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.

Cross-Border LBOs, Human Capital, and Proximity: Value Addition through Monitoring in Private Equity Investments

2020 ◽  
pp. 1-41
Author(s):  
Thomas J. Chemmanur ◽  
Tyler J. Hull ◽  
Karthik Krishnan
Keyword(s):  
United States ◽  
Human Capital ◽  
Initial Public Offering ◽  
Private Equity ◽  
The United States ◽  
Efficient Allocation ◽  
Value Addition ◽  
Cross Border ◽  
Target Firms ◽  
Public Offering

We show that cross-border leveraged buyout investments involving U.S. rather than non-U.S. private equity (PE) investors are more likely to have a successful exit (initial public offering or acquisition). Exogenous increases in effective proximity following the signing of “open sky agreements” between the United States and target firms’ home countries increases both the propensity of U.S. PE firms to invest in these firms and the value addition by these investors. We show that such increases in value addition by U.S. PE investors following proximity increases are at least partially due to better monitoring, facilitated by the more efficient allocation of experienced U.S. PE managers to cross-border deals.

scholarly journals Political Uncertainty and IPO Activity: Evidence from U.S. Gubernatorial Elections

2017 ◽  
Vol 52 (6) ◽  
pp. 2523-2564 ◽  
Author(s):  
Gönül Çolak ◽  
Art Durnev ◽  
Yiming Qian
Keyword(s):  
United States ◽  
Initial Public Offering ◽  
The United States ◽  
Control Group ◽  
Government Contracts ◽  
Political Uncertainty ◽  
Gubernatorial Elections ◽  
Public Offering

We analyze initial public offering (IPO) activity under political uncertainty surrounding gubernatorial elections in the United States. There are fewer IPOs originating from a state when it is scheduled to have an election. To establish identification, we develop a neighboring-states method that uses bordering states without elections as a control group. The dampening effect of elections on IPO activity is stronger for firms with more concentrated businesses in their home states, firms that are more dependent on government contracts (particularly state contracts), and harder-to-value firms. This dampening effect is related to lower IPO offer prices (hence, higher costs of capital) during election years.

scholarly journals MAKING MARKETS: INFORMATION AND PARODY IN VICTORIAN COMMERCIAL REPRESENTATION

2018 ◽  
Vol 46 (1) ◽  
pp. 157-180
Author(s):  
Aeron Hunt
Keyword(s):  
United States ◽  
New York ◽  
Social Media ◽  
Initial Public Offering ◽  
New York Times ◽  
The United States ◽  
General Motors ◽  
Public Offering ◽  
Red Bull ◽  
Media Company

In the early months of 2012 excitement built for the initial public offering of Facebook, the behemoth social media company with the boy-wonder CEO. Two days before shares began trading on May 18, the IPO was expected to generate $16 billion for the company, placing it third after General Motors and Visa in the list of largest IPOs in the United States to that date. In the “frenzy” leading up to the IPO, the New York Times reported waiting lists at events for potential investors and speculation about where “newly minted Facebook billionaires” would go for a drink, while the company revealed its plans to celebrate with a “hackathon” featuring employee DJs and Red Bull (Rusli and Eavis).

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.

Uncertainty clouds US IPO ebullience going into 2022

2021 ◽  
Keyword(s):  
United States ◽  
Hong Kong ◽  
Initial Public Offering ◽  
The United States ◽  
Venture Capitalists ◽  
Public Companies ◽  
Content Type ◽  
Chinese Companies ◽  
Public Offering ◽  
Start Ups

Significance The company's initial public offering (IPO) is one of three this week expected to raise upwards of USD500mn each, adding to what is already set to be a record-breaking year for IPOs in the United States despite the withdrawal of Chinese companies under pressure from Beijing and Washington. Impacts Hong Kong will be the main beneficiary of Chinese companies' forced IPO withdrawal from US markets. Venture capitalists' being cash-rich should mean a steady stream of start-ups that will eventually seek to become public companies. Investors will press SPAC sponsors to risk more of their own capital.

Crowdfunding

2018 ◽  
pp. 719-745
Author(s):  
Alexandra Horváthová
Keyword(s):  
United States ◽  
European Union ◽  
Venture Capital ◽  
Initial Public Offering ◽  
The United States ◽  
Common Denominator ◽  
The European Union ◽  
Equity Crowdfunding ◽  
Legal Challenges ◽  
Public Offering

Crowdfunding is a way of raising money through small contributions from a large number of investors, i.e. a “crowd.” Crowdfunding constitutes a common denominator for a number of financing methods, from donations through lending up to venture capital, all taking place online. Therefore, there are numerous legal challenges, namely use of copyright, distribution of loans and credits, or possible sale of securities. This chapter focuses on the development of equity crowdfunding, which shows many similarities with classical initial public offering (IPO) as a financing tool, yet on a smaller scale. The chapter analyzes the existing regulatory framework of equity crowdfunding in the United States and in the European Union.

scholarly journals A STUDY ON THE DETERMINANTS OF FINANCIAL PERFORMANCE OF U.S. AGRICULTURAL COOPERATIVES

2019 ◽  
Vol 20 (4) ◽  
pp. 633-647 ◽  
Author(s):  
Kuldeep Singh ◽  
Madhvendra Misra ◽  
Mohit Kumar ◽  
Vineet Tiwari
Keyword(s):  
United States ◽  
Financial Performance ◽  
Random Effect ◽  
Negative Relationship ◽  
The United States ◽  
Error Component ◽  
Agricultural Cooperatives ◽  
United States Department ◽  
Policy Uncertainty ◽  
The Impact

A significant number of studies have been made in the area of agricultural economics; however, there is a paucity of work that investigates factors or determinants which influence the financial performance of agro cooperatives. This paper investigates determinants of financial performance for the United States (U.S.) agricultural cooperatives for the period 2009–2017. By using the United States Department of Agriculture (USDA) database, we created a sample of 37 U.S. agro cooperatives. For analysis, we used panel regression analysis as it is suitable to deal with fixed effect or random effect error component presented in the model. Finding states that the U.S. agro cooperatives are found highly sensitive to economic policy uncertainty. The results provide evidence of a negative relationship between size and profitability. Moreover, the impact of growth and capital intensity is also reflected in the return on asset (ROA). In this study, we considered ROA as a proxy for firm performance. Implications and suggestions for further new research are also discussed.

scholarly journals Impact of Environmental Disaster Movies on Corporate Environmental and Financial Performance

2021 ◽  
Vol 13 (2) ◽  
pp. 559
Author(s):  
Hyun-Do Kim ◽  
Kwangwoo Park
Keyword(s):  
United States ◽  
Mass Media ◽  
Financial Performance ◽  
Environmental Performance ◽  
The United States ◽  
Environmental Disaster ◽  
Data Set ◽  
Listed Firms ◽  
And Gender ◽  
The Impact

Using a unique United States box office data set, we investigate the impact of environmental sentiment on corporate environmental and financial performance of the United States listed firms. The influence of mass media on public and investor sentiments is well documented in the existing literature. However, little is known about the effect of movies, although they may influence the public more than other mass media because people, regardless of age and gender, enjoy watching movies. Using the event study methodology and multivariable regression analysis, we show that the release of anthropogenic environmental disaster movie(s) creates environmental sentiment and influences corporate behaviors. Specifically, firms significantly increase their environmental performance in the subsequent year of strong environmental sentiment after the release of environmental movies. More importantly, the positive effect of corporate environmental performance on financial performance is stronger when the environmental sentiment is stronger.

scholarly journals The impact of product and labour market deregulation

2015 ◽  
Vol 3 (2) ◽  
pp. 35-37
Author(s):  
Armend Muja
Keyword(s):  
United States ◽  
Political Economy ◽  
Labor Markets ◽  
Labour Market ◽  
The United States ◽  
Incremental Innovation ◽  
High Tech ◽  
The Political ◽  
The Media ◽  
The Impact

Economists have often talked about the European Paradox:” - Europe having the necessary knowledge and research but failing to utilize these advantages and bring them to the markets. The perception, largely attributable to the media reporting, is that Europe lags behind the United States in innovation. While it is true that most of the e-commerce innovations were developed in the United States, Europe’s economies did well over the 1990s despite the lack of major breakthroughs in high-tech sphere. Thus, it is hard to say that Europe is facing an innovation crisis, and I will argue that Europe has other advantages that make it competitive globally. While Europe might not have as much success in innovation as the United States, it nevertheless, has been successful in more developed and mature segments of the markets. Moreover, I will argue that country’s specialization depends on the setup of the institutions in the political economy. The countries utilize their comparative institutional advantage (CIA) to maintain competitive globally. Finally, I will argue against the idea of drastic deregulation of the product and labor markets in Europe. Doing so would be like shooting yourself in the foot since individual European countries would lose their comparative institutional advantage that allows them to stay competitive globally in the market for incremental innovation products.

“Success by Association”: The Impact of Venture Capital Firm Reputation Trend on Initial Public Offering Valuations

2019 ◽  
Vol 47 (2) ◽  
pp. 368-398 ◽  
Author(s):  
Salim Chahine ◽  
Igor Filatotchev ◽  
Garry D. Bruton ◽  
Mike Wright
Keyword(s):  
Venture Capital ◽  
Initial Public Offerings ◽  
Initial Public Offering ◽  
Central Element ◽  
The United States ◽  
Firm Reputation ◽  
Public Offerings ◽  
Experience Intensity ◽  
Public Offering ◽  
The Impact

Organizational theory recognizes reputation as a central element to understanding the firm. Examining investor valuations of 1,676 initial public offerings (IPOs) in the United States from 1990 to 2011, we find that reputation transfer through an association of an IPO firm with a venture capital (VC) firm represents a resource whose value can increase/decrease over time depending on investors’ valuations of prior IPOs funded by a VC firm. We conclude that the impact of reputation transfer through association is not unidirectional but, instead, is to be viewed in the context of prior reputational development of organizations the focal firm is associated with. Furthermore, we find that three “transfer enhancers” can improve the impact of VC firm reputation transfer on IPO valuations, including the VC firm’s past experience intensity, the diversity of IPO experiences, and the number of prior syndicated IPOs involving the VC firm as a lead investor.

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