scholarly journals Comparison of the theoretical and practical approaches to funding through the IPO way in the Czech capital market

2008 ◽  
Vol 56 (6) ◽  
pp. 59-68
Author(s):  
Tomáš Meluzín
Keyword(s):  
Initial Public Offering ◽  
Capital Market ◽  
Western Europe ◽  
The United States ◽  
Bank Loans ◽  
Professional Literature ◽  
Mortgage Crisis ◽  
The Usa ◽  
Eastern European Countries ◽  
Public Offering

Funding development of the company through the “Initial Public Offering” has a high representation globally, the Czech Republic unlike, and belongs to traditional methods of raising funds necessary for development of business in the developed capital markets. In the United States of America, Japan and in the Western Europe countries the method of company funding through IPO has been applying for several decades already. The first public stock offerings began to be applied in these markets in higher volumes from the beginning of the 60th of the last century. From that period importance of IPO goes up globally and the initial public stock offerings begin to be applied more and more even in the Central and Eastern European countries. In the conditions of the Czech capital market it is possible to identify only few companies, who attempted to funding through the IPO way at present. Greater part of the Czech companies still undergo the debit funding for financing their further development, namely in the form of bank loans. At the same time it is necessary to take into account, that the debit financing starts, thanks to so-called mortgage crisis in the USA, causing problems and mark up. Admittance of a stakeholder into the company is not convenient for all and thus IPO represents an interesting option of how to acquire a no arrear capital. The aim of this article is to determine the IPO concept, analyse its development at the world stockholder markets, describe the reasons for IPO implementation according to the contemporary professional literature and compare it with the approaches to this particular form of funding with companies that have already implemented IPO at the Czech capital market.

scholarly journals Research of causes of low IPO number in the Czech Republic

2008 ◽  
Vol 56 (3) ◽  
pp. 129-138 ◽  
Author(s):  
Tomáš Meluzín
Keyword(s):  
Czech Republic ◽  
Initial Public Offering ◽  
Capital Market ◽  
Western Europe ◽  
The United States ◽  
Eastern European ◽  
The Czech Republic ◽  
Eastern European Countries ◽  
Public Offering ◽  
High Representation

Funding development of the company through the “Initial Public Offering” has a high representation globally, the Czech Republic unlike, and belongs to traditional methods of raising funds necessary for development of business in the developed capital markets. In the United States of America, Japan and in the Western Europe countries the method of company funding through IPO has been ap­p­lying for several decades already. The first public stock offerings began to be applied in these markets in higher volumes from the beginning of the 60th of the last century. From that period importance of IPO goes up globally and the initial public stock offerings begin to be applied more and more even in the Central and Eastern European countries. Under the conditions of the Czech capital market this way funding of development of the company, connected with its entering into the capital market, is not very usual. The Strategy of Sustainable Development of the Czech Republic considers this situation the weakness of the Czech economy, and its resolving has to be paid a due care. The present paper introduces the results of an analysis identifying the causes of the low numbers of IPOs in the Czech Republic. These causes were analyzed in a comprehensive way covering the period of time from the beginnings of the modern-day capital market in the Czech Republic until the present times. In order to reach the objective, the secondary research of the literature sources, focused on the issue in question and the primary research in the Czech companies was carried out.

The Importance of Initial Public Offering for Capital Market Development in Developing Countries

2020 ◽  
Vol 58 (1) ◽  
pp. 97-115
Author(s):  
Aleksandra Pešterac
Keyword(s):  
Developing Countries ◽  
Initial Public Offering ◽  
Capital Market ◽  
Western Europe ◽  
Stock Exchange ◽  
Special Importance ◽  
Joint Stock Company ◽  
Stock Company ◽  
The Usa ◽  
Public Offering

AbstractThe first issue of shares is the key moment in the life cycle of any company that was not previously listed on a stock exchange. Considering the fact that transformation into a public open joint stock company brings along a number of advantages and challenges, it would be of great importance to possess knowledge about initial public offering (IPO) issuing activity, as well as stay updated with the number and value of globally realised IPOs. The aim of the paper is to use the comprehensive analysis of IPOs realisation process in order to point out the importance of going public, having in mind both the corporations and investors in the capital market, as well as the economy as a whole. In accordance with the set goal, the paper will present the effects of the realised IPO processes in the countries of Western Europe, China, Japan and the USA. When it comes to developing countries, the IPO of shares on a stock exchange is of special importance, since it contributes to the further development of capital market. Due to the particularity of the Serbian macroeconomic environment, the trends of privatisation process, the insufficient protection of investors, the high level of information asymmetry and the lack of corporate education, there have been no IPO processes realised on the Belgrade Stock Exchange over the past eight decades.

scholarly journals Analysis of the main characteristics of Initial Public Offerings in the Czech Republic and perspectives of their further development

2009 ◽  
Vol 57 (3) ◽  
pp. 97-106
Author(s):  
Tomáš Meluzín
Keyword(s):  
Czech Republic ◽  
Initial Public Offerings ◽  
Initial Public Offering ◽  
Western Europe ◽  
The United States ◽  
The Czech Republic ◽  
Public Offerings ◽  
Eastern European Countries ◽  
Public Offering ◽  
Further Development

Funding development of the company through the “Initial Public Offering” has a high representation globally, the Czech Republic unlike, and belongs to traditional methods of raising funds necessary for development of business in the developed capital markets. In the United States of America, Japan and in the Western Europe countries the method of company funding through IPO has been applying for several decades already. The first public stock offerings began to be applied in these markets in higher volumes from the beginning of the 60th of the last century. From that period importance of IPO goes up globally and the initial public stock offerings begin to be applied more and more even in the Central and Eastern European countries. Since 2004, several companies that have opted for this form of financing can be found in the Czech Republic as well. The objective of the paper is to analyze the main characteristics of initial public offerings of shares effected on the Czech capital market between 2004 and 2008 and to outline the perspectives of further development in this area.

scholarly journals Marketability Discount in Various Economic Environments. Comparison of Developed and Emerging Markets on the Example of the USA and Poland

2020 ◽  
Vol 13 (6) ◽  
pp. 132
Author(s):  
Radosław Pastusiak ◽  
Jakub Keller ◽  
Michał Radke
Keyword(s):  
United States ◽  
Emerging Markets ◽  
Initial Public Offering ◽  
United States Of America ◽  
The United States ◽  
Econometric Analysis ◽  
T Test ◽  
Linear Modelling ◽  
The Usa ◽  
Public Offering

The aim of the presented article is to compare and evaluate the occurrence and level of marketability discount in developed and emerging markets in the example of the United States of America (USA) and Poland. According to the hypothesis put forward in the article, due to the smaller degree of development and depth of emerging markets, the marketability discount obtained in the context of the initial public offering (IPO) is lesser in its extent, as compared to the case when the IPO takes place in the developed market. The authors have made a statistic and econometric analysis based on a sample of nearly 200 IPOs in Poland and 1200 IPOs in the USA. The study used an analysis of the statistical differences between the groups (t-test), and also a linear modelling of the determinants of liquidity discount volume. The obtained results show that the stated hypothesis was correct, and that there are significant differences between the studied markets in reference to the marketability discount. The authors also concluded that the discount is not related to the condition of the company.

scholarly journals The 2010 Structural-Demographic Forecast for the 2010–2020 Decade: A Retrospective Assessment

2020 ◽  
Author(s):  
Peter Turchin ◽  
Andrey Korotayev
Keyword(s):  
Western Europe ◽  
Time Series Data ◽  
Political Instability ◽  
The United States ◽  
Stress Index ◽  
Series Data ◽  
Strongly Correlated ◽  
Retrospective Assessment ◽  
The United Kingdom ◽  
The Usa

This article revisits the prediction, made in 2010, that the 2010–2020 decade would likely be a period of growing instability in the United States and Western Europe (Turchin 2010). This prediction was based on a computational model that quantified in the USA such structural-demographic forces for instability as popular immiseration, intraelite competition, and state weakness prior to 2010. Using these trends as inputs, the model calculated and projected forward in time the Political Stress Index, which in the past was strongly correlated with socio-political instability. Ortmans et al. (2017) conducted a similar structural-demographic study for the United Kingdom and obtained similar results. Here we use the Cross-National Time-Series Data Archive for the US, UK, and Western European countries to assess these structural-demographic predictions. We find that such measures of socio-political instability as anti-government demonstrations and riots increased dramatically during the 2010–2020 decade in all of these countries.

scholarly journals Ideological foundations of modern political and legal institutional architectonics in Western Europe and the USA

2020 ◽  
pp. 107-118
Author(s):  
N.N. Ravochkin ◽  
◽  
Keyword(s):  
United States ◽  
Western Europe ◽  
The United States ◽  
Close Attention ◽  
Institutional Settings ◽  
The Usa ◽  
Management Institutions

The author examines the ideological foundations of political and legal institutional architectonics in Western Europe and the United States and presents its structure. Close attention is paid to the role of social ideas and the development of these issues in modern scientific directions. The author clarifies the principles of synthesis of ideal and institutional and shows three ways of ideological determination of political and legal institutional settings. The mutually conditioned nature of functioning of the system of ideological frameworks and management institutions is substantiated.

Epstein-Barr Virus Infection

1994 ◽  
Vol 15 (2) ◽  
pp. 63-68
Author(s):  
William A. Durbin ◽  
John L. Sullivan
Keyword(s):  
Epstein Barr Virus ◽  
Western Europe ◽  
Age Groups ◽  
The United States ◽  
The Philippines ◽  
Epstein Barr Virus Infection ◽  
Barr Virus ◽  
The Usa ◽  
Epstein Barr ◽  
Barr Virus Infection

Introduction Virtually all humans become infected with Epstein-Barr virus (EBV). The vast majority of these infections are inapparent, occur early in life, and are associated with lifelong latent infection and persistent shedding of virus. Epidemiology The prevalence of antibody to EBV has been determined in many age groups throughout the world. In developing and tropical areas, infection takes place early in life and is inapparent, with most children demonstrating antibody by age 6 years. Infection is believed to be related to hygiene and crowding as well as to cultural patterns that lead to exposure to saliva (eg, prechewing of food). In contrast, infection in Western Europe and the United States in childhood is less common, with only 35% to 50% of 5-year-olds demonstrating antibody. Infectious mononucleosis (IM) emerges as a significant clinical entity only in populations where a sizable percentage of young adults lack immunity to EBV. Thus, IM is unknown among college freshman in Thailand or the Philippines, virtually all of whom have antibody to EBV at the time of admission. On the other hand, in schools in the USA and England, where the susceptibility percentage is in the range of 35% to 50%, infection is seen commonly. In such university settings, approximately 12% of susceptible students become infected with EBV during the freshman year.

Impact of the liability of foreignness, domicile of incorporation and an institutional change on reverse merger firms’ capital-raising performance

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Ho Wook Shin ◽  
Seung-Hyun (Sean) Lee ◽  
Min-Jung Lee
Keyword(s):  
Institutional Change ◽  
International Business ◽  
Initial Public Offering ◽  
Design Methodology ◽  
Liability Of Foreignness ◽  
Entry Barrier ◽  
Content Type ◽  
Reverse Merger ◽  
The Usa ◽  
Public Offering

Purpose The purpose of this study is to examine how the liability of foreignness (LOF), choice of incorporation and an institutional change independently and jointly affect a reverse merger (RM) firm’s capital-raising performance. Design/methodology/approach The study draws on the data of shell reverse merger transactions in the USA from 2007 to 2016. Findings This paper finds that LOF and the choice of incorporation as a signal have a significant effect on RM firms’ capital-raising performance. In addition, this study finds that the effectiveness of the signaling can be affected by LOF. Finally, this paper finds that an institutional change that lowers the entry barrier to the initial public offering (which is a superior alternate to an RM) affects the impacts of LOF and signaling on RM firms’ capital-raising performance. Originality/value The study contributes to the international business literature by examining the RM (which has been an under-researched topic in the literature) by drawing on the LOF framework. The study finds that LOF and the choice of state for incorporation affect RM firms’ capital-raising performance; moreover, these relationships are affected by an institutional change.

scholarly journals The Impact of R&D Alliance on the Survival of Newly Listed High Tech Firms

2016 ◽  
Vol 6 (2) ◽  
pp. 197
Author(s):  
Vicar S. Valencia
Keyword(s):  
United States ◽  
Longitudinal Data ◽  
Financial Performance ◽  
Initial Public Offering ◽  
The United States ◽  
High Tech ◽  
Estimation Strategy ◽  
Public Offering ◽  
The Impact

This paper investigates the extent to which R&D alliance participation affects the survival performance of newly listed high tech firms. The estimation strategy identifies the impact through changes on a firm’s alliance status. Using longitudinal data on high tech firms that had an initial public offering in the United States, results suggest that R&D collaborating firms experience greater survival, relative to non-R&D collaborating firms. In particular, participation in an R&D alliance is associated with an attenuation of delistment due to poor financial performance.

Sign in / Sign up

Export Citation Format

Share Document