Download or read book Price Performance of Initial Public Offerings in Turkey written by Bengi Özer and published by . This book was released on 1999 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt: Öz/Özet/İçindekiler CONTENTS TABLE OF CONTENTS vii LIST OF FIGURES x LIST OF TABLES xi 1. INTRODUCTION 1.1. Importance of IPOs as a Research Area 1 1.2. Purpose of the Study 2 2. LITERATURE REVIEW 5 2.1. Initial Performance of IPOs 5 2.1.1. Short Term Underpricing 5 2.1.2. Hot Issue Markets 7 2.2 Claims of Investor Irrationality 8 2.3. Alternative Equilibrium Explanations 10 2.3.1. Information Asymmetry Between Informed and Uninformed Investors 10 2.3.2. Partial Adjustment Hypothesis 11 2.3.3. Information Asymmetry Between the Underwriter and the Issuer 12 2.3.4. Monopsony Power Hypothesis 13 2.3.5. Signaling by Underwriter Reputation 13 2.3.6. Signaling by Choice of Offering Method 14 2.3.7. Underpricing as a Signal of Firm Quality 15 2.3.8. Signaling by the Amount of Equity Retained 16 2.3.9. Signaling by Third Party Certification 16 2.3.10. Implicit Insurance Hypothesis 17 2.3.11. Market Structure as a Source of Underpricing 19 2.4. International Evidence 20 3. DATA AND METHODOLOGY 23 3.1. Data and Data Collection Methods 23 3.2. Variables Used 24 3.2.1. Performance Variables 24 3.2.1.1. Raw Returns 25 3.2.1.2. Market Adjusted Returns 26 3.2.1.3. Market Adjusted Aftermarket Returns 27 3.2.2. Characteristic Variables 28 3.2.2.1. Market Related Characteristics 28 3.2.2.2. Issue Related Characteristics 28 3.2.2.3. Issuing Firm Characteristics 29 3.2.3.1. Underwriter Characteristics 30 3.3. Methodology 30 3.3.1. Documentation of Return Structures 30 3.3.2. Tests on the Presence of Abnormal Returns 31 3.3.3. Relationship Between Initial and Aftermarket Returns 32 3.3.4. Cross-sectional Differences in IPO Returns 32 3.3.5. Determinants of Initial Returns 33 4. RESULTS 35 4.1. Return Structures of IPOs 35 4.1.1. Raw Returns 35 4.1.2. Market Adjusted Returns 41 4.1.2.1. Excess-over-the market Appoach 41 4.1.2.2. Cross-sectional Regressions Method 45 4.1.3. Adjusted Aftermarket Returns 47 4.2. Relationship, Between Market Performance Masures 51 4.3. Characteristics of IPOs 54 4.3.1. Performance Variables 54 4.3.1.1. Initial Performance 54 4.3.1.2. Long Term Performance 54 4.3.2. Market Related Characteristics 55 4.3.2.1. Year of Issue 56 4.3.2.2. Indicators of Market Trend 57 4.3.2.3. Indicators of Market Volatility 58 4.3.3. Issue Related Characteristics 58 4.3.3.1. Real Offer Price 59 4.3.3.2. Place of Offer 59 4.3.3.3. Real Amount for Sale 59 4.3.3.4. Source of Equity Sold 60 4.3.3.5. Percentage of Equity Offered 60 4.3.3.6. Nature of the Issue 61 4.3.4. Issuing Firm Characteristics 61 4.3.4.1. Age at the Offer 63 4.3.4.2. Industry Classification 62 4.3.4.3. Number of Shareholders Be forethcIPO 63 4.3.5. Underwriter Characteristics 63 4:3.5.1. Identity of the Lead Underwriter 63 4.3.5.2. Number of Underwriters in an Offer 65 4.3.5.3. Relationship Between the Underw and Issuer 66 4. Cross-sectional Differences in IPO Returns 66 4.4.1. Market Related Characteristics 67 4.4.1.1. Year of Issue 67 4.4.1.1.1. Initial Returns 68 4.4.1.1.2. Adjusted After market Returns 70 4.4.1.2. Market Trend at the Time of IPO 75 4-4.2. Issue Related Characteristics 77 4.4.2.1. Nature of the Issue 77 4.4.2.2. Real Offer Price 81 4.4.2.3. Place of Offe 82 4.4.3. Issuing Firm Related Characteristics 84 4.4.4 Underwriter Characteristics 85 4.4.4.1. Identity of the Lead Underwriter 85 4.4.4.2. Number of Underwriters in an Offer 86 4.4.4.3. Relationship Between the Underwriter and Issuer 86 4.5. Determinants of Initial Returns 90 4.5.1. Total Sample 91 4.5.2. Excluding Initial Outliers 95 5. CONCLUSIONS 97 6. REFERENCES 101.

Download or read book A Survey of the European IPO Market written by and published by CEPS. This book was released on 2006 with total page 94 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 Rule Extraction from Support Vector Machines written by Joachim Diederich and published by Springer. This book was released on 2007-12-27 with total page 267 pages. Available in PDF, EPUB and Kindle. Book excerpt: Support vector machines (SVMs) are one of the most active research areas in machine learning. SVMs have shown good performance in a number of applications, including text and image classification. However, the learning capability of SVMs comes at a cost – an inherent inability to explain in a comprehensible form, the process by which a learning result was reached. Hence, the situation is similar to neural networks, where the apparent lack of an explanation capability has led to various approaches aiming at extracting symbolic rules from neural networks. For SVMs to gain a wider degree of acceptance in fields such as medical diagnosis and security sensitive areas, it is desirable to offer an explanation capability. User explanation is often a legal requirement, because it is necessary to explain how a decision was reached or why it was made. This book provides an overview of the field and introduces a number of different approaches to extracting rules from support vector machines developed by key researchers. In addition, successful applications are outlined and future research opportunities are discussed. The book is an important reference for researchers and graduate students, and since it provides an introduction to the topic, it will be important in the classroom as well. Because of the significance of both SVMs and user explanation, the book is of relevance to data mining practitioners and data analysts.

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.

Download or read book IPOs and Equity Offerings written by Ross Geddes and published by Elsevier. This book was released on 2003-06-06 with total page 273 pages. Available in PDF, EPUB and Kindle. Book excerpt: An initial public offering (IPO) is one of the most significant events in corporate life. It follows months, even years of preparation. During the boom years of the late 1990s bull market, IPOs of growth companies captured the imagination and pocketbooks of investors like never before. This book goes behind the scenes to examine the process of an offering from the decision to go public to the procedures of a subsequent equity offering. The book is written from the perspective of an experienced investment banker describing the hows and whys of IPOs and subsequent equity issues. Each aspect of an IPO is illustrated with plenty of international examples pitched alongside relevant academic research to offer a combination of theoretical rigour and practical application. Topics covered are: - the decision to go public- legal and regulatory aspects of an offering; marketing and research- valuation and pricing- allocations of shares to investors - examination of fees and commissions* Global perpective: UK, European and US practices, regulations and examples, and case studies* First hand experience written by an IPO trader with academic rigour* Includes the changes in the market that resulted from 1998-2000 equity boom

Download or read book The Report Turkey 2013 written by and published by Oxford Business Group. This book was released on with total page 496 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Financial Management from an Emerging Market Perspective written by Soner Gokten and published by BoD – Books on Demand. This book was released on 2018-01-17 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt: One of the main reasons to name this book as Financial Management from an Emerging Market Perspective is to show the main differences of financial theory and practice in emerging markets other than the developed ones. Our many years of learning, teaching, and consulting experience have taught us that the theory of finance differs in developed and emerging markets. It is a well-known fact that emerging markets do not always share the same financial management problems with the developed ones. This book intends to show these differences, which could be traced to several characteristics unique to emerging markets, and these unique characteristics could generate a different view of finance theory in a different manner. As a consequence, different financial decisions, arrangements, institutions, and practices may evolve in emerging markets over time. The purpose of this book is to provide practitioners and academicians with a working knowledge of the different financial management applications and their use in an emerging market setting. Six main topics regarding the financial management applications in emerging markets are covered, and the context of these topics are "Capital Structure," "Market Efficiency and Market Models," "Merger and Acquisitions and Corporate Governance," "Working Capital Management," "Financial Economics and Digital Currency," and "Real Estate and Health Finance."

Download or read book Proceedings of Data Analytics and Management written by Ashish Khanna and published by Springer Nature. This book was released on 2023-03-24 with total page 890 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book includes original unpublished contributions presented at the International Conference on Data Analytics and Management (ICDAM 2022), held at tThe Karkonosze University of Applied Sciences, Poland, during June 2022. The book covers the topics in data analytics, data management, big data, computational intelligence, and communication networks. The book presents innovative work by leading academics, researchers, and experts from industry which is useful for young researchers and students.

Download or read book Making It Big written by Andrea Ciani and published by World Bank Publications. This book was released on 2020-10-08 with total page 178 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic and social progress requires a diverse ecosystem of firms that play complementary roles. Making It Big: Why Developing Countries Need More Large Firms constitutes one of the most up-to-date assessments of how large firms are created in low- and middle-income countries and their role in development. It argues that large firms advance a range of development objectives in ways that other firms do not: large firms are more likely to innovate, export, and offer training and are more likely to adopt international standards of quality, among other contributions. Their particularities are closely associated with productivity advantages and translate into improved outcomes not only for their owners but also for their workers and for smaller enterprises in their value chains. The challenge for economic development, however, is that production does not reach economic scale in low- and middle-income countries. Why are large firms scarcer in developing countries? Drawing on a rare set of data from public and private sources, as well as proprietary data from the International Finance Corporation and case studies, this book shows that large firms are often born large—or with the attributes of largeness. In other words, what is distinct about them is often in place from day one of their operations. To fill the “missing top†? of the firm-size distribution with additional large firms, governments should support the creation of such firms by opening markets to greater competition. In low-income countries, this objective can be achieved through simple policy reorientation, such as breaking oligopolies, removing unnecessary restrictions to international trade and investment, and establishing strong rules to prevent the abuse of market power. Governments should also strive to ensure that private actors have the skills, technology, intelligence, infrastructure, and finance they need to create large ventures. Additionally, they should actively work to spread the benefits from production at scale across the largest possible number of market participants. This book seeks to bring frontier thinking and evidence on the role and origins of large firms to a wide range of readers, including academics, development practitioners and policy makers.

Download or read book Handbook of Modern Finance written by and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Doing Business 2020 written by World Bank and published by World Bank Publications. This book was released on 2019-11-21 with total page 254 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seventeen in a series of annual reports comparing business regulation in 190 economies, Doing Business 2020 measures aspects of regulation affecting 10 areas of everyday business activity.

Download or read book Trading in the Zone written by Mark Douglas and published by Penguin. This book was released on 2001-01-01 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: Douglas uncovers the underlying reasons for lack of consistency and helps traders overcome the ingrained mental habits that cost them money. He takes on the myths of the market and exposes them one by one teaching traders to look beyond random outcomes, to understand the true realities of risk, and to be comfortable with the "probabilities" of market movement that governs all market speculation.

Download or read book Capital Markets Handbook written by John C. Burch and published by Wolters Kluwer. This book was released on 2005-01-01 with total page 1458 pages. Available in PDF, EPUB and Kindle. Book excerpt: Capital Markets Handbook, Sixth Edition is the definitive desk reference for capital market professionals and a complete resource for anyone working in the financial markets field. Written by seasoned professionals in association with the SIA, Capital Markets Handbook covers the latest developments in major securities legislation, and all aspects of documentation, underwriting, pricing, distribution, settlement, immediate aftermarket trading of new issues, compliance issues, a glossary, a bibliography, and appendices containing the full text of the primary statutes and regulations. The Sixth Edition includes coverage of new developments, including compliance issues such as: New amendments to NASD Rule 2710 ("The Corporate Financing Rule") governing underwriting compensation Updates on PIPE and Registered Direct Transactions Amendments to Rule 10b-18 governing corporate repurchase of equity securities Online Dutch auction procedures in use for the Google, Inc. IPO United Kingdom Financial Service Authority guidance on conflict of interest regarding pricing and allocation issues which have been adopted by one major U.S. investment bank Amendments to Rule 105 Regulation M concerning short selling in connection with public offerings Currency conversion in settlement of a global offering NASD Rule 2790-Restriction on the Purchase and Sale of IPO equity securities NASD IPO Distribution Manager procedures for filing with NASD Corporate Financing Proposed NASD Rule 2712 concerning allocation and distribution of shares in an initial public offering A reorganized compliance chapter in a checklist format designed to ease and enhance CEO and CFO Compliance Certification required by a proposed amendment to NASD Rule 3010 (Supervision) and the adoption of Interpretive Material 3010-1 And more

Download or read book A Fire Upon The Deep written by Vernor Vinge and published by Tor Science Fiction. This book was released on 2010-04-01 with total page 626 pages. Available in PDF, EPUB and Kindle. Book excerpt: Now with a new introduction for the Tor Essentials line, A Fire Upon the Deep is sure to bring a new generation of SF fans to Vinge's award-winning works. A Hugo Award-winning Novel! “Vinge is one of the best visionary writers of SF today.”-David Brin Thousands of years in the future, humanity is no longer alone in a universe where a mind's potential is determined by its location in space, from superintelligent entities in the Transcend, to the limited minds of the Unthinking Depths, where only simple creatures, and technology, can function. Nobody knows what strange force partitioned space into these "regions of thought," but when the warring Straumli realm use an ancient Transcendent artifact as a weapon, they unwittingly unleash an awesome power that destroys thousands of worlds and enslaves all natural and artificial intelligence. Fleeing this galactic threat, Ravna crash lands on a strange world with a ship-hold full of cryogenically frozen children, the only survivors from a destroyed space-lab. They are taken captive by the Tines, an alien race with a harsh medieval culture, and used as pawns in a ruthless power struggle. Tor books by Vernor Vinge Zones of Thought Series A Fire Upon The Deep A Deepness In The Sky The Children of The Sky Realtime/Bobble Series The Peace War Marooned in Realtime Other Novels The Witling Tatja Grimm's World Rainbows End Collections Collected Stories of Vernor Vinge True Names At the Publisher's request, this title is being sold without Digital Rights Management Software (DRM) applied.

Download or read book Handbook of Research on Strategic Developments and Regulatory Practice in Global Finance written by Olgu, Özlem and published by IGI Global. This book was released on 2014-11-30 with total page 459 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global financial crisis has called to attention the importance of financial development to economic growth as modern countries continue to struggle with debt, unemployment, and slow growth. However, a lack of agreement on how to define and measure financial development slows the development of global financial systems and markets. The Handbook of Research on Strategic Developments and Regulatory Practice in Global Finance creates a common framework for not only identifying but discussing the key factors in establishing a strong global market and financial system. This book will be a valuable reference for those interested in an in-depth understanding of the financial markets and global finance, including academics, professionals, and government agencies and institutions.

Download or read book Dishoom written by Shamil Thakrar and published by Bloomsbury Publishing. This book was released on 2019-09-05 with total page 752 pages. Available in PDF, EPUB and Kindle. Book excerpt: THE SUNDAY TIMES BESTSELLER 'A love letter to Bombay told through food and stories, including their legendary black daal' Yotam Ottolenghi At long last, Dishoom share the secrets to their much sought-after Bombay comfort food: the Bacon Naan Roll, Black Daal, Okra Fries, Jackfruit Biryani, Chicken Ruby and Lamb Raan, along with Masala Chai, coolers and cocktails. As you learn to cook the comforting Dishoom menu at home, you will also be taken on a day-long tour of south Bombay, peppered with much eating and drinking. You'll discover the simple joy of early chai and omelette at Kyani and Co., of dawdling in Horniman Circle on a lazy morning, of eating your fill on Mohammed Ali Road, of strolling on the sands at Chowpatty at sunset or taking the air at Nariman Point at night. This beautiful cookery book and its equally beautiful photography will transport you to Dishoom's most treasured corners of an eccentric and charming Bombay. Read it, and you will find yourself replete with recipes and stories to share with all who come to your table. 'This book is a total delight. The photography, the recipes and above all, the stories. I've never read a book that has made me look so longingly at my suitcase' Nigel Slater