Download or read book Corporate Governance Professionalisation and Performance of IPO Firms written by Rolf Christian Thiess and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Combining agency theory and the resource-dependence perspective as well as signalling theory, this thesis examines the role venture capitalists (VCs) and founders play with respect to both structural board characteristics and board capital in terms of experience and prestige and whether these are linked to performance. It claims that VCs and founders shape the governance system of the firms going public and are influential in the professionalisation of the ventures especially in terms of human and social capital of its board of directors. It also argues that the board of directors represents a signal of firm quality in the initial public offering (IPO) market and should thus be linked to performance. Similarly, according to the venture capital certification hypothesis, being funded by VCs signals a firm's quality and potential. In order to assess these claims, this thesis employs a unique sample of matched venturecapital- backed and non-venture-capital-backed entrepreneurial IPOs that floated either on the London Stock Exchange's Official List or the Alternative Investment Market (AIM). Extending previous research this thesis employs more fine-grained measures and introduces new conceptually relevant variables in the analysis. The findings indicate that VCs and founders are influential in shaping corporate governance of IPO-stage ventures both from an agency and resource-provision perspective. Findings from the examination of governance and professionalisation characteristics with respect to IPO short-run performance (underpricing) indicate that it may the involvement of prestigious auditors that signal firm quality while a founder bias discount seems to exist. While evidence is found that VC involvement (and to a lesser extent director/board characteristics) is related to post-IPO market performance, this seems to depend on the time period following the IPO examined, whereas auditor prestige shows a positive association in all of these time periods.
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
Download or read book Corporate Governance in IPO Firms written by Erik E. Lehmann and published by . This book was released on 2020-02-05 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate Governance in IPO Firms encompasses theories and concepts analyzing, judging and describing financial decisions in entrepreneurial firms and draws on positive and normative aspects of entrepreneurship. In a positive way, this monograph describes these phenomena in aspects of governance issues in IPO firms, and why and how governance structures shape the behavior, the boundaries and the performance of these firms. In a normative way, this monograph offers concepts on how institutions and mechanisms should be designed and work to optimize a respective goal or performance associated with the IPO of an entrepreneurial firm. Corporate governance mechanisms in IPO firms differ from the traditional corporate governance issues in several ways. First, an IPO confronts the founder-manager of the firm with the trade-off between obtaining additional resources to sustain future growth and profits and maintaining total control of the company. Secondly, this constitutes a trade-off for investors between the expected returns of a risky investment and the agency costs associated with moral hazard and adverse selection effects caused by imperfect and asymmetric information. Thirdly, analyzing IPOs offers insights into how these agency costs are priced by investors at the point in time that these costs occur. Fourthly, of difference is which governance mechanisms are at work at this initial stage of a company's lifecycle. Finally, analyzing corporate governance issues in IPO's offers additional insights on the macro level and reveals country-specific differences.
Download or read book Effects of Corporate Governance on Performance written by Bee Wah Ong and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
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.
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.
Download or read book Corporate Governance Mechanisms in IPO Firms written by Petrus Gerardus Jacobus Roosenboom and published by . This book was released on 2002 with total page 170 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Initial Public Offerings IPO written by Greg N. Gregoriou and published by Elsevier. This book was released on 2011-04-01 with total page 463 pages. Available in PDF, EPUB and Kindle. Book excerpt: After the cooling off of IPOs since the dot com bubble, Google has rekindled the fire for IPOs. This IPO reader contains new articles exclusive to this reader by leading academics from around the world dealing with quantitative and qualitative analyses of this increasingly popular and important area of finance. Articles address new methods of IPO performance, international IPOs, IPO evaluation, IPO underwriting, evaluation and bookbuilding. Although numerous articles are technical in nature, with econometric and statistical models, particular attention has been directed towards the understanding and the applicability of the results as well as theoretical development in this area. This reader will assist researchers, academics, and graduate students to further understand the latest research on IPOs. *Interest in IPOs is increasing again after the Google IPO, and IPOs are up significantly from last year *Chapters by well known academics provide an international perspective, describing research results from IPO data in countries spanning the globe *Research is based on real results from IPO data collected over the past 5-7 years
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.
Download or read book Corporate Governance in IPO Firms written by ERIK E. LEHMANN;SILVIO VISMARA. and published by . This book was released on 2020 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt: This monograph encompasses theories and concepts analyzing, judging and describing financial decisions in entrepreneurial firms and draws on positive and normative aspects of entrepreneurship. It describes these phenomena in aspects of governance issues in IPO firms.
Download or read book An Investigation of the Impact of the Pace of Change in Post IPO Corporate Governance on Firm Performance written by Son Anh Le and published by . This book was released on 2006 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book An Investigation of the Impact of the Pace of Change in Post IPO Corporate Governance on Firm Performance written by Son Anh Le and published by . This book was released on 2006 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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.
Download or read book Pre IPO Firm Performance and Corporate Governance of U S IPO Firms written by Marie-Claude Morin and published by . This book was released on 2003 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines differences between venture-backed and non venture-backed IPO firms in three aspects. First, operating performance and firm growth are examined in the pre-IPO period and in the IPO year. Second, differences in the corporate governance mechanisms in place at the time of the IPO are considered. In order to do so, board structure and directors' ownership and voting power are considered. Third, differences in the degree of IPO underpricing between the two groups are tested. Possible relationships of IPO underpricing with firm performance and corporate governance are also explored. We find venture-backed firms experience poorer operating performance in the IPO year as well as in the four years preceding it. On the other hand, they show higher growth in operating performance and revenues compared to non venture-backed firms. Board size is positively related to the number of VCs involved, but negatively related to VCs' ownership in the firm. Venture-backed firms have more outside directors but fewer independent directors on their board compared to non venture-backed firms. In addition, CEO duality is less common in venture-backed firms. Finally, IPO underpricing is larger for venture-backed firms, except for firms in the smallest size quartile. We also find underpricing not to be significantly related to firm performance and corporate governance mechanisms.
Download or read book Entering the IPO Process written by Jean-Philippe Arcand and published by VDM Publishing. This book was released on 2008-01-01 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: Some of the most highly recognized Chief Executive Officers (CEOs) of our time were the entrepreneurial creators of their firms. These CEOs distinguished themselves not only by starting their own firms, but also by successfully managing them for long periods of time after their initial public offerings (IPOs). Considering such successes, it seems reasonable to think that company founders would be supported when they wish to lead their firms through the IPO process. However, in reality, institutions which get involved at the time of the IPO such as Venture Capitalist and Investment Banks, often put pressure on the founder to leave their CEO positions. In this book, I examine the impacts of replacing the founder with a professional CEO in firms that have issued an IPO on a US stock exchange between 1996 and 2000. It is found that replacing the founder-CEO by a professional results in a higher valuation of the issue. However, both the long-term stock performance and the firms' survival rate are higher for founder-led IPOs. This book is addressed to professionals involved in IPOs and corporate governance and to the academics focusing on top level management and IPOs.
Download or read book Initial Public Offerings written by Arif Khurshed and published by Harriman House Pub. This book was released on 2011 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 thus 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 new book, 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 a number of high-profile IPOs, including those of Google, Visa and MoneySupermarket. 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.
Download or read book Corporate Governance and IPO Performance written by Cheng Zhou and published by . This book was released on 2004 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt:
