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Displaying results 1 to 25 of 28.

  1. IPO's long-run performance
    hot market versus earnings management
    Author: Lin, Tsai-Yin; Yu, Jerry; Lin, Chia-Yi
    Published: 2021

    One of the IPO-related anomalies that have been well-discussed in the finance literature is the IPO's long-running underperformance. Two of the major explanations of that phenomenon are: "Hot market" and earnings management. This study investigates... more

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    One of the IPO-related anomalies that have been well-discussed in the finance literature is the IPO's long-running underperformance. Two of the major explanations of that phenomenon are: "Hot market" and earnings management. This study investigates the relative importance of these two explanations to the IPO's long-run underperformance. Our results show that although both hot market and earnings management play a role in explaining IPO's long-run performance in their own rights, earnings management no longer exhibits significant explanatory power when the IPOs are issued in the cold market. While the IPOs that are issued in the hot market still tend to underperform in the long run even if the firms do not engage in earnings management. Our findings are consistent with the literature related to the information asymmetry in IPO market. And, because the information asymmetry is more severe in hot market condition, IPOs issued in hot market tend to exhibit poorer returns than those issued in cold market.

     
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    Source: Union catalogues
    Language: English
    Media type: Article (journal)
    Format: Online
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    hdl: 10419/239548
    Parent title: Enthalten in: Journal of risk and financial management; Basel : MDPI, 2008; 14(2021), 3 vom: März, Artikel-ID 132, Seite 1-16; Online-Ressource

    Subjects: Börsengang; Emissionskurs; Underpricing; Unternehmenserfolg; Bilanzpolitik; Asymmetrische Information; Aktienindex; USA; hot market; cold market; earnings management; hot market; information asymmetry; IPO; IPO's long-run under performance
  2. The impact of venture capital screening
    Author: Abuzov, Rustam
    Published: March 2019
    Publisher:  Swiss Finance Institute, Geneva

    I study the effect of limited attention on resource allocation by venture capitalists. Using engagement in the IPO process as a measure of distraction, I document that investments made by distracted venture capitalists into new portfolio companies... more

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    I study the effect of limited attention on resource allocation by venture capitalists. Using engagement in the IPO process as a measure of distraction, I document that investments made by distracted venture capitalists into new portfolio companies tend to underperform. Such companies are 7% less likely to go public or get acquired, and also exhibit lower exit multiples. The adverse effect of the attention constraints is present only in the vicinity of the distracting IPO and manifests itself both for individual partners and venture capital funds. Overall, the results indicate that the scarcity of attention hypothesis holds in the context of deal sourcing and screening in venture capital, highlighting the presence of skill in the company selection process

     
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    Language: English
    Media type: Book
    Format: Online
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    Series: Research paper series / Swiss Finance Institute ; no 19, 14
    Swiss Finance Institute Research Paper ; No. 19-14
    Other subjects: Array
    Scope: 1 Online-Ressource (circa 46 Seiten), Illustrationen
  3. Cheap stock options
    antecedents and outcomes
    Author: Badertscher, Brad A.; Jorgensen, Bjorn N.; Katz, Sharon P.; Michels, Jeremy
    Published: [2022]
    Publisher:  INSEAD, [Fontainebleau]

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    Language: English
    Media type: Book
    Format: Online
    Series: Array ; 2022, 35
    Subjects: Initial Public Offering; IPO; Cheap Stock; Stock Options; Earnings Management; Executive Compensation; Financial Reporting Quality
    Scope: 1 Online-Ressource (circa 77 Seiten), Illustrationen
  4. Synergizing ventures
    Author: Akcigit, Ufuk; Dinlersoz, Emin Murat; Greenwood, Jeremy; Penciakova, Veronika
    Published: [2019]
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    Venture capital (VC) and growth are examined both empirically and theoretically. Empirically, VC-backed startups have higher early growth rates and initial patent quality than non-VC-backed ones. VC-backing increases a startup's likelihood of... more

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    Venture capital (VC) and growth are examined both empirically and theoretically. Empirically, VC-backed startups have higher early growth rates and initial patent quality than non-VC-backed ones. VC-backing increases a startup's likelihood of reaching the right tails of the firm size and innovation distributions. Furthermore, outcomes are better for startups matched with more experienced venture capitalists. An endogenous growth model, where venture capitalists provide both expertise and financing for business startups, is constructed to match these facts. The presence of venture capital, the degree of assortative matching between startups and financiers, and the taxation of VC-backed startups matter significantly for growth.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/207251
    Series: Array ; no. 7860 (September 2019)
    Subjects: Risikokapital; Börsengang; Endogenes Wachstumsmodell; Übernahme; Forschung; Unternehmensgründung; Synergie; venture capital; assortative matching; endogenous growth; IPO; management,mergers and acquisitions; research and development; startups; synergies; taxation; patents
    Scope: 1 Online-Ressource (circa 63 Seiten), Illustrationen
  5. Synergizing ventures
    Author: Akcigit, Ufuk; Dinlersoz, Emin Murat; Greenwood, Jeremy; Penciakova, Veronika
    Published: August 2019
    Publisher:  National Bureau of Economic Research, Cambridge, MA

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    Language: English
    Media type: Book
    Format: Print
    Series: Working paper series / National Bureau of Economic Research ; 26196
    Subjects: Risikokapital; Börsengang; Endogenes Wachstumsmodell; Übernahme; Forschung; Unternehmensgründung; Synergie; venture capital; assortative matching; endogenous growth; IPO; management; mergers and acquisitions; research and development; startups; synergies; taxation; patents
    Scope: 60 Seiten, Illustrationen
    Notes:

    Erscheint auch als Online-Ausgabe
  6. Public versus private equity
    Author: Stulz, René M.
    Published: [2019]
    Publisher:  The Ohio State University, Fisher College of Business, Charles A. Dice Center for Research in Financial Economics, [Columbus, Ohio]

    The last twenty years or so have seen a sharp decline in public equity. I present a framework that explains the forces that cause the listing propensity of firms to change over time. This framework highlights the benefits and costs of a public... more

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    The last twenty years or so have seen a sharp decline in public equity. I present a framework that explains the forces that cause the listing propensity of firms to change over time. This framework highlights the benefits and costs of a public listing compared to the benefits and costs of financing with private equity. With this framework, the decline in public equity is explained by the increased supply of funds for private equity and changes in the nature of firms. The increase in the importance of intangible assets makes it costlier for young firms to be public when the alternative is funding through private equity from investors who have specialized knowledge that enables them to better understand the business model of young firms and contribute to the development of that business model in contrast to passive public equity investors

     
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    Language: English
    Media type: Book
    Format: Online
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    Series: Working papers series / Charles A. Dice Center for Research in Financial Economics ; WP 2019, 27
    Fisher College of Business Working Paper ; No. 2019-03-027
    Fisher College of Business working paper series ; WP 2019-03, 027
    Subjects: public equity; private equity; listing; agency costs; IPO; intangible assets
    Scope: 1 Online-Ressource (circa 32 Seiten)
  7. The impact of business group affiliation and country-level institutions on corporate governance of emerging market firms
    Author: Hearn, Bruce; Oxelheim, Lars; Randøy, Trond
    Published: September 30, 2020
    Publisher:  Research Institute of Industrial Economics, Stockholm, Sweden

    This study outlines how the corporate governance of emerging market firms is influenced by corporate affiliation and institutional embeddedness. We argue that the stronger the business group affiliation, the less likely is the emerging market firm to... more

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    This study outlines how the corporate governance of emerging market firms is influenced by corporate affiliation and institutional embeddedness. We argue that the stronger the business group affiliation, the less likely is the emerging market firm to adopt shareholder value-enhancing corporate governance and that this relationship is moderated by institutional quality and tribalism. Based on189 initial public offerings (IPOs) from 22 African countries between 2000 and 2016, we find a significant negative relationship between business group ownership and IPO firms' quality of corporate governance. We also find this relationship to be significantly negatively moderated by country-level institutional quality and positively by indigenous tribalism. The result adds to the understanding of barriers toa convergence towards one uniform global corporate governance model.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/240503
    Series: IFN working paper ; no. 1360 (2020)
    Subjects: Corporate Governance Practice; Africa; Emerging Economies; IPO; Business Groups
    Scope: 1 Online-Ressource (circa 63 Seiten), Illustrationen
    Notes:

    Dokument gelöscht auf Wunsch der Autor:in bzw. der Herausgeber:in
  8. Macroeconomics, firm dynamics and IPOs
    Author: González, Beatriz
    Published: 2020
    Publisher:  Banco de España, Madrid

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    Language: English
    Media type: Book
    Format: Online
    Series: Documentos de trabajo / Banco de España, Eurosistema ; no. 2030
    Subjects: firm life cycle; macroeconomics; fiscal policy; corporate finance; IPO
    Scope: 1 Online-Ressource (circa 58 Seiten), Illustrationen
  9. IPOs and corporate taxes
    Author: Dobridge, Christine; Lester, Rebecca; Whitten, Andrew
    Published: July 2021
    Publisher:  Divisions of Research & Statistics and Monetary Affairs, Federal Reserve Board, Washington, D.C.

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: Finance and economics discussion series ; 2021, 058
    Subjects: Corporate tax; IPO; investment; tax haven
    Scope: 1 Online-Ressource (circa 75 Seiten), Illustrationen
  10. Essays on corporate transactions
    determinants of underpricing in equity carve-outs and M&A announcement returns
    Author: Gabler, Julian
    Published: [2021]

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    Source: Union catalogues
    Language: English
    Media type: Dissertation
    Format: Online
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    Subjects: Going Public; Internationales Management; Mergers and Acquisitions; Strategisches Management; EDIS-5104; M&A; IPO; Corporate Transactions; Corporate Strategy
    Scope: 1 Online-Ressource (circa 103 Seiten), Illustrationen
    Notes:

    Dissertation, University of St. Gallen, 2021
  11. Gender diversity at entrepreneurial frm IPOs
    responding to changing societal normsl economy
    Author: Kenney, Martin; Patton, Donald; Terjesen, Siri
    Published: [2024]
    Publisher:  Berkeley, University of California, Berkeley Roundtable on the International Economy, [Berkeley, CA]

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    Language: English
    Media type: Book
    Format: Online
    Series: BRIE working paper ; 2024, 1
    Subjects: Gender; IPO; Governance; Top management teams; Boards of Directors; Diversity
    Scope: 1 Online-Ressource (circa 20 Seiten)
    Notes:

    Prepared For Brookings/KDI Project "New Global Dynamics: Managing Economic Change in a Transforming World"

    Der Titel sollte lauten: Gender diversity at entrepreneurial firm IPOs: responding to changing societal norms
  12. The effects of privatization and corporate governance of soes in transition economy
    the case of Kazakhstan
    Author: Lee, Keun Jung
    Published: [2020]
    Publisher:  Asian Development Bank Institute, Tokyo, Japan

    This paper focuses on the relationship between corporate governance and corporate performance by initial public offerings (IPOs) of Kazakhstan state-owned enterprises (SOEs) in the transition economies of Central Asia. It argues that privatization... more

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    This paper focuses on the relationship between corporate governance and corporate performance by initial public offerings (IPOs) of Kazakhstan state-owned enterprises (SOEs) in the transition economies of Central Asia. It argues that privatization (i.e., IPO) has different effects depending on the types of owners to whom it gives control in corporate governance. This study investigated the long-run stock performance of Kazakhstan companies listed on the London Stock Exchange (LSE) and the Kazakhstan Stock Exchange (KASE) in order to determine whether the IPOs of SOEs are underperforming or overperforming in the long term and the determinants of their performance. The data contain 536 observations of a listed non-financial company, including board size, whether the directors are independent, CEO/chair duality, institution ownership, government shareholding, and managerial ownership. The results show that return on equity (ROE) is significantly affected by the ownership structure (institutional ownership and managerial ownership) of Kazakhstani firms listed on the LSE. Metal and mining and oil and gas industries show the strong relationship buy and hold return (BHR) and market return, firm size, ROE and initial return on long-term performance.

     
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    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/238484
    Series: ADBI working paper series ; no. 1127 (April 2020)
    Subjects: SOEs; privatization; corporate governance; IPO; sovereign wealth fund
    Scope: 1 Online-Ressource (circa 23 Seiten), Illustrationen
  13. Earnings management and ownership dilution in small and medium enterprises
    evidence from Indian IPOs
    Author: Rajvanshi, Vivek; Sanjeev, Tayade Kalyani
    Published: [2020]
    Publisher:  Indian Institute of Management Calcutta, Calcutta

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    Series: Working paper series / Indian Institute of Management Calcutta ; no. 837
    Subjects: KMU; Eigentümerstruktur; Bilanzpolitik; Börsengang; Unternehmenserfolg; Indien; IPO; Ownership dilution; SME; Earnings Management
    Scope: 1 Online-Ressource (circa 28 Seiten), Illustrationen
  14. The overpricing problem
    moral hazard and franchieses
    Author: Eckert, Heather; Hannweber, Troy; VanEgteren, Henry
    Published: 2012
    Publisher:  Univ. of Alberta, Fac. of Arts, Dep. of Economics, Edmonton

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    Niedersächsische Staats- und Universitätsbibliothek Göttingen
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    Language: English
    Media type: Book
    Format: Online
    Series: Working paper / University of Alberta, Department of Economics ; 2012,02
    Subjects: IPO; moral hazard; overpricing; franchises
    Scope: Online-Ressource (21 S.), graph. Darst.
  15. Performance of newly listed firms
    evidence from Japanese firm and venture capital data
    Author: Miyakawa, Daisuke; Takizawa, Miho
    Published: 2013
    Publisher:  Research Inst. of Economy, Trade and Industry, Tokyo

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: RIETI discussion paper series ; 13,019
    Subjects: IPO; Firm performance; Venture capital; Distorted firm behavior
    Scope: Online-Ressource (38 S.)
  16. Time to IPO
    role of heterogeneous venture capital
    Author: Miyakawa, Daisuke; Takizawa, Miho
    Published: 2013
    Publisher:  Research Inst. of Economy, Trade and Industry, Tokyo

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    Language: English
    Media type: Book
    Format: Online
    Series: RIETI discussion paper series ; 13,022
    Subjects: IPO; VC syndication; Complementarity; Hazard estimation; Panel estimation
    Scope: Online-Ressource (39 S.)
  17. Is the behavior of German venture capitalists different?
    evidence from the Neuer Markt
    Author: Tykvová, Tereza
    Published: 2003
    Publisher:  CFS, Frankfurt am Main

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Print
    RVK Categories: QB 910
    DDC Categories: 330; 380; 650; 670
    Series: CFS working paper series ; No. 2003,24
    Subjects: Risikokapital; Emissionsgeschäft; Anlageverhalten; Schätzung; Neuer Markt <Börse>; Neuer Markt; New Economy; Risikokapital; Going Public; Neuer Markt; Deutschland
    Other subjects: (stw)Risikokapital; (stw)Emissionsgeschäft; (stw)Anlageverhalten; (stw)Schätzung; (stw)Deutschland; (stw)New Economy; Venture Capital; IPO; Lock-up; Neuer Markt; Arbeitspapier; Graue Literatur
    Scope: 34 S., 21 cm
    Notes:

    Auch im Internet unter der Adresse www.ifk-cfs.de verfügbar
  18. Discourse practices at the Stock Exchange
    A linguistic analysis and Italian translation of the IPO process
    Author: Di Pilato, Antonella
    Published: 2017
    Publisher:  Edizioni Accademiche Italiane, Saarbrücken

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    Language: Italian
    Media type: Ebook
    Format: Online
    ISBN: 9783330776913; 3330776919
    Other identifier:
    9783330776913
    Edition: 1. Auflage
    Other subjects: (Produktform)Electronic book text; Economics; finance; Financial translation; stock exchange; technical translation; English financial translation; IPO; corpus linguistics; translation resources; history of the stock exchange; (VLB-WN)1560: Sprachwissenschaft, Literaturwissenschaft
    Scope: Online-Ressourcen, 204 Seiten
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    Lizenzpflichtig. - Vom Verlag als Druckwerk on demand und/oder als E-Book angeboten
  19. Is the behavior of German venture capitalists different? : Evidence from the Neuer Markt
    Author: Tykvová, Tereza
    Published: 2003
    Publisher:  Univ.-Bibliothek Frankfurt am Main, Frankfurt am Main

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    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    RVK Categories: QB 910
    DDC Categories: 330; 380; 650; 670
    Series: Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2003,24
    Subjects: Risikokapital; Emissionsgeschäft; Anlageverhalten; Schätzung; Neuer Markt <Börse>; Neuer Markt; New Economy; Risikokapital; Going Public; Neuer Markt; Deutschland
    Other subjects: (stw)Risikokapital; (stw)Emissionsgeschäft; (stw)Anlageverhalten; (stw)Schätzung; (stw)Deutschland; (stw)New Economy; Venture Capital; IPO; Lock-up; Neuer Markt; Arbeitspapier; Graue Literatur
    Scope: Online-Ressource
  20. The perils of small-minority controllers
    Author: Bebchuk, Lucian A.; Kastiel, Kobi
    Published: 2018
    Publisher:  Harvard Law School, Cambridge, MA

    This Article contributes to the long-standing and heated debate over dual-class companies by placing a spotlight on a significant set of dual-class companies whose structures raise especially severe governance concerns: those with controllers holding... more

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    This Article contributes to the long-standing and heated debate over dual-class companies by placing a spotlight on a significant set of dual-class companies whose structures raise especially severe governance concerns: those with controllers holding a small minority of the company's equity capital. Such small-minority controllers dominate some of the country's largest companies, and we show that their numbers can be expected to grow. We begin by analyzing the perils of small-minority controllers, explaining how they generate considerable governance costs and risks and showing how these costs can be expected to escalate as the controller's stake decreases. We then identify the mechanisms that enable such controllers to retain their power despite holding a small or even a tiny minority of the company's equity capital. Using a hand-collected analysis of governance documents of these companies, we present novel empirical evidence of the current incidence and potential growth of small-minority and tiny-minority controllers. Among other things, we show that governance arrangements at a substantial majority of dual-class companies enable the controllers to reduce their equity stake to below 10% and still retain a lock on control, and that a sizable fraction of such companies enable retaining control with less than a 5% stake. Finally, we examine the considerable policy implications that arise from recognizing the perils of small-minority controllers. We first discuss disclosures necessary to make transparent to investors the extent to which arrangements enable controllers to reduce their stake without forgoing control. We then identify and examine measures that public officials or institutional investors could take to ensure that controllers maintain a minimum fraction of equity capital; to provide public investors with extra protections in the presence of small-minority controllers; or to screen midstream changes that can introduce or increase the costs of small-minority controllers

     
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    Language: English
    Media type: Book
    Format: Online
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    Edition: Last revised: December 2018
    Series: Discussion paper / Harvard John M. Olin Center for Law, Economics, and Business ; no. 985 (12/2018)
    Subjects: Corporate governance; agency problems; dual-class; controllingshareholders; small-minority controllers; tiny-minority controllers; wedge,nonvoting stock; IPO
    Scope: 1 Online-Ressource (circa 61 Seiten)
    Notes:

    Forthcoming in Georgetown Law Journal (2019)
  21. Synergizing ventures
    Author: Akcigit, Ufuk; Dinlersoz, Emin Murat; Greenwood, Jeremy; Penciakova, Veronika
    Published: [2019]
    Publisher:  Federal Reserve Bank of Atlanta, Atlanta, GA

    Venture capital (VC) and growth are examined both empirically and theoretically. Empirically, VC-backed startups have higher early growth rates and initial patent quality than non-VC-backed ones. VC backing increases a startup's likelihood of... more

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    Venture capital (VC) and growth are examined both empirically and theoretically. Empirically, VC-backed startups have higher early growth rates and initial patent quality than non-VC-backed ones. VC backing increases a startup's likelihood of reaching the right tails of the firm size and innovation distributions. Furthermore, outcomes are better for startups matched with more experienced venture capitalists. An endogenous growth model, where venture capitalists provide both expertise and financing for business startups, is constructed to match these facts. The presence of venture capital, the degree of assortative matching between startups and financiers, and the taxation of VC-backed startups matter significantly for growth.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/228247
    Series: Working paper series / Federal Reserve Bank of Atlanta ; 2019, 17 (September 2019)
    FRB Atlanta Working Paper ; No. 2019-17
    Subjects: Risikokapital; Börsengang; Endogenes Wachstumsmodell; Übernahme; Forschung; Unternehmensgründung; Synergie; venture capital; assortative matching; endogenous growth; IPO; management; mergers and acquisitions; research and development; startups; synergies; taxation; patents
    Scope: 1 Online-Ressource (circa 61 Seiten), Illustrationen
  22. Does public ownership and accountability increase diversity?
    evidence from IPOs
    Author: Koning, Rembrand; Ferguson, John-Paul
    Published: [2019]
    Publisher:  Harvard Business School, [Boston, MA]

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working paper / Harvard Business School ; 19, 071
    Subjects: IPO; Initial Public Offering; Employees; Diversity; Gender; Race; Entrepreneurship; United States
    Scope: 1 Online-Ressource (circa 36 Seiten), Illustrationen
  23. Information revelation through regulatory process
    interactions between the SEC and companies ahead of the IPO
    Author: Lowry, Michelle; Michaely, Roni; Volkova, Ekaterina
    Published: 2019
    Publisher:  Swiss Finance Institute, Geneva

    The regulator plays an active role in the IPO process via its pre-IPO communications with firms, writing 3.8 comment letters per company. To evaluate the regulator's input, we analyze these communications between the SEC and firms using LDA-analysis... more

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    The regulator plays an active role in the IPO process via its pre-IPO communications with firms, writing 3.8 comment letters per company. To evaluate the regulator's input, we analyze these communications between the SEC and firms using LDA-analysis and KL-divergence. Main topics of SEC concerns map closely into the regulator's stated mandate: companies increase prospectus disclosures within precise topics of SEC concern. Questions related to revenue recognition are most informative about company valuation. These concerns are not independently uncovered by investors. This dynamic process of information disclosure results in increased transparency, but at a cost of delays in going public

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    Series: Research paper series / Swiss Finance Institute ; no 19, 47
    Fifth Annual Conference on Financial Market Regulation
    Subjects: Regulation; IPO; Disclosure
    Scope: 1 Online-Ressource (circa 65 Seiten), Illustrationen
  24. Stairway to heaven or gateway to hell?
    a competing risk analysis of delistings from Hong Kong's Growth Enterprise Market
    Author: Cressy, Robert C.; Farag, Hisham
    Published: [2013]
    Publisher:  University of Birmingham, Birmingham, United Kingdom

    A competing risk hazard model is employed to examine the reasons for Hong Kong's Growth Enterprise (GEM) companies transferring to the Main Board (MB) in the period 2000-2012. In our sample during the period 21 companies or 15% of the original stock... more

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    A competing risk hazard model is employed to examine the reasons for Hong Kong's Growth Enterprise (GEM) companies transferring to the Main Board (MB) in the period 2000-2012. In our sample during the period 21 companies or 15% of the original stock moved up to the MB. The modal life expectancy of a GEM company was about eight years. Companies that did not move up to the MB were at a small risk of delisting due to long term suspension or liquidation, but the great majority just remained where they were. Regarding the factors behind transfer to the MB, of the 129 companies listed on the GEM in the period, we find that companies with higher net profit and greater product market power were more likely to graduate in the following year. However, companies with lower growth, higher financial risk and those audited.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/202656
    Edition: This version: December 2013
    Series: Birmingham Business School discussion paper series ; 2013, 13
    Subjects: IPO; new listing; survival; delisting; GEM
    Scope: 1 Online-Ressource (circa 42 Seiten), Illustrationen
  25. Why do companies delist voluntarily from the stock market?
    Author: Kashefi Pour, Eilnaz; Lasfer, Meziane
    Published: [2013]
    Publisher:  University of Birmingham, Birmingham, United Kingdom

    We analyse the motives and market valuation of various forms of stock market delisting. We show that firms that delist voluntarily are likely to have come to the market to rebalance their leverage rather than to finance their growth opportunities.... more

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    We analyse the motives and market valuation of various forms of stock market delisting. We show that firms that delist voluntarily are likely to have come to the market to rebalance their leverage rather than to finance their growth opportunities. During their public life, their leverage remained very high, they could not raise equity capital, and their profitability, growth opportunities, and trading volume declined substantially. Their stock prices decrease significantly on and before the announcement date. These results hold even after controlling for agency, asymmetric information, and liquidity effects, and suggest that firms delist voluntarily when they fail to benefit from listing.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/202649
    Edition: This version: January 2013
    Series: Birmingham Business School discussion paper series ; 2013, 05
    Subjects: Small firms; AIM; London Stock Exchange; Leverage; Delisting; IPO
    Scope: 1 Online-Ressource (circa 52 Seiten), Illustrationen