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The aim of this study is to investigate the pre and post going public process of the operational, social, and financial and dividend policy performance of twenty five Portuguese family companies in most of sectors of economic activity that went public through public share offering and direct...
Persistent link: https://www.econbiz.de/10012964592
This is an empirical study that examines the underpricing and aftermarket long-term performance of IPOs in China and IPO underpricing. Corporate governance aspects that may play a role in IPOs, such as ownership structure and external directors, are studied.The study show that firms with higher...
Persistent link: https://www.econbiz.de/10013156611
We examine how political connections impact the process of going public. Specifically, we test how political connections impact the pricing of newly offered shares, the magnitude of underpricing, and the fixed cost of going public. Based on experiences of the new public firms in the Chinese...
Persistent link: https://www.econbiz.de/10013158388
We study the relationship between opacity and external funding decisions when different types of sukuk and conventional financial instruments are available. For this purpose, we construct an opacity index for 107 Malaysian firms issuing sukuk and conventional financial instruments during...
Persistent link: https://www.econbiz.de/10012833651
We investigate how director networks impact IPO characteristics and find that firms with better-connected directors have higher IPO market valuation, more positive offer price revisions, higher first-day returns, more pre-IPO media coverage, and superior post-IPO stock performance. Director...
Persistent link: https://www.econbiz.de/10012832643
This paper examines the impact of corporate governance and ownership structure variables on the survival of initial public offerings in the Philippine Stock Exchange. Using a sample of 141 firms that went public from 1989-2011 and a seven-year observation period, the paper finds that 93.62% of...
Persistent link: https://www.econbiz.de/10013323943
We investigate equilibrium debt dynamics for a firm that cannot commit to a future debt policy and is subject to a fixed restructuring cost. We formally characterize equilibria when the firm is not required to repurchase outstanding debt prior to issuing additional debt. For realistic values of...
Persistent link: https://www.econbiz.de/10013479494
The financial crisis provides a natural experiment for testing theoretical predictions of the equity underwriter’s role following an initial public offering. Clients of Bear Stearns, Lehman Brothers, Merrill Lynch, and Wachovia saw their stock prices fall almost 5 percent, on average, on the...
Persistent link: https://www.econbiz.de/10008657209
We model the impact of public and private ownership structures on firms' incentives to invest in innovative projects. We show that it is optimal to go public when exploiting existing ideas and optimal to go private when exploring new ideas. This result derives from the fact that private firms...
Persistent link: https://www.econbiz.de/10009579911
From 1990 to 2011, the share of the world's initial public offering (IPO) activity outside the U.S. increased with financial globalization. In the 1990s, when financial globalization was lower, there were 0.37 U.S. IPOs for each non-U.S. IPO compared to only 0.12 in the 2000s. Consistent with...
Persistent link: https://www.econbiz.de/10009625914