital Markets with Induced Nonlinearities written by Dimitri Ledenyov and published by . This book was released on 2015 with total page 138 pages. Available in PDF, EPUB and Kindle. Book excerpt: This research considers the strategies on the initial public offering of company equity at the stock exchanges in the imperfect highly volatile global capital markets with the nonlinearities. We provide the IPO definition and compare the initial listing requirements on the various markets. We analyze the IPO techniques: the fixed-price offerings, auctions, book-building. We focus on the IPO initial underpricing, long-run performance and after market liquidity problems. 1. We propose that the information absorption by the investors occurs in the evolving learning process about the company's value, taking to the consideration the fundamental purpose of investing and the responsibilities of investors. 2. We think that the information absorption capacity by the investors on the IPOs impacts the investor's investment decisions and serves as a pre-determinant for the successful IPO deal completion. We propose the Ledenyov theory on the origins of the IPO underpricing and long term underperformance effects, which states that the IPO underpricing and long term underperformance can be explained by the changing information absorption capacity by the investors on the IPO value. 3. We think that the IPO winning virtuous investment strategies can only be selected by the investors with the highest information absorption capacity through the decision making process on the IPO investment choices at the selected stock exchange in the imperfect highly volatile global capital markets with the nonlinearities; applying the econophysical econometrical analysis with the use of the inductive, deductive and abductive logics in the frames of the strategic choice structuring process, that is the winning through the distinctive choices process.
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 The Disposition Effect Demonstrated on IPO Trading Volume by : Adam Szyszka
Download or read book The Disposition Effect Demonstrated on IPO Trading Volume written by Adam Szyszka and published by . This book was released on 2007 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt: The disposition effect is known as the reluctance of investors to realize losses and their eagerness to realize gains. The aim of the present research was to examine the impact of the disposition effect at the aggregate (market) level. In order to limit the number of factors affecting the selling decision on the share exchange, the examination was done on Initial Public Offerings. The main factor determining the volume of turnover on the first trading day should be the initial rate of return. Our research shows that a higher turnover volume is associated with a positive initial rate of return and a lower turnover volume associated with a negative initial rate of return. This phenomenon can be explained by the disposition effect. We conduct our research on the emerging market in Poland. The Warsaw Stock Exchange has been recently the second largest IPO market in Europe, after London.
Book Synopsis Understanding the Polish Capital Market by : Marek Dietl
Download or read book Understanding the Polish Capital Market written by Marek Dietl and published by Taylor & Francis. This book was released on 2022-12-30 with total page 345 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first stock exchange in Warsaw – capital city of the Kingdom of Poland– was established in 1817. Over the past 205 years, the fortunes of the capital market have been closely linked to the "bumpy road" of Polish history. The establishment of the GPW Warsaw Stock Exchange in 1991 was a landmark for transformation from a centrally planned communist economy to a market-driven capitalist one. Since the doors of the exchange reopened, Polish GDP per capita (current USD) increased eight times, translating into an average yearly growth rate of over 7%. The capital market has played a pivotal role in the economic success of Poland over the last three decades. It is not easy to precisely quantify the impact, as it was rather a spill-over effect. Economic growth has fostered the development of a capital market, and more efficient conversion of savings to investments via the capital market. The excellence of capital market institutions can be gauged with reference to various parameters. A synthetic measure is so-called market status. According to FTSE Russell (global index provider), Polish capital attained developed market status in 2018, being the first and only post-communist state to do so. It is fair to say that transformation has been completed and developed market status indicates clearly that the institutions and regulations are world class. The current challenge is competing with other developed markets for the best issuers and offering the most demanding investors an excellent trading experience. This book offers scientific insight into the Polish capital market story. Authored by a group of renowned scholars, with contributions aspiring to the highest academic standards for theoretical considerations and empirical research. The book covers various topics, including links between monetary policy and capital markets, micro and macro market structures, and investors and issuers' behaviour and strategies. All chapters are rooted in contemporary finance theory, supported by various econometric models based on the most recently available data. The book aims to provide academics and practitioners insight into the Polish capital market, appealing especially to those interested in gaining a deeper understanding of emerging markets' successful transformation into developed ones. It can also be used as supplementary reading for doctoral and master’s students in finance, particularly relating to capital markets and economics – predominantly development economics and economic policy.
Book Synopsis The Effect of Market Conditions on Initial Public Offerings by : Raghuram Rajan
Download or read book The Effect of Market Conditions on Initial Public Offerings written by Raghuram Rajan and published by . This book was released on 1993 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Initial Public Offering (IPO) and theories of underpricing by : Henning Padberg
Download or read book Initial Public Offering (IPO) and theories of underpricing written by Henning Padberg and published by GRIN Verlag. This book was released on 2007-11-30 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essay from the year 2006 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,3, University of Glasgow (Department of Accounting and Finance), course: Financial Markets, language: English, abstract: Related to the issuance of shares there are different kinds of “puzzles” which motivate to take a closer look at: Short-run ‘underpricing’, hot and cold issue markets, spread clustering and longrun underperformance. Even though these phenomena are frequently discussed in several scientific papers and journals, there is no conclusively completed theory. This work will concentrate on the various approaches developed to explain ‘underpricing’. As an introduction into the topic it will also provide a summary of the process of an Initial Public Offering (IPO).
Book Synopsis The Process of an Initial Public Offering. Objectives and Motives for an IPO by : Samantha Kim Schönhaber
Download or read book The Process of an Initial Public Offering. Objectives and Motives for an IPO written by Samantha Kim Schönhaber and published by . This book was released on 2020-08-04 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 Modelling an Initial Public Offering Using Action Theory by : T. Whitfield
Download or read book Modelling an Initial Public Offering Using Action Theory written by T. Whitfield and published by . This book was released on 2019-09-05 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelor Thesis from the year 2019 in the subject Mathematics - Statistics, grade: 79, language: English, abstract: This paper examines the behaviour of bidders in an initial public offering auction (IPO) when a seller is offering a perfectly divisible share to potential buyers. Due to the massive effect and news coverage IPOs have on the modern day economy, this paper aims to unearth some of the mystery behind such auctions. It focuses mostly on the behaviour of bidders in a complete and incomplete information setting, where a bidder's incentives change given their information and competition. Using the theoretical framework of the paper, I then apply the findings to the real world and comment on the realism of the models. Lastly, I recommend possible extensions to the models in order to bring a new dimension to the analysis. An initial public offering is a major stepping stone for any company as it evolves from a private to a publicly traded company. The process of going public is a complicated procedure, so they often solicit the help from an investment bank to help price the stock as well as find suitable investment. The purpose of an IPO is to help the selling company gather capital in order to expand operations. They do this by offering equity to potential investors in the form of a share which can be traded publicly via the necessary stock market. There are currently sixteen stock exchanges around world with a market capitalization of over $1 trillion each, the biggest being the New York Stock Exchange which has a market capitalization of over $28.5 trillion which is larger than the US gross domestic product for 2018. This paper hopes to shine some light on the process of taking a company public by unearthing a bidder's behaviour and incentives under a range of different situations. Applying auction theory to an initial public offering is relatively unexplored in economic journals, so this paper aims to extend work already presented in the literature
Book Synopsis INITIAL PUBLIC OFFERINGS - 2ND EDITION by : Arif Khurshed
Download or read book INITIAL PUBLIC OFFERINGS - 2ND EDITION written by Arif Khurshed and published by Harriman House Limited. This book was released on 2019-02-18 with total page 147 pages. Available in PDF, EPUB and Kindle. Book excerpt: A fully revised and updated second edition of the essential guide that tells you everything you want to know about IPOs in the UK. An initial public offering (IPO) - the occasion when a firm's shares are issued to the public for the first time - is one of the most exciting events in the life of a company, providing new opportunities for the business, its managers and for investors. IPOs attract a lot of attention from stock market researchers, academics and investors seeking to understand more about how they work and how the shares of IPO companies perform once they are listed. In this second edition of Initial Public Offerings, Arif Khurshed delves into the history of IPOs on the London Stock Exchange, explains the mechanics of how IPOs are arranged and how they are priced, and provides an analysis - with detailed but lucid reference to past academic studies - of how the shares of IPO companies perform in the short and long term. The book provides valuable insight into many fundamental IPO matters, including: - the different methods of flotation that are used, - the alternative ways in which IPO shares are priced, - how common it is for IPO shares to over or underperform, - the survival of IPO firms once they are listed. There are also detailed case studies of the short- and long-run performance of a number of high-profile IPOs, including those of Facebook, Alibaba and Royal Mail. If you are an academic, finance professional or serious investor looking to broaden your knowledge of stock market flotations then you will find Initial Public Offerings to be an indispensable guide.
