The Underreaction Hypothesis And The New Issue Puzzle PDF Download
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| Author | : Jun-Koo Kang |
| Publisher | : |
| Total Pages | : 40 |
| Release | : 1998 |
| Genre | : |
| ISBN | : |
Download The Underreaction Hypothesis and the New Issue Puzzle Book in PDF, ePub and Kindle
This paper investigates the long-term performance of Japanese firms issuing convertible debt and equity. We examine a wide range of types of issues: private issues, public issues, offshore issues, and rights issues. We find the issuing firms perform poorly (except for equity rights issues) even though the stock-price reaction to convertible debt and equity issue announcements is not significantly negative for Japanese firms. This underperformance is strongest for firms issuing public convertible debt in Japan. Though in the U.S. underperformance appears to be concentrated in the smaller firms and in the firms with a high market-to-book ratio, this is not the case in Japan. Simple behavioral explanations for the underperformance of U.S. equity issuing firms do not seem consistent with the Japanese experience, but both countries fit a story where investors and managers are too optimistic about the investment opportunities of some firms.
| Author | : Philip Brown |
| Publisher | : Routledge |
| Total Pages | : 443 |
| Release | : 2013-06-19 |
| Genre | : Business & Economics |
| ISBN | : 1135077584 |
Download Financial Accounting and Equity Markets Book in PDF, ePub and Kindle
Philip Brown is one of the most admired and respected accounting academics alive today. He was a pioneer in capital markets research in accounting, and his 1968 article, co-authored with Ray Ball, "An Empirical Evaluation of Accounting Income Numbers," arguably had a greater impact on the course of accounting research, directly and indirectly, than any other article during the second half of the twentieth century. Since that time, his innovative research has focused on issues that bridge accounting and finance, including the relationships between net profit reports and the stock market, the long-run performance of acquiring firms, statutory sanctions and voluntary corporate disclosure, and the politics and future of national accounting standards to name a few. This volume brings together the greatest hits of Brown’s career, including several articles that were published in out-of-the-way places, for easier use by students and researchers in the field. With a foreword written by Stephen A. Zeff, and an introduction that discusses the evolution of Brown’s research interests and explains the context for each of the essays included in the volume, this book offers the reader a unique look inside this remarkable 50-year career.
| Author | : Douglas Cumming |
| Publisher | : Oxford University Press |
| Total Pages | : 504 |
| Release | : 2018-11-15 |
| Genre | : Business & Economics |
| ISBN | : 0190614587 |
Download The Oxford Handbook of IPOs Book in PDF, ePub and Kindle
Initial public offerings (IPOs), or new listings of companies on stock exchanges, are among the most important form of finance and generate considerable attention and excitement. They are used to raise capital or to monetize investments by the early generation of venture capital and other private investors. They are increasingly international in scope and reach, especially with non-American firms offering on American stock exchanges. This handbook provides a comprehensive overview of why companies list on stock exchanges, how IPOs are regulated, initially valued, and their performance in the short and long run. The first part examines the economics of IPOs, and offers statistics and regulatory insights from the United States and other countries around the world. The volume then covers mergers versus IPOs, as well as reverse mergers and special purpose acquisition companies. Part III analyzes institutional ties in IPOs, including analysts, investment banks, auditors, and venture capitalists. The fourth section provides international perspectives on IPOs from a number of countries around the world. Part V discusses alternatives to IPOs, including private marketplaces, and crowdfunding. Reflecting the range of disciplines that analyze IPOs, the contributors come from the fields of finance, international business and management, economics, and law. The chapters cover the latest information on a range of fundamental questions that are of interest to academics, practitioners, and policymakers alike.
| Author | : Ershi Qi |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 1145 |
| Release | : 2013-12-17 |
| Genre | : Business & Economics |
| ISBN | : 3642400728 |
Download Proceedings of 20th International Conference on Industrial Engineering and Engineering Management Book in PDF, ePub and Kindle
The International Conference on Industrial Engineering and Engineering Management is sponsored by the Chinese Industrial Engineering Institution, CMES, which is the only national-level academic society for Industrial Engineering. The conference is held annually as the major event in this arena. Being the largest and the most authoritative international academic conference held in China, it provides an academic platform for experts and entrepreneurs in the areas of international industrial engineering and management to exchange their research findings. Many experts in various fields from China and around the world gather together at the conference to review, exchange, summarize and promote their achievements in the fields of industrial engineering and engineering management. For example, some experts pay special attention to the current state of the application of related techniques in China as well as their future prospects, such as green product design, quality control and management, supply chain and logistics management to address the need for, amongst other things low-carbon, energy-saving and emission-reduction. They also offer opinions on the outlook for the development of related techniques. The proceedings offers impressive methods and concrete applications for experts from colleges and universities, research institutions and enterprises who are engaged in theoretical research into industrial engineering and engineering management and its applications. As all the papers are of great value from both an academic and a practical point of view, they also provide research data for international scholars who are investigating Chinese style enterprises and engineering management.
| Author | : Bjørn Espen Eckbo |
| Publisher | : Elsevier |
| Total Pages | : 559 |
| Release | : 2007-05-21 |
| Genre | : Business & Economics |
| ISBN | : 0080488919 |
Download Handbook of Corporate Finance Book in PDF, ePub and Kindle
Judging by the sheer number of papers reviewed in this Handbook, the empirical analysis of firms’ financing and investment decisions—empirical corporate finance—has become a dominant field in financial economics. The growing interest in everything “corporate is fueled by a healthy combination of fundamental theoretical developments and recent widespread access to large transactional data bases. A less scientific—but nevertheless important—source of inspiration is a growing awareness of the important social implications of corporate behavior and governance. This Handbook takes stock of the main empirical findings to date across an unprecedented spectrum of corporate finance issues, ranging from econometric methodology, to raising capital and capital structure choice, and to managerial incentives and corporate investment behavior. The surveys are written by leading empirical researchers that remain active in their respective areas of interest. With few exceptions, the writing style makes the chapters accessible to industry practitioners. For doctoral students and seasoned academics, the surveys offer dense roadmaps into the empirical research landscape and provide suggestions for future work. *The Handbooks in Finance series offers a broad group of outstanding volumes in various areas of finance *Each individual volume in the series should present an accurate self-contained survey of a sub-field of finance *The series is international in scope with contributions from field leaders the world over
| Author | : Bjørn Espen Eckbo |
| Publisher | : Elsevier |
| Total Pages | : 1137 |
| Release | : 2008-12-23 |
| Genre | : Business & Economics |
| ISBN | : 0080559565 |
Download Handbook of Empirical Corporate Finance SET Book in PDF, ePub and Kindle
This two-volume set summarizes recent research on corporate decision-making. The first volume covers measurement and theoretical subjects as well as sources of capital, including banks, public offerings, and private investors. In the second volume, contributors focus on the ways corporations are structured and the practices through which they can be bought and sold. Thus, its major subjects include dividends, capital structure, financial distress, takeovers, restructurings, and managerial incentives. Takes stock of the main empirical findings to date across an unprecedented spectrum of corporate finance issues Discusses everything from econometric methodology, to raising capital and capital structure choice, and to managerial incentives and corporate investment behavior Contributors are leading empirical researchers that remain active in their respective areas of expertise Writing style makes the chapters accessible to industry practitioners
| Author | : Philip Radner |
| Publisher | : Springer |
| Total Pages | : 74 |
| Release | : 2017-01-20 |
| Genre | : Business & Economics |
| ISBN | : 3658171391 |
Download IPOs and SEOs in the US Real Estate Industry Book in PDF, ePub and Kindle
Philip Radner analyzes equity financing phenomena and researches IPO underpricing and SEO announcement effects using data sets for US REITs. Moreover, he discusses underpricing theories and their applicability in the REIT context and gives a theoretical background on IPOs and on underpricing in particular. With this background at hand, the results out of this dissertation imply to focus on the wording in IPO documents as it can help to maximize IPO proceeds. In addition, he analyzes how to better time and announce subsequent equity financing events. It is expected that significantly underpriced issues attract more investors and that subsequent SEOs are then easier to conduct and typically raise more capital.
| Author | : Aslı Demirgüç-Kunt |
| Publisher | : MIT Press |
| Total Pages | : 452 |
| Release | : 2001 |
| Genre | : Business & Economics |
| ISBN | : 9780262541794 |
Download Financial Structure and Economic Growth Book in PDF, ePub and Kindle
CD-ROM contains: World Bank data.
| Author | : Lester C. Thurow |
| Publisher | : Harper Collins |
| Total Pages | : 525 |
| Release | : 2009-10-13 |
| Genre | : Business & Economics |
| ISBN | : 0061882070 |
Download Head to Head Book in PDF, ePub and Kindle
The classic text on the post-Cold War economic battle. Starting with the fall of communism, influential economist and former dean of MIT's Sloan School of Management Lester Thurow deftly explores how head-to-head competition -- not military might -- among Japan, the United States, and the newly united European countries would produce the next world leader. As Thurow explains, in the 1990s the race for economic supremacy was only just beginning. In a world no longer governed by two military superpowers, the stage was set for a dramatic shoot-out among the world's most powerful national economies. Using analytical data, key insights, and common sense, Thurow presents a solid economic game plan for the United States to follow in order to win this battle and attain dominance in the global economy.
| Author | : Rachel Miriam Friedberg |
| Publisher | : |
| Total Pages | : 62 |
| Release | : 1996 |
| Genre | : Foreign workers |
| ISBN | : |
Download You Can't Take it with You? Book in PDF, ePub and Kindle
The national origin of an individual's human capital is a crucial determinant of its value. Education acquired abroad is significantly less valued than education obtained domestically. This difference can fully explain the earnings disadvantage of immigrants relative to comparable natives in Israel. Variation in the return to foreign schooling across origin countries may reflect differences in its quality and compatibility with the host labor market. Three factors language proficiency, domestic labor market experience, and further education following immigration appear to raise the return to education acquired abroad, suggesting a compound benefit of policies encouraging immigrants to obtain language and other training.
