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NSYSU
1.
Hsiao, Wan-chi.
The Effect of Underwriting Regulation on IPO Market Valuation and Underwritersâ Profits.
Degree: Master, Business Management, 2011, NSYSU
URL: http://etd.lib.nsysu.edu.tw/ETD-db/ETD-search/view_etd?URN=etd-0720111-170716 
► In Taiwan, the initial public offerings (hereafter IPOs) market is growing mature. Especially in 2005, it is the turning point of the regulations for IPOs.…
(more)
▼ In Taiwan, the initial public offerings (hereafter IPOs) market is growing mature. Especially in 2005, it is the turning point of the regulations for IPOs. The FSC plans to achieve four main goals by implementing the new underwriting system. (1) Making the underwriting price more reasonable (2) Increasing the stability of price of a listing stock (3) Increasing the underwriterâs independence in distribution stocks. (4) Enforcing the professional ability of underwriters. Most importantly, it puts the emphasis on the ability of underwriters that involve in the quality for IPOs. This paper compares the IPO market performance between new underwriting system and old underwriting system, and collects the data from 2001 to 2009 about IPOs companiesâ related information to figure out the IPO market valuation and profits for underwriters. Finally, this paper finds out that: first one is, in the new underwriting system, the market valuation is more affected by investorsâ optimum growth forecast than old underwriting system. In the aspect of the rewards for underwriters, the difference between new underwriting system and old underwriting one is cancelling self-subscription method in new underwriting system. Therefore, the
underwriter canât gain the
underwriter proceeds from that; the issuer should make up them by giving more underwriterâs fee which depends on the performance of underwriters. In conclusion, the professional underwriters play an important role in new regulation system.
Keywords: IPOs,
underwriter regulation,
underwriter, market value,
underwriter proceeds
Advisors/Committee Members: An-lin Chen (committee member), Cheng-shou Lu (chair), Lan-feng Kao (chair).
Subjects/Keywords: IPOs; underwriter proceeds; market value; underwriter regulation; underwriter
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APA (6th Edition):
Hsiao, W. (2011). The Effect of Underwriting Regulation on IPO Market Valuation and Underwritersâ Profits. (Thesis). NSYSU. Retrieved from http://etd.lib.nsysu.edu.tw/ETD-db/ETD-search/view_etd?URN=etd-0720111-170716
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Chicago Manual of Style (16th Edition):
Hsiao, Wan-chi. “The Effect of Underwriting Regulation on IPO Market Valuation and Underwritersâ Profits.” 2011. Thesis, NSYSU. Accessed December 07, 2019.
http://etd.lib.nsysu.edu.tw/ETD-db/ETD-search/view_etd?URN=etd-0720111-170716.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
MLA Handbook (7th Edition):
Hsiao, Wan-chi. “The Effect of Underwriting Regulation on IPO Market Valuation and Underwritersâ Profits.” 2011. Web. 07 Dec 2019.
Vancouver:
Hsiao W. The Effect of Underwriting Regulation on IPO Market Valuation and Underwritersâ Profits. [Internet] [Thesis]. NSYSU; 2011. [cited 2019 Dec 07].
Available from: http://etd.lib.nsysu.edu.tw/ETD-db/ETD-search/view_etd?URN=etd-0720111-170716.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Council of Science Editors:
Hsiao W. The Effect of Underwriting Regulation on IPO Market Valuation and Underwritersâ Profits. [Thesis]. NSYSU; 2011. Available from: http://etd.lib.nsysu.edu.tw/ETD-db/ETD-search/view_etd?URN=etd-0720111-170716
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
University of Otago
2.
Close, Emily Cameron.
Underwriter Reputation and IPO Pricing and Performance: New Zealand Evidence, 1990–2009
.
Degree: 2011, University of Otago
URL: http://hdl.handle.net/10523/1616
► This paper examines the initial and aftermarket performance of new issues of common equity in New Zealand offered to the public between 1990 and 2009.…
(more)
▼ This paper examines the initial and aftermarket performance of new issues of common equity in New Zealand offered to the public between 1990 and 2009. In addition, the paper tests whether there is a systematic relationship between
underwriter reputation, underpricing and subsequent long-term performance in the New Zealand initial public offering (IPO) industry. The results confirm the empirical regularity that the average initial return on IPOs is positive (10.80%). The aftermarket excess returns, measured by comparing the returns on new issues and returns on a benchmark made up of matched companies over periods of one and three years were found to be negative in several years. On average, the new issues significantly underperform the market from one to three years, resulting in substantial losses to investors. This supports a recently advanced theory which posits that IPO underpricing is a consequence of investor overreaction in early aftermarket trading.
In addition, I demonstrate that there is a monotonic relationship between the underpricing of an initial public offering and the uncertainty of investors regarding its value. The underwriting investment bank faces the risk of not filling an issue. The
underwriter may seek to limit exposure by deliberately pricing issues below the expected value. Deliberate underpricing is shown to vary systematically with the level of investor uncertainty regarding issue value. I do not find any empirical support for the widespread notion that IPOs underwritten by more-prestigious investment banks experience significantly less underpricing. I find weak support for the idea that non-prestigious investment banks underwrite IPOs that perform worse in the long run, since IPOs underwritten by non-prestigious investment banks experience significantly larger negative excess returns one month after listing.
This paper also investigates the effect of underpricing on the market share of investment banks that act as lead managers in IPOs. I support Beatty and Ritter’s (1986) argument that investment bankers who have reputational capital at stake enforce underpricing equilibrium. Most active underwriters in New Zealand maintain the apparent underpricing equilibrium over the sample period. An investment banker who violates underpricing equilibrium by underpricing “too little” loses potential investors and thus forfeits the value of its reputation capital. Consequently, the investment banks identified which violate equilibrium and engage in opportunistic underpricing behaviour are relatively inactive in the IPO market.
Advisors/Committee Members: Bhabra, Gurmeet Singh (advisor).
Subjects/Keywords: Underwriter Reputation;
IPO;
Underpricing;
Long-Term Performance;
New Zealand;
Underwriter Prestige
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APA (6th Edition):
Close, E. C. (2011). Underwriter Reputation and IPO Pricing and Performance: New Zealand Evidence, 1990–2009
. (Masters Thesis). University of Otago. Retrieved from http://hdl.handle.net/10523/1616
Chicago Manual of Style (16th Edition):
Close, Emily Cameron. “Underwriter Reputation and IPO Pricing and Performance: New Zealand Evidence, 1990–2009
.” 2011. Masters Thesis, University of Otago. Accessed December 07, 2019.
http://hdl.handle.net/10523/1616.
MLA Handbook (7th Edition):
Close, Emily Cameron. “Underwriter Reputation and IPO Pricing and Performance: New Zealand Evidence, 1990–2009
.” 2011. Web. 07 Dec 2019.
Vancouver:
Close EC. Underwriter Reputation and IPO Pricing and Performance: New Zealand Evidence, 1990–2009
. [Internet] [Masters thesis]. University of Otago; 2011. [cited 2019 Dec 07].
Available from: http://hdl.handle.net/10523/1616.
Council of Science Editors:
Close EC. Underwriter Reputation and IPO Pricing and Performance: New Zealand Evidence, 1990–2009
. [Masters Thesis]. University of Otago; 2011. Available from: http://hdl.handle.net/10523/1616
NSYSU
3.
Wang, Arthur.
The stabilizaton activities of IPOs in Taiwan.
Degree: Master, Business Management, 2000, NSYSU
URL: http://etd.lib.nsysu.edu.tw/ETD-db/ETD-search/view_etd?URN=etd-0620100-152926
► ABSTRACT This thesis investigates the stabilization activities of IPOs in Taiwan. Price stabilization is a legal form of stock price manipulation to prevent the transaction…
(more)
▼ ABSTRACT
This thesis investigates the stabilization activities of IPOs in Taiwan. Price stabilization is a legal form of stock price manipulation to prevent the transaction prices from falling below the offer price. However, the information about the implement of stabilization activities is not revealed to the public. Therefore, it is difficult to detect stabilization activities. With the proxy measure for stabilization proposed by Ruud (1993), we find that IPOs with initial returns around zero are probably stabilized IPOs. The stock prices of stabilized IPOs drop consistently two days after issuance due to the withdrawal of stabilization activities. Furthermore, we find that the stabilization activities are positively related to the
underwriter reputation and price spread, and negatively related to the price volatility and firm size. This thesis confirms that price stabilization exists in Taiwan IPOs market.
Advisors/Committee Members: Anlin Chen (committee member), Ruey-Dang Chang (chair), Chris Liao (chair).
Subjects/Keywords: stabiluzation; underwriter reputation
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APA (6th Edition):
Wang, A. (2000). The stabilizaton activities of IPOs in Taiwan. (Thesis). NSYSU. Retrieved from http://etd.lib.nsysu.edu.tw/ETD-db/ETD-search/view_etd?URN=etd-0620100-152926
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Chicago Manual of Style (16th Edition):
Wang, Arthur. “The stabilizaton activities of IPOs in Taiwan.” 2000. Thesis, NSYSU. Accessed December 07, 2019.
http://etd.lib.nsysu.edu.tw/ETD-db/ETD-search/view_etd?URN=etd-0620100-152926.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
MLA Handbook (7th Edition):
Wang, Arthur. “The stabilizaton activities of IPOs in Taiwan.” 2000. Web. 07 Dec 2019.
Vancouver:
Wang A. The stabilizaton activities of IPOs in Taiwan. [Internet] [Thesis]. NSYSU; 2000. [cited 2019 Dec 07].
Available from: http://etd.lib.nsysu.edu.tw/ETD-db/ETD-search/view_etd?URN=etd-0620100-152926.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Council of Science Editors:
Wang A. The stabilizaton activities of IPOs in Taiwan. [Thesis]. NSYSU; 2000. Available from: http://etd.lib.nsysu.edu.tw/ETD-db/ETD-search/view_etd?URN=etd-0620100-152926
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Uppsala University
4.
Gustavsson, Martin.
Garanter vid nyemissioner : Förutsättningar och kostnader.
Degree: Business Studies, 2010, Uppsala University
URL: http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-126522
► Syftet med uppsatsen är att utreda vilka förutsättningar som ligger till grund för att företag ska välja att bära kostnaden för användandet av en…
(more)
▼ Syftet med uppsatsen är att utreda vilka förutsättningar som ligger till grund för att företag ska välja att bära kostnaden för användandet av en garant i samband med en nyemission. Genom en kvantitativ och en kvalitativ studie utreds när företag använder garanter, hur garantiåtagandet utformas och vilka kostnader och effekter detta leder till. Till den kvantitativa studien som baseras på utförda företrädesemissioner under perioden 2005-2009 ställs två hypoteser rörande när garanter används. Resultatet av den första hypotesen visar inget tydligt samband mellan användandet av garanter och motivet att tillföra rörelsekapital. Testet av hypotes två som söker ett samband mellan användandet av garanter och lågkonjunktur visade ett visst stöd för hypotesen. Efter storleksuppdelning visades ett starkt stöd för att större företag använder garanter mer vid både lågkonjunktur och för att få in rörelsekapital, medan samma studie inte ger något resultat för de mindre bolagen. Den kvalitativa studien som baseras på intervjuer med fyra värdepappersinstitut redogör för marknadens syn på garanter och används för att besvara hur garantiåtagandena utformas och vilka kostnader som följer av användandet. I spåren av finanskrisen som varit är det viktigt att garanter inte etableras som en norm vid nyemissioner där det automatiskt ses som negativt att inte använda ett garantiåtagande. Garanter fyller ett syfte men måste i varje fall tas i relation till företagets faktiska behov av dem.
Subjects/Keywords: underwriter; IPO; SPO; underwriting; right issue; sub-underwriter; Garant; nyemission; emissionskostnad; garantiåtagande; teckningsförbindelse; Business studies; Företagsekonomi
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APA (6th Edition):
Gustavsson, M. (2010). Garanter vid nyemissioner : Förutsättningar och kostnader. (Thesis). Uppsala University. Retrieved from http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-126522
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Chicago Manual of Style (16th Edition):
Gustavsson, Martin. “Garanter vid nyemissioner : Förutsättningar och kostnader.” 2010. Thesis, Uppsala University. Accessed December 07, 2019.
http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-126522.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
MLA Handbook (7th Edition):
Gustavsson, Martin. “Garanter vid nyemissioner : Förutsättningar och kostnader.” 2010. Web. 07 Dec 2019.
Vancouver:
Gustavsson M. Garanter vid nyemissioner : Förutsättningar och kostnader. [Internet] [Thesis]. Uppsala University; 2010. [cited 2019 Dec 07].
Available from: http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-126522.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Council of Science Editors:
Gustavsson M. Garanter vid nyemissioner : Förutsättningar och kostnader. [Thesis]. Uppsala University; 2010. Available from: http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-126522
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Universidade do Minho
5.
Silva, Diana Rosa Fernandes.
Determinantes do underpricing das ofertas públicas iniciais das ações
.
Degree: 2014, Universidade do Minho
URL: http://hdl.handle.net/1822/30117
► O objetivo deste estudo é investigar se as características inerentes ao mercado e à oferta, bem como, a reputação do underwriter têm influência sobre o…
(more)
▼ O objetivo deste estudo é investigar se as características inerentes ao mercado e à oferta, bem
como, a reputação do
underwriter têm influência sobre o underpricing das IPOs.
Inicialmente procura perceber-se qual o efeito que alterações no mercado provocam sobre o
underpricing e posteriormente, através de variáveis como o número de ações emitidas na IPO, o
total de receitas angariadas na IPO e o Gross Spread, pretende estudar-se em que medida é que
as características da oferta alteram o nível do underpricing. Por fim, relaciona-se a reputação do
underwriter com o underpricing, de modo a perceber de que forma é que um
underwriter de
prestígio influencia o underpricing da IPO. A amostra principal considerada para a realização
deste estudo compreendia 1832 IPOs ocorridas nos E.U.A., para o período de 2000 a 2011 e foi
recolhida das bases de dados SDC Platinum e Datastream. Depois de realizados testes às
variáveis em estudo, foi possível concluir que o underpricing tem uma relação positiva e
estatisticamente significativa com o período da “bolha da internet” e, em contrapartida, uma
relação negativa, mas da mesma forma estatisticamente significativa, com a crise do subprime.
Conclui-se que as características do mercado têm influência no underpricing das IPOs. Os
resultados também sugerem que algumas das características da oferta consideradas, como o
número de ações emitidas na IPO, a emissão ocorrer no país de origem da empresa emitente e
a empresa emitente ser da indústria tecnológica ou da internet, conduz a alterações no
underpricing das IPOs. Por fim, verificou-se que quando associado ao período da “bolha da
internet”, o ranking de reputação encontra-se positivamente relacionado com a variável
dependente. Os resultados obtidos relativos a estas variáveis estão assim, em conformidade com
o previsto pela literatura precedente.
Advisors/Committee Members: Areal, Nelson (advisor).
Subjects/Keywords: Características do mercado;
Características da oferta;
Reputação;
Underwriter;
Underpricing;
IPO;
Markets characteristics;
Details of the offer;
Underwriter reputation
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APA (6th Edition):
Silva, D. R. F. (2014). Determinantes do underpricing das ofertas públicas iniciais das ações
. (Masters Thesis). Universidade do Minho. Retrieved from http://hdl.handle.net/1822/30117
Chicago Manual of Style (16th Edition):
Silva, Diana Rosa Fernandes. “Determinantes do underpricing das ofertas públicas iniciais das ações
.” 2014. Masters Thesis, Universidade do Minho. Accessed December 07, 2019.
http://hdl.handle.net/1822/30117.
MLA Handbook (7th Edition):
Silva, Diana Rosa Fernandes. “Determinantes do underpricing das ofertas públicas iniciais das ações
.” 2014. Web. 07 Dec 2019.
Vancouver:
Silva DRF. Determinantes do underpricing das ofertas públicas iniciais das ações
. [Internet] [Masters thesis]. Universidade do Minho; 2014. [cited 2019 Dec 07].
Available from: http://hdl.handle.net/1822/30117.
Council of Science Editors:
Silva DRF. Determinantes do underpricing das ofertas públicas iniciais das ações
. [Masters Thesis]. Universidade do Minho; 2014. Available from: http://hdl.handle.net/1822/30117
Universidade do Minho
6.
Santos, Estela Daniela Gonçalves dos.
Os fatores que influenciam o underpricing nas ofertas públicas iniciais
.
Degree: 2014, Universidade do Minho
URL: http://hdl.handle.net/1822/30579
► Este estudo pretendia identificar a relação existente entre o underpricing das IPOs e as variáveis reputação do underwriter e dispersão de propriedade. Para que fosse…
(more)
▼ Este estudo pretendia identificar a relação existente entre o underpricing das IPOs e as
variáveis reputação do
underwriter e dispersão de propriedade. Para que fosse exequível
atingir o objetivo proposto, optou-se por replicar o estudo de Booth e Chua (1996),
embora não na íntegra, uma vez que esse estudo trata dados com origem no mercado
dos E.U.A. e o estudo que se pretendia efetuar almejava refletir a realidade europeia.
A amostra em estudo foi recolhida da base de dados SDC Platinum ™, sendo
constituída por 349 IPOs ocorridas em mercados da União Europeia [21 do tipo best
efforts (≈ 6%) e 328 firm commitment (≈94%)] no período de referência de 2000 a 2012.
Após a aplicação da metodologia adotada, através da análise de resultados foi possível
identificar evidências empíricas que atestam as hipóteses colocadas, ou seja, conseguiuse
demonstrar que ao associar um
underwriter de elevado prestígio a um contrato firm
commitment, o underpricing da IPO sofre um decréscimo e que o elevado prestígio, em
geral, faz com que o underpricing de uma IPO diminua. Concluísse que quer a procura
por dispersão de propriedade, quer o prestígio do
underwriter influenciam o valor do
underpricing de uma IPO.
Advisors/Committee Members: Rodrigues, Artur (advisor).
Subjects/Keywords: IPO;
Dispersão de propriedade;
Reputação;
Underpricing;
Underwriter;
Ownership dispersion;
Reputation
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Manager
APA (6th Edition):
Santos, E. D. G. d. (2014). Os fatores que influenciam o underpricing nas ofertas públicas iniciais
. (Masters Thesis). Universidade do Minho. Retrieved from http://hdl.handle.net/1822/30579
Chicago Manual of Style (16th Edition):
Santos, Estela Daniela Gonçalves dos. “Os fatores que influenciam o underpricing nas ofertas públicas iniciais
.” 2014. Masters Thesis, Universidade do Minho. Accessed December 07, 2019.
http://hdl.handle.net/1822/30579.
MLA Handbook (7th Edition):
Santos, Estela Daniela Gonçalves dos. “Os fatores que influenciam o underpricing nas ofertas públicas iniciais
.” 2014. Web. 07 Dec 2019.
Vancouver:
Santos EDGd. Os fatores que influenciam o underpricing nas ofertas públicas iniciais
. [Internet] [Masters thesis]. Universidade do Minho; 2014. [cited 2019 Dec 07].
Available from: http://hdl.handle.net/1822/30579.
Council of Science Editors:
Santos EDGd. Os fatores que influenciam o underpricing nas ofertas públicas iniciais
. [Masters Thesis]. Universidade do Minho; 2014. Available from: http://hdl.handle.net/1822/30579
Universidade do Minho
7.
Eleutério, Hernâni Arantes.
Fatores que afetam a quota de mercado dos bancos de investimento no mercado de IPOs
.
Degree: 2015, Universidade do Minho
URL: http://hdl.handle.net/1822/35763
► As IPOs (Initial Public Offering) são um instrumento muito importante para as empresas em crescimento, pois potenciam fontes de financiamento que até então não tinham…
(more)
▼ As IPOs (Initial Public Offering) são um instrumento muito importante para as
empresas em crescimento, pois potenciam fontes de financiamento que até então não
tinham ao seu dispor. Contudo, estudar as IPOs e o mercado primário é diferente de
estudar a transação de títulos no mercado secundário, devido à incerteza inerente à
primeira transação da empresa. Um dos papéis cruciais deste tipo de negócio é
desempenhado pelo banco de investimento (
underwriter), que, com a sua experiência em
transações passadas, credibiliza as IPOs e ajuda a que a IPO seja um sucesso. Por sua vez,
quanto mais sucesso fizer o
underwriter, maior será a sua reputação. Assim, para entender
melhor este mercado é necessário compreender como os bancos de investimento
funcionam e perceber como a realização de IPOs afeta a sua quota de mercado. O presente
trabalho debruça-se sobre o estudo dos fatores que afetam a quota de mercado dos bancos
de investimento.
A nossa análise tem por base o estudo de Dunbar (2000), onde é analisado os
fatores numa IPO que afetam a quota de mercado do banco de investimento. O objetivo
do nosso estudo é contribuir para esta temática e, partindo do estudo referido, será
analisada a quota de mercado do
underwriter, mostrando de que forma o desempenho das
IPOs a pode afetar. No nosso estudo empírico são utilizados dados referentes ao mercado
dos Estados Unidos da América, para o período de 2003 a 2012. Como no mercado de
IPOs existem bancos de investimento que se focam somente em determinado segmento
de mercado, como pequenas e grandes IPOs, realizamos o estudo fazendo uma divisão
destes segmentos, tentando, assim, compreender melhor este efeito.
Os resultados empíricos alcançados, aparentam demonstrar que a especialização
em determinada indústria pelos bancos de investimento afeta a sua quota de mercado. Ao
considerar toda a amostra, verificamos que os bancos de investimento com maior
reputação ganham quota de mercado se se especializarem numa indústria. Estes bancos
podem também aumentar as comissões cobradas, uma vez que isso resultará num
aumento da sua quota de mercado. Nas pequenas IPOs, a especialização da indústria tem
um efeito positivo na quota de mercado de todos os bancos de investimento, enquanto,
nas grandes IPOs, os bancos de investimento só beneficiam deste incremento se tiverem
reputação no mercado.
Advisors/Committee Members: Loureiro, Gilberto (advisor).
Subjects/Keywords: IPOs;
Bancos de investimento;
Quota de mercado;
Underwriter;
Market share
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APA ·
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Manager
APA (6th Edition):
Eleutério, H. A. (2015). Fatores que afetam a quota de mercado dos bancos de investimento no mercado de IPOs
. (Masters Thesis). Universidade do Minho. Retrieved from http://hdl.handle.net/1822/35763
Chicago Manual of Style (16th Edition):
Eleutério, Hernâni Arantes. “Fatores que afetam a quota de mercado dos bancos de investimento no mercado de IPOs
.” 2015. Masters Thesis, Universidade do Minho. Accessed December 07, 2019.
http://hdl.handle.net/1822/35763.
MLA Handbook (7th Edition):
Eleutério, Hernâni Arantes. “Fatores que afetam a quota de mercado dos bancos de investimento no mercado de IPOs
.” 2015. Web. 07 Dec 2019.
Vancouver:
Eleutério HA. Fatores que afetam a quota de mercado dos bancos de investimento no mercado de IPOs
. [Internet] [Masters thesis]. Universidade do Minho; 2015. [cited 2019 Dec 07].
Available from: http://hdl.handle.net/1822/35763.
Council of Science Editors:
Eleutério HA. Fatores que afetam a quota de mercado dos bancos de investimento no mercado de IPOs
. [Masters Thesis]. Universidade do Minho; 2015. Available from: http://hdl.handle.net/1822/35763
Open Universiteit Nederland
8.
Stegehuis, JH.
IPO underpricing in Europe Effects of variation in IPO price on the level of underpricing.
Degree: 2016, Open Universiteit Nederland
URL: http://hdl.handle.net/1820/8073
► The purpose of this research is to establish the possible influence of variation in IPO offer price levels on underpricing. Issuers can control the IPO…
(more)
▼ The purpose of this research is to establish the possible influence of variation in IPO offer price levels on underpricing.
Issuers can control the IPO offer price. According to tradionalists, the offer price itself should not have an influence on the amount of underpricing. However, studies on IPO underpricing exclude issues with offer prices below a certain minimum, since including these issues would distort the results. Furthermore, average share prices vary substantially between geographical areas, or single currency areas.
The main research question of this thesis is:
Does variation in the absolute and relative value of the IPO offer price explain variation in underpricing in Europe?
Research in the U.S. concentrating on the price level of offerings and underpricing seems to be limited to two studies. Bradley, Cooney, Dolvin & Jordan (2006) found that penny stock IPOs are significantly more underpriced than other IPOs, with tests suggesting that the higher amount of underpricing is primarily related to the low offer price. Fernando, Krishnamurthy & Spindt (2004) found that besides low-priced IPOs, high-priced IPOs are more underpriced as well.
This thesis extents the research on the relationship between price levels and underpricing by investigating whether the results that have been found in the U.S. will hold in Europe. A distinction has been made between IPOs in Euros and IPOs in British Pounds, since average share price levels in British Pounds seem to be much lower than average share price levels in Euros; conversion into another currency could obscure the results.
Based on a sample of 1056 IPOs in British Pounds and 510 IPOs in Euros, starting in 1992 and 2001 respectively, separate regression analyses are performed to establish potential variation in underpricing for different offer price ranges.
This thesis finds strong evidence that lower IPO prices in the GBP single currency union are related to higher underpricing, and marginal evidence that higher IPO prices in the Euro single currency union are related to higher underpricing.
The results of the GBP regression equation suggest that there is a relatively strong relationship between underpricing and price range within the GBP single currency union, as the independent variable price range explains 17,1% of the variance in the dependent variable underpricing.
The outcomes suggest that investors, on average, can make higher first-day returns when the invest in lower priced IPOs in the Pound single currency area, and issuers in the Pound single currency area will, on average, face lower underpricing when they decide to issue their stock at offer prices above the two lowest quintiles.
Moreover, it seems fair to suggest that differences in geographical norms are the main cause of variation in the average offer prices between the two samples. Average offer prices in British pounds are significantly lower than average offer prices in Euros at the p < 0,01 level.
Subjects/Keywords: IPO;
Retail investor;
Institutional investor;
Underwriter;
Issuer;
Europe;
Offer price;
Underpricing
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APA ·
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APA (6th Edition):
Stegehuis, J. (2016). IPO underpricing in Europe Effects of variation in IPO price on the level of underpricing.
(Masters Thesis). Open Universiteit Nederland. Retrieved from http://hdl.handle.net/1820/8073
Chicago Manual of Style (16th Edition):
Stegehuis, JH. “IPO underpricing in Europe Effects of variation in IPO price on the level of underpricing.
” 2016. Masters Thesis, Open Universiteit Nederland. Accessed December 07, 2019.
http://hdl.handle.net/1820/8073.
MLA Handbook (7th Edition):
Stegehuis, JH. “IPO underpricing in Europe Effects of variation in IPO price on the level of underpricing.
” 2016. Web. 07 Dec 2019.
Vancouver:
Stegehuis J. IPO underpricing in Europe Effects of variation in IPO price on the level of underpricing.
[Internet] [Masters thesis]. Open Universiteit Nederland; 2016. [cited 2019 Dec 07].
Available from: http://hdl.handle.net/1820/8073.
Council of Science Editors:
Stegehuis J. IPO underpricing in Europe Effects of variation in IPO price on the level of underpricing.
[Masters Thesis]. Open Universiteit Nederland; 2016. Available from: http://hdl.handle.net/1820/8073
RMIT University
9.
Parikh, N.
Underwriter allocation discretion, investor participation and IPO pricing: evidence from the Indian IPO market.
Degree: 2017, RMIT University
URL: http://researchbank.rmit.edu.au/view/rmit:162175
► In the US and other world markets, book building is a dominant mechanism for the issue of shares in initial public offerings (IPOs). A distinguishing…
(more)
▼ In the US and other world markets, book building is a dominant mechanism for the issue of shares in initial public offerings (IPOs). A distinguishing feature of the book building mechanism is the discretionary power granted to underwriters to allocate shares to investors. We find that IPOs are generally underpriced in most countries. It is therefore of interest to financial economists and regulators to understand the role of underwriters as a financial intermediary in the allocation of IPO shares to IPO subscribers in this wealth transferring mechanism. Allocation discretion assists underwriters to develop and maintain information sharing relationships with institutional investors. This has a significant bearing on the richness of private information extracted from these investors that is used by the underwriters to price the IPO. This benefits the issuer through lower underpricing. However, granting allocation discretion to underwriters is also controversial as it can result in increased rent-seeking activity by underwriters, thereby leading to higher underpricing in the IPO. On the other hand, imposing constraints on underwriters by regulating allocation discretion and enabling proportionate allocation of shares to institutional investors can have adverse implications for underwriters because of the difficulty in maintaining information sharing relationships with informed institutional investors. Such restrictions, therefore, affect the degree of information extracted from institutional investors, resulting in an IPO being less fairly priced. Also, the participation of regular institutional investors becomes more unpredictable, and this can negatively affect IPO performance. Thus, regulating allocation discretion has the potential to increase the overall risk for underwriters managing IPOs. Against this background, in this doctoral thesis, I address the debate around regulating the discretionary allocation power of underwriters from the welfare perspective of market participants. Thereby, this thesis aims to contribute to an enhanced understanding of the IPO market mechanism. 2 In Study 1, I introduce an integrated conceptual framework of information sharing under two different allocation mechanisms to underwriters, namely with and without allocation discretion. Thus, I develop a theoretical understanding of information sharing and its effect on underwriters’ behaviour in the IPO market by linking information sharing theory with signaling and syndication theories. In Study 2 and Study 3, of this thesis, I empirically investigate the significance of information sharing on underwriters’ incentives and its effect on IPO pricing in the Indian IPO market. The IPO market in India has two distinct characteristics. First, the Indian IPO market has both discretionary and proportionate allocation regimes, and second, there is an active grey market for IPOs. Together these characteristics provide a fascinating context to examine underwriters’ behaviour in the IPO process. In Study 2, I apply…
Subjects/Keywords: Fields of Research; IPO Underpricing; Allocation Discretion; Grey Market; Information Sharing; Signaling; Underwriter Syndicate
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APA (6th Edition):
Parikh, N. (2017). Underwriter allocation discretion, investor participation and IPO pricing: evidence from the Indian IPO market. (Thesis). RMIT University. Retrieved from http://researchbank.rmit.edu.au/view/rmit:162175
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Chicago Manual of Style (16th Edition):
Parikh, N. “Underwriter allocation discretion, investor participation and IPO pricing: evidence from the Indian IPO market.” 2017. Thesis, RMIT University. Accessed December 07, 2019.
http://researchbank.rmit.edu.au/view/rmit:162175.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
MLA Handbook (7th Edition):
Parikh, N. “Underwriter allocation discretion, investor participation and IPO pricing: evidence from the Indian IPO market.” 2017. Web. 07 Dec 2019.
Vancouver:
Parikh N. Underwriter allocation discretion, investor participation and IPO pricing: evidence from the Indian IPO market. [Internet] [Thesis]. RMIT University; 2017. [cited 2019 Dec 07].
Available from: http://researchbank.rmit.edu.au/view/rmit:162175.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Council of Science Editors:
Parikh N. Underwriter allocation discretion, investor participation and IPO pricing: evidence from the Indian IPO market. [Thesis]. RMIT University; 2017. Available from: http://researchbank.rmit.edu.au/view/rmit:162175
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
University of Vienna
10.
Katic, Miho.
How to determine the IPO share price?.
Degree: 2010, University of Vienna
URL: http://othes.univie.ac.at/10140/
► Da es keine allgemein gültige Formel oder mathematischen Algorithmus für einen Börsengang (engl. – IPO, Initial Public Offering) gibt, bietet die Literatur eine Fülle an…
(more)
▼ Da es keine allgemein gültige Formel oder mathematischen Algorithmus für einen Börsengang (engl. – IPO, Initial Public Offering) gibt, bietet die Literatur eine Fülle an Informationen über Einflüsse, Beziehungen zwischen den eingebundenen Parteien, Rahmenbedingungen, Zeitpunktwahl und Erwartungen beim Börsegang.
Eine der interessantesten und rätselhaften Eigenschaften des IPO-Prozesses ist die Preisbestimmung von neuen Aktien. IPO-Aktien sollten wie Aktien, die bereits gehandelt werden, bewertet werden. IPO-Aktien weisen aber einige interessante Eigenschaften, dessen Erklärungsversuche unterschiedlich begründet sind, auf. Einige dieser Eigenschaften sind zum Beispiel die IPO-Unterbewertung, Hot-Issue Markt, und schwache langfristige Leistung.
Obwohl sich der Bewertungsprozess von IPO-Aktien als komplexer mathematischer Algorithmus gestaltet, werden dennoch verschiedene Bewertungsmethoden verwendet. Diese Methoden haben einige Schwächen, wie z.B. die Unsicherheit künftiger Einnahmen und Erträge, Wahl eines adäquaten Abzinsungsfaktors, Bewertung der vorhandenen Assets, Wachstumsraten, unzureichender Peer-Group Vergleich bei einer zu kleinen Unternehmensgruppe usw.
Wegen dieser Komplexität bei der Bewertung von IPO-Aktien, wird der Preiskalkulations- und Vertriebsprozess durch eine Investmentbank durchgeführt. Diese haben sowohl in der Preiskalkulation als auch in der Distribution mehr Erfahrung. Aufgrund ihrer einschlägigen Bewertungs- und Vertriebserfahrung werden sie von der emittierenden Gesellschaft in den IPO Prozess eingebunden. Investmentbanken sind auch unter dem Schlagwort Konsortialbanken bekannt.
Der Wert einer Gesellschaft ist nicht nur durch idiosynkratische Faktoren bestimmt, sondern auch durch äußerliche (systematische) Faktoren (Marktbedingungen, politische Gefahren, Mitbewerber, Erwartungen, usw.) Im Rahmen des Börseganges müssen alle diese Faktoren erwogen und in die Berechnung des Emissionspreises einfließen.
Emissionsgesellschaft kann mithilfe der Investmentbank einen Teil der Außenfaktoren bewerten, jedoch ist sie im Vergleich zu der Information der anderen Marktteilnehmer immer noch im Nachteil. Dieser Punkt des IPO- Prozesses ist der interessanteste - die Unternehmer die ihre Anteile genau bewerten möchten, müssen mit den Außenkapitalanlegern zusammenarbeiten, die andererseits wieder einen Vorteil haben, wenn der Preis nicht am passenden Niveau gesetzt wird.
Demzufolge besteht für den Emittenten das Hauptproblem darin einen Zustand zu generieren wo informierte Kapitalanleger wissen, dass sie einen Vorteil haben könnten, wenn ihre Information unentdeckt bleibt. Mit dem Bookbuilding-Prozess ist es dem Emittenten möglich informierte Kapitalanleger zum Aufdecken ihrer wahren Präferenz zu bewegen.
Der Bookbuilding-Prozess ermöglicht die Informationssammlung und die Belohnung der beteiligten und „Wahrheit-Sagenden“ Investoren. Er unterteilt sich in die Sammlung von Interessenindikationen der potenziellen Kapitalanleger und deren Einstellung bezüglich des Preises und der Allokation.
Es liegen…
Subjects/Keywords: 85.30 Investition, Finanzierung; Preisermittlung / Neuemission / Aktien / Erstauftritt / IPO / Börsegang; pricing / IPO / share / underwriter / new issue
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APA ·
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to Zotero / EndNote / Reference
Manager
APA (6th Edition):
Katic, M. (2010). How to determine the IPO share price?. (Thesis). University of Vienna. Retrieved from http://othes.univie.ac.at/10140/
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Chicago Manual of Style (16th Edition):
Katic, Miho. “How to determine the IPO share price?.” 2010. Thesis, University of Vienna. Accessed December 07, 2019.
http://othes.univie.ac.at/10140/.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
MLA Handbook (7th Edition):
Katic, Miho. “How to determine the IPO share price?.” 2010. Web. 07 Dec 2019.
Vancouver:
Katic M. How to determine the IPO share price?. [Internet] [Thesis]. University of Vienna; 2010. [cited 2019 Dec 07].
Available from: http://othes.univie.ac.at/10140/.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Council of Science Editors:
Katic M. How to determine the IPO share price?. [Thesis]. University of Vienna; 2010. Available from: http://othes.univie.ac.at/10140/
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
11.
Jiao, Jian.
Do Chinese underwriters grandstand to attract more firms when they are ready to go public?.
Degree: Umeå School of Business, 2010, Umeå University
URL: http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-34920
► The concept of grandstanding comes from Gompers (1996), in his article, he defined “to grandstand” as “to act or conduct oneself with a view…
(more)
▼ The concept of grandstanding comes from Gompers (1996), in his article, he defined “to grandstand” as “to act or conduct oneself with a view to impressing onlookers”. The idea of grandstanding does not only apply solely to venture capital but also could apply to underwriters of IPOs industry as well. IPOs activities provide huge revenues for underwriters, so underwriters compete with each other for IPO business. China’s stock market grows explosively after 2006, and it has the highest underpricing, as well as more and more underwriters have emerged recently, so our paper is constrained under Chinese stock market environment. We empirically examine whether inexperienced underwriters grandstand when they conduct IPOs in order to achieve more market shares, for example by deliberate underpricing or charging lower fee rates. This study is conducted from the underwriter’s perspective. We use two kinds of reputation measurement methods to define “inexperienced” and “prestigious underwriters” and employ a quantitative approach to analyze the data. Evidence from a sample of 392 IPOs from June 19, 2006 to March 24, 2010 suggests that inexperienced underwriters do not have incentives to grandstand. The number of IPOs that underwriters have conducted and recent IPO performance do not always contribute to a gain of market share directly. Therefore, inexperienced underwriters do not provide more underpriced IPOs nor do they charge lower fee rates. Evidence also marginally supports that underwriters do not intend to conduct small offer sized IPOs.
Subjects/Keywords: Initial Public Offering; underpricing; Grandstanding hypothesis; Chinese stock market; underwriter; Business studies; Företagsekonomi
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APA ·
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Manager
APA (6th Edition):
Jiao, J. (2010). Do Chinese underwriters grandstand to attract more firms when they are ready to go public?. (Thesis). Umeå University. Retrieved from http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-34920
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Chicago Manual of Style (16th Edition):
Jiao, Jian. “Do Chinese underwriters grandstand to attract more firms when they are ready to go public?.” 2010. Thesis, Umeå University. Accessed December 07, 2019.
http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-34920.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
MLA Handbook (7th Edition):
Jiao, Jian. “Do Chinese underwriters grandstand to attract more firms when they are ready to go public?.” 2010. Web. 07 Dec 2019.
Vancouver:
Jiao J. Do Chinese underwriters grandstand to attract more firms when they are ready to go public?. [Internet] [Thesis]. Umeå University; 2010. [cited 2019 Dec 07].
Available from: http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-34920.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Council of Science Editors:
Jiao J. Do Chinese underwriters grandstand to attract more firms when they are ready to go public?. [Thesis]. Umeå University; 2010. Available from: http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-34920
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
12.
Scribano, Francesca.
The impact of ownership and advisors on IPO and post-IPO performance.
Degree: 2015, Università degli Studi di Catania
URL: http://hdl.handle.net/10761/4051
► This dissertation focuses on the impact that the advisory team, namely underwriting bank and auditor, private equity investors and firms owners have on firms IPO…
(more)
▼ This dissertation focuses on the impact that the advisory team, namely underwriting bank and auditor, private equity investors and firms owners have on firms IPO and post-IPO performance in a bank-oriented system like Italy. The decision of a firm to go public posits many important problems, among which there are how to reduce information asymmetries and uncertainty surrounding private firms and how to preserve and improve firms value. The phenomenon is analyzed using the signaling theory, a relative recent theory and one of the main used in the IPO literature, which aims to resolve the information asymmetry problem suggesting to rely on certain indicators that can send signals to the market about the quality of firms. Another important theory applied to the IPO context is the agency theory, as the separation of ownership and control posits problems to firms profitability and value. Both theories have been largely applied to the US context and the goal of this dissertation is to contribute to these long-standing debates by adding evidence from a non-US country. Evidence from foreign countries has shown that institutional settings are important to consider when generalizing theories. This dissertation confirms this thesis, showing that signals are not always correctly perceived and valued by the market, and that theories may not work in different contexts.
Subjects/Keywords: Area 13 - Scienze economiche e statistiche; signals, certification, private equity, underwriter, auditor, ownership, lending relationship, agency theory
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APA ·
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to Zotero / EndNote / Reference
Manager
APA (6th Edition):
Scribano, F. (2015). The impact of ownership and advisors on IPO and post-IPO performance. (Thesis). Università degli Studi di Catania. Retrieved from http://hdl.handle.net/10761/4051
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Chicago Manual of Style (16th Edition):
Scribano, Francesca. “The impact of ownership and advisors on IPO and post-IPO performance.” 2015. Thesis, Università degli Studi di Catania. Accessed December 07, 2019.
http://hdl.handle.net/10761/4051.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
MLA Handbook (7th Edition):
Scribano, Francesca. “The impact of ownership and advisors on IPO and post-IPO performance.” 2015. Web. 07 Dec 2019.
Vancouver:
Scribano F. The impact of ownership and advisors on IPO and post-IPO performance. [Internet] [Thesis]. Università degli Studi di Catania; 2015. [cited 2019 Dec 07].
Available from: http://hdl.handle.net/10761/4051.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Council of Science Editors:
Scribano F. The impact of ownership and advisors on IPO and post-IPO performance. [Thesis]. Università degli Studi di Catania; 2015. Available from: http://hdl.handle.net/10761/4051
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Texas A&M University
13.
Wang, Kun.
Auditor and underwriter industry specialization/differentiation: evidence from IPO underpricing and long-term performance.
Degree: 2006, Texas A&M University
URL: http://hdl.handle.net/1969.1/4149
► The dissertation examines IPO underpricing and long-term performance to assess the use of industry specialization as a differentiation strategy by audit firms and underwriters. Prior…
(more)
▼ The dissertation examines IPO underpricing and long-term performance to assess
the use of industry specialization as a differentiation strategy by audit firms and
underwriters. Prior studies indicate that prestigious auditors or underwriters (e.g., Big 6
auditors) are associated with IPO underpricing. I extend existing literature by
incorporating market share as a refined measure of auditor (
underwriter) reputation. In
particular, I define a differentiated auditor (
underwriter) as the market leader that
possesses significantly higher market share than their competitors in the client industry. I
hypothesize that the impact of auditor (
underwriter) reputation in the IPO setting
depends on whether the audit firm (
underwriter) has successfully differentiated itself
from competitors within client industries. My results show that as audit firm
(
underwriter) industry market share increases without differentiation, the IPO
underpricing increases. It appears that this group of auditors (underwriters) intentionally
engages in high-risk IPOs in order to gain fee advantages. In contrast, differentiated
auditors (underwriters) are related to lower IPO underpricing because their reputation assist in reducing information asymmetry between issuers and investors. My study is
important because it shows that the benefits previously thought to be attributable to a
very large set of auditors and underwriters stems primary
Advisors/Committee Members: Wilkins, Michael (advisor), Fields, Paige (committee member), Flagg, James (committee member), Rees, Lynn (committee member).
Subjects/Keywords: Auditor industry specialization; IPO underpricing; Underwriter reputation
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APA ·
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Manager
APA (6th Edition):
Wang, K. (2006). Auditor and underwriter industry specialization/differentiation: evidence from IPO underpricing and long-term performance. (Thesis). Texas A&M University. Retrieved from http://hdl.handle.net/1969.1/4149
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Chicago Manual of Style (16th Edition):
Wang, Kun. “Auditor and underwriter industry specialization/differentiation: evidence from IPO underpricing and long-term performance.” 2006. Thesis, Texas A&M University. Accessed December 07, 2019.
http://hdl.handle.net/1969.1/4149.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
MLA Handbook (7th Edition):
Wang, Kun. “Auditor and underwriter industry specialization/differentiation: evidence from IPO underpricing and long-term performance.” 2006. Web. 07 Dec 2019.
Vancouver:
Wang K. Auditor and underwriter industry specialization/differentiation: evidence from IPO underpricing and long-term performance. [Internet] [Thesis]. Texas A&M University; 2006. [cited 2019 Dec 07].
Available from: http://hdl.handle.net/1969.1/4149.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Council of Science Editors:
Wang K. Auditor and underwriter industry specialization/differentiation: evidence from IPO underpricing and long-term performance. [Thesis]. Texas A&M University; 2006. Available from: http://hdl.handle.net/1969.1/4149
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
University of Western Ontario
14.
Liu, Zheng.
Strategic Overpricing of Initial Public Offerings.
Degree: 2012, University of Western Ontario
URL: https://ir.lib.uwo.ca/etd/509
► This dissertation extends theory and empirical research on Initial Public Offerings (IPOs) to include the unique context faced by underwriters that have the flexibility to…
(more)
▼ This dissertation extends theory and empirical research on Initial Public Offerings (IPOs) to include the unique context faced by underwriters that have the flexibility to overprice cold offerings. First, it argues that underwriters have the incentive to deliberately overprice weakly-received offerings in order to avert potential withdrawal of the offerings and loss of underwriting commissions. It then empirically tests this argument and finds supporting evidence. Measuring underwriter pricing intention by the NASDAQ-adjusted percentage change from the offer price to the closing price three days prior to the end of the quiet period, we find deliberate overpricing to be more pronounced for offerings that end up priced exactly at the lower boundary of the preliminary price range, especially when the ex ante withdrawal probability is high or when the lower boundary represents a smaller percent drop from the range’s midpoint.
The dissertation then examines the effect of IPO overpricing on the long-term prospects of the underwriters. It empirically demonstrates that overpricing offerings to avert withdrawal not only increases the payoff to the underwriter from the respective deals but also enhances the underwriter’s share of future IPO business. In particular, it finds that banks which engage issuers with a higher ex ante propensity to withdraw, and then aggressively price the offerings to actually avert withdrawal, experience a pronounced increase in their future IPO market share. Such reward is not experienced by underwriters which at the outset avoid engaging issuers with high likelihood of withdrawal. The dissertation also finds that withdrawals have more of an adverse effect on future market share than does mere overpricing. Furthermore, when overpricing is accompanied by even a low level of price support during first-day of public trading, the effect on the bank’s future market share is significantly less adverse than that associated with otherwise letting the offer be withdrawn.
The dissertation extends the IPO bookbuilding theory by developing a model which encompasses the potential for IPO withdrawal, overpricing, and aftermarket price support altogether, and solving for the equilibrium offer-price-maximizing price/allocation schedule. The analysis shows that overpricing can be sustained in equilibrium in a manner that still ensures maximized proceeds to the issuer. The optimal price/allocation rule calls for allocation priority to be given to investors with strong indications of interest; underpricing to occur when premarket demand is strong; and overpricing to be resorted to only as needed to avert withdrawal by the issuer in lukewarmly-received offerings. Aftermarket price stabilization plays two roles in equilibrium: It bonds the underwriter against deliberate overpricing when premarket demand is either strong or too weak; and it adequately compensates investors when overpricing is utilized to avert issue withdrawal.
Subjects/Keywords: Initial Public Offerings; Withdrawals; Selective overpricing; Aftermarket price support; Bookbuilding; Underwriter market share; Firm valuation; Reservation price; Finance and Financial Management
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APA ·
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Manager
APA (6th Edition):
Liu, Z. (2012). Strategic Overpricing of Initial Public Offerings. (Thesis). University of Western Ontario. Retrieved from https://ir.lib.uwo.ca/etd/509
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Chicago Manual of Style (16th Edition):
Liu, Zheng. “Strategic Overpricing of Initial Public Offerings.” 2012. Thesis, University of Western Ontario. Accessed December 07, 2019.
https://ir.lib.uwo.ca/etd/509.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
MLA Handbook (7th Edition):
Liu, Zheng. “Strategic Overpricing of Initial Public Offerings.” 2012. Web. 07 Dec 2019.
Vancouver:
Liu Z. Strategic Overpricing of Initial Public Offerings. [Internet] [Thesis]. University of Western Ontario; 2012. [cited 2019 Dec 07].
Available from: https://ir.lib.uwo.ca/etd/509.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Council of Science Editors:
Liu Z. Strategic Overpricing of Initial Public Offerings. [Thesis]. University of Western Ontario; 2012. Available from: https://ir.lib.uwo.ca/etd/509
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
NSYSU
15.
Min, Chun.
To Evaluate the competition between Taiwan and Hong Kong Capital Market and follow up the comparison of the Management Fee.
Degree: Master, EMBA, 2007, NSYSU
URL: http://etd.lib.nsysu.edu.tw/ETD-db/ETD-search/view_etd?URN=etd-0815107-114547
► This research is based on native companies and underwritersâ perspectives to discuss the advantages and decision making process of listing a companyâs stocks in Taiwan…
(more)
▼ This research is based on native companies and underwritersâ perspectives to discuss the advantages and decision making process of listing a companyâs stocks in Taiwan capital market or in oversea markets. It further analyzes the strengths and weaknesses of Taiwan and Hong Kong capital markets in legal and trading aspects, when also taking the costs into consideration. By analyzing the advantages/disadvantages of each capital market and the encourage policies of both governments, it illustrates the factors that influence a company to choose a favorable market in order to maximize its value. This research compares the following issuesï¼
A. The IPO regulations of Taiwan and Hong Kong capital markets
B. The scales of Taiwan and Hong Kong capital markets
C. The costs for IPO in Taiwan and Hong Kong capital markets
By referring related articles, it induces the following resultsï¼
A. Common benefits from IPOï¼More convenient channels for fund raise, increasing international reputation, enhancing internal control system and management, brain gain, more Merger & Acquisition opportunities, and providing shareholders flexible financial planning.
B. Planning IPO in local or foreign markets, a companyâs consideration would be different. The differentiation is mainly fromï¼
1. different goals and strategies
2. different costs and benefits
3. different requirements and qualification for going public.
C. The reasons for low management fee areï¼
1. Since underwriters mainly focus on capital gain, not management fee, there is not enough motivation for them to adjust the rate of management fee.
2. numerous underwriters result fierce price competition
3. management fee is related to industry/economy growth and recession
4. Investors might doubt whether the probability of their participating in security allocations is not equal to others.
Last, this research provides the conclusion and recommendations. Via comparing these two capital markets, we look for the best solution to change the inferior position of Taiwan capital market and underwriters, and at least provide useful information for our government authorities, underwriters, and companies who are interested in going public in Hong Kong.
Advisors/Committee Members: Lyu Jye cherng (chair), Huang Jen Tsung (committee member), none (chair).
Subjects/Keywords: Capital Market; IPOs (Initial Public Offerings); Underwriter; Stock Market; Management Fee
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APA (6th Edition):
Min, C. (2007). To Evaluate the competition between Taiwan and Hong Kong Capital Market and follow up the comparison of the Management Fee. (Thesis). NSYSU. Retrieved from http://etd.lib.nsysu.edu.tw/ETD-db/ETD-search/view_etd?URN=etd-0815107-114547
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Chicago Manual of Style (16th Edition):
Min, Chun. “To Evaluate the competition between Taiwan and Hong Kong Capital Market and follow up the comparison of the Management Fee.” 2007. Thesis, NSYSU. Accessed December 07, 2019.
http://etd.lib.nsysu.edu.tw/ETD-db/ETD-search/view_etd?URN=etd-0815107-114547.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
MLA Handbook (7th Edition):
Min, Chun. “To Evaluate the competition between Taiwan and Hong Kong Capital Market and follow up the comparison of the Management Fee.” 2007. Web. 07 Dec 2019.
Vancouver:
Min C. To Evaluate the competition between Taiwan and Hong Kong Capital Market and follow up the comparison of the Management Fee. [Internet] [Thesis]. NSYSU; 2007. [cited 2019 Dec 07].
Available from: http://etd.lib.nsysu.edu.tw/ETD-db/ETD-search/view_etd?URN=etd-0815107-114547.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Council of Science Editors:
Min C. To Evaluate the competition between Taiwan and Hong Kong Capital Market and follow up the comparison of the Management Fee. [Thesis]. NSYSU; 2007. Available from: http://etd.lib.nsysu.edu.tw/ETD-db/ETD-search/view_etd?URN=etd-0815107-114547
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
NSYSU
16.
Miao, Shan-chih.
A Study on the Relation between Activities of Value Chain and High-Performance of Securities Underwriter in Taiwan.
Degree: Master, Business Management, 2006, NSYSU
URL: http://etd.lib.nsysu.edu.tw/ETD-db/ETD-search/view_etd?URN=etd-0911106-221302
► Seeing that domestic securities underwriters are not able to develop effectively sustainable competitive advantages, the research is aimed to combine the resource-based view (RBV) and…
(more)
▼ Seeing that domestic securities underwriters are not able to develop effectively sustainable competitive advantages, the research is aimed to combine the resource-based view (RBV) and the value chain concept. Questionnaires are released to carry out investigation mainly into the securities associates of local underwriters for the purpose of finding out the vital enterprise source and value activities that construct the high performances of underwriters. And it also discusses the relation between value chain activities and business models of domestic underwriters, and the relation between their business models and high performances.
The research discusses the following subjects based on the above research motive: 1. What kinds of essential assets and skills should underwriters grasp to obtain higher performances than those of their competitors? 2. Discussion of the vital value activities that construct the high performances of underwriters, and attempts to build the complete value chain of local underwriters. 3. Discussion on whether local underwriters will develop different business models due to emphasis on different value activities from those of their competitors. 4. Reasoning about whether the high performances of local underwriters will vary significantly because of different business models.
The result of the researchâs practical testimony shows:
âUnderwriting performanceâ, âcustomer developing abilityâ, âsupport from financial holding companiesâ, âchannel and distributionâ and âunderwriting superiorsâ charm and leading abilitiesâ are considered by local securities associates to be five of the most important enterprise resources that constitute the high performances of underwriters. Among them, resources such as âunderwriting performancesâ and âsupport from financial holding companiesâ are of durability, immobility, high embededness and not able to be duplicated. Plus, âcustomer developing abilityâ and âchannel and distributionâ are of durability, and partial immobility as well as resource embededness. All of the above resource characteristics are deemed by resource-based view to be able to form the sustainable competitive advantages of enterprises.
After the variables of each factor in the aspect of value activities are measured, 24 itemsâ means of importance degree are more than 3.79 among them. Analyzing descriptive statistics data, we find out that more than 70% of securities associates consider the effect of these 24 value activities to be important or extremely important, which implies that local securities associates highly agree to the importance that the support activities and primary activities in the value chain comprise the high-performance base of domestic underwriters. Furthermore, a complete value chain of local securities underwriters will be set up based on the result.
In the field of cluster analysis for the aspect of business models, the research adopts the minimum variance method (also called Wardâs method) among hierarchical methods, and divides 20 securities underwriters into three groups…
Advisors/Committee Members: Te-ping Kuo (chair), Pei-how Huang (committee member), Tai-Hwa Chow (chair).
Subjects/Keywords: performance; securities underwriter; business model; value activities; sustainable competitive advantage
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APA (6th Edition):
Miao, S. (2006). A Study on the Relation between Activities of Value Chain and High-Performance of Securities Underwriter in Taiwan. (Thesis). NSYSU. Retrieved from http://etd.lib.nsysu.edu.tw/ETD-db/ETD-search/view_etd?URN=etd-0911106-221302
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Chicago Manual of Style (16th Edition):
Miao, Shan-chih. “A Study on the Relation between Activities of Value Chain and High-Performance of Securities Underwriter in Taiwan.” 2006. Thesis, NSYSU. Accessed December 07, 2019.
http://etd.lib.nsysu.edu.tw/ETD-db/ETD-search/view_etd?URN=etd-0911106-221302.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
MLA Handbook (7th Edition):
Miao, Shan-chih. “A Study on the Relation between Activities of Value Chain and High-Performance of Securities Underwriter in Taiwan.” 2006. Web. 07 Dec 2019.
Vancouver:
Miao S. A Study on the Relation between Activities of Value Chain and High-Performance of Securities Underwriter in Taiwan. [Internet] [Thesis]. NSYSU; 2006. [cited 2019 Dec 07].
Available from: http://etd.lib.nsysu.edu.tw/ETD-db/ETD-search/view_etd?URN=etd-0911106-221302.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Council of Science Editors:
Miao S. A Study on the Relation between Activities of Value Chain and High-Performance of Securities Underwriter in Taiwan. [Thesis]. NSYSU; 2006. Available from: http://etd.lib.nsysu.edu.tw/ETD-db/ETD-search/view_etd?URN=etd-0911106-221302
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Brno University of Technology
17.
Hozák, Sebastian.
Prvotní veřejné nabídky akcií v ČR
.
Degree: 2017, Brno University of Technology
URL: http://hdl.handle.net/11012/67705
► Tato bakalářská práce se zabývá prvotní veřejnou nabídkou akcií, též známou pod anglickou zkratkou IPO, která je jedním ze způsobů financování společnosti. V úvodu této…
(more)
▼ Tato bakalářská práce se zabývá prvotní veřejnou nabídkou akcií, též známou pod anglickou zkratkou IPO, která je jedním ze způsobů financování společnosti. V úvodu této práce je teoretická část, která vysvětluje základní pojmy, fáze přípravy a celkovou realizaci IPO. Další část této bakalářské práce se zaměřuje na společnosti na českém kapitálovém trhu, které prvotní veřejnou nabídku realizovaly od roku 2010.; This thesis deals with an initial public offering, also known by the English abbreviation IPO, which is one of the company's financing ways. Basic concepts, preparation phases, and overall realization of IPO are explained in a theoretical part at the beginning of this work. The second part of the thesis focuses on companies on the Czech capital market where IPO has been realized since 2010.
Advisors/Committee Members: Meluzín, Tomáš (advisor).
Subjects/Keywords: burza cenných papírů;
kapitálový trh;
manažer emise;
prvotní veřejná nabídka;
zdroj financování;
stock exchange;
capital market;
managing underwriter;
initial public offering;
source of financing
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APA (6th Edition):
Hozák, S. (2017). Prvotní veřejné nabídky akcií v ČR
. (Thesis). Brno University of Technology. Retrieved from http://hdl.handle.net/11012/67705
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Chicago Manual of Style (16th Edition):
Hozák, Sebastian. “Prvotní veřejné nabídky akcií v ČR
.” 2017. Thesis, Brno University of Technology. Accessed December 07, 2019.
http://hdl.handle.net/11012/67705.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
MLA Handbook (7th Edition):
Hozák, Sebastian. “Prvotní veřejné nabídky akcií v ČR
.” 2017. Web. 07 Dec 2019.
Vancouver:
Hozák S. Prvotní veřejné nabídky akcií v ČR
. [Internet] [Thesis]. Brno University of Technology; 2017. [cited 2019 Dec 07].
Available from: http://hdl.handle.net/11012/67705.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Council of Science Editors:
Hozák S. Prvotní veřejné nabídky akcií v ČR
. [Thesis]. Brno University of Technology; 2017. Available from: http://hdl.handle.net/11012/67705
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
University of St. Andrews
18.
Qiao, Yongyuan.
On the determinants of initial public offering underpricing
.
Degree: 2008, University of St. Andrews
URL: http://hdl.handle.net/10023/575
► The initial public offering (IPO) underpricing phenomenon has frequently been noticed and generally is accepted as a puzzle in financial economics. Some of the new…
(more)
▼ The initial public offering (IPO) underpricing phenomenon has frequently been noticed and generally is accepted as a puzzle in financial economics. Some of the new theories, such as behavioural finance, take the underpricing puzzle as one important form of evidence. However, some aspects of IPO underpricing have not yet been fully documented and discussed in the existing literature. This thesis tries to contribute in the following three specific areas.
First, we focus on the time series properties of the level of underpricing of IPO shares and document the IPO market in the Hong Kong market from 1999 to 2005. In the data sample, strong autocorrelation within the level of underpricing has been discovered. Evidence suggests the initial selling volume plays an important role in the relationship. The links between underpricing and clustering of IPOs within different industries are weak, suggesting the reasons for underpricing are related to the market liquidity rather than to the industry-specific risk characteristics.
Second, we investigate the underwriting networks to explore the relationship between underwriting business and IPO related puzzles. We find that in repeated IPOs, underwriters build up reputation and accumulate knowledge of their underwriting services. One of the great advantages of the top ranked underwriters is their relationship networks with other underwriters and institutional investors. We perform a careful examination of the
underwriter syndicate and investigate the relationship of the structure of the syndicate in respect of IPO performance. Moreover, the pattern of distribution in the size of syndicates is identified and is found to be significantly related to the IPO performance. The research shows that the perspective from the
underwriter syndicate is not only interesting, also necessary to understand IPOs.
Third, we analyse the coordination problem in the IPO. In the research, we consider the auction method as a one-stage selling and the bookbuilding method as a two-stage selling method. The model suggests that the relationship between the underpricing level and the quality of IPO shares is non-monotone. This implication is consistent with empirical observations. In addition, regarding the issuers' proceeds in the IPOs, the auction method is better than the bookbuilding method in both noisy and noisy vanishing equilibria. The bookbuilding method may be helpful in other ways, such as maintaining liquidity or price support in secondary market.
By studying liquidity, business networks and the coordination problem, the thesis does not only complement the existing research by providing unique explanations for the IPO underpricing and other related puzzles, but also opens some interesting venues for future research.
Advisors/Committee Members: Damjanovic, Vladislav (advisor).
Subjects/Keywords: IPO;
Underpricing;
Clustering;
Liquidity shock;
Underwriter syndicate;
Random graph;
Coordination problem;
Global game
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APA ·
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Export
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Manager
APA (6th Edition):
Qiao, Y. (2008). On the determinants of initial public offering underpricing
. (Thesis). University of St. Andrews. Retrieved from http://hdl.handle.net/10023/575
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Chicago Manual of Style (16th Edition):
Qiao, Yongyuan. “On the determinants of initial public offering underpricing
.” 2008. Thesis, University of St. Andrews. Accessed December 07, 2019.
http://hdl.handle.net/10023/575.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
MLA Handbook (7th Edition):
Qiao, Yongyuan. “On the determinants of initial public offering underpricing
.” 2008. Web. 07 Dec 2019.
Vancouver:
Qiao Y. On the determinants of initial public offering underpricing
. [Internet] [Thesis]. University of St. Andrews; 2008. [cited 2019 Dec 07].
Available from: http://hdl.handle.net/10023/575.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Council of Science Editors:
Qiao Y. On the determinants of initial public offering underpricing
. [Thesis]. University of St. Andrews; 2008. Available from: http://hdl.handle.net/10023/575
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Virginia Tech
19.
Lee, Cheulho.
The timing of initial public offerings and the role of investment banks.
Degree: PhD, Accounting and Information Systems, 1996, Virginia Tech
URL: http://hdl.handle.net/10919/38045
► This study comprises an investigation of the timing of initial public offerings (IPOs) and the role therein, of investment banks, in taking firms public. Most…
(more)
▼ This study comprises an investigation of the timing of initial public offerings (IPOs) and the role therein, of investment banks, in taking firms public. Most prior studies of IPOs and seasoned equity offerings (SEOs) investigate timing with respect to firm-specific or economy-wide conditions. Also, the vast majority of prior studies have apparently ignored 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 and after their offerings. It is shown that firms are, on average, more likely to go public when the market valuation of comparable stocks in the same industry is at its peak relative to the entire market. No evidence is found of a pattern of IPO firms timing their offerings with respect to market-wide conditions. Further, this study shows that IPO timing is a function of the reputation of investment banks who have expertise in the financial market. It is found that the more reputable investment banks possess a greater proficiency than their lesser known counterparts, in taking companies public when the market valuation of comparable stocks in the same industry is high. These results are found to be invariant with regard to several statistical tests and alternative explanations.
Subjects/Keywords: stock; underwriter; investment bank; initial public offering; LD5655.V856 1996.L43
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APA (6th Edition):
Lee, C. (1996). The timing of initial public offerings and the role of investment banks. (Doctoral Dissertation). Virginia Tech. Retrieved from http://hdl.handle.net/10919/38045
Chicago Manual of Style (16th Edition):
Lee, Cheulho. “The timing of initial public offerings and the role of investment banks.” 1996. Doctoral Dissertation, Virginia Tech. Accessed December 07, 2019.
http://hdl.handle.net/10919/38045.
MLA Handbook (7th Edition):
Lee, Cheulho. “The timing of initial public offerings and the role of investment banks.” 1996. Web. 07 Dec 2019.
Vancouver:
Lee C. The timing of initial public offerings and the role of investment banks. [Internet] [Doctoral dissertation]. Virginia Tech; 1996. [cited 2019 Dec 07].
Available from: http://hdl.handle.net/10919/38045.
Council of Science Editors:
Lee C. The timing of initial public offerings and the role of investment banks. [Doctoral Dissertation]. Virginia Tech; 1996. Available from: http://hdl.handle.net/10919/38045
20.
SIGNORI, ANDREA.
The evalutation of IPOs and its influence on a private firm's exit decision.
Degree: 2014, Università degli Studi di Bergamo
URL: http://hdl.handle.net/10446/30392
► The current research investigates the valuation of companies going public in different phases of the IPO process, and unveils its implications on a private firm’s…
(more)
▼ The current research investigates the valuation of companies going public in different phases of the IPO process, and unveils its implications on a private firm’s exit decision. The first paper focuses on how underwriters select comparable firms when valuing IPOs. We document that they perform a biased, left-truncated selection, as they omit peers with the poorest valuations compared to those selected by sell-side analysts or obtained from matching algorithms. IPOs are priced at a discount compared to peers selected by underwriters, but at a premium with regards to alternatively selected peers, even by considering peers chosen by the same underwriter acting as analyst. The second paper deals with aftermarket valuation of IPOs, focusing on the relation between the fees paid to underwriters and the services they provide to the issuer, such as price stabilization. We study whether a formal commitment by underwriters to provide ancillary services allows them to charge higher fees, and find that asking underwriters to support aftermarket valuation (i.e., stabilize stock price) is costly to the issuer, while to support liquidity is not. Underwriters stabilize IPOs that really need it, whereas the drivers of the provision of liquidity support are less clear. The third paper examines how the possibility to go public and be subsequently acquired at a higher valuation alters a private firm’s initial exit trade-off between IPO and acquisition. Firms suffering from greater information asymmetry and more severe financial constraints are more likely to go public before being acquired, rather than be directly acquired as private. These firms receive a higher valuation than that obtained by similar private targets. On the other hand, there are risks associated with two-stage exits. Less successful firms face a higher probability of delisting, with a valuation similar to what they would have obtained by selling out as private.
Subjects/Keywords: initial public offerings (IPOs); valuation; firm exit; underwriter; ING-IND/35 - Ingegneria Economico-Gestionale
…the valuation of peers chosen by the
underwriter with that of peers obtained from… …including the
same underwriter providing analyst coverage to the IPO firm in the aftermarket.
14… …this is true even by comparing the peers with those
selected by the same underwriter in the… …between underwriter and issuing firm.
The third paper documents that IPO valuations play a role… …the companies they take public. We compare peers
selected by the underwriter at the time of…
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APA (6th Edition):
SIGNORI, A. (2014). The evalutation of IPOs and its influence on a private firm's exit decision. (Thesis). Università degli Studi di Bergamo. Retrieved from http://hdl.handle.net/10446/30392
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Chicago Manual of Style (16th Edition):
SIGNORI, ANDREA. “The evalutation of IPOs and its influence on a private firm's exit decision.” 2014. Thesis, Università degli Studi di Bergamo. Accessed December 07, 2019.
http://hdl.handle.net/10446/30392.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
MLA Handbook (7th Edition):
SIGNORI, ANDREA. “The evalutation of IPOs and its influence on a private firm's exit decision.” 2014. Web. 07 Dec 2019.
Vancouver:
SIGNORI A. The evalutation of IPOs and its influence on a private firm's exit decision. [Internet] [Thesis]. Università degli Studi di Bergamo; 2014. [cited 2019 Dec 07].
Available from: http://hdl.handle.net/10446/30392.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Council of Science Editors:
SIGNORI A. The evalutation of IPOs and its influence on a private firm's exit decision. [Thesis]. Università degli Studi di Bergamo; 2014. Available from: http://hdl.handle.net/10446/30392
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
NSYSU
21.
Lin, Shih-Che.
A study of the factors influence underwriter IPOs market share.
Degree: Master, Business Management, 2001, NSYSU
URL: http://etd.lib.nsysu.edu.tw/ETD-db/ETD-search/view_etd?URN=etd-0613101-133656
► Underwriter need to participate in the process of new issue firms going public. Related reference about Taiwan's underwriter IPOs market share haven't appear. In this…
(more)
▼ Underwriter need to participate in the process of new issue
firms going public. Related reference about Taiwan's
underwriter
IPOs market share haven't appear. In this study, we expect to find
out the relationship between Taiwan's
underwriter IPOs market share
and some related factors. Then offer issuer,
underwriter and investor
the conclusion as reference. The IPOs samples are selected during
the period 1991 through 2000 in Taiwan. There are 475 newly issued
firms in this period. We subtract some incomplete data samples and
bank samples.There are 247 IPOs samples in our regression model.
Although
underwriter IPOs market share is less significantly
impacted by IPOs offer price , results imply that when offer price
is too low,this would damage issuer's benefit and lead to
underwriter
IPOs market share decrease. When offer price is too high, this
would damage investor's benefit and just lightly lead to
underwriter
IPOs market share decrease. Results show that there is no industry
specialization in Taiwan's
underwriter industry. Although
underwriter
IPOs market share is less significantly impacted by IPOs one year
performance,results imply that when
underwriter market higher one year
return IPOs, this would attract more investors and lead to
underwriter
IPOs market share increase.Results show that
underwriter IPOs
market share is significantly impacted by nderwriter's asset
and age. The
underwriter with larger asset and larger age gains more
IPOs market share.
Advisors/Committee Members: Y. Chris Liao (chair), Anlin Chen (committee member), Ruey-Dang Chang (chair).
Subjects/Keywords: age; underpricing; asset; auditor reputation; market share; initial return; proceed; underwriter; initial public offering
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APA ·
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Manager
APA (6th Edition):
Lin, S. (2001). A study of the factors influence underwriter IPOs market share. (Thesis). NSYSU. Retrieved from http://etd.lib.nsysu.edu.tw/ETD-db/ETD-search/view_etd?URN=etd-0613101-133656
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Chicago Manual of Style (16th Edition):
Lin, Shih-Che. “A study of the factors influence underwriter IPOs market share.” 2001. Thesis, NSYSU. Accessed December 07, 2019.
http://etd.lib.nsysu.edu.tw/ETD-db/ETD-search/view_etd?URN=etd-0613101-133656.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
MLA Handbook (7th Edition):
Lin, Shih-Che. “A study of the factors influence underwriter IPOs market share.” 2001. Web. 07 Dec 2019.
Vancouver:
Lin S. A study of the factors influence underwriter IPOs market share. [Internet] [Thesis]. NSYSU; 2001. [cited 2019 Dec 07].
Available from: http://etd.lib.nsysu.edu.tw/ETD-db/ETD-search/view_etd?URN=etd-0613101-133656.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Council of Science Editors:
Lin S. A study of the factors influence underwriter IPOs market share. [Thesis]. NSYSU; 2001. Available from: http://etd.lib.nsysu.edu.tw/ETD-db/ETD-search/view_etd?URN=etd-0613101-133656
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
22.
MIGLIORATI, KATRIN.
The underwriter: a European perspective.
Degree: 2012, Università degli Studi di Bergamo
URL: http://hdl.handle.net/10446/27509
► Extending back at least to McDonald and Fisher (1973), the importance of a prestigious underwriter has attracted the attention of researchers in trying to empirically…
(more)
▼ Extending back at least to McDonald and Fisher (1973), the importance of a prestigious underwriter has attracted the attention of researchers in trying to empirically measure reputation. Most of this literature, however, relies on measures tailored on the US case. Nonetheless, Europe has been attracting attention in comparative terms to the US. Moreover, the number of cross-countries studies in Europe yields to an increased demand for measures as proxy of the reputation of underwriters, even out of the corporate finance field. Along with the empirical literature, underwriters have come under the attention of the public debate. With the beginning of the financial crisis in 2007/2008, financial markets were put under severe pressure. In this context, there has been an increasing attention on the payments charged by underwriters on issuers for the services provided to them. A series of reports by regulatory bodies criticizes the surge in underwriting fees and highlight many issues, with particular focus on the degree of competition and the efficiency of the system of capital raising. In such framework, this work aims at investigating the role of underwriters in the European markets during security issuance events, from three different micro-perspectives: reputation, underwriting fees and performance of companies taken public by underwriters.
Subjects/Keywords: stock exchanges; second markets; underwriter; IPOs; AIM; London Stock Exchange; ING-IND/35 - Ingegneria Economico-Gestionale
…27
2.6
Underwriter rankings and underpricing… …the importance of a prestigious
underwriter has attracted the attention of researchers in… …Keywords: stock exchanges, second markets, underwriter, IPOs, AIM, London Stock
Exchange
V
VI… …offerings. There are fundamentally two reasons why the role of
underwriter is emphasized by the… …not be ignored
by European underwriter rankings.
Taking a narrow perspective, examining the…
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APA (6th Edition):
MIGLIORATI, K. (2012). The underwriter: a European perspective. (Thesis). Università degli Studi di Bergamo. Retrieved from http://hdl.handle.net/10446/27509
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Chicago Manual of Style (16th Edition):
MIGLIORATI, KATRIN. “The underwriter: a European perspective.” 2012. Thesis, Università degli Studi di Bergamo. Accessed December 07, 2019.
http://hdl.handle.net/10446/27509.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
MLA Handbook (7th Edition):
MIGLIORATI, KATRIN. “The underwriter: a European perspective.” 2012. Web. 07 Dec 2019.
Vancouver:
MIGLIORATI K. The underwriter: a European perspective. [Internet] [Thesis]. Università degli Studi di Bergamo; 2012. [cited 2019 Dec 07].
Available from: http://hdl.handle.net/10446/27509.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Council of Science Editors:
MIGLIORATI K. The underwriter: a European perspective. [Thesis]. Università degli Studi di Bergamo; 2012. Available from: http://hdl.handle.net/10446/27509
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
23.
Eriksson, Kristian.
Underprissättning, en investerares dröm : En kvantitativ studie av underprissättning beroende av branschtillhörighet och bolagsegenskaper.
Degree: Social Sciences, 2017, Södertörn University
URL: http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-32913
► Underpricing is a subject that is well documented, there is a lot of different theories that claims special traits of companies that affect underpricing…
(more)
▼ Underpricing is a subject that is well documented, there is a lot of different theories that claims special traits of companies that affect underpricing which some of these are age, growth and size of a company. There is also a difference amongst industries and especially the Tech industry which show a higher percentage of underpricing. Baker Mckenzie reports that the number of IPO: s in Sweden will grow in 2017, further one can see that under the year 1980-2011 there was an average underpricing of 27,3 percentage in Swedish companies. The study aims to analyze if there is a difference in underpricing within the first day when it comes to the Tech industry and the markets as a whole. The study also intends to prove that there is a significant relationship between underpricing, age, revenue growth, revenue and number of employees. Data was collected from databases and was analyzed through a regression analysis and comparing underpricing between the Tech industry and the other companies in the study. These analyzes was used to accept or reject the studies four hypothesizes and answer the questions of the study. The analysis and research showed a higher underpricing amongst the Tech industry then the rest of the companies but the study could not prove a significant relationship between underpricing and age, turnover growth, revenue and number of employees.
Underprissättning är ett ämne som är välstuderat och väldokumenterat, det finns många teorier som hävdar vilka egenskaper hos ett bolag som påverkar till underprissättning. Några av de faktorerna är ålder, tillväxt samt storlek. Det finns en skillnad bland branscher enligt tidigare undersökningar som hävdar att Tech branschen underprissätts i högre grad jämfört med andra branscher. Baker Mckenzie rapporterar att börsnoteringar i Sverige kommer öka under 2017, vidare kan man se att under åren 1980–2011 var det i snitt en första dagsavkastning på 27,3 procent på svenska börsnoteringar. Syftet med studien är att analysera om det finns en skillnad på första dagens avkastning inom Tech branschen jämfört med marknaden som helhet, studien ämnar också att påvisa om det finns signifikanta samband mellan underprissättning och ålder, omsättningstillväxt, omsättning samt antalet anställda. Information har samlats in från databaser och analyserats genom en regressionsanalys samt en komparativ studie av prissättning mellan Tech branschen och resterande branscher. De genomförda analyserna användes för att acceptera eller förkasta studiens fyra hypoteser samt svara på studiens frågeställningar. Analyserna och forskningen påvisade en större grad av underprissättning bland Tech bolagen än övriga bolag men studien kunde ej påvisa ett signifikant samband mellan underprissättning och bolagets omsättning, ålder, antal anställda samt omsättningstillväxt.
Subjects/Keywords: Underpricing; IPO; Revenue; Turnover growth; Tech industry; Age; Number of Employees; Börsnotering/Introduktion; Asymmetrisk information; Teckningskurs; Första dagsavkastning; Underprissättning; Underwriter; Nasdaq OMX; First North; Aktietorget; Nordic MTF; Techbranschen; Business Administration; Företagsekonomi
Record Details
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❌
APA ·
Chicago ·
MLA ·
Vancouver ·
CSE |
Export
to Zotero / EndNote / Reference
Manager
APA (6th Edition):
Eriksson, K. (2017). Underprissättning, en investerares dröm : En kvantitativ studie av underprissättning beroende av branschtillhörighet och bolagsegenskaper. (Thesis). Södertörn University. Retrieved from http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-32913
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Chicago Manual of Style (16th Edition):
Eriksson, Kristian. “Underprissättning, en investerares dröm : En kvantitativ studie av underprissättning beroende av branschtillhörighet och bolagsegenskaper.” 2017. Thesis, Södertörn University. Accessed December 07, 2019.
http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-32913.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
MLA Handbook (7th Edition):
Eriksson, Kristian. “Underprissättning, en investerares dröm : En kvantitativ studie av underprissättning beroende av branschtillhörighet och bolagsegenskaper.” 2017. Web. 07 Dec 2019.
Vancouver:
Eriksson K. Underprissättning, en investerares dröm : En kvantitativ studie av underprissättning beroende av branschtillhörighet och bolagsegenskaper. [Internet] [Thesis]. Södertörn University; 2017. [cited 2019 Dec 07].
Available from: http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-32913.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Council of Science Editors:
Eriksson K. Underprissättning, en investerares dröm : En kvantitativ studie av underprissättning beroende av branschtillhörighet och bolagsegenskaper. [Thesis]. Södertörn University; 2017. Available from: http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-32913
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Virginia Tech
24.
Autore, Don M.
Two Essays on Shelf-registered Corporate Equity Offerings.
Degree: PhD, Finance, Insurance, and Business Law, 2006, Virginia Tech
URL: http://hdl.handle.net/10919/26823
► This dissertation consists of two essays. The first provides evidence that the recent revival of shelf equity offers is related to changes in how firms…
(more)
▼ This dissertation consists of two essays. The first provides evidence that the recent revival of shelf equity offers is related to changes in how firms use shelf registration. During 1990-2003 firms that make shelf filings have no immediate intent and low probability of issuance, lower pre-filing returns relative to non-shelf issuers, and often have been certified in prior SEOs. The evidence indicates that the way firms now use shelf offerings resolves the under-certification problem responsible for the shelf demise in the 1980s (Denis, 1991) and 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 offerings based on the prevailing relative market conditions.
The second essay examines offer price discounting of traditional and shelf-registered seasoned equity offerings (SEOs). The results indicate that relative to traditional SEOs, shelf discounting during 1982 - June 2004 is similar in magnitude, is influenced by the same factors, and has increased similarly over time. Prior studies attribute the time-series increase of seasoned offer discounting to pre-offer short sale constraints (Rule 10b-21; adopted in 1988). This study provides insights about the effect of Rule 10b-21 by exploiting the fact that shelf-registered offerings were exempt from this regulation until September 2004. The analysis uses the shelf exemption as a control in testing the Rule's effect, and the elimination of the exemption as an "out-of-sample" test. The results suggest that Rule 10b-21 is not associated with the increase in seasoned offer discounts. The gradual increase in discounting over the past two decades is largely due to a shift in the composition of issuers toward firms that have greater stock volatility and pre-offer price uncertainty.
Advisors/Committee Members: Chance, Donald M. (committee member), Kadlec, Gregory B. (committee member), Keown, Arthur J. (committee member), Kumar, Raman (committeecochair), Shome, Dilip K. (committeecochair).
Subjects/Keywords: shelf registration; seasoned equity offering; underwriter certification; due diligence; offer price discounting; SEO underpricing
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APA ·
Chicago ·
MLA ·
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Export
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APA (6th Edition):
Autore, D. M. (2006). Two Essays on Shelf-registered Corporate Equity Offerings. (Doctoral Dissertation). Virginia Tech. Retrieved from http://hdl.handle.net/10919/26823
Chicago Manual of Style (16th Edition):
Autore, Don M. “Two Essays on Shelf-registered Corporate Equity Offerings.” 2006. Doctoral Dissertation, Virginia Tech. Accessed December 07, 2019.
http://hdl.handle.net/10919/26823.
MLA Handbook (7th Edition):
Autore, Don M. “Two Essays on Shelf-registered Corporate Equity Offerings.” 2006. Web. 07 Dec 2019.
Vancouver:
Autore DM. Two Essays on Shelf-registered Corporate Equity Offerings. [Internet] [Doctoral dissertation]. Virginia Tech; 2006. [cited 2019 Dec 07].
Available from: http://hdl.handle.net/10919/26823.
Council of Science Editors:
Autore DM. Two Essays on Shelf-registered Corporate Equity Offerings. [Doctoral Dissertation]. Virginia Tech; 2006. Available from: http://hdl.handle.net/10919/26823
Brno University of Technology
25.
Vašíčková, Soňa.
Analýza výnosnosti primárních emisí akcií na českém kapitálovém trhu
.
Degree: 2010, Brno University of Technology
URL: http://hdl.handle.net/11012/3091
► Diplomová práce se zabývá analýzou výnosnosti primárních emisí akcií tzv. IPO - Initial Public Offering na českém kapitálovém trhu. Teoretická část práce se zabývá především…
(more)
▼ Diplomová práce se zabývá analýzou výnosnosti primárních emisí akcií tzv. IPO - Initial Public Offering na českém kapitálovém trhu. Teoretická část práce se zabývá především vymezením základních pojmů a problematikou přípravy a realizace IPO. Praktická část aplikuje poznatky z teoretické části. Tato práce má přinést reálný pohled na přínos IPO pro investory a zhodnotit současnou situaci na trhu IPO.; My thesis deals with analyses of returns of IPO’s in the Czech capital market. The theoretical section of the thesis contains of circumscription of main terms and methodics for preparations and realizations of IPO. In the analytical section these theoretical findings are applied. This thesis should bring realistic view of returns of IPO’s for investors and evaluate present trends on IPO market.
Advisors/Committee Members: Meluzín, Tomáš (advisor).
Subjects/Keywords: Kapitálový trh;
akcie;
IPO;
výnosnost;
burza cenných papírů;
due diligence;
manažer emise;
prospekt;
bookbuilding;
benchmark;
capital market;
shares;
Initial Public Offering;
returns;
stock exchange;
due diligence;
managing underwriter;
prospectus;
bookbuilding;
benchmark
Record Details
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Record Details
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❌
APA ·
Chicago ·
MLA ·
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CSE |
Export
to Zotero / EndNote / Reference
Manager
APA (6th Edition):
Vašíčková, S. (2010). Analýza výnosnosti primárních emisí akcií na českém kapitálovém trhu
. (Thesis). Brno University of Technology. Retrieved from http://hdl.handle.net/11012/3091
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Chicago Manual of Style (16th Edition):
Vašíčková, Soňa. “Analýza výnosnosti primárních emisí akcií na českém kapitálovém trhu
.” 2010. Thesis, Brno University of Technology. Accessed December 07, 2019.
http://hdl.handle.net/11012/3091.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
MLA Handbook (7th Edition):
Vašíčková, Soňa. “Analýza výnosnosti primárních emisí akcií na českém kapitálovém trhu
.” 2010. Web. 07 Dec 2019.
Vancouver:
Vašíčková S. Analýza výnosnosti primárních emisí akcií na českém kapitálovém trhu
. [Internet] [Thesis]. Brno University of Technology; 2010. [cited 2019 Dec 07].
Available from: http://hdl.handle.net/11012/3091.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Council of Science Editors:
Vašíčková S. Analýza výnosnosti primárních emisí akcií na českém kapitálovém trhu
. [Thesis]. Brno University of Technology; 2010. Available from: http://hdl.handle.net/11012/3091
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
University of Gothenburg / Göteborgs Universitet
26.
Lidén, Erik.
Essays on Information and Conflicts of Interest in Stock Recommendations.
Degree: 2005, University of Gothenburg / Göteborgs Universitet
URL: http://hdl.handle.net/2077/2922
► This thesis brings together three separate empirical essays on the information and conflicts of interest in stock recommendations. The first essay analyzes stock-price reactions to…
(more)
▼ This thesis brings together three separate empirical essays on the information and conflicts of interest in stock recommendations.
The first essay analyzes stock-price reactions to recommendations published in printed Swedish media and also trading volumes at and around the publication day, bid/ask spreads, and the post-publication drift in recommended stocks for the period 1995-2000. Its small size and limited number of actors makes the Swedish stock market an interesting comparison to the U.S. stock markets. The positive publication-day effect for buy recommendations was almost fully reversed after 20 days, supporting the price-pressure hypothesis, and the effect for sell recommendations was negative and prices continued to drift down, supporting the information hypothesis. Analysts seem to hand their information to private clients before publication, whereas no such information-leaking pattern was observed for recommendations from journalists. The impact to recommendations from journalists was significantly larger than analyst recommendations, implying a tradeoff between the size of pre- publication cumulative abnormal returns and the publication-day effect.
The second essay analyzes the initiated and changed recommendations published in six well-known Swedish newspapers and business magazines for the period 1996-2000 using a buy-and-hold abnormal returns (BHARs) approach. As was done in essay 1, the results here distinguish between recommendations from analysts and journalists. Buy recommendations were misleading investors, whereas sell recommendations were leading them correctly. Overall all buy- and sell recommendations yield returns in line with the market. This asymmetry could be due to positive information from the management of the company being more intricate to interpret than negative and generally exaggerated in a positive direction. This phenomenon holds for recommendations from both analysts and journalists. Following buy- and sell recommendations from analysts yielded BHARs in line with those from following journalist recommendations, which in turn gives rise to returns in line with the market.
The third essay examines the credibility in underwriter analyst stock recommendations of Scandinavian IPO firms for the period 1996-2001. The excess returns for recommendations from underwriter analysts' versus those from non-underwriter analysts' in an environment without the quiet-period regulation is analyzed. Underwriter analyst recommendations are found to outperform non-underwriter analyst recommendations during the first year from publication, yielding substantially higher mean excess returns. Recommendations from underwriters comes sooner after the IPO date and performs worse before and in the days surrounding the recommendation date, showing no evidence that underwriters try to "boost" IPO firms in the aftermarket trading. The results support the superior information hypothesis.
Subjects/Keywords: Stock recommendations; Printed media; Price-pressure hypothesis; Information hypothesis; Journalists; Analysts; EMH; Initiations; Information asymmetry; Initial public offerings; Quiet period; Underwriter analysts.; Economics
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Record Details
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❌
APA ·
Chicago ·
MLA ·
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CSE |
Export
to Zotero / EndNote / Reference
Manager
APA (6th Edition):
Lidén, E. (2005). Essays on Information and Conflicts of Interest in Stock Recommendations. (Thesis). University of Gothenburg / Göteborgs Universitet. Retrieved from http://hdl.handle.net/2077/2922
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Chicago Manual of Style (16th Edition):
Lidén, Erik. “Essays on Information and Conflicts of Interest in Stock Recommendations.” 2005. Thesis, University of Gothenburg / Göteborgs Universitet. Accessed December 07, 2019.
http://hdl.handle.net/2077/2922.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
MLA Handbook (7th Edition):
Lidén, Erik. “Essays on Information and Conflicts of Interest in Stock Recommendations.” 2005. Web. 07 Dec 2019.
Vancouver:
Lidén E. Essays on Information and Conflicts of Interest in Stock Recommendations. [Internet] [Thesis]. University of Gothenburg / Göteborgs Universitet; 2005. [cited 2019 Dec 07].
Available from: http://hdl.handle.net/2077/2922.
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
Council of Science Editors:
Lidén E. Essays on Information and Conflicts of Interest in Stock Recommendations. [Thesis]. University of Gothenburg / Göteborgs Universitet; 2005. Available from: http://hdl.handle.net/2077/2922
Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation
. 
Open Access Theses and Dissertations
