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Signaling by underpricing the initial public offerings of primary listings in an emerging market
Čornanič, Aleš; Novák, Jiří - 2013
The signaling hypothesis suggests that firms have incentives to underprice their initial public offerings (IPOs) to signal their quality to the outside investors and to issue seasoned equity (SEO) at more favorable terms. While the initial empirical evidence on the signaling hypothesis was weak,...
Persistent link: https://www.econbiz.de/10010322308
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Learning and signalling in the French and German venture capital industries
Stolpe, Michael - 2003
This paper analyses the efficiency of venture capital and its impact on primary equity markets in France and Germany. It shows that venture capital operates according to the signalling model in France and according to the learning model in Germany. Only the learning model can serve as a...
Persistent link: https://www.econbiz.de/10010265598
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Determinants of spreads on sovereign bank loans: The role of credit history
Benczúr, Péter; Ilut, Cosmin - 2006
instrumental variables method allows for distinguishing a direct influence of past repayment problems (a ”pure reputation” effect …, indicating that most of the influence of past repayment problems is through the reputation channel. Overall, past and predicted …
Persistent link: https://www.econbiz.de/10010322423
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The impacts of state ownership on information asymmetry: Evidence from an emerging market
Choe, Chong-mu; Sami, Heibatollah; Zhou, Haiyan - In: China Journal of Accounting Research 3 (2010), pp. 13-50
This study examines the effect of corporate ownership on information asymmetry as measured by bid-ask spread in the emerging markets of China. Government ownership has significant and positive impacts on bid-ask spread during the period 1995-2000, but disappears afterward during 2001-2003. The...
Persistent link: https://www.econbiz.de/10011936981
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Performance and capital structure of IPOs in Pakistan from 2000 to 2015
Javid, Attiya Yasmin; Malik, Henna - In: Financial Innovation 2 (2016) 14, pp. 1-19
first time to general public, is known as initial public offering (IPO). The underpricing phenomenon and ownership structure … structor and initial underpricing for both group of IPOs. Methods: Event study methodology is used to compares short- and long … for investigating the relationship betwen underpricing and ownership structure for both group of IPOs. Results: We find …
Persistent link: https://www.econbiz.de/10011808220
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Are IPOs of Different VCs Different?
Tykvová, Tereza; Walz, Uwe - 2004
This paper sets out to analyze the influence of different types of venture capitalists on the performance of their portfolio firms around and after IPO. We investigate the hypothesis that different governance structures, objectives, and track records of different types of VCs have a significant...
Persistent link: https://www.econbiz.de/10010297354
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Exit timing of venture capitalists in the course of an initial public offering
Neus, Werner; Walz, Uwe - 2002
capitalists may use underpricing as a device for credibly committing themselves to acquiring reputation. … until the true value is revealed. We show that the dilemma may be resolved via a reputation-acquiring mechanism in a … and a high degree of price uncertainty. Furthermore, we provide a new rationale for underpricing. Young venture …
Persistent link: https://www.econbiz.de/10010298232
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Are IPOs of different VCs different?
Tykvová, Tereza; Walz, Uwe - 2004
This paper aims to analyze the impact of different types of venture capitalists on the performance of their portfolio firms around and after the IPO. We thereby investigate the hypothesis that different governance structures, objectives and track record of different types of VCs have a...
Persistent link: https://www.econbiz.de/10010298255
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Underpricing of venture-backed and non venture-backed IPOs: Germany's Neuer Markt
Franzke, Stefanie A. - 2001
contributes to the underpricing literature by focusing on the complementary or rather competing role of venture capitalists and …/or underwritten by a top bank are expected to show less underpricing at the initial public offering (IPO) due to a reduced ex …
Persistent link: https://www.econbiz.de/10010292625
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Underpricing of venture-backed and non venture-backed IPOs: Germany's Neuer Markt
Franzke, Stefanie A. - 2003
contributes to the underpricing literature by focusing on the complementary or rather competing role of venture capitalists and …/or underwritten by a top bank are expected to show less underpricing at the initial public offering (IPO) due to a reduced ex …
Persistent link: https://www.econbiz.de/10010317404