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Author : Palesh Deb
Publisher :
ISBN 13 :
Total Pages : 143 pages
Book Rating : 4.:/5 (768 download)
Download or read book Two Essays on Governance in IPO Firms written by Palesh Deb and published by . This book was released on 2011 with total page 143 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Saurav Roychoudhury
Publisher : LAP Lambert Academic Publishing
ISBN 13 : 9783838318424
Total Pages : 148 pages
Book Rating : 4.3/5 (184 download)
Download or read book Initial Public Offerings, Liquidity, and Corporate Governance written by Saurav Roychoudhury and published by LAP Lambert Academic Publishing. This book was released on 2009-10 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book is a compilation of three related essays on initial Public Offerings, liquidity, productivity growth and corporate governance. The first essay looks at the long run performance of initial public offerings (IPOs) in the United States relative to their liquidity profile. The book provides a liquidity based explanation for why certain IPOs underperform in the long run. The second essay relates corporate governance to a firm s productivity growth. Given technology and industry constraints, some firms are very efficient whereas others are not and some firms have much faster rates of innovation and productivity growth than others. The book seeks to provide an explanation by looking at the relationship between a firm s governance structures and total factor productivity. The third essay connects the first two essays. It looks at the differences in the long term performance of IPOs with strong and weak corporate governance.
Author : Hanny Kusnadi
Publisher :
ISBN 13 :
Total Pages : 99 pages
Book Rating : 4.:/5 (112 download)
Download or read book Essays on IPO Firm Valuation, Corporate Governance and Innovation written by Hanny Kusnadi and published by . This book was released on 2019 with total page 99 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Luyao Pan
Publisher : Open Dissertation Press
ISBN 13 : 9781361345870
Total Pages : pages
Book Rating : 4.3/5 (458 download)
Download or read book Essays on Acquisition of Newly Listed Firms and Managerial Compensation written by Luyao Pan and published by Open Dissertation Press. This book was released on 2017-01-27 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation, "Essays on Acquisition of Newly Listed Firms and Managerial Compensation" by Luyao, Pan, 潘璐瑶, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. Abstract: This thesis consists of two essays in corporate finance, one on newly listed firms' post-IPO activities as acquisition targets and the other on corporate executive compensation. In the first essay, I examine a large sample of U.S. newly listed firms to analyze their likelihood of becoming a takeover target. I find that 27 percent of newly listed firms are acquired within five years after the IPO, which is compared with the seasoned-firm counterpart of 17 percent. This difference is economically large, statistically significant, and robust to various firm and market characteristics controls. Several recent studies have reported newly listed firms' active activities as an acquirer. Contributing to this literature, my finding further identifies an active role of IPO firms as a takeover target. My finding is consistent with the presumed motivation of firms' going public for a "double-exit" strategy: To sell the shares through a takeover after the company goes public. Economic rationales for this strategy include advantages from auctioning off a minority stake to dispersed shareholders and more efficient bargaining in takeover negotiations due to increased share liquidity and reduced uncertainty after the IPO. Therefore, going public can be an optimal first step in the process of selling a company. In further support of this motivation, I find that IPO firms, as an acquisition target, receive higher takeover premiums than do comparable privately held targets and seasoned target firms. In conclusion, my findings are consistent with the double-exit strategy predicted by theory, suggesting that IPOs facilitate subsequent sales of the companies and that the strategy is economically justified. In the second essay, I study executive compensation under the Japanese corporate governance system. In March 2010, the Japanese regulator enacted the first legislation regarding the disclosure of director compensation to named individuals. With access to the first publicly available data for Japanese executives, I document comprehensive evidence on the level, structure, and mechanisms of CEO compensation. My findings reveal Japanese practices in CEO pay that differ from the well-known Anglo-American model in significant ways. Its distinct features include base salary dominance and unusually low levels of pay and pay variation. I also identify significant impacts on the compensation system of corporate governance and U.S. influence factors, such as keiretsu groups, financial institutions, US-style compensation committees, and cross-listing on US stock exchanges. DOI: 10.5353/th_b5295523 Subjects: Executives - Salaries, etc Consolidation and merger of corporations
Author : Laura S. Miller
Publisher :
ISBN 13 :
Total Pages : 342 pages
Book Rating : 4.:/5 (928 download)
Download or read book Two Essays on Governance at the National and Corporate Level written by Laura S. Miller and published by . This book was released on 2014 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt: ESSAY 2: Highly publicized governance failures in recent years have renewed research efforts to investigate the consequences of specific governance mechanisms. A better understanding of executive compensation contracts, specifically golden parachutes, is especially critical given their notorious status in the corporate governance debate. Instead of examining the explicit incentive role of golden parachutes (GPs) in influencing managerial behavior, we study their role as a tool for screening and recruiting reputable CEOs in a situation where recruitment would otherwise be difficult---severe financial distress that eventually leads to Chapter 11 bankruptcy. If GPs enable distressed firms to recruit reputable CEOs, there should be an observable link between the presence of GPs in employment contracts for newly hired CEOs and value-preserving firm outcomes. For our sample of firms, all of which filed for bankruptcy, this can be measured by the outcome of the bankruptcy proceedings, specifically the avoidance of liquidation. Thus, we hypothesize a negative relationship between the presence of GPs for newly hired CEOs and the probability of liquidation in bankruptcy. Consistent with this hypothesis, we find that firms led by newly hired CEOs with GPs are liquidated less often than other firms. This suggests that, regardless of their efficacy as corporate governance mechanisms, GPs can create value for shareholders.
Author : Tara Kumari Bhandari
Publisher :
ISBN 13 :
Total Pages : 102 pages
Book Rating : 4.:/5 (874 download)
Download or read book Essays on Corporate Governance and Investor Disagreement written by Tara Kumari Bhandari and published by . This book was released on 2013 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis consists of two essays examining the roles of corporate governance and investor disagreement, respectively, in the performance and stock market valuations of firms. In the first chapter, I demonstrate that the relationship between corporate governance and firm performance varies with industry performance cycles. Firms with strong shareholder rights capture higher profits than poorly-governed firms in the same industry during highly profitable periods for the industry, but both groups have similar profits during weaker industry conditions. Analyst forecasts indicate that the pattern is expected, suggesting that the higher valuations of well-governed firms are due to this higher expected productivity in good times. Consistent with such expectations and with an updating of valuations as anticipated industry conditions change, positive abnormal stock returns to good governance are concentrated in periods of high industry returns, and are at least partially reversed during industry downturns. My results provide an alternative to learning and static risk theories in explaining the apparent abnormal returns to governance and their disappearance after 2001. In Chapter 2, I consider the impact of heterogeneous shareholder beliefs on stock prices, focusing on the context of corporate spin-offs and mergers. I extend theoretical work by Miller (1977) and Jarrow (1980) to show that when investors disagree about the prospects of different businesses and at least some of them are restricted from short-selling, the market price of an unseparable bundle of two enterprises will often be lower from the sum of the prices at which they would trade as standalone entities. Empirically, I construct a novel measure of observed disagreement that is informed by the theory and is less open to alternative interpretations than existing disagreement proxies. Consistent with the theory, I find that higher disagreement about the two components being either separated or joined is related to a positive return in the case of spin-offs and a negative return in stock mergers. Importantly, since I focus on returns on the ex date of these transactions, on which no new business information is released, these findings are unrelated to the expected business impact of the transactions.
Author : Suyun Mah
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.5/5 (169 download)
Download or read book Marketing Strategies for IPO Firms written by Suyun Mah and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past three years, the number of private companies filing for an initial public offering (IPO) in the United States has almost doubled from 100 in 2016 to 196 in 2019, and IPOs in 2019 alone raised $56.3 billion which is the highest over the past five years (PwC 2020). Building on existing research on IPOs within the marketing literature, this dissertation focuses on marketing strategies for IPO firms, investigating how firm innovation drives IPO success (essay 1), and the extent to which an IPO stimulates a firm to modify its corporate social irresponsible (CSI) behaviors (essay 2). In my first essay, I show that more new product introductions help firms reduce IPO underpricing, thereby increasing IPO success. My findings also demonstrate that a firm's strategic orientation plays an important role, i.e., interfunctional, sustainability, and entrepreneurial orientations strengthen, whereas competitor orientation attenuates, the desired negative effect of new product introductions on IPO underpricing. I also show that macro-economic policies play an instrumental role in the effectiveness of a firm's different strategic orientations. In my second essay, my findings show that a firm's IPO increases its social and governance CSI behaviors after the IPO. Moreover, firms engage in more social CSI when there exist high levels of paid media or a high CSI industry trend, while they engage in more governance CSI when there are high levels of paid media or earned media. I further show that firms reduce their environmental CSI after IPO when they receive a high level of earned media.Overall, the two essays emphasize the role of marketing strategies as firms seek to make investments in new products, highlight their strategic orientations, shift their CSI behaviors, and employ communications with key stakeholders.
Author : Jeffrey N. Gordon
Publisher : Oxford University Press
ISBN 13 : 0191061395
Total Pages : 900 pages
Book Rating : 4.1/5 (91 download)
Download or read book The Oxford Handbook of Corporate Law and Governance written by Jeffrey N. Gordon and published by Oxford University Press. This book was released on 2018-04-26 with total page 900 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate law and corporate governance have been at the forefront of regulatory activities across the world for several decades now, and are subject to increasing public attention following the Global Financial Crisis of 2008. The Oxford Handbook of Corporate Law and Governance provides the global framework necessary to understand the aims and methods of legal research in this field. Written by leading scholars from around the world, the Handbook contains a rich variety of chapters that provide a comparative and functional overview of corporate governance. It opens with the central theoretical approaches and methodologies in corporate law scholarship in Part I, before examining core substantive topics in corporate law, including shareholder rights, takeovers and restructuring, and minority rights in Part II. Part III focuses on new challenges in the field, including conflicts between Western and Asian corporate governance environments, the rise of foreign ownership, and emerging markets. Enforcement issues are covered in Part IV, and Part V takes a broader approach, examining those areas of law and finance that are interwoven with corporate governance, including insolvency, taxation, and securities law as well as financial regulation. The Handbook is a comprehensive, interdisciplinary resource placing corporate law and governance in its wider context, and is essential reading for scholars, practitioners, and policymakers in the field.
Author : Alessandro Zattoni
Publisher : Cambridge University Press
ISBN 13 : 110701686X
Total Pages : 613 pages
Book Rating : 4.1/5 (7 download)
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.
Author :
Publisher :
ISBN 13 :
Total Pages : 594 pages
Book Rating : 4.F/5 ( download)
Download or read book Dissertation Abstracts International written by and published by . This book was released on 2009-10 with total page 594 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Jonas Gabrielsson
Publisher : Edward Elgar Publishing
ISBN 13 : 1782545565
Total Pages : 457 pages
Book Rating : 4.7/5 (825 download)
Download or read book Handbook of Research on Corporate Governance and Entrepreneurship written by Jonas Gabrielsson and published by Edward Elgar Publishing. This book was released on 2017-07-21 with total page 457 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Handbook provides a unique collection of research addressing issues of corporate governance in entrepreneurial contexts, including start-ups, owner-managed firms, fast-growing firms, and IPOs, as well as how corporate governance and board leadership is associated with entrepreneurship and innovation in both small and large established companies. The chapters span a wide range of topics, methodologies, and levels of analysis, all designed to contribute to a comprehensive understanding of when and how corporate governance matters in different entrepreneurial contexts.
Author : Xiaoyun Yu
Publisher :
ISBN 13 :
Total Pages : 222 pages
Book Rating : 4.:/5 (319 download)
Download or read book Two Essays on Corporate Decisions, Liquidity and Investment Efficiencies written by Xiaoyun Yu and published by . This book was released on 2001 with total page 222 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Douglas Cumming
Publisher : OUP USA
ISBN 13 : 0195391241
Total Pages : 937 pages
Book Rating : 4.1/5 (953 download)
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.
Author : Douglas Cumming
Publisher : Oxford University Press
ISBN 13 : 0190614595
Total Pages : 504 pages
Book Rating : 4.1/5 (96 download)
Download or read book The Oxford Handbook of IPOs written by Douglas Cumming and published by Oxford University Press. This book was released on 2018-11-15 with total page 504 pages. Available in PDF, EPUB and Kindle. Book excerpt: Initial public offerings (IPOs), or new listings of companies on stock exchanges, are among the most important form of finance and generate considerable attention and excitement. They are used to raise capital or to monetize investments by the early generation of venture capital and other private investors. They are increasingly international in scope and reach, especially with non-American firms offering on American stock exchanges. This handbook provides a comprehensive overview of why companies list on stock exchanges, how IPOs are regulated, initially valued, and their performance in the short and long run. The first part examines the economics of IPOs, and offers statistics and regulatory insights from the United States and other countries around the world. The volume then covers mergers versus IPOs, as well as reverse mergers and special purpose acquisition companies. Part III analyzes institutional ties in IPOs, including analysts, investment banks, auditors, and venture capitalists. The fourth section provides international perspectives on IPOs from a number of countries around the world. Part V discusses alternatives to IPOs, including private marketplaces, and crowdfunding. Reflecting the range of disciplines that analyze IPOs, the contributors come from the fields of finance, international business and management, economics, and law. The chapters cover the latest information on a range of fundamental questions that are of interest to academics, practitioners, and policymakers alike.
Author :
Publisher : Cambria Press
ISBN 13 : 1621969533
Total Pages : 358 pages
Book Rating : 4.6/5 (219 download)
Download or read book Corporate Governance & Organization Life Cycle written by and published by Cambria Press. This book was released on with total page 358 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Kose John
Publisher : Emerald Group Publishing
ISBN 13 : 1783501219
Total Pages : 269 pages
Book Rating : 4.7/5 (835 download)
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.
Author : Jie Zhang
Publisher :
ISBN 13 :
Total Pages : 126 pages
Book Rating : 4.:/5 (891 download)
Download or read book Three Essays on Evolution of Financial Structure and Performance of Young Firms written by Jie Zhang and published by . This book was released on 2008 with total page 126 pages. Available in PDF, EPUB and Kindle. Book excerpt:
