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 19 of 19 for “"underwriter"”.
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Operating performance of reverse leveraged buyouts and underwriter prestige
… 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 been also determined that …
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The impact of credit rating watchlist and effect of underwriter reputation on IPO underpricing
… to describe how an issuer matches with an underwriter for an initial public offering (IPO). The study focuses on the issuer's preference over underwriter reputation. From GLM with fixed effects, we find that the issuer tends to choose a high-reputation underwriter when the IPO's expected …
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Essays in financial economics
… essays on various topics in Financial Economics. Underwriter analysts issue recommendations that are on average more favorable than recommendations of other analysts. In Chapter 1, I investigate whether this bias matters for returns, and whether it matters for wealth redistribution between …
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An Examination of Seasoned Equity Offer Placement Effort
Altınkılıç and Hansen (2000) show that underwriter spreads in seasoned equity offerings (SEOs) overwhelmingly reflect variable costs. This research attempts to begin filling the gap created by this result, as to what are the important constituents of the variable costs. In particular, I investigate …
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Essays In Corporate Finance
… price to investors, and all losses below to the underwriter. We then add profit and loss sharing to the model, and allow the issuer to set the fee and the underwriter to set the price in the initial public offerings market. However, participants deviate in practice, such that investors share some …
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Essays in corporate finance
… to 2004, I show that the reputation of the lead underwriter is the most significant variable in this decision process. Using Carter-Manaster rankings of underwriter reputation, I report that a one point increase in the reputation ranking leads to a 2\% increase in institutional investors` …
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Risk, Reputation, and Interdependence in the Market for Initial Public Offerings: Embedded Networks and the Construction of Organization Value
… greater post-IPO stock ownership concentration. Underwriter reputation had a positive main effect on ownership concentration and a negative main effect on the level of underwriting commissions paid by the offering firm. Underwriter reputation also had a negative moderating effect on premium …
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Essays in Leveraged Capital Markets
… that differ in size and number of lead underwriters. Using a nested double selection probit model of syndicate choice, I examine the matching of issuers and underwriters and find that matches of issuer quality and underwriter reputation are positive assortative. Further, switching …
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Contagion by shared financial intermediary in the pre-1914 London sovereign debt market
… dataset of weekly bond prices and borrower-underwriters relationships in the pre-1914 London market for sovereign debt, we explore two events of financial distress - the Brazilian Funding Loan of 1898 and the Greek Funding Loan of 1893 - as quasi-natural experiments to contagion by shared …
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Essays on new equity offerings in Canada
… returns. The overallotment option (OAO) gives underwriters the right to acquire additional shares from the firm at the offer price (less fees). It has been suggested that one use of the OAO is to stabilize price. Several aspects of stabilization in the new issue market in Canada are examined in …
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An Investigation of the Plastic Pallet Industry in the United States in 2018
… respondents indicated that their pallets were Underwriter Laboratories (UL) or Factory Mutual (FM) certified. Based on these results, a new survey format and framework is designed with a recommendation to conduct it in every five years in order to further explore the state and market trends of …
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Two Essays on Shelf-registered Corporate Equity Offerings
… results in smaller market penalties and lower underwriter fees relative to non-shelf offerings. This allows firms with greater uncertainty to take advantage of the shelf option to defer or abandon offers. Additionally, firms often use universal shelf filings and choose between debt and equity …
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Essays on reverse leveraged buy-outs
… the offering. Finally, I investigate whether underwriters perform the certification role found for first IPOs.</p> <p>The findings demonstrate that public-to-private RLBOs earns stock returns that outperform IPOs in comparable industries, with little evidence of market mispricing. As these …
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Essays On Ipo Cycles And Windows Of Opportunity
… 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 time-varying characteristics of information asymmetry might induce windows of opportunity in capital market …
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Faktor-faktor yang mempengaruhi initial return saham pada penawaran umum perdata (IPO): Studi kasus saham konvensional dan saham syariah yang listing di BEI pada tahun 2009-2013
… diperjualbelikan dipasar perdana ditetapkan oleh underwriter dan emiten, sehingga mengakibatkan initial return yang rendah dan bisa mengakibatkan kerugian bagi pihak perusahaan. Adapun tujuan dari penelitian ini untuk mengetahui faktor-faktor yang mempengaruhi initial return dan perbedaan yang …
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The timing of initial public offerings and the role of investment banks
… the role of market timing often ascribed to underwriters by practitioners. The analysis in this study elucidates the matter of the long-run post-issue performance of IPOs documented in the literature. Evidence is provided here about the timing of IPO firms relative to market conditions before …
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The role of banks in corporate finance
… managers to prevent a lending commercial bank underwriter from gaining too much power over the firm. While a number of papers analyze commercial bank entry, this work in this chapter is the first to use the effect of exogenous deregulation on within-firm variation over time to estimate key …
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Corporate dividend decisions
… positively associated with managerial ownership, underwriter reputation, firm size, profitability and long-term debt ratio. In addition, the results show that the initiation propensity is negatively influenced by a serial of factors including the length of lockup period, VC backing, managerial …
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Private Equity and Venture Capital Investors' Involvement in Firms Post Initial Public Offering
… In addition, I find that PE/VC house and underwriter reputations are only considered to be alternative commitment devices in the UK. I also highlight a number of other factors which affect voluntary ownership of PE and VC investors in the post-IPO period. In particular, I show that PE and …