Initial Returns And Long Run Performance Of Private Equity Backed Initial Public Offerings On The Amsterdam Stock Exchange PDF Download

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Initial Returns and Long-Run Performance of Private Equity-Backed Initial Public Offerings on the Amsterdam Stock Exchange

Initial Returns and Long-Run Performance of Private Equity-Backed Initial Public Offerings on the Amsterdam Stock Exchange
Author: Roy van der Geest
Publisher:
Total Pages: 31
Release: 2001
Genre:
ISBN:

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This paper investigates the initial returns and long run performance of initial public offerings (IPO) using a sample of 38 private equity-backed IPOs and 68 non-private equity-backed IPOs in the period 1985-1998 on the Amsterdam Stock Exchange. We find that private equity-backed firms outperform non-private equity-backed firms. In tests using several comparable benchmarks, private equity-backed firms show less underpricing than non-private equity-backed firms, however the difference is not significant. The evidence suggests that private equity-backed IPOs do not significantly underperform over a three-year period, while non-private equity-backed IPOs do. This paper also provides initial evidence on the sources of underpricing and underperformance. Evidence is presented that the reputation of the lead manager and the age of the firm have a negative effect on the level of underpricing and that the sales growth rate has a significant positive effect on the long-run performance of IPOs.


Handbook of Research on IPOs

Handbook of Research on IPOs
Author: Mario Levis
Publisher: Edward Elgar Publishing
Total Pages: 599
Release: 2013-11-29
Genre: Business & Economics
ISBN: 1781955379

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The chapters offer some important new insights into issues that will be of interest not only to the academic community but also to professionals involved in the preparation, structure and execution of such transactions, market regulators, and private a


The Long-run Performance of Private Equity-backed IPOs in the US and the UK

The Long-run Performance of Private Equity-backed IPOs in the US and the UK
Author: Luca Fritz
Publisher:
Total Pages:
Release: 2016
Genre:
ISBN:

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This thesis studies the long-run performance of Private Equity-backed and non Private Equity-backed Initial Public Offerings between the years 2000 and 2012 in the United States and the United Kingdom. Using a unique data sample of 141 PE-backed and 185 non PE-backed IPOs between 1-10 billion in market capitalisation, this study measures the statistical significance of their abnormal performance three years after the IPO using all of the conventional performance measurement methodologies. Due to the measurements' considerable shortfalls, a new abnormal return measurement was developed, which allows for a new perspective on long-term performance by taking into account the companies' financial and industry risk, as well as investors' return expectations. Contrary to prior research, it was found that PE-backed IPOs do not outperform the market, while non-backed IPO firms do, especially in the US. Furthermore, companies that went public in years of heavy IPO activity did not underperform worse. It could also not be shown that IPO firms in technological industry sectors exhibit worse long-run returns compared to others. Lastly, a considerable impact of firm size on post-issue operating performance could be established, despite the size restricted sample. Measurement issues in long-run IPO performance studies were, however, clearly brought to light.


INITIAL PUBLIC OFFERINGS - 2ND EDITION

INITIAL PUBLIC OFFERINGS - 2ND EDITION
Author: Arif Khurshed
Publisher: Harriman House Limited
Total Pages: 147
Release: 2019-02-18
Genre: Business & Economics
ISBN: 085719688X

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A fully revised and updated second edition of the essential guide that tells you everything you want to know about IPOs in the UK. An initial public offering (IPO) - the occasion when a firm's shares are issued to the public for the first time - is one of the most exciting events in the life of a company, providing new opportunities for the business, its managers and for investors. IPOs attract a lot of attention from stock market researchers, academics and investors seeking to understand more about how they work and how the shares of IPO companies perform once they are listed. In this second edition of Initial Public Offerings, Arif Khurshed delves into the history of IPOs on the London Stock Exchange, explains the mechanics of how IPOs are arranged and how they are priced, and provides an analysis - with detailed but lucid reference to past academic studies - of how the shares of IPO companies perform in the short and long term. The book provides valuable insight into many fundamental IPO matters, including: - the different methods of flotation that are used, - the alternative ways in which IPO shares are priced, - how common it is for IPO shares to over or underperform, - the survival of IPO firms once they are listed. There are also detailed case studies of the short- and long-run performance of a number of high-profile IPOs, including those of Facebook, Alibaba and Royal Mail. If you are an academic, finance professional or serious investor looking to broaden your knowledge of stock market flotations then you will find Initial Public Offerings to be an indispensable guide.


Initial Public Offerings – An inside view

Initial Public Offerings – An inside view
Author: Rolf J. Daxhammer
Publisher: UVK Verlag
Total Pages: 243
Release: 2017-11-13
Genre: Business & Economics
ISBN: 3739801727

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In a corporations financial life going public by means of an IPO is probably the single most important decision. It turns a private company into a public one. Our book will provide an inside view of the IPO process. On the one hand, it draws on the insights of an experienced investment banker, who has gone through numerous IPO transactions. On the other hand, it relates the story of an actual IPO through the eyes of a Chief Executive Officer who has taken two of his companies public. This unique double perspective is our books defining feature. We do not discuss initial public offerings in a textbook style fashion. What we would like to bring out is a more comprehensive portrayal of a once-in-a-lifetime event for most companies and their management, alike.


The Performance of Private Equity-Backed Initial Public Offerings in Germany

The Performance of Private Equity-Backed Initial Public Offerings in Germany
Author: Christian von Drathen
Publisher:
Total Pages: 51
Release: 2014
Genre:
ISBN:

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This paper investigates the long-term stock price performance of initial public offering (IPO) firms in Germany that were previously owned by private equity (PE) funds. A sample of 138 PE-backed IPOs (33 buyout- and 105 venture-backed) and 383 non-PE-backed IPOs between 1990 and 2007 is analysed for the long-term performance of these offerings. The analysis suggests that PE-backed IPOs outperform the stock market over the three-year term. On a risk-adjusted basis, returns are positive over a five-year post-IPO period. Within the PE-backed sample, venture capital-backed IPOs outperform buyout-backed offerings.


Performance Of Initial Public Offerings (Ipos) In India

Performance Of Initial Public Offerings (Ipos) In India
Author: Dr. Manjusha marthadr.b.k.suryaprakasharao
Publisher: Archers & Elevators Publishing House
Total Pages:
Release:
Genre: Antiques & Collectibles
ISBN: 9388805321

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Initial Public Offerings: Findings and Theories

Initial Public Offerings: Findings and Theories
Author: Seth Anderson
Publisher: Springer Science & Business Media
Total Pages: 126
Release: 2012-12-06
Genre: Business & Economics
ISBN: 1461522951

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Initial public offerings (IPOs) play a crucial role in allocating resources in market economies. Because of the enormous importance of IPOs, an understanding of how IPOs work is fundamental to an understanding of financial markets generally. Of particular interest is the puzzling existence of high initial returns to equity IPOs in the United States and other free-market economies. Audience: Designed for use by anyone wishing to perform further academic research in the area of IPOs and by those practitioners interested in IPOs as investment vehicles.