Global ETD Search
Search theses and dissertations gathered from participating repositories worldwide. Every result links back to the library that holds it. No account is needed.
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Showing 1 to 20 of 28 for “"Initial public offerings (IPOs)"”.
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The long-run investment performance of initial public offerings (IPOs) in South Africa
… 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 …
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Essays On The Role Of Competitor-Specific Human Capital On Initial Public Offerings (ipos) Performance
… IPO. By employing a multi-year panel data of new IPOs between 1995-2010 within the context of U.S. semiconductor industry, the first chapter shows that the prevalence of CSD and CSI knowledge in the TMT of IPO firms leads to higher market valuations of the IPO firm. Moreover, the results show that …
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Evaluation of Market Performance of Initial Public Offerings (IPOs) and Its Determinants: Evidence from Australian IPOs
To determine whether Australian initial public offerings (IPOs) underprice in the short run and underperform in the long run, and to identify their determinants, this study investigated the short-run and the long-run stock market performance of 254 IPOs listed during 2006 to 2011 by industry and …
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The skewness preference of investors in initial public offerings in the long run: A theoretical and empirical test of Asset Pricing Models
The underperformance of initial public offerings (IPOs) in the long run has been widely documented. Using a sample of 2537 IPOs from the 1980-1999 period, this research explores the importance of skewness as an explanation the underperformance phenomenon. The results shoe that both the event time …
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Information Content of Insider Trades, IPO lockup Expiration and long-run IPO performance
… the role of insider trading in the context of initial public offerings (IPOs), particularly under lockup restrictions and the high information asymmetries inherent in IPOs.
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Three Essays on the Long-Run Performance of New Issues and Extreme Performers
… during 1970-90. The poor long-run performance of initial public offerings (IPOs) result in lower returns on NASDAQ than on the New York Stock Exchange. New equity issues appear to time their offerings to lower their equity cost of capital. I find that with an average timing ability, firms lower …
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Peer Accounting Information and the Use of Peer-based Multiples for IPO Valuation
Initial public offerings (IPOs) are primarily valued using the comparable firms approach, whereby underwriters rely heavily on multiples based on the accounting information of peer firms. Effective use of the comparable firms approach depends significantly on the underwriter's ability to estimate …
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The valuation and pricing of initial public offerings
Going public is an incredibly exciting and dynamic event in a company's life. The company and its management are transformed and will forever have to conduct their business differently. During the mid to late 1990s, many companies went public, creating multitudes of instant millionaires overnight, …
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The timing of initial public offerings and the role of investment banks
… comprises an investigation of the timing of initial public offerings (IPOs) and the role therein, of investment banks, in taking firms public. Most prior studies of IPOs and seasoned equity offerings (SEOs) investigate timing with respect to firm-specific or economy-wide conditions. Also, the …
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The Determinants and Consequences of CEO Cheap Stock in IPOs
… granted to CEOs and other key employees prior to initial public offerings (IPOs). Pre-IPO firms have incentives to issue cheap stock as compensation because it results in lower compensation expense on the income statement and in large cash windfalls to CEOs subsequent to the IPO. Because cheap …
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An empirical study on anomalies in China's stock market
… contemporary theories or hypotheses related to initial public offerings (IPOs) underpricing, long-run underperformance and asset pricing characteristics. Chapter 3 is a general description of China's stock market development, which offers an institutional background such as IPOs system and stock …
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Two essays on the predictability of asset prices: "Benchmarking problems and long horizon abnormal returns" and, "Low R square in the cross section of expected returns"
… returns". Long run abnormal returns following Initial Public Offerings (IPOs), Seasoned Equity Offers (SEO) and other firm level events are well documented in the finance literature. These findings are difficult to reconcile in an efficient markets world. I examine the seriousness of potential …
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Essays on Aggregate Liquidity and Corporate Events
… events including mergers and acquisitions (M&A), initial public offerings (IPOs), seasoned equity offerings (SEOs), and, finally, corporate asset sales. Liquidity is an important and special asset for firms operating in imperfect capital markets. At aggregate level, corporate holdings of liquidity …
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Two Essays on the Probability of Informed Trading
… influences the secondary market liquidity for initial public offerings (IPOs). Specifically, I argue that co-managers improve the liquidity of IPOs through the other services they provide, besides market making. Using a comprehensive sample of initial public offerings completed between January …
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The Effects of Market Fragmentation Around Corporate Events
… fragmentation in the liquidity formation of initial public offerings (IPOs). Recent exchange officials cite increases in market fragmentation as a hindrance to the liquidity formation in IPO trading. We find that IPOs are less fragmented at the start of IPO trading relative to later periods …
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Essays on the effects of home legal institutions and the Sarbanes-Oxley Act on foreign IPOs in the US
… quality, pricing and performance of foreign initial public offerings (IPOs) in US capital markets. The specific characteristics of foreign IPOs as have been recognized within the recently expanding literature on cross-listed firms make the focus of this research highly interesting and …
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Tencent Holdings Limited : an IPO case study
… is to empirically investigate the phenomenon of initial public offerings (IPOs) by applying it to Tencent Holdings Limited (Tencent). Tencent is a Chinese internet and telecommunications value-added service provider that launched its IPO on 16 June 2004. Tencent is China’s largest internet firm …
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Essays On Ipo Cycles And Windows Of Opportunity
… failure rate of private firms that issued initial public offerings (IPOs) in the public capital market. We study busted, or failed, IPOs to examine the underwriter certification hypothesis and windows of opportunity hypothesis in the new issues market. Extensive literature pointed out that …
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The impact of angel investors on founders of new ventures in the medical technology industry
… IPO. Analyzing S-is from the last 10 years of initial public offerings (IPOs), a dataset was constructed that comprised the shareholders of the 63 Medtech companies that experienced an IPO between 2001 and 2010. Of these, 18 companies had some presence of angel ownership that could be gleaned …
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Essays on new equity offerings in Canada
… in Canada. The first three essays consider initial public offerings (IPOs) and the fourth essay examines seasoned equity offerings (SEOs). The short-run intraday behaviour of Toronto Stock Exchange (ME) IPOs are examined first. Initial trading volume and number of trades for underpriced …
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