Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download The Performance Of Initial Public Offerings In The United States And In Poland PDF full book. Access full book title The Performance Of Initial Public Offerings In The United States And In Poland.
| Author | : Maciej W. T. Dworniak |
| Publisher | : |
| Total Pages | : 78 |
| Release | : 1998 |
| Genre | : Going public (Securities) |
| ISBN | : |
| Author | : Arvin Ghosh |
| Publisher | : Routledge |
| Total Pages | : 137 |
| Release | : 2017-07-05 |
| Genre | : Business & Economics |
| ISBN | : 1351496751 |
In this timely volume on newly emerging financial mar- kets and investment strategies, Arvin Ghosh explores the intriguing topic of initial public offerings (IPOs) of securities, among the most significant phenomena in the United States stock markets in recent years. Before the 2000-2001 market turndown, hardly a week went by when more than a few companies did not become public, either in the organized stock exchange or in the Over the Counter (OTC) market. In the often over-burdened, technology-heavy Nasdaq market, the role of IPOs was crucial for the market's new vigor and growth. Internet stocks were able to find a mode to supply key momentum to the market. In the so-called "New Economy" of the 1990s, it was the seductively accessible IPO that ushered in the world's information technology revolution.Ghosh sets out to examine the pricing and financial performance of IPOs in the United States during the period 1990-2001. In the opening chapter he discusses the rise and fall of IPOs in the preceding decade. Chapter 2 further delineates the IPO process from the start of the prospectus to the end of the "quiet period" and aftermarket stabilization. In chapter 3 Ghosh analyzes the mispricing and deliberately deceptive underpricing, or "flipping," of Internet IPOs. Chapter 4 delves deeper into the pricing and operating efficiency of Nasdaq IPOs. Chapter 5 analyzes the pricing and long-run performance of IPOs both in the New York Stock Exchange and in the Nasdaq markets. In chapters 6 and 7 the author deals with the pricing and performance of the venture-blocked and nonventure-backed IPOs in general and Internet IPOs in particular. In chapter 8 he analyzes the role of underwriters as market makers. In chapter 9 Ghosh discusses the accuracy of analysts' earnings forecasts. In the concluding chapter, he summarizes the principal findings of the study and the recent revival of the IPO market and its place in capital formation as well as the latest developments in t
| Author | : Katarzyna Kopczewska |
| Publisher | : GRIN Verlag |
| Total Pages | : 46 |
| Release | : 2006-03-29 |
| Genre | : Business & Economics |
| ISBN | : 3638484475 |
Research Paper (postgraduate) from the year 2003 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: advanced, Warsaw University (Faculty of Economic Sciences), language: English, abstract: European integration will have a real influence on the shape of the financial market in Poland and in other former socialistic countries which undergone the transformation. To stop the tendency of weakening of Polish stock exchange it is important to recognize mechanisms influencing the decisions of companies about the public sale of shares. Decision of companies about the entry on the stock exchange is driven with the expectation that it will help them in the realization of the particular goals. There are many primary reasons for issuing shares, among other to gain the capital on investments, to acquire prestige, to increase sale etc. In Poland till now the entry on the stock exchange of some companies was a method of the privatization, however this process extinguishes. Going public companies will be owned by private businessmen. Hence, very important is to recognize the original mechanisms of initial public offering (IPO). The analysis of IPO effects, enforced with the use of panel models points, that thanks to funds from going public the company realize investment projects and use resources in compliance with declared destination, i.e. on investments, and not on the debts repayment. Public companies do not change their previous capital structure, the debts after the entry on the stock exchange grow to the level from before IPO. Listing on the stock exchange raises the size of the company, but lowers the rate of its growth and decreases the profitability. Findings from research confirm hypotheses that companies go public from the opportunistic motives and then by the way they realize investment programmes.
| Author | : Seth Anderson |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 126 |
| Release | : 2012-12-06 |
| Genre | : Business & Economics |
| ISBN | : 1461522951 |
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.
| Author | : Wolfgang Aussenegg |
| Publisher | : |
| Total Pages | : 31 |
| Release | : 2016 |
| Genre | : |
| ISBN | : |
This article compares the characteristics and the price behavior of case-by-case privatization initial public offerings and private sector initial public offerings in Poland over the first nine years after the reopening of the Warsaw Stock Exchange in April 1991. There is evidence that the Polish government is market-oriented, trying to build up reputation for its privatization policy over time by underpricing, selling a high fraction at the initial offer and underpricing more when selling to domestic retail investors. In the long run privatization initial public offerings experience neither an under- nor an over-performance. A lower political influence has no effect on the long-run performance of privatized companies.
| Author | : Frank Ecker |
| Publisher | : Gabler Verlag |
| Total Pages | : 132 |
| Release | : 2008-10-28 |
| Genre | : Business & Economics |
| ISBN | : 9783834912596 |
Frank Ecker examines the performance of U.S. initial public offerings (IPOs) from 1980 to 2002. He links positive and negative abnormal returns to the deviation of the realized information risk from the expected information risk. The author proposes effective measures for a long-term profitable investment strategy in IPOs.
| Author | : Lan Liu |
| Publisher | : |
| Total Pages | : 78 |
| Release | : 2004 |
| Genre | : Going public (Securities) |
| ISBN | : |
| Author | : Ying Meng |
| Publisher | : |
| Total Pages | : 104 |
| Release | : 1998 |
| Genre | : |
| ISBN | : |
| Author | : Paul Alan Gompers |
| Publisher | : |
| Total Pages | : 27 |
| Release | : 2001 |
| Genre | : Economics |
| ISBN | : |
Financial economists in recent years have closely examined and intensely debated the performance of initial public offerings using data after the formation of NASDAQ. The paper seeks to shed light on this controversy by undertaking a large, out-of-sample study: we examine the performance for up to five years after listing of nearly 3,661 initial public offerings in the United States from 1935 to 1972. The sample displays some evidence of underperformance when event-time buy-and-hold abnormal returns are used. The underperformance disappears, however, when cumulative abnormal returns are utilized. A calendar-time analysis also shows that over the entire sample period i.e., from 1935 to 1976 IPOs return as much as the market. Finally, the intercepts in CAPM and Fama-French three-factor regressions are insignificantly different from zero suggesting no abnormal performance
| Author | : Saurav Roychoudhury |
| Publisher | : LAP Lambert Academic Publishing |
| Total Pages | : 148 |
| Release | : 2009-10 |
| Genre | : Corporate governance |
| ISBN | : 9783838318424 |
The book is a compilation of three related essays on initial Public Offerings, liquidity, productivity growth and corporate governance. The first essay looks at the long run performance of initial public offerings (IPOs) in the United States relative to their liquidity profile. The book provides a liquidity based explanation for why certain IPOs underperform in the long run. The second essay relates corporate governance to a firm s productivity growth. Given technology and industry constraints, some firms are very efficient whereas others are not and some firms have much faster rates of innovation and productivity growth than others. The book seeks to provide an explanation by looking at the relationship between a firm s governance structures and total factor productivity. The third essay connects the first two essays. It looks at the differences in the long term performance of IPOs with strong and weak corporate governance.
