Preferencje help
Widoczny [Schowaj] Abstrakt
Liczba wyników
2004 | nr 2 | 71--84
Tytuł artykułu

Analiza efektów pierwotnej emisji akcji na Giełdzie Papierów Wartościowych SA w Warszawie

Warianty tytułu
An Analysis of the Effects of Initial Public Offerings on Warsaw Stock Exchange
Języki publikacji
Celem artykułu jest weryfikacja postawionych hipotez na temat efektów wejścia spółki do obrotu publicznego (pierwotnych emisji akcji - Initial Public Offering, IPO). Narzędziem analizy były modele panelowe. Badanie przeprowadzono na podstawie danych spółek, które w latach 1992-2001 weszły na warszawską Giełdę Papierów Wartościowych i objęło okres od pięciu lat przed IPO do trzech lat po wejściu na giełdę. Wyniki badań potwierdziły hipotezy, że spółki wchodzą na giełdę z pobudek oportunistycznych i przy okazji realizują plany inwestycyjne.
The initial public offering (IPO) of a company's shares leads to changes of the ownership structure of a company, from a private into a public one. It is usually assumed that the most common reason for 'going public' is the need to obtain funds for new investments. Yet, there are numerous other theories concerning the reasons behind IPO: selling of the company by its original owners; decentralization of control; obtaining funds to restore financial balance; increasing the value of a company as a part of its marketing strategy and many others. In the case of Poland and other countries undergoing systemic transformation, public share offering was often used as a method for the privatisation of state-owned companies. The article analyses the impact of public share offerings in Poland on companies' financial results during the first three years after the IPO. Panel data was used for individual companies, for the period 1992-2001. 173 companies are included in the database during the period of nine years, which has yielded in 1 557 observations. Financial sector companies or companies floating their shares as a consequence of a privatisation process are excluded from the analysis. Chronological order of data is based on the IPO date. The book value of companies was considered, including: assets, liabilities, fixed assets, shareholders' equity, net profit, proceeds of sale, etc. The analysed changes in the book value of the companies depended on the times of data gathering relative to the IPO of a particular company and on the calendar year. Such a selection of variables enables elimination of the effect of cyclic fluctuations which were quite significant in the first years of the economic transformation in Poland. The research was based on the PSCE method for panel data estimation. The book value considered in absolute terms and the book value as a share in assets served as company-specific variables. Binary variables indicating the moment vis-a-vis the
Opis fizyczny
  • 1. Ch. Achen (2000): Why Lagged Dependent Variables Suppress the Effects of Other Explanatory Variables.Paper presented at the APSA Political Methodology Annual Meeting, San Diego CA.
  • 2. G. Akerlof (1970): The Market for Lemons: Quality Uncertainty and Market Mechanism. „Quarterly Journal of Economics", 84.
  • 3. W. Aussenegg (1999): Going Public in Poland: Case-by-Case Privatizations, Mass Privatization and Private Sector Initial Public Offerings. Vienna University of Technology, Working Paper.
  • 4. L. Bebchuk, L. Zingales (1999): Ownership Structure and the Decision to go Public: Private versus Sociality Optimality. Working Paper, University of Chicago, Working Paper.
  • 5. N. Beck, J. Katz (1995): What to Do (and not to do) With Time-Series Cross-Section Data. „American Political Science Review" 89.
  • 6. N. Beck, J. Katz (1996): Nuisance vs. Substance: Specifying and Estimating Time-Series-Cross-Section Models. Political Analysis.
  • 7. H. Bhabra, R. Pettway (2002): IPO Prospectus Information and Subsequent Performance. „Financial Review".
  • 8. A. Bhargava, L. Franzini, W. Narendranathan (1982): Serial Correlation and the Fixed Effects Model. „Review of Economic Studies", Vol. 49.
  • 9. B. Black, R. Gilson (1998): Venture capital and the structure of capital markets: Banks versus stock markets. „Journal of Financial Economics", 47.
  • 10. J. Cai, K. Wei (1997): The Investment and Operating Performance of Japanese Initial Offerings. „Pacific-Basin Finance Journal", 5.
  • 11. T. Chemmanur, P. Fulghieri (1999): A theory of the going-public decision. „Review of Financial Studies", 12.
  • 12. H. Demsetz (1983): The structure of ownership and the theory of the firm. „The Journal of Law and Economics". 26.
  • 13. T. Ellingson, K. Rydqvist (1997): The Stock Market as a Screening Device and the Decision to Go Public, mimeo Stockholm School of Economics.
  • 14. E. Fama, M. Jensen (1983): Agency problems and residual claims. „Journal of Law and Economics", 26,
  • 15. W. H. Greene (1999): Econometric Analysis. Prentice-Hall.
  • 16. B. Jain, O. Kini (1994): The post-issue operating performance of IPO firms. „Journal of Finance", 49.
  • 17. M. Jensen, W. Meckling (1976): Theory of the firm: Managerial Behavior. Agency Cost and Ownership Structure. „Journal of Financial Management", 3.
  • 18. H. Leland, D. Pyle (1977): Informational asymmetries, financial structure and financial intermediation. „Journal of Finance", 32.
  • 19. M. Lowry, B. Schwert (2000): IPO Market Cycles: An Exploratory Investigation. Pennsylvania State University, Working Paper.
  • 20. V. Maksimovic, P. Pichler (2001): Technological Innovation and Initial Public Offerings. „Review of Financial Studies", 14.
  • 21. A. Mello, J. Parsons (1998): Going public and the ownership structure of the firm. „Journal of Financial Economics", 49.
  • 22. W. Mikkelson, M. Partch, K. Shah (1997): Ownership and operating performance of companies that go public. „Journal of Financial Economics", 44.
  • 23. M. Pagano, F. Panetta, L. Zingales (1998): Why Do Companies Co Public? An Empirical Analysis. „Journal of Finance".
  • 24. S. Pannemans (2002): Going Public: Opportunism or Necessity? Empirical Evidence from Belgian IPOs. Eunip Conference 2002.
  • 25. R. Parks (1967): Efficient Estimation of a System of Regression Equations When Disturbances are Both Serially and Contemporaneously Correlated. „Journal of the American Statistical Association", 62.
  • 26. S. Prais, C. Winsten (1954): Trend Estimators and Serial Correlation. Cowles Commission Discussion Paper, 1954, No. 383.
  • 27. A. Roell (1996): The decision to go public: an overview. „European Economic Review", 40.
  • 28. K. Rydqvist, K. Hogholm (1995): Going Public in the 1980s: Evidence from Sweden. „European Financial Management", 1.
  • 29. A. Singh (1995): Corporate financial patterns and industrializing economies: A comparative international study. International Finance Corporation, Technical Paper.
  • 30. H. Song, Y. Rhee, C. Adams (1999): The Initial Public Offering as a Marketing Tool. Herberger College of Business St. Cloud state University, Minnesota, Carlson School of Management University of Minnesota, Working Paper.
  • 31. L. Zingales (1995): Insider ownership and the decision to go public. „Review of Economic Studies", 62.
Typ dokumentu
Identyfikator YADDA

Zgłoszenie zostało wysłane

Zgłoszenie zostało wysłane

Musisz być zalogowany aby pisać komentarze.
JavaScript jest wyłączony w Twojej przeglądarce internetowej. Włącz go, a następnie odśwież stronę, aby móc w pełni z niej korzystać.