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The Short Run Price Performance Of Investment Trust Ipos On The Uk Main Market
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Book Synopsis The Short-Run Price Performance of Investment Trust Ipos on the UK Main Market by : Ram Mudambi
Download or read book The Short-Run Price Performance of Investment Trust Ipos on the UK Main Market written by Ram Mudambi and published by . This book was released on 2014 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: The short run underpricing of initial public offerings (IPOs) is one of the best documented anomalies in finance. The Rock model explains this anomaly in terms of horizontal information asymmetry amongst investors. In this paper we use a comprehensive IPO data from the UK main market for the period 1989-96 to test the Rock model against several other alternatives. We propose that horizontal information asymmetry should be smaller for investment trust IPOs as compared to conventional issuing companies. The Rock model then predicts that investment trust IPOs should display less underpricing than conventional issuing companies. Our findings support the Rock model and are consistent with previous studies of investment trust IPOs. A revised version of this paper has appeared: Applied Financial Economics, vol.12(10), pp.697-706, 2002.
Book Synopsis The Short Run Price Performance of Investment Trust IPOs on the UK Main Market by : Arif Khurshed
Download or read book The Short Run Price Performance of Investment Trust IPOs on the UK Main Market written by Arif Khurshed and published by . This book was released on 1998 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Pricing and Performance of Initial Public Offerings in the United States by : Arvin Ghosh
Download or read book Pricing and Performance of Initial Public Offerings in the United States written by Arvin Ghosh and published by Routledge. This book was released on 2017-07-05 with total page 137 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this timely volume on newly emerging financial mar- kets and investment strategies, Arvin Ghosh explores the intriguing topic of initial public offerings (IPOs) of securities, among the most significant phenomena in the United States stock markets in recent years. Before the 2000-2001 market turndown, hardly a week went by when more than a few companies did not become public, either in the organized stock exchange or in the Over the Counter (OTC) market. In the often over-burdened, technology-heavy Nasdaq market, the role of IPOs was crucial for the market's new vigor and growth. Internet stocks were able to find a mode to supply key momentum to the market. In the so-called "New Economy" of the 1990s, it was the seductively accessible IPO that ushered in the world's information technology revolution.Ghosh sets out to examine the pricing and financial performance of IPOs in the United States during the period 1990-2001. In the opening chapter he discusses the rise and fall of IPOs in the preceding decade. Chapter 2 further delineates the IPO process from the start of the prospectus to the end of the "quiet period" and aftermarket stabilization. In chapter 3 Ghosh analyzes the mispricing and deliberately deceptive underpricing, or "flipping," of Internet IPOs. Chapter 4 delves deeper into the pricing and operating efficiency of Nasdaq IPOs. Chapter 5 analyzes the pricing and long-run performance of IPOs both in the New York Stock Exchange and in the Nasdaq markets. In chapters 6 and 7 the author deals with the pricing and performance of the venture-blocked and nonventure-backed IPOs in general and Internet IPOs in particular. In chapter 8 he analyzes the role of underwriters as market makers. In chapter 9 Ghosh discusses the accuracy of analysts' earnings forecasts. In the concluding chapter, he summarizes the principal findings of the study and the recent revival of the IPO market and its place in capital formation as well as the latest developments in t
Book Synopsis Long-run Performance of UK Investment Trust IPOs by : Yang Lu
Download or read book Long-run Performance of UK Investment Trust IPOs written by Yang Lu and published by . This book was released on 2002 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Phenomenon of IPO Underpricing in the European and U.S. Stock Markets by : Oliver Reiche
Download or read book The Phenomenon of IPO Underpricing in the European and U.S. Stock Markets written by Oliver Reiche and published by GRIN Verlag. This book was released on 2013-06-13 with total page 105 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2013 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 2.3, University of Duisburg-Essen, course: Energy & Finance, language: English, abstract: The Initial Public Offering (IPO) which marks one the most important events of a company basically aims to generate maximum proceeds by selling company’s shares to investors. Nevertheless, the shares they sell often seem to be underpriced, insofar that the price significantly soars on the first trading day. Consequently, the company generates fewer proceeds and, hence “leaves money on the table.” Since the very first detection of this phenomenon in the United States in 1969, several subsequent studies documented the existence of worldwide IPO underpricing nowadays. Considering that underpricing is costly for the company, a question arises why, therefore, despite the fact that the companies “leave money on the table”, they do not try to avoid this by setting the issuing price on the very high? One of the most striking features of this question is that it had inspired many researchers who tried to explain in various models why IPOs are generally underpriced. Besides, a lot of theoretical explanations concerning this phenomenon have been given by now; however, no common sense has been so far developed.[...]
Book Synopsis The Long-run Performance of Investment Trust IPOs in UK. by : Tianye Wang
Download or read book The Long-run Performance of Investment Trust IPOs in UK. written by Tianye Wang and published by . This book was released on 2003 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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.
Book Synopsis On the Long-run Performance of IPOs - Evidence from UK Investment Trusts by : Alan Ee Fei Yong
Download or read book On the Long-run Performance of IPOs - Evidence from UK Investment Trusts written by Alan Ee Fei Yong and published by . This book was released on 2003 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Investment Trust IPOs by : Mario Levis
Download or read book Investment Trust IPOs written by Mario Levis and published by . This book was released on 1994 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Short-Run Price Performance of IPOs and Corporate Governance Practices by : S.M.R.K. Samarakoon
Download or read book Short-Run Price Performance of IPOs and Corporate Governance Practices written by S.M.R.K. Samarakoon and published by . This book was released on 2019 with total page 9 pages. Available in PDF, EPUB and Kindle. Book excerpt: The short-run price performance of Initial Public Offerings (IPOs) indicates that the prices are often underpriced which is widely documented as a universal phenomenon. This phenomenon was first documented in the finance literature by Stoll and Curley (1970), Logue (1973) and Ibbotson (1975). To test the underpricing phenomenon, most researchers used the first listing day average return (Chan, Wang & Wei 2004; Chang et al. 2008; Dimovski & Brooks 2005; Finn & Higham 1988; Ibbotson, Sindelar & Ritter 1994; Lee, Taylor & Walter 1996; Loughran & Schultz 2006; Moshirian, Ng & Wu 2010; Omran 2005; Ritter 1987). Corporate governance refers to the set of systems, principles, and processes by which a company is governed. Establishing good corporate governance system in an IPO company makes good decisions which attract more outside investors.. Therefore, this study examines whether there is any impact of corporate governance practices on the short-run price performance of Sri Lankan IPOs. The study examined 44 fixed price IPOs which were listed on the Colombo Stock Exchange (CSE) during the period of 2003 - January to 2015- December. The study found that Sri Lankan IPOs underprice by 30% on AR, which is statistically significant at 5% level. Further, it found that block holder ownership (ownership concentration), CEO duality and existence of the non-executive directors in the board are positively related to the short-run underpricing, which are statistically significant at 5%. But, the board size has a significant negative impact on underpricing. These relationships are in line with the international literature, which confirms that the corporate governance practices have a significant impact on the short-run price performance of IPOs in Sri Lanka. This findings also support the agency and signaling theories.
Book Synopsis Performance of Private Equity-Backed IPOs. Evidence from the UK After the Financial Crisis by : Dustin Martin Brandt
Download or read book Performance of Private Equity-Backed IPOs. Evidence from the UK After the Financial Crisis written by Dustin Martin Brandt and published by Igel. This book was released on 2019-12-16 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study aims to analyse whether PE-backed IPOs in the UK in a post-financial crisis period retain to show first day underpricing, as it is true for average IPOs. However, more importantly is to find whether consisent with Johannson (2011), who found that European PE-backed IPOs have less underpricing, 4.67% compared to 16.40% in case of average IPOs, in paricular PE-backed IPOs in the UK show less underpricing than their non-backed counterparts. In the past, that is found true for PE-backed IPOs on the LSE between 1992 and 2005, and PE-backed IPOs on the LSE and the Alternative Investment Market (AIM) between 2011 and 2011. Hence, the first research question is: Do PE-backed IPOs in the UK show less underpricing on the initial day than non-sponsor backed IPOs in a post-financial crisis period? And secondly, do PE-backed IPOs in the UK in the long-run outperform non-sponsor backed IPOs in post-financial crisis period? One rationale is to examine whether equity markets experienced structural changes which might potentially affect the performance of PE-backed IPOs, which were deemed as such with superior returns. From a practical perspective, this study aims to make a contribution to investors who consider investing in equities in that sense, that it allows to better understand the aftermarket performance of PE-backed IPOs in the UK in a period after a major global financial crisis.
Book Synopsis Why Do IPOs Leave Money on the Table for Investors on the First Day of Trading? A Theoretical Review by : Wasantha Perera
Download or read book Why Do IPOs Leave Money on the Table for Investors on the First Day of Trading? A Theoretical Review written by Wasantha Perera and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: To find out the possible theoretical reasons for leaving money on the table, this study reviews the literature on the short-run market performance of IPOs. Leaving money on the table is measured by the difference between the closing price on the first day of trading and the issue price, multiplied by the number of shares issued (Ritter, 2014). The main cause for leaving money on the table is short-run underpricing which rewards positive financial returns for initial investors at the very first day of trading. The short-run underpricing is a universally accepted phenomenon. The theoretical reasons for underpricing vary according to the markets, models and sample periods. The academic researchers have more emphasized on asymmetric information theories to explain the theoretical reasons for short-run underpricing phenomenon. The theoretical explanation also links with the uncertainty and the information asymmetry among the issuer, the underwriter and the investor. The issuer, underwriter (investment banker) and investor are major players in the IPO process. However, there is no single dominant theoretical reason for short-run underpricing. Further studies must focus more on the behavioural finance approach to find out the real reasons for underpricing, which is complete dearth of literature on the short-run market performance of IPOs.
Book Synopsis Performance of the UK Investment Trust IPOs by : Kenbata Bangassa
Download or read book Performance of the UK Investment Trust IPOs written by Kenbata Bangassa and published by . This book was released on 2000 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Entrepreneurship written by and published by PediaPress. This book was released on with total page 161 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Closed-end Fund Discount by : Elroy Dimson
Download or read book The Closed-end Fund Discount written by Elroy Dimson and published by . This book was released on 2002 with total page 84 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 British National Bibliography for Report Literature by :
Download or read book British National Bibliography for Report Literature written by and published by . This book was released on 1999 with total page 752 pages. Available in PDF, EPUB and Kindle. Book excerpt:
