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The importance of initial public offering for capital market development in developing countries
Pešterac, Aleksandra - In: Ekonomske teme 58 (2020) 1, pp. 97-115
The first issue of shares is the key moment in the life cycle of any company that was not previously listed on a stock exchange. Considering the fact that transformation into a public open joint stock company brings along a number of advantages and challenges, it would be of great importance to...
Persistent link: https://www.econbiz.de/10012522267
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Signaling by underpricing the initial public offerings of primary listings in an emerging market
Čornanič, Aleš; Novák, Jiri - 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/10009775653
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Is the success of an issuer an investor success? : evidence from Polish IPOs
Brycz, Bogumila; Dudycz, Tadeusz; Kowalski, Michal J. - In: Baltic journal of economics 17 (2017) 1, pp. 57-77
pre-IPO profitability is a strong and positive signal for investors that translates into a higher offer price and …
Persistent link: https://www.econbiz.de/10011890952
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Signaling by Underpricing the Initial Public Offerings of Primary Listings in an Emerging Market
Cornanic, Ales - 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/10013081166
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Investment Performance of 'Environmentally-Friendly' Firms and their Initial Public Offers and Seasoned Equity Offers
Chan, Pak To - 2014
We employ a sample of 748 environmentally-friendly (or “green”) firms listed on U.S. stock exchanges to extend studies of the effects of socially responsible investment (SRI) on stock investment returns and the performance of initial public offerings (IPOs) and seasoned equity offerings...
Persistent link: https://www.econbiz.de/10013070798
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Democracy and the Pricing of Initial Public Offerings around the World
Duong, Huu Nhan; Goyal, Abhinav; Kallinterakis, Vasileios; … - 2021
We find a negative relation between democracy and initial public offering (IPO) underpricing for a sample of 23,050 IPOs across 45 countries. The effect of democracy on underpricing is weaker for IPOs audited by Big 4 auditing firms, backed by venture capital firms, and with better disclosure...
Persistent link: https://www.econbiz.de/10013219911
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IPO initial returns in China : underpricing or overvaluation?
Song, Shunlin; Tan, Jinsong; Yi, Yang - In: China journal of accounting research : CJAR 7 (2014) 1, pp. 31-49
This paper separates the amount of IPO underpricing (primary market underpricing) and overvaluation (secondary market overvaluation) from the value of an IPO’s initial return to evaluate the relative importance of these two factors and their main determinants. Using data on the IPOs of 948...
Persistent link: https://www.econbiz.de/10011826016
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Valuation and underpricing of Turkish IPOs
Tutuncu, Lokman - In: Journal of business economics and management 21 (2020) 1, pp. 157-179
valuation is crucial to underpricing in the Turkish market, where fixed price is the dominant method of offering and retail …
Persistent link: https://www.econbiz.de/10012176195
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IPO underpricing and aftermarket price accuracy : auctions vs. bookbuilding in Japan
Lehmann, Timo; Weber, Matthias - 2021
We analyse a regulatory change in the Japanese IPO market that created an abrupt shift from hybrid price …-discriminatory auctions to bookbuilding. We find that bookbuilding leads to significantly higher underpricing than hybrid price …-discriminatory auctions. Further, we find evidence that price accuracy tends to be higher for auctions than for bookbuilding. The results hold …
Persistent link: https://www.econbiz.de/10012426822
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Quid Pro Quo in IPO Auctions
Chiang, Yao-Min; He, Jingbin; Liu, Bo; Zou, Hong - 2021
Is there quid pro quo in auctioned IPOs - an alternative to bookbuilding in U.S. and elsewhere? Using proprietary data on uniform-pricing IPO auctions from China, we show when the share allocation rule shifted from pro rata to lottery draw (that makes quid pro quo valuable to a bidder), fund...
Persistent link: https://www.econbiz.de/10013242394