Similar Search Results

Dicle, Mehmet F. - 2017

We hypothesize two channels in which market volatility affects initial public offering (IPO) activity. First, CEOs time … the market for IPOs and volatility makes this decision process harder. Second, risk-averse IPO investors become more … reluctant towards IPOs during periods of higher volatility for their after-IPO returns. We provide evidence that higher market …

Persistent link: https://www.econbiz.de/10012946947

Characterizing the Risk of IPO Long-Run Returns : The Impact of Momentum, Liquidity, Skewness, and Investment

Carter, Richard B. - 2012

We study 6,686 IPOs spanning the period 1981-2005 and find that the new issues puzzle disappears in a Fama-French three-factor framework. IPOs do not underperform in the aftermarket on a risk-adjusted basis and do not underperform a matched sample of non-issuers. IPO underperformance is...

Persistent link: https://www.econbiz.de/10013116834

Underpricing and Long-Run Performance of Share Issue Privatizations in the Egyptian Stock Market

Omran, Mohammed - 2004

The phenomenon of underpricing initial public offerings is documented for 53 share issue privatizations in Egypt between 1994 and 1998. Over several intervals (up to five years), I find mixed results: share issue privatizations sustain their positive performance and provide investors with...

Persistent link: https://www.econbiz.de/10012785674

Book-to-Market Decomposition, Net Share Issuance, and the Cross Section of Global Stock Returns

Blackburn, Douglas W. - 2019

This paper provides global evidence supporting the hypothesis that expected return models are enhanced by the inclusion of variables that describe the evolution of book-to-market—changes in book value, changes in price, and net share issues. This conclusion is supported using data representing...

Persistent link: https://www.econbiz.de/10012901804

Share Issuance and Expected Returns Around the World

Zaremba, Adam - 2019

Practitioners and academics often consider IPO activity as a gauge of investor optimism and market valuation. This study investigates the cross-sectional implications of this concept at the country level. We use sorting and cross-sectional tests to examine linkages between past share issuance...

Persistent link: https://www.econbiz.de/10012904214

Advocacy of Minority Shareholders on Shares Rights Issue of Malawian Capital Market

Kampanje, Brian Phiri - 2019

Share rights issue is one of the viable means by which public limited companies can raise additional cash at relatively low cost to steer growth or sustainably manage their debts. Minority shareholders can effectively increase equity stake in the situations where they can lobby majority...

Persistent link: https://www.econbiz.de/10012897412

IPOs, the Level of Private Equity Engagement and Stock Performance Matters : Empirical Evidence from Germany

Oehler, Andreas - 2017

Research on IPOs commonly focuses on the relation between firms' pre IPO ownership structure and subsequent stock performance. We extend the literature by additionally focusing on companies' post IPO ownership structure, in particular private equity capital engagement, to analyze IPOs stock...

Persistent link: https://www.econbiz.de/10012968834

Underpricing and Aftermarket Performance of American Depository Receipts (ADR) IPOs

Ejara, Demissew Diro - 2010

American depositary receipts (ADRs) are negotiable instruments representing foreign company shares traded in US dollars in the US capital market. We present comparative analyses of the pricing and aftermarket performance of Initial Public Offerings (IPOs) by ADRs and a matching sample of US...

Persistent link: https://www.econbiz.de/10013147383

Are IPOs Really Underpriced or Overpriced : Evidence from Tehran Stock Exchange

Bagherzadeh, Saeed - 2010

While it is well documented in the literature that IPOs have been consistently underpriced on average of 15% or more over the past three decades all over the world, the recent seminal study by Purnanandam and Swaminathan (2004) report that IPOs are overvalued at the offer price relative to value...

Persistent link: https://www.econbiz.de/10013147576

Book-to-market decomposition, net share issuance, and the cross section of global stock returns

Blackburn, Douglas W.; Cakici, Nusret - In: Journal of risk and financial management : JRFM 12 (2019) 2/90, pp. 1-29

This paper provides global evidence supporting the hypothesis that expected return models are enhanced by the inclusion of variables that describe the evolution of book-to-market-changes in book value, changes in price, and net share issues. This conclusion is supported using data representing...

Persistent link: https://www.econbiz.de/10012022063