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The Long Run Operating Performance Ownership And Corporate Governance Structures Of Australian Ipos
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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 Initial Public Offerings and Board Governance by : Michelle Ching-Yi Lin
Download or read book Initial Public Offerings and Board Governance written by Michelle Ching-Yi Lin and published by . This book was released on 2005 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: In March 2003, the Australian Stock Exchange (ASX) released new corporate governance guidelines, which included debatable “best practice” recommendations such as the adoption of an independent board and separation of the roles of chairperson and CEO. Given the premise that strong corporate governance enhances shareholder value and, by extension, increases initial public offering (IPO) issuers’ appeal to investors, this thesis assesses the level of conformity by a sample of Australian firms, which made an IPO between 1994 and 1999, with the best practice recommendations. We also examine the relationship between firm outcomes (including IPO underpricing, post-IPO long-run performance, and the likelihood of a SEO) and board governance quality, captured by board composition, board leadership, board size and share ownership of directors. These outcomes are addressed as they are important dimensions of firm performance that may be reasonably assumed to be associated with the quality of corporate governance, and these tests can provide an insight into the preference of investors who arguably are best placed to assess the appropriateness of the recommendations promoted by the ASX. Further, we analyse changes in IPO firms’ board structures from the time of listing to five years later to determine if IPO firms adopt governance structures that are more in line with the best practice recommendations after listing and if the changes are related to IPO firms’ long-run performance. Overall, we find that IPO firms that arguably have the strongest incentive to adopt the “optimal” board structures diverge substantially from ASX’s recommendations both at the time of IPO and five years later. IPO firms’ board structures are found to be unrelated with the level of IPO underpricing and board size, after controlling for the size of the firm, is significant in explaining both long-run aftermarket performance and the probability of a SEO. IPO firms with larger boards and those that increase the board size after listing are found to perform better in the long-run. However, contrary to expectation, smaller boards are associated with a higher likelihood of equity reissuance. Overall, the results lead us to question the role played by the board of directors in signalling firm quality. Our findings also suggest that ASX’s best practice recommendations are likely to distort the market-driven practices already in place.
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 IPO Underpricing and Long Run Performance in Singapore by : Chee Wai Kwan
Download or read book IPO Underpricing and Long Run Performance in Singapore written by Chee Wai Kwan and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: [Truncated] This study employs a composite corporate governance index, specific corporate governance variables, and a full range of firm-specific variables to examine initial returns and long-run performance of IPOs in Singapore. It appears to be the first study to examine this combination of variables and to adopt both qualitative and quantitative approaches. An initial qualitative phase involves interviews with representatives from three major parties to an IPO transaction: issuers, underwriters, and investors. Their views are sought on the relative importance of corporate governance, appropriateness of particular items for the construction of a corporate governance index (CGI) and how IPO performance should be measured. The quantitative phase examines the extent to which the level of underpricing and long-run performance of the IPOs are associated with: (i) corporate governance attributes, (ii) whether the IPO is VC-backed and (iii) the lock-up period for the IPOs. The qualitative phase reveals that interviewees see a positive relationship between corporate governance and IPO performance in the long-run, but not in the short-term. In addition, they feel that IPOs producing better results have the following governance attributes: larger board size with a good mix of skills and experience among the independent directors, a dual leadership structure, a higher level of equity ownership by the directors after listing, backed by venture capitalists, and a longer lock-up period. Some of the interviewees do not believe IPO performance is necessarily related to which board the IPO is listed on - the Main or SESDAQ, though some do.
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 The Long-run Operating Performance of Initial Public Offerings by : Asjeet S. Lamba
Download or read book The Long-run Operating Performance of Initial Public Offerings written by Asjeet S. Lamba and published by . This book was released on 2001 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: The after-market and long-run price behavior of initial public offerings (IPOs) has generated considerable research interest. Previous studies have generally found that IPOs are underpriced at issue, but typically underperform benchmark portfolios in the long-run. Relatively less attention has been paid to why IPOs underperform benchmark portfolios in the long-run, particularly in IPO markets that are smaller than the US IPO market and where the institutional environment differs as well. In this paper, we provide the first comprehensive empirical analysis of the long-run operating performance of IPOs in Australia during 1991 94, and attempt to relate the level of underpricing to their pre- and post-issue operating performance and the long-run price behavior.
Book Synopsis The Life Cycle of Corporate Governance by : Igor Filatotchev
Download or read book The Life Cycle of Corporate Governance written by Igor Filatotchev and published by Edward Elgar Publishing. This book was released on 2005 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: This unique collection of new, previously unpublished chapters examines corporate governance and the various life cycle stages of firms and organizations. The role of the corporate governance life cycle in different industrial and institutional contexts is identified and reviewed, and crucial governance issues relating to the transition between stages are considered. This book will extend our understanding of governance issues beyond the narrow confines of economics and finance perspectives to embrace both learning and knowledge dimensions as well as contextual issues.
Book Synopsis OECD Principles of Corporate Governance by : OECD
Download or read book OECD Principles of Corporate Governance written by OECD and published by OECD Publishing. This book was released on 1999-10-06 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: These principles of corporate governance, endorsed by the OECD Council at Ministerial level in 1999, provide guidelines and standards to insure inclusion, accountability and abilit to attract capital.
Book Synopsis Advances in Financial Economics by : Kose John
Download or read book Advances in Financial Economics written by Kose John and published by Emerald Group Publishing. This book was released on 2013-12-18 with total page 269 pages. Available in PDF, EPUB and Kindle. Book excerpt: Advances in Financial Economics Vol. 16 contains a set of empirical papers by a set of global scholars who examine corporate governance and market regulation from a variety of perspectives.
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 Corporate Governance of State-Owned Enterprises by : World Bank Publications
Download or read book Corporate Governance of State-Owned Enterprises written by World Bank Publications and published by World Bank Publications. This book was released on 2014-10-02 with total page 391 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Toolkit provides an overall framework with practical tools and information to help policymakers design and implement corporate governance reforms for state-owned enterprises. It concludes with guidance on managing the reform process, in particular how to prioritize and sequence reforms, build capacity, and engage with stakeholders.
Book Synopsis The Oxford Handbook of Corporate Law and Governance by : Jeffrey Neil Gordon
Download or read book The Oxford Handbook of Corporate Law and Governance written by Jeffrey Neil Gordon and published by Oxford University Press. This book was released on 2018 with total page 1217 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate law and governance are at the forefront of regulatory activities worldwide, and subject to increasing public attention in the wake of the Global Financial Crisis. Comprehensively referencing the key debates, the Handbook provides a much-needed framework for understanding the aims and methods of legal research in the field.
Book Synopsis An International Comparison of Corporate Governance Models by : Gregory Francesco Maassen
Download or read book An International Comparison of Corporate Governance Models written by Gregory Francesco Maassen and published by Gregory Maassen. This book was released on 1999 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A History of Corporate Governance around the World by : Randall K. Morck
Download or read book A History of Corporate Governance around the World written by Randall K. Morck and published by University of Chicago Press. This book was released on 2007-11-01 with total page 700 pages. Available in PDF, EPUB and Kindle. Book excerpt: For many Americans, capitalism is a dynamic engine of prosperity that rewards the bold, the daring, and the hardworking. But to many outside the United States, capitalism seems like an initiative that serves only to concentrate power and wealth in the hands of a few hereditary oligarchies. As A History of Corporate Governance around the World shows, neither conception is wrong. In this volume, some of the brightest minds in the field of economics present new empirical research that suggests that each side of the debate has something to offer the other. Free enterprise and well-developed financial systems are proven to produce growth in those countries that have them. But research also suggests that in some other capitalist countries, arrangements truly do concentrate corporate ownership in the hands of a few wealthy families. A History of Corporate Governance around the World provides historical studies of the patterns of corporate governance in several countries-including the large industrial economies of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States; larger developing economies like China and India; and alternative models like those of the Netherlands and Sweden.
Book Synopsis State-Owned Enterprises in Middle East, North Africa, and Central Asia: Size, Costs, and Challenges by : Mr. Ernesto Ramirez Rigo
Download or read book State-Owned Enterprises in Middle East, North Africa, and Central Asia: Size, Costs, and Challenges written by Mr. Ernesto Ramirez Rigo and published by International Monetary Fund. This book was released on 2021-09-20 with total page 153 pages. Available in PDF, EPUB and Kindle. Book excerpt: Prior to the COVID-19 shock, the key challenge facing policymakers in the Middle East, North Africa, and Central Asia region was how to generate strong, sustainable, job-rich, inclusive growth. Post-COVID-19, this challenge has only grown given the additional reduction in fiscal space due to the crisis and the increased need to support the recovery. The sizable state-owned enterprise (SOE) footprint in the region, together with its cost to the government, call for revisiting the SOE sector to help open fiscal space and look for growth opportunities.
Book Synopsis Corporate Governance by : Robert A. G. Monks
Download or read book Corporate Governance written by Robert A. G. Monks and published by Wiley-Blackwell. This book was released on 2003-12-19 with total page 584 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the wake of the dramatic series of corporate meltdowns: Enron; Tyco; Adelphia; WorldCom; the timely new edition of this successful text provides students and business professionals with a welcome update of the key issues facing managers, boards of directors, investors, and shareholders. In addition to its authoritative overview of the history, the myth and the reality of corporate governance, this new edition has been updated to include: analysis of the latest cases of corporate disaster; An overview of corporate governance guidelines and codes of practice in developing and emerging markets new cases: Adelphia; Arthur Andersen; Tyco Laboratories; Worldcom; Gerstner's pay packet at IBM Once again in the new edition of their textbook, Robert A. G. Monks and Nell Minow show clearly the role of corporate governance in making sure the right questions are asked and the necessary checks and balances in place to protect the long-term, sustainable value of the enterprise. A CD-ROM containing a comprehensive case study of the Enron collapse, complete with senate hearings and video footage, accompanies the text. Further lecturer resources and links are available at www.blackwellpublishing.com/monks
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.
