Relevant bibliographies by topics / Initial public offerings (IPOs)

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  2. Dissertations / Theses
  3. Books
  4. Book chapters
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Academic literature on the topic 'Initial public offerings (IPOs)'

Author: Grafiati
Published: 4 June 2021
Last updated: 6 September 2023

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Journal articles on the topic "Initial public offerings (IPOs)"

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Helwege, Jean, and Nellie Liang. "Initial Public Offerings in Hot and Cold Markets." Journal of Financial and Quantitative Analysis 39, no. 3 (September 2004): 541–69. http://dx.doi.org/10.1017/s0022109000004026.

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AbstractThe literature offers many explanations for why the IPO market cycles from hot to cold. These include theories in which hot markets represent clusters of IPOs in a new industry, and signaling models that predict that hot markets draw in better quality firms. Others suggest hot market IPOs' stock returns reflect their poor quality. We compare IPOs over cycles during 1975–2000 and find that hot and cold IPO markets do not differ so much in the characteristics of the firms that go public as in the quantity of firms that go public. Both hot and cold IPOs are largely concentrated in the same narrow set of industries and they have few distinctions in profits, age, or growth potential. Our results suggest that hot markets are not driven primarily by changes in adverse selection costs, managerial opportunism, or technological innovations, but more likely reflect greater investor optimism.
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Jain, Neeta, and C. Padmavathi. "Underpricing of Initial Public Offerings in Indian Capital Market." Vikalpa: The Journal for Decision Makers 37, no. 1 (January 2012): 83–96. http://dx.doi.org/10.1177/0256090920120107.

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This paper is an attempt to empirically explore the determinants of underpricing of Initial Public Offerings (IPOs) in the Indian Capital Market. IPOs are one of the largest sources of capital for the firms to invest in the growth opportunities. It encourages investment activities in the economy by mobilizing funds from low growth opportunities to high growth opportunities. It has been observed that IPOs are underpriced in most of the countries (Loughran, Ritter and Rydqvist 1994). Underpricing is the pricing of the issue at lesser price than the true value of the issue. The degree of underpricing varies from country to country and issue to issue in the same country. The underpriced IPO leaves money on the table which is a cost (loss of capital) for the company and the same becomes a gain for the investors in the form of positive initial returns on the underpriced shares. Though underpricing is a cost for the issuing company, the issuing company underprices the issue. There are many theoretical explanations for underpricing of IPOs. This is an empirical study which aims to find out the factors which are causing underpricing in India. The underpricing of IPOs is a serious problem for any economy. On the one hand, high underpricing tendency in the primary market discourages IPOs issued by those companies which cannot afford or do not want underpricing (leaving money on the table). On the other hand, it creates arbitrage activities in the secondary market and in the grey market. The underpricing of IPOs thus hampers the growth opportunities and creates instability in the secondary market. In India, introduction of book building mechanism of IPOs in 1998 aimed to reduce underpricing because in the book building mechanism, offer price of the issue is determined on the basis of market feedback. The present study on 227 book-built IPOs for the period of 2004 to 2009 found that the average underpricing during this period was 28 per cent while the maximum underpricing was around 242 per cent. Thus underpricing of IPOs is still an issue of concern.
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Zubair Mumtaz, Muhammad, Zachary A. Smith, and Ather Maqsood Ahmed. "The Aftermarket Performance of Initial Public Offerings in Pakistan." LAHORE JOURNAL OF ECONOMICS 21, no. 1 (January 1, 2016): 23–68. http://dx.doi.org/10.35536/lje.2016.v21.i1.a2.

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This paper estimates the aftermarket performance of initial public offerings (IPOs) listed on the Karachi Stock Exchange. The evidence confirms that IPOs generate statistically significant abnormal returns in the short run, which indicates that underwriters initially underprice IPOs when analyzed using a short time horizon. However, when using longer time horizons to estimate abnormal performance, the results indicate that IPOs underperform in the long-run. There is an apparent dislocation between the initial valuation set by underwriters and the premium paid by the market for these new issues. The market sentiment that causes this temporary disequilibrium eventually fades and the market reprices the newly issued shares. We conduct an extreme bounds analysis to test the sensitivity and robustness of 16 explanatory variables in determining the long-term performance of unseasoned newly issued shares. The results indicate that the long-term investment ratio, industry affiliation, market-adjusted abnormal returns, financial leverage, return on assets, IPO activity period, the aftermarket risk level of unseasoned issues, and the post-issue promoter’s holdings variables significantly affect IPOs’ aftermarket performance. Theoretically, the overreaction hypothesis, ex-ante uncertainty hypothesis and window-of-opportunity hypothesis best explain IPOs’ aftermarket performance in this study.
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Batool, Zahira. "Long Run Performance of Initial Public Offerings (IPOs) in Pakistan." Business and Management Horizons 6, no. 2 (December 30, 2018): 95. http://dx.doi.org/10.5296/bmh.v6i2.14195.

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This study is aimed to analyze long run performance of initial public offerings (IPOs) in Pakistan by taking the sample of 15 firms for the period of 2006 to 2011. We took secondary data for our research from KSE, SBP, and Brecorder. Stock returns of IPO firms are considered as dependent variables and firm size, firm age, profitability and leverage ratios are considered as explanatory variables for the long run performance of IPOs. Previous literature on IPOs indicates that IPOs underperform in the long run. Firm’s size and profitability have some significant positive correlation with the IPOs long run performance. All the findings of this research paper depend upon the background of the different industry sectors, the perspective of the study and sample distribution. And the Leverage ratio and Age of the firms are negatively correlated with the long run performance of the IPOs.
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Prasad, Sameer, David C. Porter, and Linda Yu. "Modeling Internet Operations Using Initial Public Offerings." American Journal of Business 20, no. 2 (October 28, 2005): 25–34. http://dx.doi.org/10.1108/19355181200500009.

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In this research we test the generalizability of an existing model for classifying information‐intensive services that can be globally disaggregated to Internet services. This categorization allows us to judge which types of Internet Initial Public Offerings (IPOs) are likely to have superior performance. Specifically, we hypothesize that Internet firms with higher information intensity, lower physical presence and lower customer contact needs will have a greater probability of generating larger risk‐adjusted returns. We test these hypotheses on 340 Internet IPOs and find partial support for the model. In particular, Internet firms with high information intensity and low customer contact need yield superior performance. However, firms with low physical presence underperform in our sample.
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Alpalhão, Rui. "The Pricing of Portuguese Privatisation Second Initial Public Offerings." ISRN Economics 2014 (May 21, 2014): 1–13. http://dx.doi.org/10.1155/2014/652712.

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The paper studies the pricing of PSIPOs (privatization second initial public offerings) PIPOs of companies that had been public in the past. A dataset comprising all the Portuguese companies nationalized in 1975 and privatized in the late eighties and nineties is used. Findings on short- and long-run pricing of IPOs and PIPOs are summarized, and implications for the pricing of PSIPOs are discussed. Short- and long-run returns are computed, using three alternative methods (buy and hold abnormal returns, wealth relatives, and cumulative abnormal returns) in the long-run analysis. Short-run overpricing is identified, unlike the underpricing pattern revealed by most IPO research. This initial overpricing is essentially found to be corrected in the first trading month. In the long-run, no evidence of overpricing is found, again unlike the usual conclusion of the IPO literature, and more in line with empirical evidence on second IPOs. Results provide support to the conclusion that privatization IPOs tend to be less underpriced than standard IPOs and that firms coming back to the market for a second IPO tend to be less underpriced than pure IPOs and provide a good rating for the performance of the Portuguese Republic pricing stocks in the Portuguese privatization program.
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Madhusoodanan, T. P., and M. Thiripalraju. "Underpricing in Initial Public Offerings: The Indian Evidence." Vikalpa: The Journal for Decision Makers 22, no. 4 (October 1997): 17–30. http://dx.doi.org/10.1177/0256090919970403.

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Underpricing in the initial public offerings (IPOs) is a well documented phenomenon in the stock markets. In this paper T P Madhusoodanan and M Thiripalraju analyse the Indian IPO market for the short-term as well as long-term underpricing. They also examine the impact of the issue size on the extent of underpricing in these offerings and the performance of the merchant bankers in pricing these issues. The study indicates that, in general, the underpricing in the Indian IPOs in the shortrun was higher than the experiences of other countries. In the long-run too, Indian offerings have given high returns compared to negative returns reported from other countries. The study also reveals that none of the merchant bankers showed any better pricing capabilities.
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Luo, Yan, Xiaolin Qian, and Jinjuan Ren. "Initial public offerings and air pollution: evidence from China." Journal of Asia Business Studies 9, no. 1 (January 5, 2015): 99–114. http://dx.doi.org/10.1108/jabs-08-2014-0056.

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Purpose – The purpose of this study is to investigate the impact of firms’ financing activities on the environment. Faced with a deteriorating global environment, both corporations and regulatory bodies have become more responsive to environmental conservation problems. However, existing literature has not adequately addressed the question of whether and how firms’ business activities influence the environment. Design/methodology/approach – Using the daily air pollution indices of 120 Chinese cities from 2001 to 2012, this study found that air pollution is alleviated after firms’ initial public offerings (IPOs). This paper proposes that firms’ IPOs influence the ambient air pollution through three channels: production scale, technical reform and corporate governance effects. Findings – The authors of this study found that the proceeds acquired in IPOs result in enlarged production scales that increase pollution, while the investment of these proceeds in social responsibility-related technical reform and enhanced corporate governance reduce pollution. Moreover, the authors discover that firms with a higher state ownership emit fewer pollutants, thus supporting the positive monitoring role of the Chinese government. Originality/value – Although this study investigates the impact of IPOs on air quality in China, the proposed analytical framework also applies to studies of other financing activities in global markets. This study has important policy implications for government regulations in environmental controls.
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Miloud, Tarek. "The Venture Capital Certification Role In Initial Public Offerings." Journal of Applied Business Research (JABR) 32, no. 2 (March 1, 2016): 479. http://dx.doi.org/10.19030/jabr.v32i2.9590.

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Using high frequency Euronext Paris data, the paper examines the market microstructure trading characteristics of venture backed initial public offerings (IPOs) in the French market. Previous North American market studies approve the role played by venture capital (VC) firms for the certification of IPOs and their role in reducing the asymmetric information between investors. The study sample is composed of IPOs realized during the period 2000–2013 both with and without VC firm involvement. The results present no significant price difference between both IPO types. The cost of asymmetric information and of price volatility is higher for the VC-backed operations. Moreover, the study shows that underpricing is positively correlated to the cost of the information asymmetry. Contrary to previous studies, the results show that the effects of VC firm certification and monitoring are not perceived by IPO investors in the French market.
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Dhamija, Sanjay, and Ravinder Kumar Arora. "Determinants of Long-run Performance of Initial Public Offerings: Evidence from India." Vision: The Journal of Business Perspective 21, no. 1 (February 10, 2017): 35–45. http://dx.doi.org/10.1177/0972262916681243.

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The article examines the long-run performance of 377 initial public offerings (IPOs) made by Indian companies during the period 2005–2015. The objectives of the article are to analyze whether Indian IPOs underperform or outperform the broad market in the long run and to identify the key determinants of their long-run performance. The results show that the Indian IPOs outperform the broad market initially followed by significant underperformance in the long run. The IPOs listed on the main board during 2005–2015 yielded average initial excess returns (IERs) of about 22 per cent. However, 37 per cent of the IPOs provided negative IERs. The IPOs underperformed the broad market generating –57.33 per cent buy-and-hold abnormal return (BHAR) over 36 months after listing. Only 38 out of 377 IPOs (10 per cent) outperformed the benchmark index over a 36-month holding period. The important issue characteristics that influence the long-run performance of IPOs in India are the type of issuer (government-owned or private), lead manager prestige (LMP), promoter holding and the issue size.
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Dissertations / Theses on the topic "Initial public offerings (IPOs)"

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Kostas, Dimitris. "Initial public offerings on the London Stock Exchange." Thesis, University of Manchester, 2014. https://www.research.manchester.ac.uk/portal/en/theses/initial-public-offerings-on-the-london-stock-exchange(41d0c548-e6c5-4540-878f-3dbbf57688b7).html.

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This thesis examines the non-cash compensation paid to the underwriters/brokers during the flotation process and the IPO when-issued dealing market in one of the most successful and international stock exchanges around the world, the London Stock Exchange (LSE). The thesis consists of three essays that try to answer the following questions: Do IPO firms minimise their costs of going public by issuing warrants to their financial advisers? Does the when-issued dealing affect the setting of the offer price? The first essay examines the issue of warrants to brokers as part of their compensation package in non-underwritten offerings on the Alternative Investment Market of the LSE. The main finding is that IPO firms are able to make efficient decisions and choose the contract that minimises their costs. For companies that issue warrants to their brokers the total costs of going public are 22.74% (as a percentage of gross proceeds), but would have been 25.61% had they not issued them. This 2.87% reduction in costs is equivalent to 70.34% of the commission paid to the brokers by the IPO firms. The main source of this decrease in the costs is the lower underpricing the companies incur by granting warrants to their brokers. The second essay examines the use of non-cash compensation in underwritten IPOs. The findings suggest that firms that are cash constrained are more likely to issue warrants to their underwriters. In addition, underwriters appear to have the ability to time the issue of warrants because they include them as part of their compensation package when the market is doing well. Interestingly, warrant issuers are still able to minimise their costs of going public even under a very light regulatory setting underlying the use of non-cash compensation. The third essay examines the when-issued dealing in the Main Market of the LSE for an extensive period of time, 1996 to 2012. The main finding is that, in an institutional setting in which the when-issued dealing commences only after the allocation of shares and the offer price are announced, investors pay ‘rents’ to the underwriters in order to acquire IPO shares that will trade within the when-issued dealing. These ‘rents’ take the form of a higher offer price. In other words the when-issued dealing affects the setting of the offer price. For companies that have a when issued dealing the offer price is £3.4 but would have been 54% lower (£1.55) had these firms not had a when issued dealing.
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Vithanage, Kulunu Sathsara. "Three Essays on Multiple Lead Underwriters in IPOS." Thesis, Griffith University, 2017. http://hdl.handle.net/10072/366345.

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The objective of this thesis is to investigate the role of multiple lead underwriter (MLU) syndicates in initial public offerings (IPOs). Despite the increasing tendency among US issuers to employ MLUs to manage their offerings, the role of MLUs has not been widely recognised in the IPO literature. Using a sample of US IPOs from 1999–2012, this thesis explores several roles of MLUs in three related yet distinct empirical essays. In the first empirical essay, we investigate the information production role of underwriters in an MLU syndicate. We find that, compared to SLU-backed IPOs, MLU-backed IPOs contain more informative content in their IPO prospectuses. The level of informative content, which is a proxy for pre-filing the due diligence efforts of lead underwriters, suggests that MLUs produce more information during the pre-filing period. Further, we find that MLUs use a more readable writing style in IPO prospectuses to effectively communicate pre-filing information to investors. We also find that MLUs produce less information during bookbuilding and provide less support for partial adjustment phenomena. Together, our results suggest that MLUs replace the costly process of bookbuilding information production with their extensive pre-filing information production.
Thesis (PhD Doctorate)
Doctor of Philosophy (PhD)
Griffith Business School
Griffith Business School
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Vong, Pou Iu. "Underpricing of initial public offerings (IPOS) in the Hong Kong stock market." Thesis, University of Macau, 1994. http://umaclib3.umac.mo/record=b1636786.

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Goergen, Marc G. J. "Ownership, control and performance issues in German and UK IPOs." Thesis, University of Oxford, 1997. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.339898.

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Mangozhe, Gwarega Triumph. "The long-run investment performance of initial public offerings (IPOs) in South Africa." Diss., University of Pretoria, 2010. http://hdl.handle.net/2263/24692.

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This study investigated the long-run investment performance of 411 South African IPOs during the period 1992 to 2007. Consistent with historical studies, no evidence of abnormal performance was found on a calendar-time approach using the Fama- French (1993) three-factor model. While the long-run performance did not differ materially, factors such as financial and industrial industry classifications were found to impact after-market performance of IPO portfolios. It was found that large new company issuances within the Financials and Industrials categories produced abnormal returns, but on a collective basis there was no evidence of abnormal performance. In particular, a positive relationship was found to exist between book-tomarket ratios and IPO performance in the financial and industrial sectors, but there was scant evidence on a collective basis. Market conditions were found to have an impact on IPO performance. In periods of market buoyancy, IPOs performed well and in periods of market distress, IPOs‟ performance suffered. The implications of this study are that investors, in making decisions on whether or not to invest in new issues, should not expect to make superior returns to the market over a five-year period by investing in IPOs. IPO performance after the five-year period was not part of the scope for this study and may form the basis for future studies. Copyright
Dissertation (MBA)--University of Pretoria, 2010.
Gordon Institute of Business Science (GIBS)
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Charalambides, Marios. "Underpricing and the long-run performance of initial public offerings (IPOs) in the U.K." Thesis, Brunel University, 1998. http://bura.brunel.ac.uk/handle/2438/4287.

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The underpricing and long—run underperformance of initial public offerings (IP0s) of common stock are well documented anomalies. The aim of this thesis is to examine why these two anomalies occur. For this purpose we employ a sample of 653 U.K. IPOs listed in the Main Market (official list) and the Unlisted Securities Market (USM) during the period 1984-1992. The thesis has been primarily motivated by the fact that there are not many comprehensive studies examining these anomalies for IPOs in the U.K., particularly with regards to IPOs obtaining a quotation on the official list. We begin the thesis by examining the initial and aftermarket performance of IPOs. In line with previous studies, we find that the IPOs in our sample are underpriced on average by 10.42%. To assess long—run performance after the initial offering we employ the cumulative return and the buy and hold return measures. We compute IPO abnormal returns relative to two market indexes by using three different models: (1) the market—adjusted model, (2) lbbotson's (1975) RATS model and (3) the Fama and French (1993) three factor asset pricing model. We find that new offerings perform poorly in the long—run. A one pound investment in IPOs is worth less than 90 pence after three years. The thesis continuous by investigating the causes of underpricing. We examine the underpricing anomaly from several angles. First, we test the hypothesis that IPOs produce positive short—run returns because of the ex ante uncertainty surrounding their post—issue value. Employing OLS regression analysis, we find the influence of ex ante uncertainty on the level of initial returns to be rather weak. Second, we examine whether issuers intentionally underprice their IPOs in order to signal firm quality. The empirical findings, however, obtained through logit and OLS regression analysis, provide limited evidence in support of this signalling hypothesis. Third, we investigate whether new issues are deliberately underpriced in the IPO premarket. For this purpose we employ the stochastic frontier model pioneered by Aigner et al. (1977). Although we find that IPOs are deliberately underpriced in the premarket, we fail to establish a significant relation between premarket and initial underpricing. Lastly, we evaluate the underwriter price support hypothesis, which posits that the high IPO initial returns are the result of aftermarket inefficiencies. We find, however, on the basis of statistical analysis and Tobit analysis, that this hypothesis cannot explain away positive first day returns. Overall, the results presented in the current thesis point to the conclusion that newly listed firms generate positive returns in the short—run and negative returns in the long— run because they are initially overvalued by optimistic investors.
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Neupane, S. "Conflicts of interest in IPOs: case of investment banks - a systematic review." Thesis, Cranfield University, 2008. http://dspace.lib.cranfield.ac.uk/handle/1826/12486.

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Since the burst of the internet bubble there is a great deal of interest in the way investment bank prices and allocates initial public offerings (IPOs). The additional scrutiny and spotlight is also because of the dominance of bookbuilding mechanism, which gives complete discretion in terms of allocation and pricing to underwriters, and the huge amount of money left on the table by the issuers, especially during the internet bubble period. Numerous press stories and law suit by investors and issuers alleged conflicts of interest by investment banks at the expense of issuers and investors. On the basis of scoping study we identified five areas to examine conflicts of interest: laddering, spinning, relationship banking, profit sharing allocation and allocation to affiliated funds. The findings of the systematic review show that very limited research has been done on the areas identified. Moreover, there is almost no evidence available to examine the behaviour of investment banks post internet bubble burst. Likewise, very limited evidence is available from countries other than United States. From whatever limited research has been done in these areas there does seem to be enough evidence to suggest that investment banks have been involved in activities that is in conflict with their responsibilities and duties. There is clear evidence of wrong doing by investment banks in US during the internet bubble period by being involved in spinning, laddering and profit sharing allocations. There is not much evidence available at the moment to charge the underwriters of exploiting issuers and investors through the use of affiliated banks, venture capitalists and mutual funds. There is a great need to examine the behaviour of investment banks not only for the sake of the stability of the financial markets but also for the financial intermediaries themselves as unnecessary regulations undermine the efficient operations of financial markets.
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Lüsch, Fredrik. "Aftermarket Performance of Micro-Capitalized Initial Public Offerings." Thesis, Stockholms universitet, Företagsekonomiska institutionen, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:su:diva-145169.

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The aftermarket stock price performance of micro-capitalized IPOs with penny stock status is an often-neglected subsample in the IPO research literature. As the markets in which these IPOs are often traded are subject to lower listing and disclosure requirements, there is a higher degree of asymmetrical information between issuers and investors than on more regulated exchanges. Another characteristic of micro-capitalized IPOs is the investor base, which is dominated by retail, or irrational, investors, causing the aftermarket trading to be driven by irrational behavior. With this in mind, this paper studies 139 IPOs made on the Swedish fringe marketplace Aktietorget, over the period 2007-2015, and their 15 months’ aftermarket price performance. The study adopts an event time approach to compare the returns on the IPOs to returns on a market index used as benchmark. Using a Student’s t-test and a Wilcoxon signed rank test, there are no conclusive evidence of abnormal returns that would question the Efficient Market Hypothesis. Results from multiple linear regression models, evaluating IPO price performance over a 15-month period, provide evidence for positive hot period and hot industry effects, and negative underpricing and offer price effects. Furthermore, a positive effect of post-issue company market value is evident for 3-, 6- and 12-months aftermarket periods. This paper provides evidence of return predictability of micro-capitalized IPOs using factors surrounding the IPO date, but requests additional evidence from other geographical samples, with precise definitions of normal returns.
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Läck, Nätter Anton. "Underpricing of Initial Public Offerings : Evidence from the Nordic." Thesis, Uppsala universitet, Nationalekonomiska institutionen, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-388804.

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This thesis is an empirical event study that examines the short-run performance of initial public offerings (IPO), known as underpricing and initial return. I argue that literature which only presents equal weights could potentially give the reader a skewed understanding of the width of the concept. By using a new data set of Nordic IPOs during the period 2009-2018, I provide estimates using equal as well as market capitalization weights consistently to give a more nuanced and fair picture. The equally weighted first-day initial return is estimated to be 4.96% and the value weighted first-day initial return is estimated to be 5.32% during the examined time period. Further, the initial return is examined in relation to firm characteristics as well as quarterly index returns and issuance volume. No statistically significant characteristics that can identify additional levels of underpricing was found. Quarterly average initial returns and quarterly index returns are independent of each other. In line with previous literature the positive relationship of issuance volume and initial return is valid on a quarterly level, indicating that firms tend to go public in times of positive and higher initial returns to a greater extent.
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Henricson, Tobias. "Underpricing in the Swedish IPO market : Can investors earn abnormal returns by investing in IPOs?" Thesis, Högskolan i Jönköping, Internationella Handelshögskolan, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-18404.

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This thesis examines underpricing in Sweden using unique data on the 185 firms going public through initial public offerings (IPOs) and listing on the Stockholm Stock Exchange between 1994-2011. The average initial return in the Swedish IPO market adjusted for index movements is 11.49% but underpricing of individual IPOs was as high as 241.04%. Further, time trends in underpricing, the level of average initial returns effect on IPO supply underpricing and differences between sectors, segments and investment banks are examined. Finally, it is argued that investors must be rewarded for taking the high risk associated with IPO investing and that the average initial return of 11.49% is a reasonable compensation for that risk.
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Books on the topic "Initial public offerings (IPOs)"

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Initial public offerings: The mechanics and performance of IPOs. Petersfield, Hampshire, UK: Harriman House, 2011.

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Indian Institute of Management, Ahmedabad., ed. Grading initial public offerings (IPOs) in India's capital markets, a globally unique concept. Ahmedabad: Indian Institute of Management, 2008.

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Pande, Alok. Studying earnings management in initial public offerings (IPOS) and its impact on IPO pricing in India. Bangalore: Fellow Programme in Management, Indian Institute of Management Bangalore, 2009.

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Higgins, John. Financing emerging business: Canada and U.S. cost comparisons of initial public offerings (IPOs). Ottawa, Ont: Conference Board of Canada, 1994.

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Saunders, Anthony. The underpricing of initial public offerings (IPOs) in Singapore: Public policy issues and possible solutions. Singapore: Institute of Southeast Asian Studies, 1989.

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Tian, Lin Jie. The Inital Performance of Shanghai Stock Exchange Initial Public Offerings (IPOS) during the period 1197-2001. Manchester: UMIST, 2003.

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Higgins, John. Financing emerging business: Canada and U.S. cost comparisons of initial public offering (IPOs). Ottawa: Conference Board of Canada, 1994.

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IPOs and equity offerings. Oxford: Butterworth-Heinemann, 2002.

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Ibbotson, Roger G. Initial public offerings. [New Haven, CT]: Yale School of Organization and Management, 1993.

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Mizuho Shōken Kabushiki Kaisha. Kōkai Hikiukebu. and Kansa Hōjin Tōmatsu. Tōtaru Sābisubu., eds. Shinki jōjō jitsumu gaido = IPO initial public offering. Tōkyō: Chūō Keizaisha, 2009.

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Book chapters on the topic "Initial public offerings (IPOs)"

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Anderson, Seth C., T. Randolph Beard, and Jeffery A. Born. "Theoretical Models of IPOs." In Initial Public Offerings: Findings and Theories, 27–67. Boston, MA: Springer US, 1995. http://dx.doi.org/10.1007/978-1-4615-2295-9_4.

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Kurth, Andreas. "Performance der IPOs am Neuen Markt." In Agency-Probleme und Performance von Initial Public Offerings, 339–58. Wiesbaden: Deutscher Universitätsverlag, 2005. http://dx.doi.org/10.1007/978-3-322-82085-3_13.

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Kurth, Andreas. "Empirische Ergebnisse zur Performance von IPOs." In Agency-Probleme und Performance von Initial Public Offerings, 111–40. Wiesbaden: Deutscher Universitätsverlag, 2005. http://dx.doi.org/10.1007/978-3-322-82085-3_6.

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Krinitz, Jonas, and Dirk Neumann. "Decision Analytics for Initial Public Offerings: How Filing Sentiment Influences Stock Market Returns." In Market Engineering, 45–67. Cham: Springer International Publishing, 2021. http://dx.doi.org/10.1007/978-3-030-66661-3_3.

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AbstractCompanies issuing stocks through an initial public offering (IPO) are obligated to publish relevant information as part of a prospectus. Besides quantitative figures from accounting, this document also contains qualitative information in the form of text. In this chapter, we analyze how sentiment in the prospectus influences future stock returns. In addition, we investigate the impact of pre-IPO sentiment in financial announcements on first-day returns. The results of our empirical analyses using 572 IPOs from US companies suggest a negative link between words linked to uncertainty and future stock market returns for up to 10 trading days. Conversely, we find that uncertainty expressed in pre-IPO announcements is positively linked to first-day stock returns. These insights have implications for research on IPOs by demonstrating that future stock returns are also driven by textual information from the prospectus and assist investors in placing their orders.
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Wirtz, Bernd W., and Eva Salzer. "Das Management von Initial Public Offerings." In IPO-Management, 3–14. Wiesbaden: Gabler Verlag, 2001. http://dx.doi.org/10.1007/978-3-322-92966-2_1.

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Kurth, Andreas. "Bewertung eines IPO am Primärmarkt." In Agency-Probleme und Performance von Initial Public Offerings, 69–86. Wiesbaden: Deutscher Universitätsverlag, 2005. http://dx.doi.org/10.1007/978-3-322-82085-3_4.

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Wiesmann, Martin, Andreas von Gossler, and Albrecht von Harder. "Der Ablauf eines Initial Public Offering." In IPO-Management, 39–59. Wiesbaden: Gabler Verlag, 2001. http://dx.doi.org/10.1007/978-3-322-92966-2_3.

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Jakob, Elmar, and Matthias Klingenbeck. "Potentiale und Risiken eines Initial Public Offering." In IPO-Management, 63–81. Wiesbaden: Gabler Verlag, 2001. http://dx.doi.org/10.1007/978-3-322-92966-2_4.

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Ising, Peter. "Initial Public Offerings." In Earnings Accruals and Real Activities Management around Initial Public Offerings, 5–10. Wiesbaden: Springer Fachmedien Wiesbaden, 2014. http://dx.doi.org/10.1007/978-3-658-03794-9_2.

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Derrien, Francois. "Initial Public Offerings." In Behavioral Finance, 475–90. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2011. http://dx.doi.org/10.1002/9781118258415.ch25.

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Conference papers on the topic "Initial public offerings (IPOs)"

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Cao, Lantao, Yidan Hu, Jiachen Liu, and Yuwei Mao. "Media Coverage Influence on Initial Public Offerings (IPO)." In 2022 7th International Conference on Financial Innovation and Economic Development (ICFIED 2022). Paris, France: Atlantis Press, 2022. http://dx.doi.org/10.2991/aebmr.k.220307.148.

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Ibrahim, Noor Ayuernie, and Norashikin Ismail. "The association of ownership structure and the management earnings forecast: The case of Malaysian initial public offerings (IPOs)." In 2012 IEEE Symposium on Business, Engineering and Industrial Applications (ISBEIA). IEEE, 2012. http://dx.doi.org/10.1109/isbeia.2012.6422916.

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Utomo, Kurniawan Prambudi, and Abdul Rahman. "IMPLEMENTATION OF DEBT EQUITY RATIO (DER) AND UNDERWRITER'S REPUTATION ON UNDERPRICING DURING INITIAL PUBLIC OFFERING (IPO) ON THE IDX." In Global Conference on Business and Management Proceedings. Goodwood Conferences, 2022. http://dx.doi.org/10.35912/gcbm.v1i1.10.

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This study is expected to describe a real phenomenon that occurs on the Indonesian stock exchange to determine the direct relationship between the Debtto Equity Ratio (DER) and the Reputation of the Underwriter on the Indonesia Stock Exchange (IDX). uses qualitative research, namely field observation research by distributing data that has been structured in a structured manner, and collecting information on the IDX, IDX Fact Book, and scientific literature. From 104 companies and there are 96 companies who experience underpricing, Underpricingon the condition of the company selling shares to the public or Initial Public Offering (IPO) in 2018 which is influenced by the reputation of the underwriter, the size of the company. This study only consists of three variables, Debt to Equity Ratio (DER), Influence, and Reputation of the Underwriter on the Underpricing Phenomenon, while there are many other factors such as stock trivia and e-IPO so that it will be better and meet scientific principles. Underpricing that occurs in companies conducting IPOs, is mostly avoided by other companies because the funds obtained are not maximally obtained from the initial investment price and are below the market price or stock price in the market.
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Mishra, Abhishek, and Yogendra Sisodia. "Roberta Goes for IPO: Prospectus Analysis with Language Models for Indian Initial Public Offerings." In 9th International Conference on Foundations of Computer Science & Technology (CST 2022). Academy and Industry Research Collaboration Center (AIRCC), 2022. http://dx.doi.org/10.5121/csit.2022.121905.

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With the advent of large-scale language models in natural language processing (NLP), extracting valuable information from financial documents has gained popularity among researchers, and deep learning has boosted the development of effective text mining models. Prospectus text mining is very important for the investor community to identify major risk factors and evaluate the usage of the amount to be raised during an IPO. In this paper, we investigate how the recently introduced pre-trained language model Roberta can be adapted for this task. We also introduced prospectus-specific sentence transformers for semantic textual similarity along with a dataset to verify the efficacy of our work.
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Mohamad, Maslinawati, and Noor Ayuernie Ibrahim. "Governance oversight roles on the voluntary disclosure of internal control systems and its impact on firms performance of Malaysian initial public offerings (IPOs)." In 2012 IEEE Symposium on Business, Engineering and Industrial Applications (ISBEIA). IEEE, 2012. http://dx.doi.org/10.1109/isbeia.2012.6422886.

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Kuzmina, Olga Yuryevna, and Ivan Valerievich Konovalov. "FEATURES OF THE MECHANISM FOR IMPLEMENTING THE INITIAL PUBLIC OFFERING." In Russian science: actual researches and developments. Samara State University of Economics, 2020. http://dx.doi.org/10.46554/russian.science-2020.03-1-894/898.

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The article describes in detail the process of initial public distribution of securities, and identifies its features. The author focuses on the functions of the underwriter and its role in the implementation of an IPO conducted by the company not only to attract additional capital, but also to extract income
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Hedjazi, Badiaa, Mohamed Ahmed-Nacer, Samir Aknine, and Karima Benatchba. "Initial Public Offering (IPO) Pricing Using a Multi-agent System." In 2012 IEEE/WIC/ACM International Joint Conferences on Web Intelligence (WI) and Intelligent Agent Technologies (IAT). IEEE, 2012. http://dx.doi.org/10.1109/wi-iat.2012.151.

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Halevi, Tzipora, Fabrice Benhamouda, Angelo De Caro, Shai Halevi, Charanjit Jutla, Yacov Manevich, and Qi Zhang. "Initial Public Offering (IPO) on Permissioned Blockchain Using Secure Multiparty Computation." In 2019 IEEE International Conference on Blockchain (Blockchain). IEEE, 2019. http://dx.doi.org/10.1109/blockchain.2019.00021.

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Hruška, Domagoj, Hruška Milković, and Maja Daraboš Longin. "INITIAL PUBLIC OFFERINGS AND CORPORATE GOVERNANCE IN CROATIA." In 14th Economics & Finance Conference, Lisbon. International Institute of Social and Economic Sciences, 2020. http://dx.doi.org/10.20472/efc.2020.014.006.

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Jie Tao, Amit V. Deokar, and Omar F. El-Gayar. "An Ontology-Based Information Extraction (OBIE) Framework for Analyzing Initial Public Offering (IPO) Prospectus." In 2014 47th Hawaii International Conference on System Sciences (HICSS). IEEE, 2014. http://dx.doi.org/10.1109/hicss.2014.103.

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Reports on the topic "Initial public offerings (IPOs)"

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Lucas, Coraline, Sebastián Rodríguez, Fernando Sánchez, and José Buitrago. Exploring SPACs: Considerations for Latin American and Caribbean Entrepreneurs about Special Purpose Acquisition Companies. Inter-American Development Bank, June 2023. http://dx.doi.org/10.18235/0004939.

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Special Purpose Acquisition Companies (SPACs) can offer great advantages for companies planning on going public, including shortening times compared with conventional pathways to initial public offerings (IPOs). But SPACs can also present many risks, including subpar returns to investors and incomplete deals. Recently, SPACs have gained great media attention as markets saw a SPAC bubble boom and bust between 2020 and 2023, regulatory updates, and changing views about the value of SPACs.
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Jovanovic, Boyan, and Peter Rousseau. Interest Rates and Initial Public Offerings. Cambridge, MA: National Bureau of Economic Research, February 2004. http://dx.doi.org/10.3386/w10298.

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Shiller, Robert. Initial Public Offerings: Investor Behavior and Underpricing. Cambridge, MA: National Bureau of Economic Research, December 1988. http://dx.doi.org/10.3386/w2806.

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Gale, Ian, and Joseph Stiglitz. The Informational Content of Initial Public Offerings. Cambridge, MA: National Bureau of Economic Research, February 1990. http://dx.doi.org/10.3386/w3259.

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Aggarwal, Reena, Nagpurnanand Prabhala, and Manju Puri. Institutional Allocation In Initial Public Offerings: Empirical Evidence. Cambridge, MA: National Bureau of Economic Research, July 2002. http://dx.doi.org/10.3386/w9070.

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Gompers, Paul, and Josh Lerner. The Really Long-Run Performance of Initial Public Offerings: The Pre-NASDAQ Evidence. Cambridge, MA: National Bureau of Economic Research, October 2001. http://dx.doi.org/10.3386/w8505.

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