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Pricing initial public offerings in premature capital markets: The case of Hungary
Schindele, Ibolya; Perotti, Enrico C. - 2002
This paper investigates the determinants of underpricing at initial public offerings in theHungarian Initial Public … discount at privatization IPOs than at private issues, and a positive relation between underpricing and the proportion of … that the transition related determinants of underpricing disappear as the securities market becomes more mature. …
Persistent link: https://www.econbiz.de/10011335783
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Who knows what when? The Information content of pre-IPO market prices
Löffler, Gunter; Panther, Patrick F.; Theissen, Erik - 2002
To resolve the IPO underpricing puzzle it is essential to analyze who knows what when during the issuing process. In … midpoint of the bookbuilding range and the offer price. The pre-issue prices explain a large part of the underpricing left … underpricing suggests. …
Persistent link: https://www.econbiz.de/10010316258
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Go Public or Stay Private: A Theory of Entrepreneurial Choice
Boot, Arnoud W.A.; Gopalan, Radhakrishnan; Thakor, Anjan V. - 2003
In this paper we analyze an entrepreneur /manager's choice between private and public ownership in a setting in which management needs some elbow room or autonomy to optimally manage the firm. In public capital markets, the corporate governance regime in place exposes the firm to exogenous...
Persistent link: https://www.econbiz.de/10010324891
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Endogenous ownership structure: Factors affecting the post-privatisation equity in largest Hungarian firms
Bishop, Kate; Filatotchev, Igor; Mickiewicz, Tomasz - 2002
Using a data set for 162 largest Hungarian firms during the period of 1994-1999 this paper explores the determinants of equity shares held by both foreign investors and by Hungarian corporations. We find evidence of a post-privatisation evolution towards more homogeneous equity structures, where...
Persistent link: https://www.econbiz.de/10011335737
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Wieviel Phantasie braucht die Fußballaktie?
Lehmann, Erik; Weigand, Jürgen - 1998
Nach dem Vorbild börsennotierter britischer Vereine wird es auch deutschen Profifußballvereinen in absehbarer Zukunft möglich sein, sich in Aktiengesellschaften umzuwandeln. Der anschließende Börsengang soll dann den nach den jüngsten Entwicklungen im Profifußballbereich gestiegenen...
Persistent link: https://www.econbiz.de/10010319312
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On-the-run premia, settlement fails, and central bank access
Schneider, Fabienne - 2024
The premium on "on-the-run" Treasuries (i.e. the most recently issued ones) is an anomaly. I explain it using a model in which primary dealers hold inventories of Treasuries. Primary dealers are more likely to hold large inventories of on-the-run Treasuries. There is also less variation across...
Persistent link: https://www.econbiz.de/10015053569
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Determinants of Capital Market Reactions to Seasoned Equity Offers by German Corporations
Gebhardt, Günther; Heiden, Stefan; Daske, Holger - 2001
Our study provides evidence on the share price reactions to the announcement of equity issues in Germany, where capital market is characterized by institutional features distinct from the U.S. market. German seasoned equity issues yield a positive market reaction which contrasts to the...
Persistent link: https://www.econbiz.de/10010316306
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Inter-Regional Volatility Spillovers Between Emerging Capital Markets: Evidence From Turkey And Brazil
Tasdemir, Murat; Yalama, Abdullah - 2010
This study investigates volatility spillovers between two stock markets, Turkish and Brazilian, located in different regions of the world. Using a misspecification robust causality-in-variance test, we found strong evidence supporting volatility spillovers from Istanbul Stock Exchange (ISE) to...
Persistent link: https://www.econbiz.de/10010320499
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Share Issuing Privatizations in China: Determinants of Public Share Allocation and Underpricing
Quan, Qi; Huyghebaert, Nancy - 2005
underpricing at SIP-time. We find that poor perfirmance and financing constraints, reflected by a low profitability and high … relinquish its majority stake at SIP-time. The detfirminants of underpricing further illustrate the uniqueness of SIPs compared … decision, we find that the fraction of ownership divested is significantly positively related to underpricing. …
Persistent link: https://www.econbiz.de/10010313366
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The Impact of the Sarbanes-Oxley Act on the Cost of Going Public
Kaserer, Christoph; Mettler, Alfred; Obernberger, Stefan - In: BuR - Business Research 4 (2011) 2, pp. 125-147
, but decrease the underpricing because of reduced asymmetric information. Our main results corroborate these hypotheses … underpricing of 6 pp, which is related to a reduced offer price adjustment. This supports our hypothesis that SOX represents a …
Persistent link: https://www.econbiz.de/10010421362