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Advocacy of Minority Shareholders on Shares Rights Issue of Malawian Capital Market

Kampanje, Brian Phiri - 2019

Share rights issue is one of the viable means by which public limited companies can raise additional cash at relatively low cost to steer growth or sustainably manage their debts. Minority shareholders can effectively increase equity stake in the situations where they can lobby majority...

Persistent link: https://www.econbiz.de/10012897412

Book-to-Market Decomposition, Net Share Issuance, and the Cross Section of Global Stock Returns

Blackburn, Douglas W. - 2019

This paper provides global evidence supporting the hypothesis that expected return models are enhanced by the inclusion of variables that describe the evolution of book-to-market—changes in book value, changes in price, and net share issues. This conclusion is supported using data representing...

Persistent link: https://www.econbiz.de/10012901804

Is the Abnormal Post-IPO Underperformance Really Abnormal? The Evidence from CEE Emerging Markets

Zaremba, Adam - 2014

No, it is not. Using sorting, cross-sectional tests, regression, and tests of a monotonic relation, we investigate the long-run post-IPO performance and its sources in the Central and Eastern European (CEE) markets. We examine over 1100 stocks from 11 CEE countries for the period 2002-2014....

Persistent link: https://www.econbiz.de/10013048355

Strategies on Initial Public Offering of Company Equity at Stock Exchanges in Imperfect Highly Volatile Global Capital Markets with Induced Nonlinearities

Ledenyov, Dimitri - 2015

This research considers the strategies on the initial public offering of company equity at the stock exchanges in the imperfect highly volatile global capital markets with the nonlinearities. We provide the IPO definition and compare the initial listing requirements on the various markets. We...

Persistent link: https://www.econbiz.de/10013026463

What Matters Most? How Tone in Initial Public Offering Filings and Pre-IPO News Influences Stock Market Returns

Feuerriegel, Stefan - 2014

Before shares of a company are sold to the general public on a security exchange for the first time, regulatory publication requirements force U.S. firms to file an initial public offering prospectus. While accounting information in IPO filings are closely studied by investors and analysts,...

Persistent link: https://www.econbiz.de/10013046950

Are IPOs Really Underpriced or Overpriced : Evidence from Tehran Stock Exchange

Bagherzadeh, Saeed - 2010

While it is well documented in the literature that IPOs have been consistently underpriced on average of 15% or more over the past three decades all over the world, the recent seminal study by Purnanandam and Swaminathan (2004) report that IPOs are overvalued at the offer price relative to value...

Persistent link: https://www.econbiz.de/10013147576

Book-to-market decomposition, net share issuance, and the cross section of global stock returns

Blackburn, Douglas W.; Cakici, Nusret - In: Journal of risk and financial management : JRFM 12 (2019) 2/90, pp. 1-29

This paper provides global evidence supporting the hypothesis that expected return models are enhanced by the inclusion of variables that describe the evolution of book-to-market-changes in book value, changes in price, and net share issues. This conclusion is supported using data representing...

Persistent link: https://www.econbiz.de/10012022063

From the Stars to the Stock Market : Calendar Superstition and IPO Returns

Chen, Xiaoqi; Zhao, Jing - 2023

The ancient Chinese Almanac lists days that are (in)auspicious for certain actions or events. We find that the initial returns for Initial Public Offerings (IPO), an essential corporate event, are significantly lower on days listed by the Almanac as unlucky. The effect of calendar superstition...

Persistent link: https://www.econbiz.de/10014351014

ESG, State Ownership, and Stock Returns : Evidence from China

Wu, Zhenshu; Shih, Yi-Cheng; Wang, Yao; Zhang, Chendi - 2022

This study shows that state ownership affects the impact of environmental, social, and governance (ESG) activities on firm value, using data covering ESG performance of the entire cross-section of China’s stock markets. Taking the COVID-19 market crash as an exogenous shock, we find a positive...

Persistent link: https://www.econbiz.de/10014238988

Performance Consequences of Privatizing Egyptian State-Owned Enterprises : The Effect of Post-Privatization Ownership Structure on Firm Performance

Omran, Mohammed - 2016

determines whether such performance differs across firms according to their new ownership structure. The Egyptian privatization … program provides unique post-privatization data on different ownership structures. Since most studies do not distinguish … between the types of ownership, this paper provides new insight into the impact that post-privatization ownership structure …

Persistent link: https://www.econbiz.de/10013004377

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