scholarly journals Borsa İstanbul da 2013-2018 Yılları Arasında İlk Kez Halka Arz Edilen Payların Kısa Dönem Fiyat Performanslarının İncelenmesi (Research of Short-Run Price Performance of Initial Public Offering Shares between 2013-2018 in Borsa Istanbul)

2020 ◽  
Vol 12 (4) ◽  
pp. 3965-3980
Author(s):  
Göksenin Yaşar ◽  
Burak Terim ◽  
Cevdet Kayalı
Keyword(s):  
Initial Public Offering ◽  
Price Performance ◽  
Short Run ◽  
Public Offering

The Effect Of Geographic Dispersion On The Initial And Long-Run IPO Performance

2017 ◽  
Vol 41 (7) ◽  
pp. 869-897 ◽  
Author(s):  
Ozgur Ozdemir
Keyword(s):  
Initial Public Offering ◽  
Abnormal Returns ◽  
Geographic Dispersion ◽  
Ipo Performance ◽  
Geographically Dispersed ◽  
Long Run ◽  
Significant Difference ◽  
Short Run ◽  
Restaurant Firms ◽  
Public Offering

This study examines the effect of geographic dispersion on the short-run and long-run initial public offering (IPO) performance of restaurant firms. Sample of the study consists of 103 restaurant IPOs conducted between 1981 and 2011. The study finds that being geographically dispersed or concentrated in a small area does not lead to a significant difference in the initial returns of restaurant IPOs. Yet the analysis shows that restaurant firms with geographically dispersed operations have significantly higher long-run returns in the post-IPO period compared with their local counterparts. This is evidenced by the significantly larger cumulative abnormal returns for geographically dispersed restaurant firms in the post-IPO period.

scholarly journals Modeling and Estimation of Cumulative Abnormal Return using VECM

2021 ◽  
Vol 7 (1) ◽  
pp. 36-49
Author(s):  
Sri Ambarwati ◽  
Eka Sudarmaji ◽  
Herlan Masrio ◽  
Ismiriati Nasip
Keyword(s):  
Initial Public Offering ◽  
Abnormal Return ◽  
Stock Exchange ◽  
Idiosyncratic Risk ◽  
Cointegration Analysis ◽  
Cumulative Abnormal Return ◽  
Firm Level ◽  
Long Run ◽  
Short Run ◽  
Public Offering

This paper examined how firm-level idiosyncratic risk varies over time. It affected initial public offering (IPO) in the presence of pump-and-dump and flipping trends during the early trading of IPO stocks in the Indonesia Stock Exchange. The paper used the IPO data taken from 181 companies during the year 2015-2019. It revisited the relationship between Cumulative Abnormal Return thirty-days (CAR30D) and Cumulative Abnormal Return five-days (CAR5D) and the Characteristics (IPO Floating shares, IPO Fund and Price) and Macroeconomics Condition (Inflation rate). It also used the cointegration analysis and VECM model. The paper found that Both LnFloat and LnPrice had causal evidence in the long-run causality or short-run with Cumulative Abnormal Return thirty days (CAR30D). We also noted that idiosyncratic risk exposure depends on IPO characteristics. It was crucial for firms going public in hot-issue markets, undervalued IPOs, and high idiosyncratic-risk issues. The model suggested that those series should cointegrate firstly. However, the variable of LnIPOFund had causal evidence in the short-run causality only.

scholarly journals Earnings Quality and Ownership Structure: The Role of Private Equity Sponsors

2009 ◽  
Vol 84 (3) ◽  
pp. 623-658 ◽  
Author(s):  
Sharon P. Katz
Keyword(s):  
Initial Public Offering ◽  
Stock Price ◽  
Private Equity ◽  
Earnings Quality ◽  
Price Performance ◽  
Before And After ◽  
Public Offering ◽  
Long Term Performance ◽  
Term Performance

ABSTRACT: This study explores how firms' ownership structures affect their earnings quality and long-term performance. Focusing on a unique sample of private firms for which there is financial data available in the years before and after their initial public offering (IPO), I differentiate between those that have private equity sponsorship (PE-backed firms) and those that do not (non-PE-backed firms). The findings indicate that PE-backed firms generally have higher earnings quality than those that do not have PE sponsorship, engage less in earnings management, and report more conservatively both before and after the IPO. Further, PE-backed firms that are majority-owned by PE sponsors exhibit superior long-term stock price performance after they go public. These results stem from the professional ownership, tighter monitoring, and reputational considerations exhibited by PE sponsors.

scholarly journals Impact of Firm Characteristics on IPO’s Short Run Performance: Evidence from Pakistan

2021 ◽  
Vol 4 (2) ◽  
pp. 53-66
Author(s):  
KAMRAN FAROOQ ◽  
SAEED AKBAR ◽  
KIRAN ALIM ◽  
SOURATH
Keyword(s):  
Initial Public Offerings ◽  
Initial Public Offering ◽  
Stock Exchange ◽  
Negative Relationship ◽  
Firm Characteristics ◽  
Public Offerings ◽  
Short Run ◽  
Underwriter Reputation ◽  
Public Offering ◽  
A Company

In present day world, the concept of initial public offering (IPO's) has got much significance since its execution altogether influence the success of the companies. The current study aims at conducting a nonsystematic review of literatures on the concept of short runs performance of initial public offering in Pakistan. In this regard, we studied the IPO’s of 77 companies listed at Pakistan Stock Exchange (PSX) from the period of 2000-2015. The finding shows a positive and significance relationship between size of the firm and underwriter reputation while the age of the firm and risk shows negative relationship with the dependent variable MAAR. The performance of initial public offerings has significant effect on success or failure of a company. In this way, the companies in modern corporate world can ensure their success through effective utilization of initial public offerings.

EMPLOYEE EQUITY INCENTIVES AND VENTURE CAPITALIST INVOLVEMENT: EXAMINING THE EFFECTS ON IPO PERFORMANCE

2008 ◽  
Vol 13 (04) ◽  
pp. 409-423 ◽  
Author(s):  
JAMES W. WESTERMAN ◽  
SCOTT W. GEIGER ◽  
LINDA A. CYR
Keyword(s):  
Initial Public Offering ◽  
Stock Price ◽  
Stock Options ◽  
Venture Capitalist ◽  
Venture Capitalists ◽  
Ipo Performance ◽  
Equity Incentives ◽  
Price Performance ◽  
Public Offering ◽  
Positive Effect

We examine the effects of venture capitalist involvement and equity incentives for all employees on the performance of initial public offering firms. Data was collected from 402 IPO firms, representing 242 non-VC backed and 160 VC backed firms. Results indicate venture capitalists positively influence the likelihood the portfolio firm will offer equity incentives to all employees. Consistent with the agency theory argument that monitoring and incentives can behave as complements to one another, the results suggest venture capitalist backing and incentive stock options for all employees operate in concert to have a positive effect on stock price performance three years after the initial public offering.

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

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

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

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