The Long Run Performance Of Global Equity Offerings
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The Long Run Performance Of Global Equity Offerings
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Author : Stephen R. Foerster
language : en
Publisher:
Release Date : 1999
The Long Run Performance Of Global Equity Offerings written by Stephen R. Foerster and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with categories.
This study investigates the long-run return performance of non-U.S. firms that raise equity capital in U.S. markets. Overall, our sample of 333 global equity offerings with U.S. depositary receipt (ADR) tranches from 35 countries in Asia, Latin America, and Europe under-perform local and global benchmarks by 8% to 39% over the three years following issuance. We show that differences in long-run returns are related to the scope and magnitude of investment barriers that induce segmentation of capital markets around the world. Specifically, companies from emerging markets and those that issue equity by way of Rule 144A private placements significantly underperform publicly-listed issues and those of companies in developed markets. We also show that inter-market competition for order flow in the post-issuance period affects their long-run return performance. Post-issuance cumulative abnormal returns are most significantly and positively related to the ability of the offering to generate a larger share of U.S. trading volume.
The Long Run Performance Of Global Equity Offerings
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Author : Stephen R. Foerster
language : en
Publisher: London : Richard Ivey School of Business, University of Western Ontario
Release Date : 1998
The Long Run Performance Of Global Equity Offerings written by Stephen R. Foerster and has been published by London : Richard Ivey School of Business, University of Western Ontario this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with categories.
The Long Run Performance Of Seasoned Equity Offerings With Rights
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Author : Michel Dubois
language : en
Publisher:
Release Date : 2000
The Long Run Performance Of Seasoned Equity Offerings With Rights written by Michel Dubois and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with categories.
Considerations For An Equity Underwriting On Nasdaq From The Perspective Of An Investment Bank
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Author : Johann Sebastian Kann
language : en
Publisher: diplom.de
Release Date : 2002-02-01
Considerations For An Equity Underwriting On Nasdaq From The Perspective Of An Investment Bank written by Johann Sebastian Kann and has been published by diplom.de this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-02-01 with Business & Economics categories.
Inhaltsangabe:Abstract: For the past ten years America has enjoyed a remarkably prolonged economic expansion. In 1998 and 1999 the international private investors community as well as institutional fund managers could follow an exceptional internet and e-commerce boom, reflected and followed by rising internet, biotech, pharmaceutical and new economy stocks. Especially Going Publics at that time were highly successful and an exceptionally easy way of raising capital for small and mid cap companies as well as new economy start ups. It must be said that the capital gains for day traders and speculators at that time were of low risk. This new economy boom, which was also called by pros dot com and new economy era ended in 2001, after sharp decreases in stock prices, massive losses on the US stock exchanges for institutional as well as private investors. Most of the dot com companies couldn t perform as they thought and struggled with high debt and losses. From today s perspective one can say that the massive international IPO floatings in the new economy were driven by too high expectations and wrong valuations. Unfortunately, in Austria, where the financial - and capital markets could be seen as rather thin , small and mid cap companies have not even tried to go public in the United States of America on Nasdaq to raise capital and gain international reputation and size. Nevertheless in the future IPO s are going to become more and more popular and important, also for Austrian companies. The goal of this Master s Thesis is to give Austrian and international operating companies an overview about the Nasdaq, the chances and risks of IPO s on Nasdaq and the important elements for an IPO. This thesis can be seen as equity offering manual for global operating companies that intend to go public on Nasdaq, because it puts special emphasis on the procedures of an IPO in an Investment Bank and analyses the most recent financial market developments. Furthermore it provides managements with detailed information about the parties involved in the floating and on the important steps for a successful IPO. In conclusion my thesis contains material that gives detailed information about the Initial Public Offering Process on The National Association of Securities Dealers Automated Quotations System (Nasdaq) between 1998 and 2001 in relation with global operating underwriters (Investment Banks). The author not only intends to give background information about the [...]
Long Run Underperformance Of Seasoned Equity Offerings
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Author : Victor Soucik
language : en
Publisher:
Release Date : 2000
Long Run Underperformance Of Seasoned Equity Offerings written by Victor Soucik and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Going public (Securities) categories.
The Phenomenon Of Ipo Underpricing In The European And U S Stock Markets
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Author : Oliver Reiche
language : en
Publisher: Anchor Academic Publishing (aap_verlag)
Release Date : 2014-06-23
The Phenomenon Of Ipo Underpricing In The European And U S Stock Markets written by Oliver Reiche and has been published by Anchor Academic Publishing (aap_verlag) this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-06-23 with Business & Economics categories.
The Initial Public Offering (IPO) marks one of the most important events of a company. Basically, the aim is to generate maximum proceeds by selling the company’s shares to investors. However, the shares that are sold seem to be underpriced as the price significantly soars on the first trading day. Since the very first detection of this phenomenon in the United States in 1969, several subsequent studies have documented the existence of worldwide IPO underpricing. This study focuses on IPO Underpricing in the European and United States Stock Markets by outlining and discussing the following essential issues: What is underpricing in the context of the IPO? Which motivations are there and how do they impact? Is there IPO underpricing in the markets of Europe and the United States of America?
Strategies On Initial Public Offering Of Company Equity At Stock Exchanges In Imperfect Highly Volatile Global Capital Markets With Induced Nonlinearities
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Author : Dimitri Ledenyov
language : en
Publisher:
Release Date : 2015
Strategies On Initial Public Offering Of Company Equity At Stock Exchanges In Imperfect Highly Volatile Global Capital Markets With Induced Nonlinearities written by Dimitri Ledenyov and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
This research considers the strategies on the initial public offering of company equity at the stock exchanges in the imperfect highly volatile global capital markets with the nonlinearities. We provide the IPO definition and compare the initial listing requirements on the various markets. We analyze the IPO techniques: the fixed-price offerings, auctions, book-building. We focus on the IPO initial underpricing, long-run performance and after market liquidity problems. 1. We propose that the information absorption by the investors occurs in the evolving learning process about the company's value, taking to the consideration the fundamental purpose of investing and the responsibilities of investors. 2. We think that the information absorption capacity by the investors on the IPOs impacts the investor's investment decisions and serves as a pre-determinant for the successful IPO deal completion. We propose the Ledenyov theory on the origins of the IPO underpricing and long term underperformance effects, which states that the IPO underpricing and long term underperformance can be explained by the changing information absorption capacity by the investors on the IPO value. 3. We think that the IPO winning virtuous investment strategies can only be selected by the investors with the highest information absorption capacity through the decision making process on the IPO investment choices at the selected stock exchange in the imperfect highly volatile global capital markets with the nonlinearities; applying the econophysical econometrical analysis with the use of the inductive, deductive and abductive logics in the frames of the strategic choice structuring process, that is the winning through the distinctive choices process.
Three Essays On The Long Run Performance Of Firms Issuing Seasoned Equity Offerings
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Author : Pawel Tomasz Bilinski
language : en
Publisher:
Release Date : 2008
Three Essays On The Long Run Performance Of Firms Issuing Seasoned Equity Offerings written by Pawel Tomasz Bilinski and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.
The Performance Of Seasoned Equity Offerings In The Long Term Perspective
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Author : Adrian Cremer
language : en
Publisher:
Release Date : 2000
The Performance Of Seasoned Equity Offerings In The Long Term Perspective written by Adrian Cremer and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with categories.
Empirical Issues In Raising Equity Capital
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Author : Mario Levis
language : en
Publisher: North-Holland
Release Date : 1996
Empirical Issues In Raising Equity Capital written by Mario Levis and has been published by North-Holland this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Business & Economics categories.
Hardbound. This volume covers issues of interest to corporate financiers, investment bankers, fund managers and investors involved in the process of raising long-term capital. The papers, which represent original contributions in their specific subject areas, cover a wide range of issues. These include initial public offerings, privatisation issues, seasoned issues and international equity offerings, with empirical evidence from more than eight countries in Europe, the Far East and the Americas. The volume makes a significant contribution to bridging the gap between modern finance theory and corporate financing practice. It is a vital book for postgraduate and Phd finance courses.