Underwriter Reputation And Ipos Performance
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Author | : Dildar Khan Jadoon |
Publisher | : |
Total Pages | : 22 |
Release | : 2020 |
Genre | : |
ISBN | : |
In this paper, it is defined that how the IPOs are affected by the underwriter reputation. What will happen to IPOs who are backed by reputed underwriter and who is not? And evaluate the IPOs short-run and long-run performance. Also try to explain the relationship between IPOs and underwriter. Also tried to compare some of the international return and Pakistani returns. Also determine the relation of the investor to the underwriter. There is a set of investors who have their relationship with the underwriters how they will affect on the IPOs in the market.
Author | : Vikram Nanda |
Publisher | : |
Total Pages | : 42 |
Release | : 1995 |
Genre | : |
ISBN | : |
Author | : Ming Dong |
Publisher | : |
Total Pages | : 52 |
Release | : 2010 |
Genre | : |
ISBN | : |
We analyze the relationship between the quality of underwriters and the long-run performance of IPOs in the light of underwriter marketing, certification and screening, and information production. We find that higher underwriter quality (measured by the number of managing underwriters, underwriter reputation and absolute price adjustment) predicts better long-run performance, even when returns are value-weighted. We run a horse race between underwriter quality measures and find the effects of the number of managing underwriters and underwriter reputation are mutually complementary and especially strong among IPOs with high uncertainty, while absolute price adjustment ndash; which is more likely to be associated with information production than marketing or certification/screening ndash; loses significance. Our findings are consistent with the marketing, certification and screening roles of investment banks, but lend little support for the information production role of underwriters.
Author | : Tim Jenkinson |
Publisher | : Oxford University Press, USA |
Total Pages | : 264 |
Release | : 2001 |
Genre | : Business & Economics |
ISBN | : 9780198295990 |
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 | : Georgi Georgiev |
Publisher | : GRIN Verlag |
Total Pages | : 89 |
Release | : 2012-06 |
Genre | : Business & Economics |
ISBN | : 3656208905 |
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 | : Dimitris Kenourgios |
Publisher | : |
Total Pages | : 26 |
Release | : 2007 |
Genre | : |
ISBN | : |
This paper provides additional international evidence on the IPOs by examining the initial performance and two main determinants of short-run underpricing of 169 IPOs listed on the Athens Stock Exchange (ASE) over the period 1997-2002. The initial performance of the IPOs is measured by calculated two formulas: the raw returns and the excess or adjusted returns of the first, fifth and twenty first day respectively. Furthermore, we use a proxy to rank the underwriters' prestige along with the times of oversubscription, which are introduced as explanatory variables in our model. The results of the analysis provide evidence of significant underpricing. Furthermore, the cross sectional analysis on the determinants of the IPOs shows that both the underwriters' prestige and the times of oversubscription significantly affect the underpricing level of the IPOs over the most important and hot period for the Greek emerging stock market since its establishment, in terms of growth rates, acceleration of the going public process and volatility of market and stock returns.
Author | : Ricardo Falter |
Publisher | : GRIN Verlag |
Total Pages | : 20 |
Release | : 2013-12-13 |
Genre | : Business & Economics |
ISBN | : 3656558396 |
Bachelor Thesis from the year 2013 in the subject Business economics - Investment and Finance, grade: 8,0, Maastricht University (School of Business and Economics), language: English, abstract: This paper will try to elaborate on the different and sometimes mixed empirical results, testing the relationship between underwriter’s reputation and the price of the capital issue. Firstly, the two most cited and used ways of measuring reputation will be explained. Secondly, the relationship between reputation and issue pricing will be analysed from different perspectives. Thirdly, the existence of a relationship between reputation and fees as well as between reputation and proceeds will be proven. After that commercial and investment banks as underwriters will be compared and it will be shown that there are reasons to choose a commercial bank as an underwriter. Finally, the mechanics of how underwriters are being chosen and the reasons for switching underwriters will be analysed, before ending this study with a conclusion.
Author | : Signalling IPO Initial Performance Information Asymmetry Malaysian Evidence |
Publisher | : Archers & Elevators Publishing House |
Total Pages | : |
Release | : |
Genre | : Antiques & Collectibles |
ISBN | : 9386501295 |
Author | : Marius Hamer |
Publisher | : GRIN Verlag |
Total Pages | : 73 |
Release | : 2008 |
Genre | : Business & Economics |
ISBN | : 3638903699 |
Diploma Thesis from the year 2007 in the subject Business economics - Investment and Finance, grade: 1,3, European Business School - International University Schlo Reichartshausen Oestrich-Winkel, 80 entries in the bibliography, language: English, abstract: This paper aims at establishing a link between the average level of initial return of IPO shares, existing underpricing explanations and the dot-com bubble. In years prior to the boom of the new economy, underpricing was explained by various theories, which have extensively been developed since decades. However, in the years 1998 to 2001 IPOs were overly underpriced, leading to assumptions about behavioural aspects and investor irrationality. Analysing a comprehensive dataset of 371 IPOs on the Frankfurter B rse between 1997 and 2007, this paper aims at providing evidence that the observed lower levels of initial returns in recent years can indeed be aligned with existing theories on the basis of rational behaviour of market participants. Firstly, the IPO process and its major participants will be presented followed by a review of relevant studies on the IPO phenomenon. In the next step, established underpricing theories are recapitulated. A descriptive analysis of the data sample points out the particularities concerning the company and transaction characteristics of the sample firms. In a last step, a regression analysis relates various proxies for information asymmetry to established underpricing theories. It gives reason to believe that the irrationality at the turn of the century has vanished and that underpricing can again be explained by established theories.
Author | : Kim Teck Goh |
Publisher | : |
Total Pages | : 166 |
Release | : 1992 |
Genre | : Securities |
ISBN | : |