Correction to: Measuring short-term risk of initial public offering of equity securities: a hybrid Bayesian and Data-Envelopment-Analysis-based approach

Initial public offerings, as one of the most important activities for firms, have raising massive amount of researches. Regarding China, the stock markets are experiencing a massive level of IPO underpricing, which leads to trillions of dollars leaved on the table. This study is conducted for the question why Chinese IPO are so heavily underpriced and the determinants of IPO underpricing, also the possibility of IPO be underpriced in China. We confirm again that Chinese IPOs are heavily underpriced and the average underpricing level is about 110%. Further, Chinese IPO will experience a negative short term return starting from 10 days after listing, and there are significantly different characteristics for state owned IPOs and private IPOs. This study finds that information asymmetry, proportion of state owned share and risk are the mainly determinants of IPO underpricing in China. Additionally, one of the biggest reason that Chinese initial public offering is underpriced so much is because of government participation, since we find that firms with larger proportion of government state owned shares will be more underpriced.

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Analisis Efisiensi pada Pra dan Pasca Initial Public Offering (IPO) Panin Dubai Syariah Bank

Al-Muzara ah ◽

10.29244/jam.8.1.17-37 ◽

2020 ◽

Vol 8 (1) ◽

pp. 17-37

Author(s):

Dina Wening Ati Dianti ◽

Irfan Syauqi Beik ◽

Ascarya

Keyword(s):

Technical Efficiency ◽

Initial Public Offering ◽

Information Disclosure ◽

Secondary Data ◽

Scale Efficiency ◽

Data Envelopment ◽

Descriptive Approach ◽

Quantitative Descriptive ◽

Public Offering ◽

Better Than

Panin Dubai Syariah Bank (PDSB) conducted an initial public offering (IPO) in January 2014 and was also registered as the first Islamic bank (IB) to conduct an IPO. With an IPO, PDSB is required to provide information disclosure and increase the company's competitive advantage. This study aims to determine 1) financial performance pre and post implementation of the PDSB IPO; 2) the efficiency of the pre and post implementation of the PDSB IPO compared to the IB BUKU 2. The study used a quantitative descriptive approach. The type of data used is secondary data in the form of annual report IB BUKU 2 2010-2017 and IB publication reports. Data were analyzed using the Data Envelopment Analysis (DEA) model to measure efficiency as a concept for evaluating PDSB performance. The results showed (1) CAR pre IPO better than post IPO. BOPO, NPF and FDR there are no significant differences between pre IPO and post IPO (2) PDSB efficiency scores in 2010-2017 are always more efficient when compared to IB BUKU 2. There are significant differences in the parameters of technical efficiency, pure technical efficiency, and scale efficiency on pre-IPO, while post-IPO significant differences only in the efficiency of technical efficiency and scale efficiency.

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A Social Network Analysis on Venture Capital Alliance’s Exit from an Emerging Market

Complexity ◽

10.1155/2020/4650160 ◽

2020 ◽

Vol 2020 ◽

pp. 1-10

Author(s):

Jing Wu ◽

Chuan Luo ◽

Ling Liu

Keyword(s):

Venture Capital ◽

Initial Public Offering ◽

Capital Market ◽

Value Chain ◽

Emerging Market ◽

Enterprise Development ◽

Short Term ◽

Enterprise Value ◽

Public Offering ◽

Positive Effect

This study investigated the impacts of network structure on a venture capital (VC) alliance’s successful exit from an emerging market by empirically analyzing joint VC data in China. We find that, compared to a mature capital market, the mechanism not only has a certain commonality but also shows the emerging market’s particularities. From the commonality perspective, the mechanism has a positive effect on successful exit by obtaining heterogeneity information. These particularities are manifested in the following three aspects. First, the mechanism is not conducive to deepening the enterprise value chain to establish credibility by obtaining short-term cash during an initial public offering with the enhancement of the VC alliance’s intervention ability for enterprise development. In addition, a VC alliance’s independent judgment is bound by the VC market. Furthermore, the problem of over-trust in investees reduces the likelihood of a VC alliance’s successful exit. Therefore, we should pay more attention to the particularity of emerging markets such as China to improve the relevant management mechanism.

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KINERJA SURAT BERHARGA SETELAH INITIAL PUBLIC OFFERING

Jurnal Riset Akuntansi dan Keuangan ◽

10.21460/jrak.2005.12.118 ◽

2005 ◽

Vol 1 (2) ◽

pp. 135

Author(s):

Umi Murtini

Keyword(s):

Initial Public Offering ◽

Abnormal Return ◽

Stock Exchange ◽

T Test ◽

Short Term ◽

Sample Data ◽

Level I ◽

Public Offering ◽

Term Performance

This study observes the pedormance of stock, shortierm and long-term in Jakarta Stock Exchange (BEJ). Sample data taken from firm that hove done IPO since the January 1990 untit December 2003, amount sample that used as much 255 firms. The daily abnormal return used as proxy perlormance by using Market-Adjusted Return Abnormal Model (Aggwwal $993). Short-term pedormance is based on a share performance atter, one day,' one month, 2 month and 3 month, Long-term perfonnance is b,osed on performance during 24 month. The result tests of one sampte t-test indicate that in short-term, cnerage abnormal return ore positive equal to i,8, 83 %. This result consistent with the previous research that performance in short-term experience, of the under pricing, Abnormal relurn that resuked in long term are arcrage negative equal to 21, 44%. This study Jinds the consistent phenomenon underperformance on a long term. And then the results of paired comparisont-test indicate that the short-term performance,is better lhqnlong-range performance, at level I %o.signtficance.Keywords: t Initiol Pubtic Offering, Performace of IPO, Abnormitl'Return, Underpricing and Underperform)

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Financing Digital Product Companies

Digital Product Management, Technology and Practice ◽

10.4018/978-1-61692-877-3.ch005 ◽

2010 ◽

pp. 73-84

Author(s):

Richard B. Carter ◽

Frederick H. Dark

Keyword(s):

Life Cycle ◽

Case Studies ◽

Empirical Analysis ◽

Initial Public Offering ◽

Variable Cost ◽

Short Term ◽

Digital Product ◽

Primary Focus ◽

Public Offering

Faced with the prospect of positive and negative network externalities and the all-or-nothing phenomenon, digital product (DP) firms must choose the timing of their capital acquisitions carefully. Moreover, with typically high fixed-to-variable cost ratios, the risk to recovering the initial investment is critical. In this chapter the authors discuss various forms of financing for the DP firm, both short-term and long-term, with these issues in mind. But our primary focus is the initial public offering of equity (IPO) and particularly its timing. Through empirical analysis and case studies we show that if DP firms issue too early in their life cycle they may receive a price for their shares that is not commensurate with long-term prospects. However, issuing too late may mean that they either cannot sell shares or are unable to recover their initial investment.

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Prediksi Pencapaian Target Kerja Menggunakan Metode Deep Learning dan Data Envelopment Analysis

Jurnal Teknik Informatika dan Sistem Informasi ◽

10.28932/jutisi.v6i2.2678 ◽

2020 ◽

Vol 6 (2) ◽

Author(s):

David Sanjaya ◽

Setia Budi

Keyword(s):

Deep Learning ◽

Data Envelopment Analysis ◽

Short Term Memory ◽

Historical Data ◽

Rapid Development ◽

Data Envelopment ◽

Short Term ◽

Target Setting ◽

Average Accuracy ◽

Long Short Term Memory

Along with the rapid development of technology, especially in the computer field, several methods have been developed for target setting. Data Envelopment Analysis (DEA) is commonly employed to analyze efficiency levels based on historical data with static targets. Data Envelopment Analysis results in a low level of efficiency against the use of static targets. A new target setting solution is needed to handle dynamic targets. Based on the need, we propose a method to predict more realistic dynamic targets using Deep Learning Long Short Term Memory (LSTM) approach from the results of the Data Envelopment Analysis (DEA). This study leads to a prediction model with 71.2% average accuracy.

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ANALISIS KINERJA SAHAM EMITEN DAL AM PERIODE SATU TAHUN SETELAH PENAWARAN PERDANA

Media Riset Akuntansi Auditing & Informasi ◽

10.25105/mraai.v9i3.736 ◽

2009 ◽

Vol 9 (3) ◽

pp. 39

Author(s):

Yusef Widya Karsana

Keyword(s):

Empirical Study ◽

Initial Public Offering ◽

Stock Price ◽

Abnormal Return ◽

Short Term ◽

Price Performance ◽

Public Offering ◽

Term Performance

AbstractThe objective of this research is to examine short term performance of stock price after Initial Public Offering (IPO) in Indonesia, and also to know whether there are differences between weekly stock price performance and monthly stock price performance. The stock price performance is measured by abnormal return and wealth Relative. This research is an empirical study for the companies which performs IPO in the period of2000 to 2006. Re> ult of the analysis shows that all period tested, weekly performance and monthly performance, are outperformed. The comparation of the performance shows that weekly stock price performance is higher than monthly stock price performance.Keywords .'Initial Public Offering, weekly stock price performance, monthly stock priceperformance, abnormal return, wealth relative

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Data Envelopment Analysis

10.1017/cbo9780511606731 ◽

2004 ◽

Cited By ~ 210

Author(s):

Subhash C. Ray

Keyword(s):

Data Envelopment Analysis ◽

Data Envelopment

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