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Journal articles on the topic 'IPOs Firms'

Author: Grafiati

Published: 4 June 2025

Last updated: 1 August 2025

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1

Drebinger, Till, Shailendra Kumar Rai, and Heiko Hinrichs. "Performance of IPOs of Indian Companies Backed by Private Equity." Vision: The Journal of Business Perspective 23, no. 4 (2019): 397–409. http://dx.doi.org/10.1177/0972262919863877.

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We examine 616 Indian initial public offerings (IPOs), including 116 IPOs backed by private equity (PE), between 2000 and 2016, to test whether PE-backed IPOs perform better than non-PE-backed IPOs in the short run as well as in the long run in terms of cumulative abnormal returns (CARs). We also examine the impact of the PE firm nationality on post-IPO performance. Consistent with the existing literature, we find underperformance for all IPOs, on an average, within 1 year. However, PE-backed IPOs have lower degree of underperformance than non-PE-backed IPOs. We also find that size, liquidity

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Chipeta, C. "Post IPO dynamics of capital structure on the Johannesburg Stock Exchange." South African Journal of Business Management 47, no. 2 (2016): 23–31. http://dx.doi.org/10.4102/sajbm.v47i2.57.

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This paper examines the dynamics of capital structure for firms engaging in initial public offerings (IPOs) on the Johannesburg Stock Exchange (JSE). Censored Tobit regressions are used to model capital structure targeting behaviour. The findings suggest evidence of targeting behaviour consistent with the static trade off theory of capital structure. On average, IPO firms adjust towards the capital structure target at a faster pace than seasoned firms; IPO firms take, on average, 0.77 years to cover half the financing gap, whereas seasoned firms take an average of 2.65 years. In the first year

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Singh, Amit Kumar, and Mohit Kumar. "IPO’s Underpricing: Trends, Determinants and Role of Underwriters." Asia-Pacific Journal of Management Research and Innovation 14, no. 3-4 (2018): 81–93. http://dx.doi.org/10.1177/2319510x18817450.

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In this study, we examine the trends of the initial public offering (IPO) market, a relationship between the composition of underwriters and size of firms and determinants of underpricing in small, medium and large firms. The sample data period is from November 2003 to March 2018. We have found that large firms have been deploying book-running lead managers (BRLMs) twice as much as in medium and small firms. Similarly, the total number of underwriters in IPOs of large firms are found to be more than small and medium size IPOs. However, uses of syndicate services do not seem to have much differ

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Carter, Richard B., and Troy J. Strader. "Software Firm Cost Structure and Its Impact on IPOs in the E-Commerce Era." International Journal of E-Business Research 6, no. 1 (2010): 19–31. http://dx.doi.org/10.4018/jebr.2010100902.

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The first decade of the e-commerce era saw an increase in activity in the software development industries as new firms were created and existing firms made acquisitions. Many firms pursued a growth strategy and this growth required capital that was often obtained through an initial public offering (IPO) of equity. Software firm cost structures are very different from traditional physical goods firms because their marginal costs are much lower, but what is not known is whether this affects their financing strategies. In this study we compare software firm and traditional firm IPOs using data fr

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Nguyen Quang My, Nguyen, Peter S. Kim, and Mustafa Sayim. "Initial Performance of IPOs and the Bankruptcy Risk: A Comparison of Internet Firms and the Traditional Firms." Research in Business and Management 2, no. 2 (2015): 34. http://dx.doi.org/10.5296/rbm.v2i2.7811.

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<p>This study examines whether Internet Firms’ IPOs have more of a tendency to fail than Traditional Firms’ IPOs. IPO issue has long been known as an interesting yet complicated topic to explore. There are heated debates on whether Internet Firm IPOs outperform or underperform Traditional Firm IPOs. In other words, whether investment risks associated with Internet Firms are different than Traditional Firms? Should investment decision-making process be different for Internet Firms than Traditional Firms? In this study, Internet Firms are defined as companies that are providing goods and s

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Ong, Chui Zi, Rasidah Mohd-Rashid, and Kamarun Nisham Taufil-Mohd. "IPO valuation using the price-multiple methods: evidence from Malaysia." Journal of Financial Reporting and Accounting 19, no. 4 (2021): 540–70. http://dx.doi.org/10.1108/jfra-05-2020-0128.

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Purpose This study aims to investigate the valuation accuracy of Malaysian initial public offerings (IPOs) by using price-multiple methods. Design/methodology/approach Cross-sectional data including 467 IPOs listed on the Malaysian stock exchange were used for the period of 2000–2017. This study used univariate ordinary least square (OLS) regression to analyse the relationship between IPOs’ price-multiples and comparable firms’ price-multiples. The test of valuation accuracy was conducted via computing valuation errors by segregating the sample into two groups: fixed-price IPOs and book-built

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Amin, Muhammad, Jianfeng Wu, and Md Ziaul Haque. "The impact of corporate political connections and executive’s international experience on Chinese firms’ initial public offerings in the USA." Journal of Entrepreneurship in Emerging Economies 12, no. 3 (2019): 431–50. http://dx.doi.org/10.1108/jeee-04-2019-0041.

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Purpose Integrating social network theory with signaling theory, the purpose of this research is to examine the impact of corporate political connections and executive’s international experience on Chinese firms initial public offerings (IPOs) performance in the USA. Design/methodology/approach This study used Securities Data Company (SDC) New Issues database to identify all Chinese firms that went public in the USA between 2003 and 2014. Consistent with previous research, IPO firms excluded from the sample include merger or acquisitions, spin-offs and initial stage listed firms. The final sam

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Batool, Zahira. "Long Run Performance of Initial Public Offerings (IPOs) in Pakistan." Business and Management Horizons 6, no. 2 (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

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W. Mao, Qian, Mingshan Zhang, and Lin Zou. "The Day Ahead: IPO Today, Acquired Tomorrow?" Journal of Business Theory and Practice 6, no. 2 (2018): 184. http://dx.doi.org/10.22158/jbtp.v6n2p184.

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<p><em>We study the double exit phenomenon—new IPO firms get acquired quickly in the M</em><em> </em><em>&amp;</em><em> </em><em>A market. In this paper, we attempt to discern the distinct characteristics of new public firms that made them acquired soon after their IPOs. Specifically we find that double exit firms are those backed by venture capital. Double exit firms generally have prestigious investment banks underwrite their IPOs. High technology firms are more likely to be taken over soon after their IPOs. Also, double exit fi

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Giudici, Giancarlo, and Silvio Vismara. "IPOs and Entrepreneurial Firms." Foundations and Trends® in Entrepreneurship 17, no. 8 (2021): 766–852. http://dx.doi.org/10.1561/0300000067.

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Giudici, Giancarlo, and Silvio Vismara. "IPOs and Entrepreneurial Firms." Foundations and Trends® in Entrepreneurship 17, no. 8 (2021): 766–852. http://dx.doi.org/10.1561/0300000067.

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12

Edwards, Alexander, Michelle Hutchens, and Sonja Olhoft Rego. "The Pricing and Performance of Supercharged IPOs." Accounting Review 94, no. 4 (2018): 245–73. http://dx.doi.org/10.2308/accr-52304.

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ABSTRACT This study examines a new form of initial public offerings, “supercharged” IPOs, where a firm-organized pre-IPO as a pass-through entity undergoes a series of transactions that steps-up the adjusted tax basis of the IPO firm's assets. This step-up imposes tax liabilities on pre-IPO owners, but also creates significant future tax benefits for the firm; the average anticipated deferred tax asset is $486 million ($13 per share) for our sample of supercharged IPO firms. Pursuant to tax receivable agreements, supercharged IPO firms pay a large portion of these tax benefits to pre-IPO owner

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Ding, Hung-bin, and Kuntara Pukthuanthong. "LEGITIMACY SIGNALS AND FAMILY IPO PERFORMANCES." Journal of Business Economics and Management 14, no. 1 (2013): 156–81. http://dx.doi.org/10.3846/16111699.2012.711359.

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The objective of this research is to examine the relationship between signals including governance and management practices and the performance of family firms IPOs. Using IPO data of 129 family firms and 129 comparable non-family firms from the Taiwan Stock Exchange, our findings highlighted the role of non-family insiders, or non-family affiliated directors in the IPOs of family firms. Our comparison between family and non-family IPOs shows hiring prestigious underwriters significantly improves the performance of family firm IPOs. Finally, we found the industries of IPO firms moderate the re

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Dang, Huong Dieu, and Michael Jolly. "Red flags for IPO downfalls in New Zealand." Managerial Finance 43, no. 9 (2017): 1034–51. http://dx.doi.org/10.1108/mf-05-2017-0197.

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Purpose The strong performance of New Zealand’s equity market and the Government’s efforts to encourage small investors to invest in initial public offering (IPO) firms raises two questions: should retail investors invest in IPO offers and what types of IPOs are worth buying in the long term? The paper aims to discuss these issues. Design/methodology/approach The authors construct buy and hold equally weighted portfolios of IPOs and peers based on sales forecast, market capitalisation, and price-to-book ratio. The authors employ four benchmark-adjusted performance measures: cumulative average

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Lee, Jen-Sin, Yue Li, Xin Hu, and Qi-An Lu. "The Relation between Initial Returns and Audits by the Big Four Accounting Firms." Applied Economics and Finance 4, no. 4 (2017): 44. http://dx.doi.org/10.11114/aef.v4i4.2471.

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This paper mainly explores the relation between initial returns and audits by the big four accounting firms (the Big Four) in China. The sample period is from January 2007 to December 2012 (the new accounting standards in China is implemented after January 2007 for integrating with the international standards), and selected 1,069 IPO firms listed in the Shanghai Stock Exchange and Shenzhen Stock Exchange in this paper.Many previous studies have proposed the Informational Hypothesis, which states that the initial returns of IPOs being audited by the Big Four are lower than those IPOs being audi

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Cheng, C. S. Agnes, Jing Wang, and Steven X. Wei. "State Ownership and Earnings Management around Initial Public Offerings: Evidence from China." Journal of International Accounting Research 14, no. 2 (2015): 89–116. http://dx.doi.org/10.2308/jiar-51193.

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ABSTRACT This study investigates earnings management by firms around their initial public offerings (IPOs) in domestic Chinese equity markets. Using a sample of 437 IPO firms, we find that Chinese firms tend to inflate earnings around their IPOs. We also show that state-owned enterprises (SOEs) manage earnings to a lesser degree than non-state-owned enterprises (NSOEs) do around IPOs. Furthermore, using path analysis, we find that two incentive factors, CEO shareholding and accessibility to bank loans, explain 48 percent of the correlation between state ownership and earnings management for IP

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Astrachan, Joseph H., and Daniel L. McConaughy. "Venture Capitalists and Closely Held IPOs: Lessons for Family-Controlled Firms." Family Business Review 14, no. 4 (2001): 295–311. http://dx.doi.org/10.1111/j.1741-6248.2001.00295.x.

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This study examines how the presence of venture capitalists (VCs) in closely held IPOs relates to their performance. It also identifies other factors that are related to the performance of closely held IPOs. Closely held firms in this study had an average of 88% insider ownership before the IPO. In general, we find that closely held IPOs benefit from associations with VCs. This finding suggests that VCs' outside expertise and connections are valuable assets. Because it takes time for VCs to effect changes and because beneficial changes generally occur gradually, firms contemplating IPOs must p

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Dobridge, Christine, Rebecca Lester, and Andrew Whitten. "IPOs and Corporate Taxes." Finance and Economics Discussion Series 2021, no. 058 (2021): 1–75. http://dx.doi.org/10.17016/feds.2021.058.

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How does going public affect firms’ tax obligations and tax planning? Using a panel of U.S. corporate tax return data from 1994 to 2018, we compare tax payments for firms that completed an IPO with those that filed for an IPO but later withdrew and remained private. We find that in the years immediately following IPO completion, firms have a higher probability of paying taxes and pay more U.S. tax. The effects occur regardless of tax status in the pre-IPO period and are not explained by statutory limitations imposed on the use of pre-IPO losses. Higher income reported for financial reporting p

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Jin, Chuntai, Tianze Li, Steven Xiaofan Zheng, and Ke Zhong. "The new capital raised in IPOs." Managerial Finance 43, no. 9 (2017): 966–81. http://dx.doi.org/10.1108/mf-04-2017-0111.

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Purpose The purpose of this paper is to answer the following three questions about the new capital raised in initial public offerings (IPOs): why do some IPO companies raise a lot of new capital while some others do not? Where do the IPO companies use the new capital they raise in IPOs? How does the use of new capital affect the operating performance of IPO companies? Design/methodology/approach Matching firm approach, univariate and regression tests. Findings This paper finds that companies with higher research and development (R&D) spending, higher capital expenditure, lower working capi

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Ghazi, Zeshan Jalil, Waleed Khalid, and Abdul Rasheed. "Value Relevance of Accounting Information of Stock Returns with the Moderating Role of Firm’s Ownership Structure: A Case Study of Initial Public Offerings in Pakistan." Bulletin of Business and Economics (BBE) 13, no. 2 (2024): 412–17. http://dx.doi.org/10.61506/01.00345.

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This study investigates the effect of VRAI on stock returns moderating the role of ownership structure between accounting information variables and stock returns. The study used the data of 92 firms conducting initial public offerings (IPOs) registered on the Pakistan Stock Exchange from 2000 to 2022. The study found that EPS, CEPS and book value are positive and significant factors in the stock returns of firms during IPOs. However, the study found that the influence of variables NI, CNI and DPS on SR is positive but statistically insignificant. Similarly, the study also found that ownership

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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 (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 sam

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Binay, Murat M., Vladimir A. Gatchev, and Christo A. Pirinsky. "The Role of Underwriter-Investor Relationships in the IPO Process." Journal of Financial and Quantitative Analysis 42, no. 3 (2007): 785–809. http://dx.doi.org/10.1017/s002210900000418x.

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AbstractWe find that in allocating initial public offerings (IPOs), underwriters favor institutions they have previously worked with. Regular investors benefit more than casual investors in IPOs through greater participation in underpriced issues. Relationship participation is more important in the distribution of IPOs with stronger demand, IPOs of less liquid firms, and deals by less reputable underwriters. Overall, our results are consistent with book-building theories of IPOs. Interestingly, for 1999–2000 we find that regular investors receive even more underpriced IPOs relative to previous

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Beaulieu, Marie-Claude, and Habiba Mrissa Bouden. "Does idiosyncratic risk matter in IPO long-run performance?" Review of Quantitative Finance and Accounting 55, no. 3 (2019): 935–81. http://dx.doi.org/10.1007/s11156-019-00864-x.

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AbstractThis paper studies how firm-level idiosyncratic risk varies over time and affects both initial public offering (IPO) and matched non-IPO firms’ long-run performance. It revisits the traditional approach to compute the long-run performance by conditioning aftermarket performance on idiosyncratic risk with a generalized autoregressive conditional heteroskedasticity GARCH-M extension of the standard three-factor Fama and French (3FF) model. Our findings show a positive long-run relationship between idiosyncratic risk and expected returns for almost all IPOs and matched non-IPO firms. We f

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Dobridge, Christine L., Rebecca Lester, and Andrew Whitten. "IPOs and Corporate Tax Planning." Finance and Economics Discussion Series, no. 2021-058r1 (November 2022): 1–52. http://dx.doi.org/10.17016/feds.2021.058r1.

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Does going public affect the amount and type of corporate tax planning? Using a panel of U.S. corporate tax return data from 1994 to 2018, we show that IPO completion is associated with the implementation of multinational income shifting strategies central to the current international tax policy debate. Specifically, firms (i) expand their foreign tax haven presence, (ii) enter into cross-border agreements that accompany intangible asset transfers to foreign subsidiaries, and (iii) increase their level of foreign related-party payments around the time that they go public. The effects are stron

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Song, Kyojik, Young-Soo Choi, and Jong Eun Lee. "Revisiting The Certifying Role Of Financial Intermediaries On IPOs." Journal of Applied Business Research (JABR) 28, no. 5 (2012): 1017. http://dx.doi.org/10.19030/jabr.v28i5.7242.

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This paper re-examines the role of commercial banks, investment banks, and venture capitalists in monitoring and certifying the value of the firms that went public in the 2000s. We find that investment banks that have better reputations are associated with larger underpricing for venture-capital-backed IPOs, but not for non-venture-capital-backed IPOs. The partial adjustment phenomenon observed in Carter et al. (2001) exists only for venture-capital-backed IPOs. The presence of venture capital is inversely related to IPO underpricing only when venture capitalists certify small firms. We do not

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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 (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 publi

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Chahine, Salim, Samer Saade, and Marc Goergen. "Foreign Business Activities, Foreignness of the VC Syndicate, and IPO Value." Entrepreneurship Theory and Practice 43, no. 5 (2018): 947–73. http://dx.doi.org/10.1177/1042258718757503.

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This article examines the role played by foreign venture capital (VC) firms in U.S. initial public offerings (IPOs). We find that U.S. VC–backed IPOs benefit from the foreignness of the VC syndicate. Specifically, jointly with domestic VC firms, foreign VC firms certify the quality of their portfolio companies at the time of the IPO, which increases their IPO premium. Foreign VC firms also play an advisory role, enhancing the foreign business activities of their U.S. investees, thereby increasing the IPO premium. Finally, value added by foreign VC firms is greater through their monitoring role

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Ghazi, Zeshan Jalil, Waleed Khalid, and Abdul Rasheed. "The Relationship between the Value Relevance of Accounting Information and Stock Returns in Pakistan: A Case Study of Pre and Post IPO Performance." Journal of Economic Impact 6, no. 2 (2024): 181–86. http://dx.doi.org/10.52223/econimpact.2024.6209.

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This study analyzes the impact of value relevance of accounting information on stock returns of firms in the case of initial public offerings in Pakistan using the data of 92 firms conducting initial public offerings (IPOs) registered on the Pakistan Stock Exchange from 2000 to 2022. The data of all the variables has been collected from the annual published reports of firms and the PSX data stream. The study found that the variables earnings-per-share, change in earnings-per-share and book value are positively and significantly related to stock returns of firms before initial public offerings

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Lin, Tzong-Huei. "Underpricing and corporate governance－Evidence from Taiwan securities market." Corporate Ownership and Control 4, no. 2 (2007): 69–73. http://dx.doi.org/10.22495/cocv4i2p6.

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To enhance the corporate governance of listed firms, Taiwan prescribes that the initial public offerings (IPOs) after February 19, 2002, have to set up at least two independent directors and one independent supervisor who posses financial or accounting expertise. The corporate governance reform of Taiwan offers an opportunity to investigate the effect of corporate governance on IPOs market. Using data from Taiwan’s initial public offerings (IPOs), this study documents evidence that the magnitudes of under-pricings of IPOs after 2002 are significantly smaller than those of before. This shows th

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., Suherman. "Apakah Kinerja Jangka Panjang Penawaran Umum Perdana Di Indonesia Underperformed?" Jurnal Ekonomi 21, no. 1 (2018): 1. http://dx.doi.org/10.24912/je.v21i1.379.

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The objective of this research is to investigate the long-run performance of Indonesian Initial Public Offerings (IPOs). Sample of this research covers 101 IPO firms between 1999 and 2005 listed on Jakarta Stock Exchange. Sample is categorized into panel A (all IPOs sample), panel B (non-financial firm IPOs), panel C (non-privatized IPOs) and panel D (privatized IPOs).The results show that insignificant underperformance is found for EWCAR and VWCAR (except privatized IPOs showing insignificant outperformance), significant underperformance is found for EWBHAR (except privatized IPOs showing out

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Kelen, Lusianus Heronimus Sinyo. "Profil Kinerja Keuangan Perusahaan yang Melakukan Initial Public Offering (IPO) Selama Pandemi COVID-19 di Indonesia." Jurakunman (Jurnal Akuntansi dan Manajemen) 15, no. 2 (2022): 254. http://dx.doi.org/10.48042/jurakunman.v15i2.125.

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This study aims to analyze the profile of the financial performance of firms conducting IPOs during the COVID-19 pandemic through initial returns and analysis of financial statements. This research was conducted by taking a population of shares listed on the Indonesia Stock Exchange when the firm conducted an IPO during the COVID-19 pandemic from March to December 2020. In this study, the sampling method used purposive sampling, the firm listed on the IDX at the time of 51 firms conducted IPOs during the COVID-19 pandemic but the available data met the sampling criteria, thus obtaining as many

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Abdul Rahman, Siti Suhaila, and Norliza Che-Yahya. "Growth Opportunities and IPO Initial Performance. Is There an Interacting Effect of Public Issue?" Journal of International Business, Economics and Entrepreneurship 5, no. 1 (2020): 1. http://dx.doi.org/10.24191/jibe.v5i1.14285.

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The declining rate on initial return of Malaysian IPOs over the past years have alarmed investors to astutely choose IPO firms for a better security of their investment’s income. In an attempt to offer an aid for the danger on the loss of capital that the investors might suffer, this study is initiated to search for explanations on the variation of IPO returns particularly in the initial aftermarket. This study proposes “growth opportunities in an IPO firm” and “allocation of IPOs through public issue approach” as its main explanatory factors which the former acts as main explanatory variable

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Singla, Harish Kumar. "Does ownership structure and market sentiment affect the performance of IPOs in India in short run? A dynamic panel data analysis." Journal of Financial Management of Property and Construction 26, no. 1 (2021): 1–22. http://dx.doi.org/10.1108/jfmpc-10-2019-0077.

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Purpose This study aims to compare the short-run performance of construction and non-construction initial public offerings (IPOs) that are offered in India during 2006–2015. The study also attempts to investigate the impact of ownership structure (i.e. concentrated ownership in the hand of promoters and institutional ownership) and market sentiment on the performance of construction sector IPOs in short run. Design/methodology/approach A total of 281 IPOs were listed at National Stock Exchange, India, during the study period, and 44 of those were from construction sector. The short-run perform

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Ivanov, Stoyu I. "The performance of IPOs excluding the jump." Studies in Economics and Finance 35, no. 2 (2018): 273–86. http://dx.doi.org/10.1108/sef-11-2016-0264.

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PurposeThis paper aims to examine performance of firms with a negative second-day return after the Initial Public Offering (IPO) relative to stocks with a positive second-day return after the IPO. Loughran and Ritter (1995) document that firms which have done an IPO or an SEO underperform similar firms over three- and five-year investment horizons. Loughran and Ritter (2002) also document that firms that go public “leave money on the table”, with this amount being almost twice as large as the fees paid to the investment banks.Design/methodology/approachThe study’s null hypothesis is that stock

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An, Le Thuy Ngoc, Yoshiyuki Matsuura, Mohammad Ali Tareq, Nurhayati Md Issa, and Norliza Che-Yahya. "Impact of Patent Signal on Firm’s Performance at IPO: An Empirical Analysis of Japanese Firms." Economies 11, no. 4 (2023): 101. http://dx.doi.org/10.3390/economies11040101.

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This study investigates whether patents can be a useful signaling tool for the IPO performances among high- and low-tech firms. Literature has provided a wealth of evidence confirming a significant relationship between patent signal and capital-raising success for US and EU venture capital-backed firms and start-ups in specific industries. Therefore, this paper focuses on the IPO firms from a more risk-averse market, Japan, to fill in the gaps in the literature, examining the signaling effect of patent applications prior to initial public offering (IPO) to the amount raised at IPO. Moreover, w

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Gumanti, Tatang Ary. "AN INVESTIGATION OF EARNINGS MANAGEMENT IN INDONESIAN MANUFACTURING INITIAL PUBLIC OFFERINGS." Gadjah Mada International Journal of Business 5, no. 3 (2003): 345. http://dx.doi.org/10.22146/gamaijb.5628.

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This paper examines whether the issuers of Indonesian manufacturing initial public offerings (IPOs) manage the firm's reported earnings by making income increasing discretionary accruals. The absence of market-determined prices for IPO shares prior to the offering has made issuers and underwriters to use nonprice information. The test was performed on a sample of 45 IPOs that went public during the period of July1991 through December 1994. The model used in this study follows the one developed by Friedlan (1994). The results show that there is no evidence that earnings management occurs among

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Hong, Hyun A., Mingyi Hung, and Gerald J. Lobo. "The Impact of Mandatory IFRS Adoption on IPOs in Global Capital Markets." Accounting Review 89, no. 4 (2014): 1365–97. http://dx.doi.org/10.2308/accr-50720.

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ABSTRACT: This study examines the impact of mandatory IFRS adoption on IPO underpricing and the relative amount of IPO capital raised in foreign markets. Using a difference-in-differences design, we find a decrease in IPO underpricing and an increase in the relative proceeds from foreign markets following mandatory IFRS adoption. We also find that mandatory IFRS adoption has a greater impact on IPO underpricing and relative foreign proceeds for firms in countries with a larger number of accounting changes, and this relation is more pronounced among firms in countries with stronger implementati

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Bask, Mikael, and Anton Läck Nätter. "Latent class analysis of IPOs in the Nordics." PLOS ONE 16, no. 11 (2021): e0259510. http://dx.doi.org/10.1371/journal.pone.0259510.

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We examine how the offer size of initial public offerings (IPOs) and the market return on their issue date are related to the pricing of 314 IPOs issued by firms in Denmark, Finland, Norway and Sweden at the one-day, one-week and four-week horizons using latent class analysis, which is a structural equation methodology. We identify four latent classes at each time horizon, where classes (i)-(ii) include a greater number of IPOs: (i) large-sized and underpriced IPOs; (ii) small-sized and overpriced IPOs; (iii) small-sized and severely underpriced IPOs; and (iv) large-sized IPOs that are overpri

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Ong, Chui Zi, Rasidah Mohd-Rashid, Waqas Mehmood, and Ahmad Hakimi Tajuddin. "Does disclosure of earnings forecasts regulation affect the valuation of IPOs? Evidence from an emerging country." Asian Review of Accounting 29, no. 4 (2021): 558–78. http://dx.doi.org/10.1108/ara-09-2020-0142.

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PurposeThis paper aimed to explore the effect of a regulatory change pertaining to earnings forecasts disclosure from a mandatory to a voluntary regime on the valuation of Malaysian initial public offerings (IPOs).Design/methodology/approachThe study employed ordinary least square (OLS) regression and quantile regression to analyse the impact of disclosure of earnings forecasts regulation on the valuation of IPOs which comprised 458 IPOs reported for the period 2000–2017 on Bursa Malaysia.FindingsThis paper revealed that the regulatory change in forecasted earnings disclosure from a mandatory

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Trifts, Jack, and Gary Porter. "The Post-IPO Performance of Private Equity Backed Firms during the Great Recession." Journal of Finance Issues 20, no. 2 (2022): 35–52. http://dx.doi.org/10.58886/jfi.v20i2.3490.

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We examine the performance of PE-backed firms following their IPOs during the expansionary period of the early 2000s and their performance during the “great recession.” We employ a control group using multi-digit NAICS codes, which allows us to match firms much more closely than prior studies. The results during the market expansion of the early decade parallel those of the existing literature, showing PE-backed firms perform as well or better than non-PE-backed firms. However, while those studies conclude that IPOs are generally a positive addition to the market and its investors, we show the

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Escobari, Diego, and Alejandro Serrano. "Reducing asymmetric information in venture capital backed IPOs." Managerial Finance 42, no. 6 (2016): 553–68. http://dx.doi.org/10.1108/mf-03-2015-0059.

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Purpose – The purpose of this paper is to model asymmetric information and study the profitability of venture capital (VC) backed initial public offerings (IPOs). The mixtures approach endogenously separates IPOs into differentiated groups based on their returns’ determinants. The authors also analyze the factors that affect the probability that IPOs belong to a specific group. Design/methodology/approach – The authors propose a new method to model asymmetric information between investors and firms in VC backed IPOs. The approach allows the authors to identify differentiated companies under in

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Komenkul, Kulabutr, and Santi Kiranand. "Aftermarket Performance of Health Care and Biopharmaceutical IPOs: Evidence From ASEAN Countries." INQUIRY: The Journal of Health Care Organization, Provision, and Financing 54 (January 1, 2017): 004695801772710. http://dx.doi.org/10.1177/0046958017727105.

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We examine the evidence from the long-run abnormal returns using data for 76 health care and biopharmaceutical initial public offerings (IPOs) listed in a 29-year period between 1986 and 2014 in the Association of Southeast Asian Nations (ASEAN) countries such as Indonesia, Malaysia, Singapore, Thailand, the Philippines, Vietnam, Myanmar, and Laos. Based on the event-time approach, the 3-year stock returns of the IPOs are investigated using cumulative abnormal return (CAR) and buy-and-hold abnormal return (BHAR). As a robustness check, the calendar-time approach, related to the market model as

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Tong, Shenghui, and Eddy Junarsin. "Do Private Firms Outperform SOE Firms after Going Public in China Given their Different Governance Characteristics?" Gadjah Mada International Journal of Business 15, no. 2 (2013): 133. http://dx.doi.org/10.22146/gamaijb.5699.

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This study examines the characteristics of board structure that affect Chinese public firm’s financial performance. Using a sample of 871 firms with 699 observations of previously private firms and 1,914 observations of previously state-owned enterprise (SOE) firms, we investigate the differences in corporate governance between publicly listed firms that used to be pure private firms before going public and listed firms that used to be SOEs before their initial public offerings (IPOs). Our main finding is that previously private firms outperform previously SOE firms in China after IPOs. In the

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Ozdemir, Ozgur. "The Effect Of Geographic Dispersion On The Initial And Long-Run IPO Performance." Journal of Hospitality & Tourism Research 41, no. 7 (2017): 869–97. http://dx.doi.org/10.1177/1096348014563395.

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This study examines the effect of geographic dispersion on the short-run and long-run initial public offering (IPO) performance of restaurant firms. Sample of the study consists of 103 restaurant IPOs conducted between 1981 and 2011. The study finds that being geographically dispersed or concentrated in a small area does not lead to a significant difference in the initial returns of restaurant IPOs. Yet the analysis shows that restaurant firms with geographically dispersed operations have significantly higher long-run returns in the post-IPO period compared with their local counterparts. This

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Chen, Xinyuan, Jun Huang, Xu Li, and Tianshu Zhang. "Corporate Governance and Resource Allocation Efficiency: Evidence from IPO Regulation in China." Journal of International Accounting Research 17, no. 3 (2018): 43–67. http://dx.doi.org/10.2308/jiar-52104.

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ABSTRACT As a requisite to issuing initial public offerings (IPOs), Chinese companies must obtain approval from the China Securities Regulatory Commission (CSRC). Using a sample of Chinese firms that applied for IPOs between 2006 and 2011, we examine the influence of corporate governance on the IPO application process and firms' post-IPO performance. We find that firms with more outside directors, smaller boards, and more balanced ownership among large shareholders are more likely to pass the IPO screening. Along similar lines, controlling shareholder ownership is negatively related to the suc

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Ong, Chui Zi, Rasidah Mohd-Rashid, and Kamarun Nisham Taufil-Mohd. "Underwriter reputation and IPO valuation in an emerging market: evidence from Malaysia." Managerial Finance 46, no. 10 (2020): 1283–304. http://dx.doi.org/10.1108/mf-11-2019-0579.

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PurposeThe purpose of this study is to examine the influence of underwriter reputation on the valuation of Malaysian initial public offerings (IPOs).Design/methodology/approachThis study employed cross-sectional multiple regression models to analyse the relationship between underwriter reputation and IPO valuation that included 466 IPOs listed on Bursa Malaysia from 2000 to 2017.FindingsThe results revealed that underwriter reputation had a significant negative association with IPO valuation. Firms that engaged the services of reputable underwriters had their IPO offer prices set lower than th

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Francis, Bill B., Iftekhar Hasan, James R. Lothian, and Xian Sun. "The Signaling Hypothesis Revisited: Evidence from Foreign IPOs." Journal of Financial and Quantitative Analysis 45, no. 1 (2010): 81–106. http://dx.doi.org/10.1017/s0022109010000037.

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AbstractWhile the signaling hypothesis has played a prominent role as the economic rationale associated with the initial public offering (IPO) underpricing puzzle (Welch (1989)), the empirical evidence on it has been mixed at best (Jegadeesh, Weinstein, and Welch (1993), Michaely and Shaw (1994)). This paper revisits the issue from the vantage point of close to two decades of additional experience by examining a sample of foreign IPOs—firms from both financially integrated and segmented markets—in U.S. markets. The evidence indicates that signaling does matter in determining IPO underpricing,

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Mohd-Rashid, Rasidah, Mansur Masih, Ruzita Abdul-Rahim, and Norliza Che-Yahya. "Does prospectus information matter in IPO pricing?" Journal of Islamic Accounting and Business Research 9, no. 4 (2018): 514–30. http://dx.doi.org/10.1108/jiabr-10-2017-0146.

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Purpose The purpose of this study is to identify selected information from the prospectus that might signal the initial public offering (IPO) offer price. Design/methodology/approach This study uses cross-sectional data for a 14-year period from 2000 to 2014 in examining hypotheses relating to Shariah-compliant status, institutional investors, underwriter ranking and shareholder retention, with respect to their associations with the offer price of the IPOs. Further, this study uses ordinary least squares (OLS) for all models, including the models for both subsamples of Shariah- and non-Shariah

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Maximilian, Jung, and Jyoti Gupta. "Market Performance of Sponsor-Backed Initial Public Offerings: An Empirical Analysis of the German Market." Journal of Economics and Public Finance 4, no. 1 (2018): 31. http://dx.doi.org/10.22158/jepf.v4n1p31.

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<p><em>This paper investigates the overall market performance of Initial Public Offerings (IPOs) in Germany, by analyzing the short and long run performance of IPOs, utilizing the data from 2000-2013. Furthermore the study aims to distinguish and compare the performance of sponsor backed IPOs to non-sponsor backed IPOs, by placing a special focus on the value creating abilities of financial sponsors. The examined data set consists of 286 IPOs out of which 46 can be considered as IPOs which were backed by financial sponsor. The study suggests that, on average, IPOs significantly und

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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 (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 t

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