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events. The IPO provides an opportunity to earnings management because of the significant information asymmetry between … earnings management and the portions of primary and secondary shares sold in IPO. In order to investigate whether the earnings … find evidence that the increase of pre-IPO discretionary accruals positively affects the sale of primary shares in the IPO …
Persistent link: https://www.econbiz.de/10012232608
This paper analyzes stock returns for biotechnology firms after initial public offering (IPO) and explores the effect … average abnormal returns (CAARs) of 1.97% in the first 25 days post-IPO and a decline of tens of percentage points over the … yield negative CAARs immediately following the IPO; however, this negative CAAR becomes significant only from day 50 onward …
Persistent link: https://www.econbiz.de/10013201140
The phenomenon of underpricing is the subject of many studies on the stock markets, but there is still a research gap referring to the European Alternative Investment Markets, markets for small and medium companies. They are a source of capital and such an anomaly as underpricing could be a...
Persistent link: https://www.econbiz.de/10013466216
We provide a fresh look at the performance of the stock prices of firms that launched an IPO between 2009 and 2019 and …
Persistent link: https://www.econbiz.de/10014332742
Performance Indicators and IPO Offer Prices. It seeks to assist Indian IPO investors to make more informed decisions by advancing … their knowledge about relevant Pre-IPO Financial Performance Indicators that are effective predictors of Offer Price. The … framework to demonstrate that an IPO Offer Price can be assessed by its Pre-IPO Financial Performance. The findings of this …
Persistent link: https://www.econbiz.de/10014332881
This paper analyzes stock returns for biotechnology firms after initial public offering (IPO) and explores the effect … average abnormal returns (CAARs) of 1.97% in the first 25 days post-IPO and a decline of tens of percentage points over the … yield negative CAARs immediately following the IPO; however, this negative CAAR becomes significant only from day 50 onward …
Persistent link: https://www.econbiz.de/10012628769
, private security exchanges. This paper uses data on IPO firms that list on the SharesPost private securities exchange platform … to examine the potential benefits of a listing. Specifically, we test whether a listing reduces IPO underpricing or … enables liquidity provision to firm employees. Controlling for endogeneity, we find no evidence that a pre-IPO listing on …
Persistent link: https://www.econbiz.de/10011991364
The phenomenon of underpricing is the subject of many studies on the stock markets, but there is still a research gap referring to the European Alternative Investment Markets, markets for small and medium companies. They are a source of capital and such an anomaly as underpricing could be a...
Persistent link: https://www.econbiz.de/10012104408
We analyse the motives and market valuation of various forms of stock market delisting. We show that firms that delist voluntarily are likely to have come to the market to rebalance their leverage rather than to finance their growth opportunities. During their public life, their leverage...
Persistent link: https://www.econbiz.de/10012011742
This article examines the factors that determine IPO success in raising equity capital, and how this success translates … pre-IPO profitability is a strong and positive signal for investors that translates into a higher offer price and … therefore determines the success of the issuance. However, companies with high IPO success do not provide investors with better …
Persistent link: https://www.econbiz.de/10011890952