The Impact of Media Exposure and Market Psychology on the Underpricing of Initial Public Offerings: The UK Case

2003 ◽  
Author(s):  
Christos Staikouras ◽  
Dimitris Tsatsanis
Keyword(s):  
Initial Public Offerings ◽  
Media Exposure ◽  
Public Offerings ◽  
The Uk ◽  
The Impact

scholarly journals Science and Innovation in 2019–2020: Resourcing, First Post-Crisis Assessments

2021 ◽  
pp. 13-30
Author(s):  
I. Kirichenko ◽  
A. Kravtsov ◽  
Z. Mamedyarov ◽  
N. Sheliubskaya
Keyword(s):  
Research And Development ◽  
Initial Public Offerings ◽  
Technology Development ◽  
Relevant Information ◽  
Innovation Activity ◽  
Public Offerings ◽  
The Us ◽  
The Usa ◽  
The Uk ◽  
The Impact

The impact of the COVID-19 pandemic on research and development (R&D) was a major factor for the global innovation activity in 2020. Prior to the pandemic, global R&D spending by both governments and private capital had been steadily increasing for a decade, resulting in a doubling of spending. In the US, growth was slower than in other countries, especially compared to China, causing the US share of global R&D to decline. At the end of 2020, it was clear that China's economy ended the year with fewer losses compared to the developed world, and local companies continued to increase R&D spending, which will contribute to Chinese innovation competition in the coming years. This 2020 report consists of several thematic blocks which will be retained in subsequent annual editions. First, there is a review and analysis of the most relevant information on countries' expenditures on research and development (R&D), in particular, the estimates of expenditures according to R&D World, the volume of federal funding for R&D in the USA for 2021, and the results of the annual European Innovation Scoreboard rating of innovative companies. Secondly, the results of international patenting data by country and industry are presented, using the latest available data for 2019. Third, given the importance of private companies' capital for innovation activity, a separate block includes the results of initial public offerings (IPOs) in 2020 on major stock exchanges (USA) and other platforms, as well as data on mergers and acquisitions, which remain the most important alternative to public offerings for raising capital by technology companies. Finally, the last block deals with changes in the innovation development strategies of the leading countries. The focus here is made on the implications of Brexit for the science and technology development of the UK and the EU, taking into account the parties' agreement on a trade deal for the period after the country's exit from the Union since January 1, 2021.

Stage financing and syndication in the IPO underpricing of venture-backed firms: Venture capital and IPO underpricing

2019 ◽  
Vol 20 (4) ◽  
pp. 289-300 ◽  
Author(s):  
Awounou-N’dri Honorine ◽  
Dubocage Emmanuelle
Keyword(s):  
Venture Capital ◽  
Information Asymmetry ◽  
Initial Public Offerings ◽  
Capital Investment ◽  
Ipo Underpricing ◽  
Data Set ◽  
Public Offerings ◽  
Venture Capital Investment ◽  
Ipo Performance ◽  
The Impact

The article investigates the impact of stage financing and syndication practices on the underpricing level of venture-backed firms (VBFs) undertaking their initial public offerings (IPOs). This empirical study uses a unique hand-collected data set concerning more than 260 VBFs that went public on Euronext Paris and Alternext between 1997 and 2013. Our findings suggest a lower level of underpricing for firms backed by syndicated venture capital investment. Additionally, we find that the syndicate size is negatively associated with the level of underpricing. However, there is no evidence that stage financing has a significant impact. Syndication thus appears to be the only relevant mechanism to improve IPO performance (measured by the underpricing level), as it reduces agency costs and information asymmetry between the different stakeholders in an IPO process.

Initial public offerings and air pollution: evidence from China

2015 ◽  
Vol 9 (1) ◽  
pp. 99-114 ◽  
Author(s):  
Yan Luo ◽  
Xiaolin Qian ◽  
Jinjuan Ren
Keyword(s):  
Air Pollution ◽  
Corporate Governance ◽  
Initial Public Offerings ◽  
Ambient Air ◽  
Environmental Conservation ◽  
Policy Implications ◽  
Chinese Government ◽  
Content Type ◽  
Public Offerings ◽  
The Impact

Purpose – The purpose of this study is to investigate the impact of firms’ financing activities on the environment. Faced with a deteriorating global environment, both corporations and regulatory bodies have become more responsive to environmental conservation problems. However, existing literature has not adequately addressed the question of whether and how firms’ business activities influence the environment. Design/methodology/approach – Using the daily air pollution indices of 120 Chinese cities from 2001 to 2012, this study found that air pollution is alleviated after firms’ initial public offerings (IPOs). This paper proposes that firms’ IPOs influence the ambient air pollution through three channels: production scale, technical reform and corporate governance effects. Findings – The authors of this study found that the proceeds acquired in IPOs result in enlarged production scales that increase pollution, while the investment of these proceeds in social responsibility-related technical reform and enhanced corporate governance reduce pollution. Moreover, the authors discover that firms with a higher state ownership emit fewer pollutants, thus supporting the positive monitoring role of the Chinese government. Originality/value – Although this study investigates the impact of IPOs on air quality in China, the proposed analytical framework also applies to studies of other financing activities in global markets. This study has important policy implications for government regulations in environmental controls.

The impact of the quality of VC financing and monitoring on the survival of IPO firms

2017 ◽  
Vol 43 (4) ◽  
pp. 440-451 ◽  
Author(s):  
Sophie Pommet
Keyword(s):  
Initial Public Offerings ◽  
Survival Rates ◽  
Venture Capitalist ◽  
Venture Capitalists ◽  
Content Type ◽  
Public Offerings ◽  
Advantages And Disadvantages ◽  
Short Run ◽  
The Impact

Purpose The purpose of this paper is to analyze the impact of venture capital (VC) involvement on the survival rate of French initial public offerings (IPOs) during the period 1996-2006. The paper examines the link between the survival rates of IPO companies, and several proxies for the quality of venture capitalist financing and monitoring. Design/methodology/approach To analyze the impact of the involvement of VC on both long and short run post-IPO survival, two methods are used: survival analysis (the Cox proportional hazard), and a logit model. Findings This paper shows that the quality of venture capitalist monitoring, measured by the duration of their investment before the IPO, is positively correlated with company survival rates. However, the author does not find the expected result when the author considers the experience of venture capitalists measured by their age. Research limitations/implications The findings are limited to a sample of VC-backed companies that went public. Practical implications The findings have implications for entrepreneurs. When analyzing the advantages and disadvantages linked to the presence of VC firms in the capital of their companies, entrepreneurs should consider that certain types of venture capitalists might be more or less able to be involved in the monitoring and value adding process. Originality/value To date, there is no comprehensive study on the French IPO market analyzing both long and short run post-IPO survival of VC-backed companies. This paper fills this gap.

The impact of institutional quality on initial public offerings

2014 ◽  
Vol 73 ◽  
pp. 65-96 ◽  
Author(s):  
Don M. Autore ◽  
Thomas J. Boulton ◽  
Scott B. Smart ◽  
Chad J. Zutter
Keyword(s):  
Initial Public Offerings ◽  
Institutional Quality ◽  
Public Offerings ◽  
The Impact
Sign in / Sign up

Export Citation Format

Share Document