The Analysis Of Effects Of Initial Public Offering On The Warsaw Stock Exchange

Author : Katarzyna Kopczewska
Publisher : GRIN Verlag
Page : 40 pages
File Size : 48,5 Mb
Release : 2006-03-29
Category : Business & Economics
ISBN : 9783638484473

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The Analysis of Effects of Initial Public Offering on the Warsaw Stock Exchange by Katarzyna Kopczewska Pdf

Research Paper from the year 2003 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: advanced, Warsaw University (Faculty of Economic Sciences), 31 entries in the bibliography, language: English, abstract: European integration will have a real influence on the shape of the financial market in Poland and in other former socialistic countries which undergone the transformation. To stop the tendency of weakening of Polish stock exchange it is important to recognize mechanisms influencing the decisions of companies about the public sale of shares. Decision of companies about the entry on the stock exchange is driven with the expectation that it will help them in the realization of the particular goals. There are many primary reasons for issuing shares, among other to gain the capital on investments, to acquire prestige, to increase sale etc. In Poland till now the entry on the stock exchange of some companies was a method of the privatization, however this process extinguishes. Going public companies will be owned by private businessmen. Hence, very important is to recognize the original mechanisms of initial public offering (IPO). The analysis of IPO effects, enforced with the use of panel models points, that thanks to funds from going public the company realize investment projects and use resources in compliance with declared destination, i.e. on investments, and not on the debts repayment. Public companies do not change their previous capital structure, the debts after the entry on the stock exchange grow to the level from before IPO. Listing on the stock exchange raises the size of the company, but lowers the rate of its growth and decreases the profitability. Findings from research confirm hypotheses that companies go public from the opportunistic motives and then by the way they realize investment programmes.

Author : Maciej W. T. Dworniak
Publisher : Unknown
Page : 78 pages
File Size : 44,5 Mb
Release : 1998
Category : Going public (Securities)
ISBN : STANFORD:36105070761767

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The Performance of Initial Public Offerings in the United States and in Poland by Maciej W. T. Dworniak Pdf

Author : Seth Anderson,T. Randolph Beard,Jeffery A. Born
Publisher : Springer Science & Business Media
Page : 126 pages
File Size : 52,7 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9781461522959

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Initial Public Offerings: Findings and Theories by Seth Anderson,T. Randolph Beard,Jeffery A. Born Pdf

Initial public offerings (IPOs) play a crucial role in allocating resources in market economies. Because of the enormous importance of IPOs, an understanding of how IPOs work is fundamental to an understanding of financial markets generally. Of particular interest is the puzzling existence of high initial returns to equity IPOs in the United States and other free-market economies. Audience: Designed for use by anyone wishing to perform further academic research in the area of IPOs and by those practitioners interested in IPOs as investment vehicles.

Author : Oliver Reiche
Publisher : diplom.de
Page : 102 pages
File Size : 48,9 Mb
Release : 2014-06-01
Category : Business & Economics
ISBN : 9783954897957

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The Phenomenon of IPO Underpricing in the European and U.S. Stock Markets by Oliver Reiche Pdf

The Initial Public Offering (IPO) marks one of the most important events of a company. Basically, the aim is to generate maximum proceeds by selling the company’s shares to investors. However, the shares that are sold seem to be underpriced as the price significantly soars on the first trading day. Since the very first detection of this phenomenon in the United States in 1969, several subsequent studies have documented the existence of worldwide IPO underpricing. This study focuses on IPO Underpricing in the European and United States Stock Markets by outlining and discussing the following essential issues: What is underpricing in the context of the IPO? Which motivations are there and how do they impact? Is there IPO underpricing in the markets of Europe and the United States of America?

Author : Mario Levis,Silvio Vismara
Publisher : Edward Elgar Publishing
Page : 599 pages
File Size : 43,8 Mb
Release : 2013-11-29
Category : Business & Economics
ISBN : 9781781955376

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Handbook of Research on IPOs by Mario Levis,Silvio Vismara Pdf

The chapters offer some important new insights into issues that will be of interest not only to the academic community but also to professionals involved in the preparation, structure and execution of such transactions, market regulators, and private a

Author : Susanna Holzschneider
Publisher : Unknown
Page : 0 pages
File Size : 41,8 Mb
Release : 2020
Category : Business & Economics
ISBN : 3896445839

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Valuation and Underpricing of Initial Public Offerings by Susanna Holzschneider Pdf

This work investigates valuation and underpricing of initial public offerings at the German stock market from 1997 to 2007.When firms decide to complete an initial public offering (IPO) to raise new equity by issuing shares on a public stock market, their shares have to be priced to allow potential investors to be found. In almost every stock market across several countries the phenomenon of »underpricing« can be seen in the process of going public: share prices after the first day of trading are higher than the initial offering price.The German stock market was characterized by highly different market and going public conditions during the investigated time period. This allows to empirically analyse determinants of IPO valuation and underpricing within different market cycles. The work focuses on two major research questions: influence of pre-IPO ownership structures on the level of underpricing and the willingness to »leave money on the table« as well as effects of comparable firm multiples of already publicly traded firms on IPO valuation. The analysis shows that determinants and explanations of IPO valuation and underpricing change with different stock market cycles.

Author : Tim Jenkinson,Alexander Ljungqvist
Publisher : Oxford University Press, USA
Page : 264 pages
File Size : 51,7 Mb
Release : 2001
Category : Business & Economics
ISBN : 0198295995

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Going Public by Tim Jenkinson,Alexander Ljungqvist Pdf

Going Public investigates why companies routinely underprice themselves as they try to list themselves on the stock exchange. They subsequently underperform over the long-term and, in Going Public, the authors explore these 2 phenomena in plain English.

Author : Tim Meierkord
Publisher : GRIN Verlag
Page : 23 pages
File Size : 54,9 Mb
Release : 2016-12-21
Category : Business & Economics
ISBN : 9783668367494

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Risks during the IPO Process by Tim Meierkord Pdf

Seminar paper from the year 2016 in the subject Business economics - Investment and Finance, grade: 1,7, University of Applied Sciences Essen, language: English, abstract: Companies all over the world need liquid assets to start, grow or save their businesses. There are several options for companies to get access to these assets, such as the classical use of revenues or to raise a credit at a bank. But these options are maybe not sufficient enough or limited in time. To reach their goals companies can raise the funds in the capital market through an initial public offering. Due to the advancing globalization and digitalization companies theoretically can gather money through the IPO from all over the world. As the IPO is considered to be one of the most significant events in the life cycle of companies a profound analysis of the advantages and disadvantages of IPOs is needed to be conducted by the companies.

Author : Tomasz Drobniak
Publisher : GRIN Verlag
Page : 70 pages
File Size : 55,8 Mb
Release : 2008-07-28
Category : Business & Economics
ISBN : 9783640120239

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Underpricing effect in Poland, Hungary and Czech Republic by Tomasz Drobniak Pdf

Diploma Thesis from the year 2008 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 3, University of Vienna, 78 entries in the bibliography, language: English, abstract: Auf Englisch: Under the communistic regime whole economy was controlled by the Central Planning Office. When the communistic regime collapsed the whole economy had to be transformed in order to meet open market standards. One of these standards is privatisation process. Hungary, Czech Republic and Poland choose a different approach to this issue, because they implied different strategies. Actually you can speak about three different privatisation scenarios. Auf Deutsch: Alle drei Länder haben 1989 am gleichen Startpunkt angefangen, sie mussten nämlich Marktwirtschaftreformen und Privatisierung durchführen. Kurz nach dem Start haben sich aber ihre Wege getrennt. Nach 17 Jahren kann man von über 3 verschiedenen Privatisierungsbeispielen sprechen. Dieses Thema ist ziemlich unfangreich, deshalb möchte ich mich nur auf den Underpricingeffekt in Polen, Ungarn und Tschechien konzentrieren. Meine Ergebnisse zeigen, dass dieser Effekt in diesen 3 Ländern unterschiedlich stark ist und die Privatisierungsmethode ihn beeinflussen könnte. Auf der ungarischen und polnischen Börse kann man die „heißen“ und „kalten“ Phasen erkennen. Ziemlich unüblich ist, dass man den „money left on the table“-Effekt in Polen beobachten kann, aber die Geldsummen minimal sind.

Author : Rolf J. Daxhammer,Andreas Resch,Oliver Schacht
Publisher : UVK Verlag
Page : 243 pages
File Size : 46,5 Mb
Release : 2017-11-13
Category : Business & Economics
ISBN : 9783739801728

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Initial Public Offerings – An inside view by Rolf J. Daxhammer,Andreas Resch,Oliver Schacht Pdf

In a corporations financial life going public by means of an IPO is probably the single most important decision. It turns a private company into a public one. Our book will provide an inside view of the IPO process. On the one hand, it draws on the insights of an experienced investment banker, who has gone through numerous IPO transactions. On the other hand, it relates the story of an actual IPO through the eyes of a Chief Executive Officer who has taken two of his companies public. This unique double perspective is our books defining feature. We do not discuss initial public offerings in a textbook style fashion. What we would like to bring out is a more comprehensive portrayal of a once-in-a-lifetime event for most companies and their management, alike.

Author : Arvin Ghosh
Publisher : Routledge
Page : 137 pages
File Size : 51,9 Mb
Release : 2017-07-05
Category : Business & Economics
ISBN : 9781351496759

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Pricing and Performance of Initial Public Offerings in the United States by Arvin Ghosh Pdf

In this timely volume on newly emerging financial mar- kets and investment strategies, Arvin Ghosh explores the intriguing topic of initial public offerings (IPOs) of securities, among the most significant phenomena in the United States stock markets in recent years. Before the 2000-2001 market turndown, hardly a week went by when more than a few companies did not become public, either in the organized stock exchange or in the Over the Counter (OTC) market. In the often over-burdened, technology-heavy Nasdaq market, the role of IPOs was crucial for the market's new vigor and growth. Internet stocks were able to find a mode to supply key momentum to the market. In the so-called "New Economy" of the 1990s, it was the seductively accessible IPO that ushered in the world's information technology revolution.Ghosh sets out to examine the pricing and financial performance of IPOs in the United States during the period 1990-2001. In the opening chapter he discusses the rise and fall of IPOs in the preceding decade. Chapter 2 further delineates the IPO process from the start of the prospectus to the end of the "quiet period" and aftermarket stabilization. In chapter 3 Ghosh analyzes the mispricing and deliberately deceptive underpricing, or "flipping," of Internet IPOs. Chapter 4 delves deeper into the pricing and operating efficiency of Nasdaq IPOs. Chapter 5 analyzes the pricing and long-run performance of IPOs both in the New York Stock Exchange and in the Nasdaq markets. In chapters 6 and 7 the author deals with the pricing and performance of the venture-blocked and nonventure-backed IPOs in general and Internet IPOs in particular. In chapter 8 he analyzes the role of underwriters as market makers. In chapter 9 Ghosh discusses the accuracy of analysts' earnings forecasts. In the concluding chapter, he summarizes the principal findings of the study and the recent revival of the IPO market and its place in capital formation as well as the latest developments in t

Author : Georgi Georgiev
Publisher : GRIN Verlag
Page : 89 pages
File Size : 40,9 Mb
Release : 2012-06
Category : Business & Economics
ISBN : 9783656208907

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The Role of the Underwriter in the Initial Public Offering Process by Georgi Georgiev Pdf

Bachelor Thesis from the year 2005 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,7, Martin Luther University, 38 entries in the bibliography, language: English, abstract: The world of finance is complex. There are many aspects, which cannot be fully explained and still confuse the researchers. One of the most discussed topics is that of Initial Public Offerings (IPO) mainly because of the intricate connections between investment bankers (underwriters), issuers and buyers. This paper will try to summarize the whole process of going public and emphasize on the role of the (lead) underwriter in it. The paper discusses mainly the American "way" of going public, but the procedure is generally the same for the European market with some differences that are explained in the text. The advantages, disadvantages and the legal requirements for going public are enlightened, in order of understanding the important role, which the underwriter plays in the whole process. The structure and the legal consequences of the due diligence process are presented. The types of agreement between the underwriter and the issuer are described, with the consequences that originate from them. The ways of determining the price and the advantages and disadvantages of any of them are presented, with respect to the importance of the underwriter's role in them and the liabilities that she has. The problem with the underpricing is discussed more detailed, since this is one of the big challenges in the IPO process. Some theories that explain this phenomenon are briefly discussed, showing the mechanism that is behind the underpricing problem. Some of the unlawful allocation practices are listed, with examples that show that even the top underwriters use prohibited actions to ensure the successful completion of the IPO process. The importance of the pre-opening period for the determination of the right market price and the active participation of the underw

Author : Marek Dietl,Dariusz Zarzecki
Publisher : Taylor & Francis
Page : 371 pages
File Size : 52,9 Mb
Release : 2022-12-30
Category : Business & Economics
ISBN : 9781000817751

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Understanding the Polish Capital Market by Marek Dietl,Dariusz Zarzecki Pdf

The first stock exchange in Warsaw – capital city of the Kingdom of Poland– was established in 1817. Over the past 205 years, the fortunes of the capital market have been closely linked to the "bumpy road" of Polish history. The establishment of the GPW Warsaw Stock Exchange in 1991 was a landmark for transformation from a centrally planned communist economy to a market-driven capitalist one. Since the doors of the exchange reopened, Polish GDP per capita (current USD) increased eight times, translating into an average yearly growth rate of over 7%. The capital market has played a pivotal role in the economic success of Poland over the last three decades. It is not easy to precisely quantify the impact, as it was rather a spill-over effect. Economic growth has fostered the development of a capital market, and more efficient conversion of savings to investments via the capital market. The excellence of capital market institutions can be gauged with reference to various parameters. A synthetic measure is so-called market status. According to FTSE Russell (global index provider), Polish capital attained developed market status in 2018, being the first and only post-communist state to do so. It is fair to say that transformation has been completed and developed market status indicates clearly that the institutions and regulations are world class. The current challenge is competing with other developed markets for the best issuers and offering the most demanding investors an excellent trading experience. This book offers scientific insight into the Polish capital market story. Authored by a group of renowned scholars, with contributions aspiring to the highest academic standards for theoretical considerations and empirical research. The book covers various topics, including links between monetary policy and capital markets, micro and macro market structures, and investors and issuers' behaviour and strategies. All chapters are rooted in contemporary finance theory, supported by various econometric models based on the most recently available data. The book aims to provide academics and practitioners insight into the Polish capital market, appealing especially to those interested in gaining a deeper understanding of emerging markets' successful transformation into developed ones. It can also be used as supplementary reading for doctoral and master’s students in finance, particularly relating to capital markets and economics – predominantly development economics and economic policy.

Author : Anonim
Publisher : CEPS
Page : 94 pages
File Size : 44,6 Mb
Release : 2006
Category : Electronic
ISBN : 9789290796589

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A Survey of the European IPO Market by Anonim Pdf

Author : Henning Padberg
Publisher : GRIN Verlag
Page : 23 pages
File Size : 40,6 Mb
Release : 2007-11-30
Category : Business & Economics
ISBN : 9783638868686

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Initial Public Offering (IPO) and theories of underpricing by Henning Padberg Pdf

Essay from the year 2006 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,3, University of Glasgow (Department of Accounting and Finance), course: Financial Markets, language: English, abstract: Related to the issuance of shares there are different kinds of “puzzles” which motivate to take a closer look at: Short-run ‘underpricing’, hot and cold issue markets, spread clustering and longrun underperformance. Even though these phenomena are frequently discussed in several scientific papers and journals, there is no conclusively completed theory. This work will concentrate on the various approaches developed to explain ‘underpricing’. As an introduction into the topic it will also provide a summary of the process of an Initial Public Offering (IPO).