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 40 for “"Underpricing"”.
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The impact of investor sentiment on IPO underpricing
… by small investors is positively related to IPO underpricing. In addition to this firm specific investor sentiment, the market wide investor sentiment is also positively related with IPO underpricing significantly. Investor sentiment is positively related with IPO underpricing for both high and …
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The underpricing of unseasoned new issues of common stock
… of the existence of the phenomenon of new issue underpricing. The primary purposes of the research conducted in this study were to: (1) determine if investors may earn excess returns on new issues by purchasing at the prevailing market price in the immediate after-market rather than at the offer …
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Underpricing on initial public offerings: further evidence from the JSE
… paper provides evidence of the existence of IPO underpricing on the JSE between 2000 and 2008. Average underpricing over the period was found to be 17.1 percent (median: 9.4 percent). In line with the general global decline in first day returns following the end of the internet bubble period, …
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Underpricing: Lessons from Bookbuilt Initial Public Offerings in Hong Kong
… the implications of some of the leading IPO underpricing models, using over five years of bid and allocation data on a Hong Kong sample of bookbuilt offerings, subject to clawback restrictions. I find that these allocation restrictions significantly modify the nature of the bookbuilding …
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The impact of credit rating watchlist and effect of underwriter reputation on IPO underpricing
… reputation are generally associated with larger underpricings. The subsamples by the location of offer price in the filing range confirm such positive relation. However, evidence from subperiods shows that the larger underpricing is likely to be both an issuer's industry effect and an …
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A two-part study on the alternative exchange of South Africa (AltX) : a study on the underpricing of new equity issues listed on the alternative exchange of South Africa and the effects of specific use of disclosure on underpricing
… variety of countries investigating the extent of underpricing of initially listed companies. In addition, various studies have been conducted in an attempt to try and establish the relationship between disclosure and underpricing. Underpricing remains a vexing issue that continues to stimulate …
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Analisis pengaruh return on asset, financial laverage, return on equity, earning per share, dan umur perusahaan terhadap underpricing saham: Studi pada perusahaan yang IPO di BEI periode 2008-2012
INDONESIA: Underpricing adalah kondisi dimana harga saham pada waktu penawaran perdana relatif terlalu murah dibandingkan harga dipasar sekunder Apabila terjadi underpricing, dana yang diperoleh perusahaan dari go public tidak maksimum yang dapat menyebabkan transfer kemakmuran (wealth) dari …
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The Pricing And Performance Of Convertible Preferred Stock Offerings Following Issuance
… years. Two main issues are examined: potential underpricing of convertible preferred stocks at issuance and their subsequent investment performance. Underpricing is examined based on a robust contingent-claims valuation model. Using two samples of convertible preferred stock offerings (24 …
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On the Analysis of Firm Value and Idiosyncratic Volatility
… valuation of agency cost, valuation of the underpricing in IPOs and the idiosyncratic volatility of public firms. In Chapter 1, I briefly introduce three topics studied in my dissertation. In addition, I summarized the stochastic frontier model which is employed in the study of valuation of …
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Two Essays on Governance in IPO Firms
… composition and ownership structure affect IPO underpricing, while largely overlooking the implications of these governance structures for long-term liquidity. This is a significant oversight, given the many benefits to IPO issuers from having a liquid stock (e.g., reduced cost of capital, …
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Operating performance of reverse leveraged buyouts and underwriter prestige
… plaguing regular IPOs and causing their underpricing. Prestigious underwriters may be able to signal firm quality to the market thereby possibly reducing underpricing. Previous research has found a significant negative relationship between prestige and underpricing in regular IPOs. It has …
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Essays on initial public offerings
… more diverse VC syndicates experience greater underpricing and lower post-IPO profitability. We suggest that this might be the consequence of coordination problems and conflicts of interests within large and heterogeneous VC syndicates which ultimately results in poorer added value for the …
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LBO's, reverse LBO's, and the reduction of agency problems
… equity. Additionally, we find that reverse LBO underpricing is significantly negatively related to changes in operating performance occurring before the IPOs, to the length of time between the buyout and the IPO, and to the size of reverse LBO firms prior to their IPO. As well, we document a …
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Three Essays On Private Market Interactions
… and frequent PIPOs should experience less underpricing and post IPO volatility relative to other IPOs due to increased monitoring, lower signal attenuation, and positive feedback with existing investor buy ins, respectively. Results indicate the percentage of PIPO investment compared to …
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Implications of investment banks’ reputation and specialisation on initial public offerings and corporate takeovers
… when acting as IPO lead managers on IPO underpricing, investor attention, and waiting periods.Using a sample of 3654 acquisitions announced between 2000 and 2015 in the U.K., and after controlling for endogeneity, we find that neither the reputation nor the specialisation of financial …
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The performance of initial public offerings on the JSE
… 1 January 2000 and 31 December 2011. Significant underpricing of 10.1% and 8.5% was found to exist on the first day and during first week subsequent to the IPO. Underperformance of 14.17% was found using abnormal returns and 12.91% underperformance was found when holding period returns were …
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IPO valuation and performance: evidence from the UK main market
… been many IPO studies that record the so-called “Underpricing anomaly” as a primary stylised fact of IPOs. The underpricing refers to the significance increase of the IPO market price over the first few days after the initial listing. This fact suggests that the IPO pricing is not simple very few …
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The valuation and pricing of initial public offerings
… and company managers- to find out why underpricing occurs. This thesis provides the reader with a better understanding of how companies are valued and the initial offering price determined, and explain the differences in opinion between academics, bankers, and management as to why …
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An empirical study on anomalies in China's stock market
… 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 market structure. Chapters 4, 5 …
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Essays on the effects of home legal institutions and the Sarbanes-Oxley Act on foreign IPOs in the US
… of the home country institutions on the level of underpricing of foreign IPOs in the US, and whether underpricing is significantly different after the enactment of SOX. The third empirical study investigates the effects of the home country institutions on the long-run stock performance of foreign …
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