Read Books Online and Download eBooks, EPub, PDF, Mobi, Kindle, Text Full Free.
Uk Ipo Underpricing
Download Uk Ipo Underpricing full books in PDF, epub, and Kindle. Read online Uk Ipo Underpricing ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Book Synopsis UK IPO Underpricing by : Leon Hadass
Download or read book UK IPO Underpricing written by Leon Hadass and published by . This book was released on 2008 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyse the short run underpricing anomaly for a unique sample of 569 IPOs on the London Stock Exchange for the period 1985-2000 and find significant differences between the 1985-1997 period and 1998-2000 bubble period. Venture capitalists played a certification role in the former period but this ceased during the bubble years. These years featured significant increases in the average IPO proceeds, money left on the table, underpricing and a decline in operating quality. Furthermore, venture capitalists increasingly used prestigious underwriters with a history of underpricing during 1998-2000 which supports the corruption hypothesis of Loughran and Ritter (2004).
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 Anchor Academic Publishing (aap_verlag). This book was released on 2014-06-23 with total page 105 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Initial Public Offering (IPO) marks one of the most important events of a company. Basically, the aim is to generate maximum proceeds by selling the company’s shares to investors. However, the shares that are sold seem to be underpriced as the price significantly soars on the first trading day. Since the very first detection of this phenomenon in the United States in 1969, several subsequent studies have documented the existence of worldwide IPO underpricing. This study focuses on IPO Underpricing in the European and United States Stock Markets by outlining and discussing the following essential issues: What is underpricing in the context of the IPO? Which motivations are there and how do they impact? Is there IPO underpricing in the markets of Europe and the United States of America?
Book Synopsis Asymmetric Information and IPO Underpricing in the UK. by : Quynh Huong Le
Download or read book Asymmetric Information and IPO Underpricing in the UK. written by Quynh Huong Le and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Relationship Between IPO Underpricing and Underwriter Compensation by : Jia Zheng
Download or read book Relationship Between IPO Underpricing and Underwriter Compensation written by Jia Zheng and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Underpricing of Internet IPO's by : Brian Crean
Download or read book Underpricing of Internet IPO's written by Brian Crean and published by . This book was released on 2002 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis IPO Underpricing Over the Very Long Run by : David Chambers
Download or read book IPO Underpricing Over the Very Long Run written by David Chambers and published by . This book was released on 2016 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: A central measure of the efficiency of the Initial Public Offering (IPO) market is the extent to which issues are underpriced. Legal, regulatory, disclosure and underwriting pressures have moulded the IPO market since World War II. This paper presents new and comprehensive evidence covering British IPOs since World War I. We find that during the period from 1917 to 1945, public offers were underpriced by an average of only 3.80%, as compared to 9.15% in the period from 1946 to 1986, and even more after the UK stock market was deregulated in 1986. The post-WWII rise in underpricing cannot be attributed to changes in firm composition, and occurred in spite of improvements in regulation, disclosure, and the prestige of IPO underwriters.
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 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 Trading by Directors Around the Expiry of Lock-In Agreements in UK Ipos by : Susanne Espenlaub
Download or read book Trading by Directors Around the Expiry of Lock-In Agreements in UK Ipos written by Susanne Espenlaub and published by . This book was released on 2002 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most UK IPOs include lock-in agreements, which prevent the directors and other initial shareholders from selling their shares for a specified period after the IPO. Using a sample of 94 UK IPOs, we analyse their stock performance around the time of expiry of the lock-in agreement. We also look at the volume and pattern of directors' sales before and after the expiry of the lock-in agreement. We find that the average cumulative abnormal return around the lock-in expiry is negative and is significantly different from zero. However, examining stock performance around the lock-in expiry in the UK is not straightforward, as the expiry dates of two thirds of lock-in agreements are tied in with the announcement or publication of financial figures. This makes it difficult to estimate the expiry date. Also, the abnormal returns around the expiry may be influenced by the information effect of the earnings. We also examine the announcement effect of directors' sales on the stock performance. There is a substantial increase in share sales by the directors in the weeks immediately after the lock-in expiry. Surprisingly, the sub-sample of the companies that report directors' sales around the expiry date have positive average cumulative abnormal returns, albeit not statistically significant, whereas the sub-sample of companies without sales have negative returns. Finally, we investigate the likelihood of directors' sales occurring around the expiry of the lock-in agreement. We find that companies with a good stock performance before the expiry are more likely to have directors' sales. Overall, our results suggest that the directors' sales are not related to IPO signalling whereby firms would signal their quality using the duration of the lock-in agreement, the percentage of the shares locked-in and the level of IPO underpricing.
Book Synopsis Strategic Underpricing in the UK IPO Market by : Catherine Paula Fitzgerald
Download or read book Strategic Underpricing in the UK IPO Market written by Catherine Paula Fitzgerald and published by . This book was released on 2002 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Empirical Evidence on IPO-Underpricing by : Marius Hamer
Download or read book Empirical Evidence on IPO-Underpricing written by Marius Hamer and published by GRIN Verlag. This book was released on 2008 with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt: Diploma Thesis from the year 2007 in the subject Business economics - Investment and Finance, grade: 1,3, European Business School - International University Schlo Reichartshausen Oestrich-Winkel, 80 entries in the bibliography, language: English, abstract: This paper aims at establishing a link between the average level of initial return of IPO shares, existing underpricing explanations and the dot-com bubble. In years prior to the boom of the new economy, underpricing was explained by various theories, which have extensively been developed since decades. However, in the years 1998 to 2001 IPOs were overly underpriced, leading to assumptions about behavioural aspects and investor irrationality. Analysing a comprehensive dataset of 371 IPOs on the Frankfurter B rse between 1997 and 2007, this paper aims at providing evidence that the observed lower levels of initial returns in recent years can indeed be aligned with existing theories on the basis of rational behaviour of market participants. Firstly, the IPO process and its major participants will be presented followed by a review of relevant studies on the IPO phenomenon. In the next step, established underpricing theories are recapitulated. A descriptive analysis of the data sample points out the particularities concerning the company and transaction characteristics of the sample firms. In a last step, a regression analysis relates various proxies for information asymmetry to established underpricing theories. It gives reason to believe that the irrationality at the turn of the century has vanished and that underpricing can again be explained by established theories.
Book Synopsis Earnings Quality and International IPO Underpricing by : Thomas Jason Boulton
Download or read book Earnings Quality and International IPO Underpricing written by Thomas Jason Boulton and published by . This book was released on 2014 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the impact of country-level earnings quality on IPO underpricing. Examining 10,783 IPOs from 37 countries, we find that IPOs are underpriced less in countries where public firms produce higher quality earnings information. This finding persists after controlling for other deal- and country-specific factors that affect IPO underpricing, and it is driven neither by the large and relatively transparent markets in the U.S. and U.K. nor by the relatively opaque Japanese market. The impact of low earnings quality on underpricing is partially offset by the use of a top-tier underwriter.
Book Synopsis Underpricing and Underwriter's Compensation: the UK IPOs Evidence by : Jie Chen
Download or read book Underpricing and Underwriter's Compensation: the UK IPOs Evidence written by Jie Chen and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Underpricing, Ownership and Control in Initial Public Offerings of Equity Securities in the UK. by : Michael J. Brennan
Download or read book Underpricing, Ownership and Control in Initial Public Offerings of Equity Securities in the UK. written by Michael J. Brennan and published by . This book was released on 1998 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we examine how separation of ownership and control evolves as a result of an IPO and how the underpricing of the issue can be used by insiders to retain control. Using data from a sample of 69 IPOs in the UK, we argue that IPO underpricing is used to ensure oversubscription and rationing in the share allocation process so as to allow owners to discriminate between applicants for shares and reduce the block size of new shareholdings. We find that of the pre-IPO shareholders in a firm, directors sell only a small fraction of their shares at the time of the offering and in the seven subsequent years: in contrast, holdings of nondirectors are virtually eliminated during the same period. As a result, in less than seven years almost two-thirds of the offering company's shares have been sold to outside shareholders, thereby substantially advancing the process of separation of ownership and control. Additional evidence in the paper suggests that rationing in the IPO discriminates against applicants who apply for large blocks, and that the greater the underpricing, the smaller the size of new blocks assembled after the IPO.
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 Sponsor Reputation, the Allocation Decision and the Underpricing of UK IPOs by : Cecila J. Melville
Download or read book Sponsor Reputation, the Allocation Decision and the Underpricing of UK IPOs written by Cecila J. Melville and published by . This book was released on 2003 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Relationship of Underpricing IPOs and Lock Up Agreements by : Wen Ding
Download or read book Relationship of Underpricing IPOs and Lock Up Agreements written by Wen Ding and published by . This book was released on 2000 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt:
