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2004 | nr 1 | 31--43
Tytuł artykułu

Analiza czynników pierwotnych emisji akcji spółek na Giełdzie Papierów Wartościowych SA w Warszawie

Warianty tytułu
Primary-Factor Analysis of Share Issues on the Warsaw Stock Exchange
Języki publikacji
PL
Abstrakty
Podjęto próbę określenia warunków sprzyjających pierwotnym emisjom akcji (Initial Public Offering, IPO). Jedną z metod określenia tych czynników jest estymacja modelu probitowego. Dokonano weryfikacji takich hipotez dotyczących czynników IPO jak: hipoteza o dojrzałości spółki, korzystnej sytuacji na giełdzie, wielkości spółki, jej rentowności, a także hipoteza o wysokiej koniunkturze gospodarczej i potrzebach finansowych spółki.
EN
Entering a stock exchange is a significant step in the company's development and it should be done at an appropriate moment. There are numerous theories explaining the factors influencing the initial public offer (the IPO). A number of authors refer to the so-called hot & cold markets or to market-to-book ratio (MTB). Some others claim that the decision to enter a stock exchange stems from a technological breakthrough in a given sector. Also mentioned among the IPO factors is e.g. the age of the company and its performance. For the few years recently, very few new companies have been listed on the Warsaw Stock Exchange. The aim of this study is to determine the factors which have influenced the IPO so far. The analysis covers, inter alia, the influence of the high market value of the company in a given sector; the relative maturity of the company; the size of the company; its profitability and financial needs; the impact of general economic conditions. Also, the internal and external stimuli are investigated. The analysis deals with those public listed companies which entered the Warsaw Stock Exchange in the years 1992 - 2001. The research covers 6 years of activities of 173 companies - starting 5 years prior to IPO until to the moment when they went public. The subject of the analysis are the variables connected with time (publishing of introduction prospectus, floating, the calendar year of the data (1992 - 2001), the year of the data with reference to the IPO date); company's status (public / private); variables connected with the company's characteristics (the age of the company) and those connected with its book value (tangible and intangible [realisable and notional] assets, equity capital, long term liabilities, short term liabilities, sales income, net profit, investments in tangible assets, investments in intangible assets, book value per share). Also, the conditions on the stock exchange (annual Market-to-Book indicator for a given sector,
Czasopismo
Rocznik
Numer
Strony
31--43
Opis fizyczny
Bibliografia
  • 1. S. Benniga. M. Helmantel, O. Sarig (2001): The timing of Initial Public Offering. Tel-Aviv University, University of Groningen, Arison School of Business, Working Paper.
  • 2. T. Chemmanur, P. Fulghieri (1999): A theory of the going-public decision. „Review of Financial Stndies", 12.
  • 3. H. Choe, R. Masulis, V. Nanda (1993): Common stock offerings across the business cycle: Theory and evidence. “Journal of Empirical Finance", 1.
  • 4. H. Chun, S. Smith (2002): New Issues in Emerging Markets: Determinants, Effects and Stock Market Performance of IPOs in Korea. Kookmin Bank and George Washington University, Working Paper.
  • 5. S. Corwin, J. Harris (2001): The Initial Listing Decisions of Firms That Go Public. „Financial Management" 30.
  • 6. M. Ehrmann (2000): Firm Size and Monetary Transmission: Evidence from Germany. „Business Survey Data" ECB.
  • 7. K. Ellis, R. Michaely, M. O'Hara (2000): When the underwriter is the market maker: An examination of trading in the IPO aftermarket. „Journal of Finance", 55.
  • 8. M. Goergen, L. Renneboog (2001): Why Does the Concentration of Control Differ in German and UK Companies? Evidence from Initial Public Offerings. „Journal of Law, Economics, and Organization".
  • 9. W. H. Greene (1999): Econometric Analysis. Prentice-Hall.
  • 10. N. Jegadeesh, M. Weinstein, I. Welch (1993): An Empirical Investigation of IPO Returns and Subseąuent Equity Offerings. „]ournal of Financial Economics", 34.
  • 11. B. Jovanovic, P. Rousseau (2001): Why Wait? A Century of Life Before IPO. NBER Working Paper no. 8081.
  • 12. J. Lerner (1994): Venture Capitalists and the Decision to Go Public. „Journal of Financial Economics", 35.
  • 13. A. Ljungqvist, W. Wilhelm (2003): IPO pricing in the dot-com bubble: Camplacency or incentives? „Journal of Finance".
  • 14. T. Loughran, J. Ritter (1995): The new issues puzzle. ,,Journal of Finance", 50.
  • 15. M. Lowry, B. Schwert (2000): IPO Market Cycles: An Exploratory Investigation. Pennsylvania State University, Working Paper.
  • 16. D. Lucas, R. McDonald (1990): Equity issues and stock price dynamics. „Journal of Finance", 45.
  • 17. V. Maksimovic, P. Pichler (1998): Private versus public offerings: optimal selling mechanisms with adverse selection. University of Maryland, Working Paper.
  • 18. V. Maksimovic, P. Pichler (1998): Technological innovation and initial public offerings. University of Maryland, Working Paper.
  • 19. M. Pagano, F. Panetta, L. Zingales (1998): Why Do Companies Go Public? An Empirical Analysis. „Journal of Finance".
  • 20. S. Pannemans (2002): Going Public: Opportunism or Necessity? Empirical Evidence from Belgian IPOs. Eunip Conference 2002.
  • 21. S. Rao, M. Waters, B. Payne (1995): Going Private: A Financial Profile. „Journal of Financial and Strategic Decisions", 8.
  • 22. J. Ritter (1991): The long-run performance of initial public offerings. „The Journal of Finance", 42.
  • 23. J. Ritter, I. Welch (2002): A Review of IPO Activity, Pricing, Allocations. NBER Cambridge, Working Paper.
  • 24. P. Schultz (2000): The timing of initial public offerings. University of Notre Dame, Working Paper.
  • 25. A. Subramanyam, S. Titman (1999): The going public decision and the development of financial markets. „Journal of Finance", 54.
  • 26. J. Timan, R. Wessels (1988): The Determinants of Capital Structure Choice. „Journal of Finance", 26.
  • 27. K. Train (1993): Qualitative Choice Analysis. Theory, Econometrics and an Application to Automobile Demand. The MIT Press, Cambridge, Massachusetts.
  • 28. L. Zingales (1995): Insider ownership and the decision to go public. „Review of Economic Studies", 62.
Typ dokumentu
Bibliografia
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Identyfikator YADDA
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