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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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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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Strategic Behavior and Underpricing in Uniform Price Auctions
Keloharju, Matti; Nyborg, Kjell G.; Rydqvist, Kristian - 2003
auctions during the period 1992-99. Average underpricing amounts to .041% of face value. Theory suggests that underpricing may … behind bidder behavior and underpricing is the volatility of bond returns. Since there is no evidence that bidders are risk …
Persistent link: https://www.econbiz.de/10011325054
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Underpricing and Index Excess Returns
Nippel, Peter; Pierdzioch, Christian; Schertler, Andrea - 2005
We study the link between underpricing of initial public offerings (IPOs) and index excess returns in secondary markets …. We use a theoretical model to argue that underpricing of IPOs raises investors' attention and, thereby, triggers …
Persistent link: https://www.econbiz.de/10010260538
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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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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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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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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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Is the Behavior of German Venture Capitalists Different? Evidence from the Neuer Markt
Tykvová, Tereza - 2003
Using a unique, hand-collected database of all venture- backed firms listed on Germany's Neuer Markt, we analyze the history of venture capital financing of these firms before the IPO and the behavior of venture capitalists at the IPO. We can detect significant differences in the behavior and...
Persistent link: https://www.econbiz.de/10010297295
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Communication and Reputation in Procurement Auctions – Some Empirical Evidence
Heinrich, Timo - 2011
This paper studies the role of communication and reputation in market interactions using data from online procurement … auctions. Not only positive reputation ratings but also engaging in communication increases a bidder's probability of winning …Diese Studie analysiert die Einflüsse von Kommunikation und Reputation auf Märkten mit Hilfe von Daten aus Online …
Persistent link: https://www.econbiz.de/10010285498