PL EN


Preferencje help
Widoczny [Schowaj] Abstrakt
Liczba wyników
Czasopismo
2015 | 10 | nr 2 | 207--222
Tytuł artykułu

Motives and Effects of the Initial Public Offerings on the Warsaw Stock Exchange

Treść / Zawartość
Warianty tytułu
Języki publikacji
EN
Abstrakty
EN
This paper empirically investigates the links between the motives for going public and changes in the market value and efficiency of new stock companies. Using a sample of 200 firms from Warsaw Stock Exchange between 2005 and 2012 I find that the principal purpose of initial public offering is raising additional capital by the company but divestment grounds of initial shareholders are also important. I find evidence that the sale of secondary shares in the initial public offering may be seen as a negative signal at aftermarket performance of the firm. The data reveal that the most adverse long-term changes in the market value and business efficiency are observed for those companies, where in the initial public offering both primary and secondary shares were sold. (original abstract)
Czasopismo
Rocznik
Tom
10
Numer
Strony
207--222
Opis fizyczny
Twórcy
  • University of Lodz, Poland
Bibliografia
  • Ahmad A. (2011). Ownership Structure and the Operating Performance of Malaysia Companies. International Review of Business Research Papers, 7.
  • Ahmad-Zaluki N.A. (2008). Post-IPO Operating Performance and Earnings Management. International Business Research, 1(2). http://dx.doi.org/10.5539/ibr.v1n2p39
  • Barnes E., Cahill E. & Mccarthy Y. (2003). Grandstanding in the U.K. Venture capital industry. Journal of Alternative Investments, 6(3). http://dx.doi.org/10.3905/jai.2003.319100
  • Benninga S., Helmantel M. & Sarig O. (2005). The timing of IPOs. Journal of Financial Economics, 75(1).http://dx.doi.org/10.1016/j.jfineco.2003.04.002
  • Black B.S., & Gilson R.J. (1998). Venture capital and the structure of capital markets: Banks versus stock markets. Journal of Financial Economics, 47(3). http://dx.doi.org/10.1016/S0304-405X(97)00045-7
  • Boulton T.J., Smart S.B. & Zutter C.J. (2010). IPO underpricing and international corporate governance. Journal of International Business Studies, 41(2). http://dx.doi.org/10.1057/jibs.2009.38
  • Brau J.C., Li M. & Shi J. (2007). Do secondary shares in the IPO process have a negative effect on aftermarket performance? Journal of Banking & Finance, 31(9). http://dx.doi.org/10.1016/j.jbankfin.2006.09.016
  • Brav A., Geczy C. & Gompers P.A. (2000). Is the abnormal return following equity issuances anomalous? Journal of Financial Economics, 56(2). http://dx.doi.org/10.1016/S0304-405X(00)00040-4
  • Auret C.J., & Britten J.H.C. (2008). Post-issue operating performance of firms listing on the JSE. Investment Analysts Journal, 68.
  • Choi S.D., Lee I. & Megginson W.L. (2010), Do privatization IPOs outperform in the long run? Financial Management, 39(1). http://dx.doi.org/10.1111/j.1755-053X.2010.01069.x
  • Clarke J., Dunbar C. & Kahle K. (2004). The long-run performance of secondary equity issues: a test of the windows of opportunity hypothesis. Journal of Business, 77(3). http://dx.doi.org/10.1086/386531
  • Coakley J., Hadass L. & Wood A. (2007). Post-IPO Operating Performance, Venture Capital and the Bubble Years. Journal of Business Finance & Accounting, 34 (9-10). http://dx.doi.org/10.1111/j.1468-5957.2007.02055.x
  • Copeland T.E., Koller T. & Murrin J. (2000). Valuation: Measuring and Managing the Value of Companies. New York: John Wiley & Sons.
  • Cumming D. (2012). The Oxford Handbook of Entrepreneurial Finance. New York: Oxford University Press.
  • Cumming D.J., & Johan S.A. (2009). Venture capital and Private equity Contracting. An International Perspective, Elsevier.
  • Fama E.F., & French K.R. (1996), Multifactor Explanations of Asset Pricing Anomalies. The Journal of Finance, 51(1). http://dx.doi.org/10.2307/2329302
  • Huyghebaert N., & Van Hulle C. (2006), Structuring the IPO: Empirical evidence on the portions of primary and secondary shares. Journal of Corporate Finance, 12(2). http://dx.doi.org/10.1016/j.jcorpfin.2005.01.001
  • Jain B., & Kini O. (1994). The post-issue operating performance of IPO firms. Journal of Finance, 49(5). http://dx.doi.org/10.1111/j.1540-6261.1994.tb04778.x
  • Jeng L.A., & Wells P.C. (2000). The determinants of venture capital funding: Evidence across countries. Journal of Corporate Finance, 6(3). http://dx.doi.org/10.1016/S0929-1199(00)00003-1
  • Kim W., & Weisbach M.S. (2008). Motivations for public equity offers: An international perspective. Journal of Financial Economics, 87(2). http://dx.doi.org/10.1016/j.jfineco.2006.09.010
  • Klein D., & Li M. (2009). Factors affecting secondary share offerings in the IPO process. The Quarterly Review of Economics and Finance, 49(3). http://dx.doi.org/10.1016/j.qref.2009.04.002
  • Kutsuna K., Okamura H. & Cowling M. (2002). Ownership structure pre- and post-IPOS and the operating performance of JASDAQ companies. Pacific-Basin Finance Journal, 10(2). http://dx.doi.org/10.1016/S0927-538X(01)00041-5
  • Lee I. (1997). Do firms knowingly sell overvalued equity? Journal of Finance, 52(4). http://dx.doi.org/10.2307/2329442
  • Ljungqvist A.(2006), IPO underpricing. In: B.E. Eckbo (Ed.), Handbook of Corporate Finance: Empirical Corporate Finance. Elsevier.
  • Loughran T., & Ritter J. R. (1995). The new issues puzzle. The Journal of Finance, 50(1). http://dx.doi.org/10.2307/2329238
  • Loughran T., Ritter J.R. & Rydqvist K. (1994). Initial public offerings: International insights. Pacific-Basin Finance Journal, 2 (2-3). http://dx.doi.org/10.1016/0927-538X(94)90016-7
  • Megginson W.L., & Weiss K.A. (1991). Venture Capitalist Certification in Initial Public Offerings. The Journal of Finance, 46(3). http://dx.doi.org/10.2307/2328547
  • Mikkelson W.H., Partch M.M. & Shah K. (1997). Ownership and operating performance of companies that go public. Financial Economics, 44(3). http://dx.doi.org/10.1016/S0304-405X(97)00006-8
  • Niresh J.A., & Velnampy T. (2014), Firm Size and Profitability: A Study of Listed Manufacturing Firms in Sri Lanka. International Journal of Business and Management, 9(4). http://dx.doi.org/10.5539/ijbm.v9n4p57.
  • Pagano M., Panetta F. & Zingales L. (1998). Why do companies go public? An empirical analysis. Journal of Finance, 53 (1). http://dx.doi.org/10.1111/0022-1082.25448
  • Pervan M., & Višić J. (2012). Influence of Firm Size on Its Business Success. Croatian Operational Research Review, 3.
  • Rangan S. (1998). Earning management and the performance of seasoned equity offerings. Journal of Financial Economics, 50(1). http://dx.doi.org/10.1016/S0304-405X(98)00033-6
  • Rappaport A.(1986). Creating Shareholder Value. The New Standard for Business Performance. New York: Free Press.
  • Ritter J. R. (1991). The Long-Run Performance of Initial Public Offerings. Journal of Finance, 46(1). http://dx.doi.org/10.2307/2328687
  • Ritter J.R., & Welch I. (2002). A Review of IPO Activity, Pricing and Allocations. The Journal of Finance, 57(4). http://dx.doi.org/10.1111/1540-6261.00478
  • Schuster J.A. (2003). IPOs: Insights from Seven European Countries. Discussion Paper, 461. Financial Markets Group, London School of Economics and Political Science, London, UK
  • Siwek P. (2005). Praktyka pierwszych ofert publicznych w Polsce, Warszawa: Wydawnictwa Fachowe CeDeWu.pl.
  • Teoh S., Welch I., & Wong T. (1998). Earnings management and the long-run market performance of initial public offerings. Journal of Finance, 53(6). http://dx.doi.org/10.1111/0022-1082.00079
  • Wang C. (2005). Ownership and operating performance of Chinese IPOs. Journal of Banking & Finance, 29(7). http://dx.doi.org/10.1016/j.jbankfin.2004.07.003
  • Zheng S.X. (2007). Are IPOs really overpriced? Journal of Empirical Finance, 14(3). http://dx.doi.org/10.1016/j.jempfin.2006.06.001
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171395741

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.