Download or read book Social Ties and IPO Outcomes written by John Cooney and published by . This book was released on 2019 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the role of social ties in IPO underwriting syndicate formation and find that an investment bank is more likely to be included in the underwriting syndicate when it is connected to the IPO firm through interpersonal social ties between the respective executives and directors. These social ties generate better outcomes, consistent with a quid pro quo arrangement between the respective parties. The investment bank benefits by receiving higher compensation, a more senior role in the IPO, and greater share allocations. For the IPO firm, the presence of social ties between the IPO issuer and the chosen underwriters is associated with net wealth gains for its pre-IPO shareholders.
Download or read book The Effects of Management Board Ties on IPO Performance written by Salim Chahine and published by . This book was released on 2013 with total page 71 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the two potentially contrasting effects on IPO pricing and post-IPO operating performance of family ties as well as social ties the top management has with board members. While family ties may solve manager-owner conflicts of interests, they may also give rise to minority-shareholder expropriation and/or private benefits of control. Similarly, social ties may either create value or lead to entrenchment and excessive managerial power. Using q-analysis to measure the strength of top manager ties to board members, we find that IPO performance is positively related to the strength of social ties, but negatively to the strength of family ties. We also find that, controlling for social ties, board independence affects both IPO pricing and post-IPO operating performance. Further, we show that the association between IPO performance and ties depends on whether they are with inside or outside directors.
Download or read book A Tale of Two Intermediaries written by Xianjie He and published by . This book was released on 2020 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Firms undertaking an initial public offering (IPO) appoint investment bankers and auditors to certify information disclosed to investors. We examine the role that alma-mater ties between the two intermediaries play in shaping audit quality. Although some evidence suggests that information transferred via education networks may enhance economic agents' performance, other research implies that such links may admit bias into auditor judgment or impair their independence. We find that IPO firms report higher discretionary accruals when bankers and auditors are socially connected. Additional analysis suggests that this relation intensifies when issuers have stronger incentives to inflate performance, or auditors are less competent or independent. We also document that banker-auditor social ties are associated with lower earnings credibility, worse post-IPO performance, and less efficient use of the IPO proceeds. However, auditors benefit from social connections with bankers by attracting higher fee premiums and securing more future IPO-audit businesses.
Download or read book The Effects of IPO Team Ties on Investment Bank Affiliation and IPO Success written by Monica C. Higgins and published by . This book was released on 1999 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study analyzes how the extraorganizational ties of top managers affect firm behavior and performance at a critical juncture in a young firm's life - the initial public offering (IPO). We employ a typology of social capital, based on IPO team members' previous employment and board memberships, and develop hypotheses about how different types of social capital affect the prominence of the firm's investment bank at the time of its IPO and the size of the IPO. We used archival and qualitative data on the career histories of IPO team members of young firms in the biotechnology industry to examine the role of IPO teams' social capital in forming partnerships with prominent investment banks. In doing so, we consider how top management team-level social capital resulting from the employment histories of the firm's top managers affects the acquisition of organization-level social capital in the form of affiliations with prominent investment banks. We found that the prominence of a firm's investment bank depends upon the IPO team as a whole having substantial amounts of downstream and intra-industry social capital as well as the firm's range of social capital. We also found that the size of the IPO depends on specific types and combinations of an IPO team's social capital and the prominence of the firm's investment bank. We found little evidence that the prominence of the investment bank mediates the relationship between the IPO team's social capital and the size of the IPO. Implications of these findings for research on social networks, top management teams, and intermediaries are discussed.
Download or read book Understanding Social Networks written by Charles Kadushin and published by Oxford University Press. This book was released on 2012-01-19 with total page 265 pages. Available in PDF, EPUB and Kindle. Book excerpt: Understanding Social Networks explains the big ideas that underlie social networks, covering fundamental concepts then discussing networks and their core themes in increasing order of complexity.
Download or read book Does Corporate Performance Improve After Mergers written by Paul M Healy and published by Legare Street Press. This book was released on 2023-07-18 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the phenomenon of corporate mergers and the impact they have on performance. Drawing on extensive research and case studies, the authors explore the conditions under which mergers are most likely to succeed and offer guidance to managers looking to pursue a merger strategy. This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work is in the "public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Download or read book Managing Network Resources written by Ranjay Gulati and published by OUP Oxford. This book was released on 2007-03-15 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt: Today's firms are increasingly embedded in networks of alliances and other ties that influence their behavior and performance. In this, his first book on the subject, Ranjay Gulati examines the 'network resources' that arise from these ties, how successful firms manage these, and how they influence strategy, access to material resources, and perceptions of a firm's legitimacy held by key external parties such as investors and banks. The book synthesises Gulati's influential work on network dynamics from the last fifteen years, and presents the key findings from this extensive body of research. Gulati's insights are important for scholars, students, and practitioners interested in the behavior of firms in an increasingly networked economy. Ranjay Gulati is one of the leading theorists and researchers studying alliances and networks, and has written widely on the subject. His work has been published in leading academic journals such as Administrative Science Quarterly, and in the Harvard Business Review.
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 The Economic Consequences of Social Unrest Evidence from Initial Public Offerings written by Mr. Philip Barrett and published by International Monetary Fund. This book was released on 2023-11-10 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Prior research attributes negative stock market performance following episodes of social unrest to elevated uncertainty. However, social unrest does not solely increase uncertainty, but separately acts to decrease investor sentiment. To determine which effect dominates, we study initial public offering (IPO) underpricing, which responds differently to changes to uncertainty and investor sentiment. Consistent with the notion that social unrest dampens investor sentiment, we find robust evidence that IPO first-day returns are lower during times of greater social unrest. Limits to arbitrage intensify the negative relation between social unrest and underpricing. Notably, strong institutional frameworks mitigate the impact of social unrest on underpricing, suggesting that quality institutions weaken the link between investor sentiment and returns.
Download or read book Initial Public Offerings written by Michelle Lowry and published by . This book was released on 2017 with total page 166 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this monograph is to provide an overview of the IPO literature since 2000. The fewer numbers of companies going public in recent years has raised many questions regarding the IPO process, in both academic and regulatory circles. As we all strive to understand these changes in the market, it is especially important to understand the dynamics underlying the IPO process. If the process of going public is too costly or the IPO mechanism is plagued by too many conflicts of interest among the various intermediaries, then private companies may rationally choose other methods of raising capital. In a related vein, it is imperative that new regulations not be based on research focusing solely on large, more mature firms. Newly public firms have unique characteristics, and an increased understanding of such issues will contribute positively to well-functioning public markets and further growth of the entrepreneurial sector. We also provide a detailed guide to researchers on how to obtain a research-quality sample of IPOs, from standard data sources. Related to this, we tabulate important corrections to these standard data sources.
Download or read book The Emerald Handbook of Group and Team Communication Research written by Stephenson J. Beck and published by Emerald Group Publishing. This book was released on 2021-11-05 with total page 428 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume considers the current research of group communication scholars, provides an overview of major foci in the discipline, and points toward possible trajectories for future scholarship. It establishes group communication’s central role within research on human behaviour and fosters an identity for group communication researchers.
Download or read book The Oxford Handbook of Organizational Psychology Volume 1 written by Steve W. J. Kozlowski and published by Oxford University Press. This book was released on 2012-06-14 with total page 786 pages. Available in PDF, EPUB and Kindle. Book excerpt: Organizational psychology is the science of psychology applied to work and organizations. This is the first of two volumes which compiles knowledge in organizational psychology, encapsulates key topics of research and application, and summarizes important research findings.
Download or read book Social Capital and Entrepreneurship written by Phillip H. Kim and published by Now Publishers Inc. This book was released on 2005 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: Social Capital and Entrepreneurship concludes by examining the tension between the properties of social networks used in entrepreneurship researchers' models and the limited perspective on networks available to practicing entrepreneurs.
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.
Download or read book The SAGE Handbook of Organization Studies written by Stewart R Clegg and published by SAGE. This book was released on 2006-06-21 with total page 920 pages. Available in PDF, EPUB and Kindle. Book excerpt: Praise for the award winning First Edition: ′This handbook is organized to help teachers and students to cover the mainstream work in the field of organization studies. This is an excellent reference tool with which to study organizational theory and practice′ - International Review of Administrative Sciences ′The editors have put together an impressive reference work, serious in intent and rigorous in implementation. As a publishing achievement, and a scholarly ′event′ in the field, SAGE is to be congratulated. It is designed as a work of synthesis, to link past and present, general and specific′ - Journal of General Management Praise for the New Edition: ′An excellent collection of papers giving a timely overview of the field′ - Gareth Morgan ′In this substantially updated, revised and extended edition of the widely acclaimed Handbook, the high standard of the contributions is maintained. Close consideration is given to newly emergent, such as networks and complexity, as well as more established topics. Metaphors of conversation and discourse are engagingly invoked to make and explore new distinctions, directions and connections. It is a key reference volume for more advanced students of this rapidly developing field′ - Hugh Willmott , Diageo Professor of Management Studies, Judge Business School, University of Cambridge ′Giving the authors of the Handbook of Organization Studies the opportunity to revise and update their earlier contributions makes this handbook unique. Comparing the revised chapters to their originals offers the reader unparalleled insight into how knowledge develops in our discipline. New frameworks and deeper understandings, grounded in continuing scholarship, abound in this updated classic′ - Mary Jo Hatch, C. Coleman McGehee Eminent Scholars Research Professor of Banking and Commerce McIntire School of Commerce, University of Virginia A decade after it first published to international acclaim, the seminal Handbook of Organization Studies has been updated to capture exciting new developments in the field. Providing a retrospective and prospective overview of organization studies, the Handbook continues to challenge and inspire readers with its synthesis of knowledge and literature. As ever, contributions have been selected to reflect the diversity of the field. New chapters cover areas such as organizational change; knowledge management; and organizational networks. Part One reflects on the relationship between theory, research and practice in organization studies. Part Two address a number of the most significant issues to affect organization studies such as leadership, diversity and globalization. Comprehensive and far-reaching, this important resource will set new standards for the understanding of organizational studies. It will be invaluable to researchers, teachers and advanced students alike.
Download or read book Mergers Acquisitions and Other Restructuring Activities written by Donald DePamphilis and published by Academic Press. This book was released on 2021-09-26 with total page 609 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mergers, Acquisitions, and Other Restructuring Activities: An Integrated Approach to Process, Tools, Cases, and Solutions, Eleventh Edition presents the most current and comprehensive M&A information available. Organized according to the context in which topics normally occur in the M&A process, the book covers M&A environments, M&A processes, M&A valuation and modeling, deal structuring and financing strategies, and alternative business and restructuring strategies. Covering industries worldwide, this new edition illustrates the most germane strategies and tactics in today's marketplace. It includes substantially more ancillary materials than previous editions, including an extensive test bank, chapter summaries, and instructor and student PowerPoint slides. More than 100 new references to relevant academic research published since 2018 make the 11th edition a balanced, comprehensive guide to the complex and dynamically changing world of M&A. Provides a rigorous discussion on the strengths and limitations of financial modeling as applied to M&A Includes more than 270 empirical studies published in leading peer-reviewed journals published 2018-2020, all new since the 10th edition (2019) Presents updated M&A tactics and strategies as well as court cases and new regulations governing business combinations, valuation methodologies, and financing
Download or read book The IPO Decision written by Jason Draho and published by Edward Elgar Publishing. This book was released on 2004-01-01 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt: Annotation Initial public offerings (IPOs) garnered unprecedented positive attention in the 1990s for their spectacular returns and central role in entrepreneurial activity. Subsequent revelations of unscrupulous IPO allocation and promotion practices cast a less fa.
