Download or read book The Determinants of Underpricing for Seasoned Equity Offers written by Shane A. Corwin and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Seasoned offers were underpriced by an average of 2.2 percent during the 1980s and 1990s, with the discount increasing substantially over time. The increase appears to be related to Rule 10b-21 and to economic changes affecting both IPOs and SEOs. Consistent with temporary price pressure, underpricing is positively related to offer size especially for securities with relatively inelastic demand. Underpricing is also positively related to price uncertainty and, after Rule 10b-21, to the magnitude of preoffer returns. Additionally, I find that underpricing is significantly related to underwriter pricing conventions such as price rounding and pricing relative to the bid quote.
Download or read book The Determinants of Underpricing written by Andrea Schertler and published by . This book was released on 2001 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Determinants of Underpricing for Initial Public Offerings of Shares in Privatised Companies written by Michael David Evans and published by . This book was released on 1995 with total page 652 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book On the Determinants of Initial Public Offering Underpricing written by Yongyuan Qiao and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Determinants of Underpricing and Short Run Perform of Initial Public Offerings written by Ulaş Ünlü and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates the existence of underpricing of IPOs in ISE, shortrun perform and the factors influencing this performance and underpricing for the period between 1995 and 2008. Findings in this study present evidence of overperform in short run and underpricing of IPOs in ISE such as other developed and emerging market, and also these results are consistence with other studies in literature. When the regression results for underpricing are analyzed, it is determined that there is more underpricing for the firms with more than 20 years of working period and the firms with fixed priced offer IPOs. The firms which are underpriced for the first day, have uncertainty, use the increase method of capital in IPOs and more than 20 years of working period show over-performances in short-run.
Download or read book Handbook of Corporate Finance written by Bjørn Espen Eckbo and published by Elsevier. This book was released on 2007-05-21 with total page 559 pages. Available in PDF, EPUB and Kindle. Book excerpt: Judging by the sheer number of papers reviewed in this Handbook, the empirical analysis of firms’ financing and investment decisions—empirical corporate finance—has become a dominant field in financial economics. The growing interest in everything “corporate is fueled by a healthy combination of fundamental theoretical developments and recent widespread access to large transactional data bases. A less scientific—but nevertheless important—source of inspiration is a growing awareness of the important social implications of corporate behavior and governance. This Handbook takes stock of the main empirical findings to date across an unprecedented spectrum of corporate finance issues, ranging from econometric methodology, to raising capital and capital structure choice, and to managerial incentives and corporate investment behavior. The surveys are written by leading empirical researchers that remain active in their respective areas of interest. With few exceptions, the writing style makes the chapters accessible to industry practitioners. For doctoral students and seasoned academics, the surveys offer dense roadmaps into the empirical research landscape and provide suggestions for future work. *The Handbooks in Finance series offers a broad group of outstanding volumes in various areas of finance *Each individual volume in the series should present an accurate self-contained survey of a sub-field of finance *The series is international in scope with contributions from field leaders the world over
Download or read book Determinants of the Underpricing of Initial Public Offerings in Sweden written by Kenneth Högholm and published by . This book was released on 1994 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Underpricing Determinants of IPOS written by Nattarat Angsutrarux and published by . This book was released on 2010 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Minimal Capital Requirements and Domestic Credit Extension as Determinants of IPO Underpricing written by Morten Dyrmose and published by . This book was released on 2012 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Robust Determinants of IPO Underpricing and Their Implications for IPO Research written by Alexander W. Butler and published by . This book was released on 2016 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using several different methodologies, we quantify the statistical robustness of variables used in prior research to explain initial IPO returns. We establish a parsimonious list of robust variables and evaluate their implications for different theories of IPO underpricing and clustering. Further, we illustrate how using such a set of robust explanatory variables leads to several different conclusions than prior research that failed to include these important control variables. Researchers who identify new potential predictors of IPO initial returns should control for the list of robust variables we identify.
Download or read book The Specific Underpricing of IPOs in U S Stock Markets written by Claus Birkenbeul and published by GRIN Verlag. This book was released on 2010-09-30 with total page 87 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2010 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,3, Munich Business School University of Applied Sciences, language: English, abstract: The economical development is improving and world trade volumes are expected to recover. The recorvery process is developing constantly but slowly: Share prices have rebounded within 2009, worldwide trade volumes have recovered slightly and are expected to catch up with values from the end of 2008 during the next year (cf. OECD 2009). The world is recovering from one of the most severe economic downturns since The Great Depression. Comparing GDP volumes from the previous period at the same time, OECD countries lost up to 2%. As a logical consequence the U.S. IPO market has been affected by the economic meltdown as well. "IPO activity tends to cluster in certain time periods, thus it appears in waves, so-called hot IPO markets" (Hamer 2007, 9). From 2007 to 2008 th e number of IPOs decreased. The U.S. market broke down by more than 85% in one year. In 2007 there were 160 IPOs whereas in 2008 21 securities went public fort the first time (cf. Ritter 2010, 2). After the slowest year for IPOs since the 1970s, the market began to show signs of life again in 2009. The number of offerings increased by 21% although the offering value decreased by almost 15% (cf. PWC 2010). [...]
Download or read book Determinants of the Underpricing of New Shares During the Subscription Period written by Consuelo Riaño and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reports on an issue hitherto unexplored in the literature, namely, the new shares price setting during the subscription period. We report evidence of a spread between the old stock price and the value of new shares obtained through subscription. A framework is developed within which to analyse the explanatory factors involved in this spread in the Spanish Stock Exchange. The empirical evidence suggests that new share prices during the subscription period are influenced by a range of factors, such as difference in the amount of tax to which subscription rights and capital gains are subject, characteristics of the issuer and the issue, norms established between clients and banks, and the microstructure of the subscription rights market.
Download or read book Essays on Corporate Transactions written by Julian Gabler and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Determinants of the Pricing of Privatization IPOs in the UK and Australia written by Jo-Ann Suchard and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the initial and long run performance and the determinants of underpricing of privatization IPOs in Australia and the United Kingdom. We include additional traditional variables from the privately owned IPO literature not used in other privatization studies and introduce three new variables specific to privatization. Although the process, characteristics and objectives of the privatization programs are similar, the results indicate that Australian privatization are significantly underpriced less, whereas U.K. privatization are underpriced significantly more, than IPOs of privately owned companies. Over the long term, Australian privatization insignificantly outperforms the market and performs significantly better than IPOs of privately owned companies. U.K. privatization significantly under-perform in the first year of listing but significantly outperform over three and five years. The cross sectional analysis supports ex ante uncertainty, signalling models, and the government's objective of wider share ownership.
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 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 Determinants of IPO Underpricing in the National Stock Exchange of India written by Alok Pande and published by . This book was released on 2012 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: The National Stock Exchange (NSE) is India's first fully demutualized stock exchange. It is also the largest exchange in India in terms of volumes in both equity and derivatives segments. The previous studies on Initial Public Offerings (IPOs) in India have been largely confined to the Bombay Stock Exchange (BSE). This study looks at the pricing of IPOs in the NSE. In particular, it seeks to empirically explain the first day under pricing in terms of the demand generated during the book building of the issue, the listing delay between the closure of the book building and the first day listing of the issue and the money spent on the marketing of the IPO by the firms. It also seeks to understand any emerging patterns in Indian IPO market with reference to the previous studies. Moreover it seeks to find the post IPO returns for one month in the NSE. The results suggest that the demand generated for an issue during book building and the listing delay positively impact the first day under pricing whereas the effect of money spent on the marketing of the IPO is insignificant. We also find that in consonance with extant literature, the post IPO performance in one month after the listing for the firms under study is negative.
