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Dissertations / Theses on the topic 'Initial public offerings (IPOs)'

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Published: 4 June 2021

Last updated: 6 September 2023

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1

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 pa

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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

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3

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 co

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6

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 t

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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

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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

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9

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

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10

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 th

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Tremonte, Marco. "IPO mittels Auktionsverfahren : Alternative zum Bookbuilding bei Initial Public Offerings /." Zürich : Versus, 2009. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=017060516&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.

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Alm, Emelie, Elin Berglund, and Andreas Falk. "Initial Public Offerings : An investigation of IPO's on the swedish market." Thesis, Jönköping University, JIBS, Accounting and Finance, 2009. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-11493.

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<p>When a firm decides to go public, two abnormalities often occur. The first is called underpricing and can be defined as a capital loss made by the company the first day of trade due to that the offer price is lower than the closing price after the first day of trade. The increase in stock value is equal to capital the issuing firm could have gained initially; this capital loss is referred to as the “money left on the table”. The second abnormality, underperformance, is a result from underpricing. It means that the stocks that were underpriced the first day also tend to underperform 3-5 year

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Zhang, Lei. "An empirical study of unit IPOS in the UK : why do firms include warrants in initial public offerings?" Thesis, University of Birmingham, 2010. http://etheses.bham.ac.uk//id/eprint/1238/.

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The main objective of this thesis is to identify the reasons why firms choose to issue unit IPOs instead of share-only IPOs. Evidence is found that unit firms are smaller, riskier, with higher level of agency costs and higher levels of information asymmetry than share-only firms and unit IPOs are underwritten by less reputable underwriters. The initial return results provide strong support to the Agency Cost hypothesis that unit IPOs is significantly more underpriced than share-only IPOs. Unit firms have lower survival rate than that of share-only IPO firms; however, unit firms that do survive

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Uzonwanne, Nnamdi John. "Firm and industry characteristics, long-term returns and survival of Initial Public Offerings (IPOs) : a critical re-evaluation." Thesis, University of Leeds, 2013. http://etheses.whiterose.ac.uk/5854/.

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This study tracks IPOs from the time of their entry into the public domain up to at least six years post-listing. In the first part of this study, the post-listing performance of these firms relative to that of a set of control firms in event and calendar time is evaluated, using a fresh sample of 746 IPOs in the UK market over the period 1999-2006 and stepwise matching algorithms that select the matching firms from the general population on the basis of key firm risk factors that includes three new factors – pre-IPO performance, turnover growth and earnings yield – employing a refined matchin

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Chi, Jing. "The performance and characteristics of the Chinese IPO market." Thesis, University of Reading, 2003. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.288749.

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Heffernan, Grant B. "Effect of Lockup Agreements on Buyout Backed Initial Public Offerings." Scholarship @ Claremont, 2011. http://scholarship.claremont.edu/cmc_theses/183.

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Using a sample of 279 buyout backed firms, I examined the effect of lockup agreements on the firm’s stock returns. I found there to be a negative .8 percent cumulative abnormal return for the three-day period surrounding lockup expiration. Consistent with my hypothesis the CAR for the three-day period surrounding lockup expiration was less negative for buyout backed IPOs compared to venture capital backed IPOs. In addition, I found there to be an abnormal 24.24 percent increase in trading volume for the three days surrounding lockup expiration.

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Govindasamy, Prabeshan. "The long run performance of initial public offerings in South Africa." Diss., University of Pretoria, 2010. http://hdl.handle.net/2263/23741.

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The current research was undertaken to determine the long run performance of Initial Public Offerings (IPOs) listed on the Johannesburg Stock Exchange (JSE) in South Africa. The three year abnormal returns were assessed for IPOs listed between 1995 and 2006 comprising a sample of 229. Using the Buy and Hold Abnormal Return (BHAR) and Cumulative Abnormal Return (CAR) methods, it was found that the IPOs underperformed the market by 50% and 47% for BHAR and CAR respectively. The JSE All Share Index was used as a benchmark. The research also investigated the effect of firm size on IPO performance.

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Shari, Wahidah. "Evaluation of the market performance and survival of initial public offerings (IPOs) and its determinants : evidence from the Malaysian market." Thesis, University of Aberdeen, 2018. http://digitool.abdn.ac.uk:80/webclient/DeliveryManager?pid=240016.

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Ali, Heba Ahmed Abass. "Timing, valuation and post-issue stock performance of the initial public offerings (IPOs) and rights issues in the UK." Thesis, University of Exeter, 2012. http://hdl.handle.net/10036/3584.

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The issuance activity of IPOs and rights issues has shown substantial time-varying fluctuations. These fluctuations are conceptually related to the so-called ‘timing, and ‘hot issues’ markets. This thesis conducts a comprehensive examination of the determinants of timing of IPOs and rights issues in the UK, seeking to inspect and compare the main factors that drive these fluctuations. Specifically, I compare the extent to which the favourable business and economic conditions, bull market timing, investor sentiment, and decreasing adverse selection costs can explain these fluctuations. For IPOs

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Åkesson, Mathias, and Erik Fäldt. "The Aftermarket Performance of Swedish Initial Public Offerings : A study about short- and long-term performance and underpricing of Initial Public Offerings on the Swedish stock markets." Thesis, Blekinge Tekniska Högskola, Institutionen för industriell ekonomi, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:bth-18222.

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This thesis examines the performance of IPO firms in the Swedish markets during their first three years of trading to investigate what effects different factors have on the short- and long-term performance. The level of underpricing on Swedish IPOs are also investigated to detect any abnormalities from previous studies on larger markets in the US and Europe. A total of 175 IPO firms included in the sample in the period between 2000 and 2015. The method used to calculate the aftermarket performance is the buy-and-hold abnormal returns method in an event-time portfolio approach. These returns ar

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Thiess, Rolf C. "Corporate governance, professionalisation and performance of IPO firms. The role of founders and venture capitalists." Thesis, University of Bradford, 2010. http://hdl.handle.net/10454/4458.

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Combining agency theory and the resource-dependence perspective as well as signalling theory, this thesis examines the role venture capitalists (VCs) and founders play with respect to both structural board characteristics and board capital in terms of experience and prestige and whether these are linked to performance. It claims that VCs and founders shape the governance system of the firms going public and are influential in the professionalisation of the ventures especially in terms of human and social capital of its board of directors. It also argues that the board of directors repres

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Espenlaub, Susanne. "The underpricing of initial public offerings : theory and evidence of IPO signalling." Thesis, University of Oxford, 1996. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.361822.

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Gordon, Sean Anthony Garnet. "Empirical Tests of the Signaling and Monitoring Hypotheses for Initial Public Offerings." Thesis, University of North Texas, 2006. https://digital.library.unt.edu/ark:/67531/metadc5595/.

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The research questions investigated are: 1. Are the expected post-issue fractional holdings of the directors and officers, venture capitalists and institutions signals of firm value? 2. Are the expected post-issue fractional holdings of the directors and officers, venture capitalists and institutions signals of underpricing? and 3. Are the directors and officers, venture capitalists and institutions monitors of IPO investments? The signaling theory developed by Grinblatt and Hwang (1989) (GH) and the monitoring theory for IPO investments have been used to develop the hypotheses for this disser

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SIGNORI, Andrea. "The evalutation of IPOs and its influence on a private firm's exit decision." Doctoral thesis, Università degli studi di Bergamo, 2014. http://hdl.handle.net/10446/30392.

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The current research investigates the valuation of companies going public in different phases of the IPO process, and unveils its implications on a private firm’s exit decision. The first paper focuses on how underwriters select comparable firms when valuing IPOs. We document that they perform a biased, left-truncated selection, as they omit peers with the poorest valuations compared to those selected by sell-side analysts or obtained from matching algorithms. IPOs are priced at a discount compared to peers selected by underwriters, but at a premium with regards to alternatively selected peers

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Thiess, Rolf Christian. "Corporate governance, professionalisation and performance of IPO firms : the role of founders and venture capitalists." Thesis, University of Bradford, 2010. http://hdl.handle.net/10454/4458.

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Combining agency theory and the resource-dependence perspective as well as signalling theory, this thesis examines the role venture capitalists (VCs) and founders play with respect to both structural board characteristics and board capital in terms of experience and prestige and whether these are linked to performance. It claims that VCs and founders shape the governance system of the firms going public and are influential in the professionalisation of the ventures especially in terms of human and social capital of its board of directors. It also argues that the board of directors represents a

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Aussenegg, Wolfgang, Pegaret Pichler, and Alex Stomper. "Sticky Prices. IPO Pricing on Nasdaq and the Neuer Markt." SFB Adaptive Information Systems and Modelling in Economics and Management Science, WU Vienna University of Economics and Business, 2002. http://epub.wu.ac.at/1524/1/document.pdf.

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This paper examines the IPO pricing processes of two different markets, each of which employs bookbuilding methods for marketing the IPO shares. For each market we investigate two questions: Does bookbuilding serve mainly as a method for distributing shares, or also as a means for gathering information? And, to what extent do underwriters respond in IPO pricing to any information that they obtain through bookbuilding? We find that a direct comparison of these two markets sheds light on the bookbuilding process in each. For Nasdaq IPOs we find evidence consistent with informational rents being

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Khurshed, Arif. "Initial public offerings : an analysis of the post-IPO performance of the UK firms." Thesis, University of Reading, 1999. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.297620.

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Rajaiya, Harshit. "Three Essays in Corporate and Entrepreneurial Finance:." Thesis, Boston College, 2020. http://hdl.handle.net/2345/bc-ir:108781.

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Thesis advisor: Thomas Chemmanur<br>My dissertation consists of three chapters. In the first chapter, I analyze the impact of firms' innovation success on their corporate financial policies. I hypothesize that innovation success reduces the information asymmetry facing firms and, through the information channel, affects their capital structure and dividend policies. I measure innovation success using the quantity and quality of patents. I show that firms with higher innovation success face lower information asymmetry, measured using analyst coverage, dispersion, and forecast error. Further, I

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Karlsson, Johanna, and Persson Didrik Brinkestam. "The High Risk and High Reward Game : Performance of Venture Capital Backed IPOs." Thesis, Linnéuniversitetet, Institutionen för ekonomistyrning och logistik (ELO), 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-105689.

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For start-up businesses, the source of outside capital can be retrieved from the venture capital industry. The venture capital industry has grown substantially over the past 50 years, reaching its pinnacle during the internet bubble in the 1990s and serves as an important contributor to the economy. After some time, and optimally when the start-up has matured into a successful business, venture capitalists want to receive money in return for their investments. Most commonly, the exiting of venture capital investments is retrieved through an IPO. An IPO refers to the transition from a private c

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Faria, Emerson. "Underpricing of Brazilian Initial Public Offerings : An empirical analysis of the first-day trading performance of the Initial Public Offerings in the Brazilian market between January 2004 and April 2007." Thesis, Umeå University, Umeå School of Business, 2007. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-1197.

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<p>IPO underpricing is a phenomenon found in all markets worldwide. Investors are always looking for a good opportunity of short-term abnormal positive returns, and the IPOs first-day trading returns have been a good investment strategy for both institutional and private investors in all markets of the world.</p><p>This study consists at an investor’s perspective analysis of the first-day returns of 59 IPOs listed on the Brazilian Stock Exchange Market from January 2004 to April 2007, where I have found a significantly mean positive underpricing of 6,60%.</p><p>I have found also some evidences

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Chandran, Sangeeth. "Liquidity levels and the long-run performance of initial public offerings in South Africa." Diss., University of Pretoria, 2011. http://hdl.handle.net/2263/25806.

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This study investigated the impact of the levels of liquidity of Initial Public Offering (IPO) stocks on the long-run performance of IPOs over a five year period. In addition the study sought to investigate if the levels of liquidity of IPO stock were significantly higher than non-IPO stock. The methodology used was the calendar time portfolio approach based on the Fama-French regression equation. The study found that over a five year period IPOs did not underperform or over-perform the market. In addition the study found that the liquidity levels of IPOs were not significantly higher than non

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McPherson, Jason Scott. "Factors affecting the underpricing of junior mining initial public offerings in a “hot issue” market." Diss., University of Pretoria, 2011. http://hdl.handle.net/2263/26514.

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The pricing of Initial Public Offerings (IPOs) is an area of interest to practitioners and academics alike given the empirical regularity of investors in IPOs making very large first day returns. These first day returns are as a result of share underpricing. Academics have explained the underpricing phenomenon in terms of ex ante uncertainty, namely the risk of pricing, off take and issuing of such shares. In an attempt to predict the degree of the phenomenon much work has been done in linking underpricing to company, issue and market related factors that are known prior to the listing (ex ant

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Goot, Tjalling van der. "Valuing new issues : information quality of initial public offerings at the Amsterdam Stock Exchange /." Amsterdam : Thesis Publishers, 1997. http://www.loc.gov/catdir/enhancements/fy0630/98206588-d.html.

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Abdulai, Mohammed Sani. "Valuation, Pricing, and Performance of Initial Public Offerings on the Ghana Stock Exchange." ScholarWorks, 2015. https://scholarworks.waldenu.edu/dissertations/389.

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In recent years, the initial public offerings (IPOs) on the Ghana Stock Exchange (GSE) witnessed some level of undersubscriptions. The purpose of this research was to investigate the extent to which valuation, pricing, and performance of prior IPOs listed on the GSE contributed to this state of undersubscriptions. The research was informed by the valuation and pricing framework of Roosenboom. The research questions addressed whether IPOs on the GSE were under/overpriced and whether the projected and pre-issue financials were free from forecasting errors and earnings management. A cross-section

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Chahine, Salim, Johnathan D. Arthurs, Igor Filatotchev, and Robert E. Hoskisson. "The effects of venture capital syndicate diversity on earnings management and performance of IPOs in the US and UK: An institutional perspective." Elsevier, 2012. http://epub.wu.ac.at/3486/1/JCF_CORFIN%2DD%2D11%2D00041_RR1_Final_25_Oct_2011.pdf.

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This study examines the extent to which principal-principal agency conflicts within venture capital (VC) syndicates lead to additional principal-agent conflicts in IPO firms in two institutional contexts. Using a matched sample of 274 VC-backed IPOs in the US and the UK, it shows that the diversity of a VC syndicate increases pre-IPO discretionary current accruals, used as a proxy for earnings management, but the impact of such diversity is higher in the US. There is also evidence of higher underpricing and lower aftermarket performance in firms with higher earnings management and VC diversi

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Eriksson, Jens, and Carl Geijer. "Why are IPOs still attractive : A comparison between going public or staying private." Thesis, Jönköping University, JIBS, Accounting and Finance, 2006. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-421.

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<p>Bakgrund: Under de senaste två åren så har svenska Private Equity-bolag ökat sina investeringar signifikant. Enkelheten i att anskaffa kapital, såväl som billig skuldsättningsgrad har lett till en ökad aktivitet från PE-bolagen genom uppköp av marknadsledande bolag med starkt kassaflöde. Konkurrensen för attraktiva företag som är till salu har ökat nämnvärt, vilket i sin tur har lett till prisökningar på de utsatta bolagen. De högre värderingarna från PE-bolagen påverkar också antalet börsintroduktioner på Stockholmsbörsen. Ett skäl för de allt färre börsintroduktioner kommer av att bolagen

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Navarro, Filho Danilo Mattes. "Determinantes da performance de longo prazo de IPOs no mercado brasileiro." reponame:Biblioteca Digital de Teses e Dissertações da UFRGS, 2016. http://hdl.handle.net/10183/149455.

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Estudos recentes, realizados principalmente no mercado norte-americano, trazem in-dícios de fatores determinantes para o resultado de longo prazo das emissões primá-rias de ações (IPOs, do inglês Initial Public Offerings). Porém, trabalhos com esse enfoque no mercado brasileiro ainda são escassos e inconclusivos, pois utilizam pe-quenas bases de dados e analisam horizontes de tempo de até dois anos. Buscando ampliar a análise de IPOs no mercado brasileiro, o objetivo desta dissertação foi es-tudar os determinantes do desempenho de longo prazo das IPOs realizadas na Bolsa de Valores de São Paul

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Söderberg, Fredric, and Fredrik Svensson. "Underprissättning av IPOs : En kvantitativ jämförelse mellan svenska börslistor." Thesis, Södertörns högskola, Företagsekonomi, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-38407.

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Att göra en rättvis prissättning av aktier vid en börsintroduktion kan vara svårt och det är i företagens, emissionsinstitutens och investerarnas intresse att detta sker. Rådande informationsasymmetri leder ofta till att aktier underprissätts för att locka investerare att delta vid en börsintroduktion. Syftet med denna uppsats är att undersöka skillnader i aktiekursens utveckling den första handelsdagen på de officiella och de inofficiella börslistorna för att se om varierande krav på informationsutgivning och marknadsvärde har en påverkande faktor. De officiella börslistorna som undersöks är

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Bui, Thi Mai Anh, and Alessandra Frongillo. "How does the market perceive ESG in IPOs : Investigating how ESG factors affect IPO Underpricing in the U.S. market." Thesis, Umeå universitet, Företagsekonomi, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-172446.

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Environmental, Social and Governance (ESG) integration in financial activities is a crucial topic that is gaining importance in financial markets. During the years, many studies have been conducted about Initial Public Offering (IPO) and underpricing since they are fundamental aspects of firms’ lifecycle. Nevertheless, none of these studies have appropriately related firms’ ESG characteristics to IPO underpricing. In order to fill this knowledge gap, this thesis’s purpose is to investigate whether the ESG factors of a firm have effects on its IPO underpricing in the U.S stock market. The U.S h

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Pindroch, Michal. "Underpricing and the Long-Run Underperformance of IPOs." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-71977.

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When companies go public, the shares they sell tend to be underpriced, and thus exhibit a significant price jump on the first day of trading. As a result, IPO investors materialize significant first-day returns. In the long-run, however, relative to some benchmark, investors appear to lose out by continuing to hold the stocks of firms that have recently gone public. These IPO phenomena are subject of the following study. The thesis addresses two main objectives. First, it systematically surveys relevant empirical evidence and theories that have been proposed to explain IPO underpricing and lon

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Westgren, Jakob, and Markus Sandsjö. "IPO Underpricing – Can it be predicted? : A quantitative research study of Swedish IPOs 1997-2011." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Företagsekonomi, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-18327.

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When a company sells shares of their business to the public for the first time, it is called an Initial Public Offering, IPO. The IPO is usually conducted by the issuing firm to raise capital for their future growth. Before the IPO the information about the issuing company is often limited and the investment in an IPO is associated with risks. The investors who choose to invest in an IPO are therefore usually compensated with a discount on the shares and often experience a first day positive return. This first day positive return is the definition of underpricing. If the majority of the IPOs a

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Baptista, Ricardo Fuscaldi de Figueiredo. "Empirical essays on IPOS: the Brazilian case." reponame:Repositório Institucional do FGV, 2011. http://hdl.handle.net/10438/8467.

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Submitted by Ricardo Fuscaldi de Figueiredo Baptista (rfuscaldi@uol.com.br) on 2011-07-16T21:36:15Z No. of bitstreams: 1 Thesis_RFuscaldi_14.07.2011_IMPRESSÃO.pdf: 2129610 bytes, checksum: 9b4f08f17097d988cfd7a3c2b340dd62 (MD5)<br>Rejected by Gisele Isaura Hannickel (gisele.hannickel@fgv.br), reason: Bom Dia Ricardo Fuscaldi, O arquivo PDF deve ser inserido já com a ficha catalográfica. O arquivo anexado não consta a mesma. Em caso de dúvidas estamos à disposição. Att, Gisele on 2011-07-18T11:10:02Z (GMT)<br>Submitted by Ricardo Fuscaldi de Figueiredo Baptista (rfuscaldi@uol.com.br)

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Pinheiro, Douglas Beserra. "Determinantes e efeitos da estabilização em IPOs no Brasil." reponame:Repositório Institucional do FGV, 2008. http://hdl.handle.net/10438/2258.

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Made available in DSpace on 2010-04-20T20:51:35Z (GMT). No. of bitstreams: 3 61060100564.pdf.jpg: 17349 bytes, checksum: d837c6cb5938fcb949cc0d74ead03bf1 (MD5) 61060100564.pdf: 565702 bytes, checksum: 439100ec3690ea1b5453811be8f3b6cf (MD5) 61060100564.pdf.txt: 183906 bytes, checksum: cd1615a368540fef58fa7ea6d396e274 (MD5) Previous issue date: 2008-02-27T00:00:00Z<br>Normalmente os underwriters recompram ações no mercado secundário dos IPOs coordenados pelos mesmos. O objetivo da recompra é o de postergar ou evitar a queda do valor dos IPOs. As ações recompradas são aquelas provenientes d

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Kajerdt, Johan, and Andreas Rydberg. "Betting on the jockey rather than the horse : a study on the determinants of mergers of SPAC IPOs." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-433975.

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Special Purpose Acquisition Companies (SPACs) are public shell entities uniquely constructed to acquire one or more privately held businesses. The transaction's structural characteristics put significant pressure on the management team's capabilities to find a suitable company to acquire within the predetermined time frame. This thesis investigates whether management team characteristics, such as operating experience and gender diversity, increases the likelihood of success in identifying the target company and conducting the merger. Although not statistically significant, the results indicate

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Veselý, Marek. "Initial Public Offering." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-10506.

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Thesis describes initial public offering on the stock markets. There are mentioned basic phases of this process. In this thesis is named pros & cons of this source of financing. Recommends also other ways how to gain capital for own company business acitivities. Thesis is interested about main conditions for successfull "going public". Initial Public Offering of bonds is described too. Practical part of this thesis is concern IPO in the Czech Republic -- historical data, IPO in the past on Prague Stock Exchange, commentary of well-known stock-market analysts, graphs of stock prices in comparis

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Šisl, Marek. "Analýza procesu IPO na příkladu zvolených společností." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-72628.

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This thesis is focused on the issuance of Initial Primary Offerings of shares, with an emphasis on the development of the worldwide IPOs. The first part of the thesis deals with the types of possible sources of financing of the company and the factors that affect their selection. In the next section it shows a characteristic of an IPO from the company's point of view-- a candidate for IPO. In this section are described the motivation and the assumptions of the company undergoing IPO as well as the advantages and disadvantages which the IPO can bring to a company. The following section describe

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Silva, José Milton Almeida da. "Mercado de capitais brasileiro: discussão sobre a eficácia dos mecanismos de proteção dos acionistas minoritários não qualificados nos processos de IPO (Initial Public Offering) na Bovespa, no período de 2004 a 2007." Pontifícia Universidade Católica de São Paulo, 2009. https://tede2.pucsp.br/handle/handle/1748.

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Made available in DSpace on 2016-04-25T18:40:41Z (GMT). No. of bitstreams: 1 Jose Milton Almeida da Silva.pdf: 951427 bytes, checksum: 2eb314059433ac66640426ac17114465 (MD5) Previous issue date: 2009-10-05<br>The central goal of this research was to increase the debating about efficacy from rules, legal actions and Corporate governance to protect the non qualified minority shareholders in the Brazilian IPOs (Initial Public Offering) programs. The theme has showed growing interest, because the number of personal investors and the Bovespa s (São Paulo Stock Exchange) IPO market has been in pro

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Sabel, Jimmy, and Xinrong Wu. "The Role of Lockups in Venture Capital Backed IPOs : An empirical study on the London Stock Exchange from 2009 to 2012." Thesis, Umeå universitet, Företagsekonomi, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-91036.

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There are plenty of things said about the financial industry, an always ongoing debate, to say the least. We have identified a complex situation with three dimensions: Initial public offerings, Venture capital, and Lockup agreements. IPOs are generally difficult to put a price on because the market is not united yet, which creates uncertainties. Venture capital firms invest into startups, often with the incentive of bringing them to an IPO and then make a fast cash out exit. Lockup agreements are contracts that prevent insiders from dumping their shares during a set period in the beginning of

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Costa, Yngrid Cabral Lima da. "Preferência por assimetria e sentimento do investidor: um estudo do impacto nos retornos do primeiro dia de ipo no mercado acionário brasileiro." Universidade Federal da Paraíba, 2016. http://tede.biblioteca.ufpb.br:8080/handle/tede/8282.

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Submitted by Morgana Silva (morgana_linhares@yahoo.com.br) on 2016-06-17T17:05:15Z No. of bitstreams: 1 arquivototal.pdf: 2723691 bytes, checksum: a36df740c73be4b421a7267749037ff7 (MD5)<br>Approved for entry into archive by Viviane Lima da Cunha (viviane@biblioteca.ufpb.br) on 2016-06-20T11:59:01Z (GMT) No. of bitstreams: 1 arquivototal.pdf: 2723691 bytes, checksum: a36df740c73be4b421a7267749037ff7 (MD5)<br>Approved for entry into archive by Viviane Lima da Cunha (viviane@biblioteca.ufpb.br) on 2016-06-20T11:59:09Z (GMT) No. of bitstreams: 1 arquivototal.pdf: 2723691 bytes, checksum: a36df

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Meluzín, Tomáš. "Problematika financování podniků prostřednictvím Initial Public Offering." Doctoral thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2008. http://www.nusl.cz/ntk/nusl-233714.

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The present PhD thesis deals with initial public offerings (IPOs) on the Czech capital market. Unlike the Czech Republic, financing company activities through IPOs is widespread globally and advanced capital markets utilize IPOs as a traditional means of raising funds for further enterprise development. If there were no chance to raise capital this way, the international financial system, and thereby also the economic system, would be different from what they are today. Considering that it is not common to finance enterprise development through IPOs on the Czech capital market, the thesis focu

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