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Underpricing, wealth loss for pre-existing shareholders and the cost of going public : the role of private equity backing in Italian IPOs
Ferretti, Riccardo; Meles, Antonio - In: Venture capital : an international journal of … 13 (2011) 1, pp. 23-47
Persistent link: https://www.econbiz.de/10008858099
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Do Private Equity Investors Create Value for Italian Initial Public Offerings?
Meles, Antonio - 2014
This study analyses the role of private equity backing in initial public offerings (IPOs) using a dataset of 227 companies that went public on the Milan Stock Exchange between January 1995 and December 2007. The evidence rejects the certification and monitoring hypotheses and provides...
Persistent link: https://www.econbiz.de/10013067677
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Initial Public Offerings and Listing Costs : Is There a Difference Between Venture and Non Venture Capital IPOs?
Meles, Antonio - 2009
Are private equity investors able to reduce the overall costs of going public? This hypothesis was tested, for the Italian market, on a sample of 155 Ipos (54 Vb and 101 Nvb) during the period 1999-2007. For each company we estimated the direct and indirect costs of listing. The main results are...
Persistent link: https://www.econbiz.de/10013153530
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Underpricing, wealth loss for pre-existing shareholders and the cost of going public: the role of private equity backing in Italian IPOs.
Ferretti, Riccardo; Meles, Antonio - Dipartimento di Economia "Marco Biagi", Università … - 2011
relationship to underpricing, wealth loss for pre-existing shareholders and the cost of going public. According to certification … theory, companies backed by private equity investors are expected to have lower underpricing at the moment of an initial …
Persistent link: https://www.econbiz.de/10009320376
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Initial public offerings and listing costs: is there a difference between venture and non venture capital Ipos?
Meles, Antonio - In: BANCARIA 10 (2009) October
Are private equity investors able to reduce the overall costs of going public? This hypothesis was tested, for the Italian market, on a sample of 155 Ipos (54 Vb and 101 Nvb) during the period 1999-2007. For each company we estimated the direct and indirect costs of listing. The main results are...
Persistent link: https://www.econbiz.de/10008479006
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Underwriting Fees and Shareholder Rights
Ulupinar, Bahar - 2013
Do firms' governance provisions affect their terms of obtaining external financing? We hypothesize that it is more difficult for firms with more restrictions on shareholder rights to raise external equity, and that since analyst coverage is an important part of underwriting services,...
Persistent link: https://www.econbiz.de/10013086643
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Shareholder Nonparticipation in Valuable Rights Offerings
Holderness, Clifford G. - 2013
Shareholder participation in domestic rights offerings averages only 64%, which is considerably lower than previously thought. This causes wealth transfers from nonparticipating to participating shareholders which average 7% of the value of the offering. Wealth transfers are larger in...
Persistent link: https://www.econbiz.de/10013089707
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Conservatism and International IPO Underpricing
Boulton, Thomas Jason - 2019
We study the impact of country-level accounting conservatism on international IPO underpricing. Examining 13,285 IPOs … conservatism. The link between conservatism and underpricing is robust to alternative measures of conservatism, country mean … underpricing by mitigating the impact of information asymmetries, we find that higher country-level conservatism is associated with …
Persistent link: https://www.econbiz.de/10012902522
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Corporate Governance and Shareholder Value in Listed Firms : An Empirical Analysis in Five Countries (France, Italy, Japan, UK, USA)
Monda, Barbara - 2013
In this paper, we design a multi-dimensional index to measure the quality of Corporate Governance systems adopted by firms and use it to investigate the correlation between Corporate Governance quality and firm value.Unlike most studies that examine the relationship between only one dimension of...
Persistent link: https://www.econbiz.de/10013085870
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The Cost of Pride : Why do Firms from Developing Countries Bid Higher?
Hope, Ole-Kristian - 2010
Using an extensive panel of cross-border M&A transactions between 1990 and 2007, we find that firms from developing countries (versus those from developed countries) bid higher on average to acquire assets in developed countries. We are interested in why these higher bids occur. We find that...
Persistent link: https://www.econbiz.de/10013149313