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In the aim of developing business, companies will likely be done corporate actions. One of them is offering their shares to the public. A company lists its shares on the stock exchange and offers them to be traded in public for the first time through an initial public offering (IPO). In Indonesia, studies related to the IPO return prediction mainly focus on using the linear regression approach, which is sensitive to outlier data. In the last decades, machine learning has been widely introduced and proved to result in better performance in financial data cases. Recently, the applications of ensemble algorithms, which combine several machine learning algorithms, show better performances than single approaches. Therefore, this study aims to predict the performance of IPO by calculating the return using an ensemble learning approach. The ensemble methods employed are random forest and gradient boosted tree. IPO return predictions were conducted in two approaches, through short-term and long-term performance. In the short term, the initial return of IPO on the first offering day was predicted. For the long-term, a prediction was made to calculate the Buy and Hold Abnormal Return (BHAR) 36 months after the IPO. The results show that the predictive model of ensemble learning proved to have better performance than linear regression. However, there is no significant difference between the results of the ensemble bagging (random forest) and boosting (gradient boosted tree) models. [ABSTRACT FROM AUTHOR]

Investment conditions in Indonesia today are very crowded among the public, especially investors as investment actors. One of the investment applications used by the people of Indonesia is IPOT. IPOT is a trading application for stock investments, mutual funds, and Exchanged Traded Funds (ETF) with more complete features. The availability of IPOT application user reviews on Google Play is very helpful for companies to know the needs and wants of users about the application. These reviews can be analyzed using sentiment analysis to find out how users think about the application they're using. Therefore, the purpose of this study is to conduct sentiment analysis on IPOT application reviews using the Naive Bayes Classifier method. The results of this study were obtained that positive sentiment has a greater value compared to negative sentiment with the accuracy of the classification of test data has an AUC value of 67.80% while the training data has an AUC value of 70.13%. [ABSTRACT FROM AUTHOR]

Venture capital, unicorns, exits, IPO, fin/deep/health tech, disruptive technologies etc. are buzzwords that go hand in hand when it comes to startups. But questions like "What factors are needed to predict whether a company will be successful (by going public or by been acquired by another company) or to be classified as unsuccessful?" or "What analytical instruments should be applied to startup data" are not fully answered in practice. In this paper we are trying to answer these questions using start-up company data from Crunchbase.com. The sample contains data on companies that were established after 2010. We apply Support Vector Machine (SVM) to predict whether the company will be successful or not by using variable "Has Exit" (either IPO or M&A) as a proxy for start-up success. The model includes features divided in categories: investor characteristics such as "Has investor other exits" or "Has other lead investments", company general characteristics such as "Number of patens/trademarks" or "Has hired executives" and company funding activities such as "Number of funding rounds" etc. After application of the SVM with RBF kernel with balanced class weight (due to imbalanced dataset in favor of „no exits") the overall prediction accuracy is 67.46%. [ABSTRACT FROM AUTHOR]

This study aims to determine the factors influencing the level of IPO Underpricing on companies listed on the Indonesian stock exchange from 2015 to 2017. Variables examined include Return on asset, firm age, financial leverage, number of shares offered, and auditor reputation. This research is carried out by analyzing multiple regression with a 5% significance level. Observation and literature study with purposive sampling is used as the data collection method. The study concluded that ROA and the number of shares offered show a significant positive effect on underpricing. Firm age, financial leverage, and auditor reputation do not significantly influence underpricing. [ABSTRACT FROM AUTHOR]

The stock market price prediction is an increasing concern in dividend yield sectors. The study associates the enactment of learning algorithms includes Levenberg-Marquardt, Linear regression, and K nearest neighbour to predict the performance of timeseries range of 15 minutes dataset. The stock market price behaviours of stock exchange, volatility, collection of investment, and trading volume values were yielded good performance in the various dimension of evaluation. It yielded an accuracy result of 82.58%. The yielded results can help to predict the stock exchange price in Initial Public Offering. [ABSTRACT FROM AUTHOR]

Tech startup companies have been experiencing significant developments in the digital era, requiring competitive strategy, capital, and innovative business model. This research study aims to provide strategic recommendation to achieve IPO success of tech startup companies through the Partial Least Square of SEM method with the initial hypothesis from the research model that IPO project success is potential to be achieved through Technical, Financial, Social, Political, and other variables that represent the company image, prospectus and business performance. In addition, PLS-SEM method aims to predict correlations and interrelationships among variables, through the expert validation stage, involving pilot testing of 131 respondents, and a final questionnaire of 300 people. The calculation results indicate that the success of IPO is related to other variables (0.257), Financial (0.255), Technical (0.198), Social (0.168), and Political (0.144) with a predictive coefficient of Project Feasibility (0.98), which indicates that the initial hypothesis was accepted and proven by statistical parameters. Hence, the results of this research provide recommendations for standardization of work, structured business strategies, and innovation of the company's Business Model Canvas (BMC) to successfully conduct an IPO and attract investors. [ABSTRACT FROM AUTHOR]

Unicorns (extreme-value start-ups) may reorganize existing industries or create new ones and are therefore a force to be reckoned. While unicorns typically receive venture capital funding, it is less clear how the resources are allocated internally to allow search, selection, implementation, and value capturing from innovation in a way that generates the scaling up. In this study, we explore three unicorns from their establishment until the initial public offering, looking especially at the allocation of financial and human resources to the R&D and marketing & sales (M&S) functions. The findings indicate that for innovation to promote extreme growth, R&D and M&S (1) need to receive balanced attention, with investment in human resources in particular, and they (2) need to be conducted according to the contextual demands (high growth, venture capital logic). Moreover, (3) the benefits from R&D and M&S can be realized when operational maintenance functions receive adequate resources. [ABSTRACT FROM AUTHOR]

In 2003 Nadarajah and Kotz investigated Exponentiated-Fréchet distribution. They showed that its cumulative distribu- tion function has regularly varying right tail. An interesting fact about this distribution is that its index of regular variation depends on two parameters. In 2019 Jordanova defined and investigated the main properties of p-outside values and showed that they do not depend on the center and the scale parameter of the considered distribution. Therefore, they are appropriate for estimation of the parameters which govern the tail-behavior of the c.d.f. IPO and MN-IPO estimators were introduced by Jordanova and Stehlik in 2019 in the general case. Here we compute probabilities for right p-outside values in Exponentiated-Fréchet case. Then, we express the unknown parameters via the empirical relative frequencies of these p-outside values. We observe that the corresponding system of equations has no explicit solution, therefore, we solve it by using new appropriate numerical methods. The last solutions are the so called IPO-NM estimators. If we use, as an auxiliary characteristic the empirical p-fences, we show that the corresponding system of equations has an easier solution and these are the IPO estimators. The properties of IPO and IPO-NM estimator are discussed. The rates of convergences of the last are visualized via a simulation study. The corresponding distribution sensitive estimators of the quantiles outside the range of the data are obtained. The paper finishes with some conclusive remarks where new open problems are posed. [ABSTRACT FROM AUTHOR]

The formation of IT companies and even of entire new technological ecosystems depends heavily on external financing. Consequently, the IS community has intensely studied various financing sources such as venture capital, initial public offerings or debt. Blockchain technology has led to the emergence of a system of decentralized finance (DeFi) which includes decentralized versions of equity and debt financing. In particular, equity-like fundraisings referred to as initial coin offerings (ICO) have received serious traction. In this paper, we investigate the role of user-generated content (UGC) for ICO success. Specifically, we leverage signaling theory to analyze how the activity on blogs and discussion forums is related to the amount of capital raised and the valuation in ICOs. We analyze data of 216 ICOs and provide first results indicating the importance of discussion forum activity for ICO success. Furthermore, we find that blogs seem less relevant than in traditional finance. [ABSTRACT FROM AUTHOR]

The aim of this paper is, through structural analysis of investment of 21 open-end investment equity funds categorized into three groups according to geographic structure of the investment, to find what group of equity funds is the most risky and what group generates the highest returns. 21 equity funds are divided into three groups; the first group invests primarily in European market, second in Central and Eastern European market and third group invests in global market. The analysis covered the risk analysis and analysis of investment structure for the period from 2014 to May 2018. Results suggest that funds investing in the European capital market have the lowest average yield. This can be attributed to investing in already developed European countries and sectors like food and trade industry. The riskiest group of funds is a group that operates on the global market because it invests in riskier countries such as the United States, Russia, Brazil, China and India. Group that invests in the Central and Eastern European market has the highest yields because those funds invest the most in the transition countries and their growing industries like tourism. [ABSTRACT FROM AUTHOR]

This research examines the impact of initial public offering (IPO) on the financial performance of petrochemical companies in Saudi Arabia. The research will consider the performance of four public and private firms, and compares their financial ratios such as return on assets, return on sales, current ratio, and fixed asset turnover ratio for the period of 2008 to 2018. d. A conclusion is then drawn that the public companies generally demonstrate better performance compared to the private company. In addition, the public firms' performance is closely tied to the global oil prices and it consistently follows the same trend of oil prices. At the same time, this analysis also shows that the private petrochemical company shows noticeable improvement in ROA, ROS, and Fixed Asset Turnover ratios when the oil prices drop, as opposed to public companies. [ABSTRACT FROM AUTHOR]

Purpose of the article is taken from the side of the global trend in the IPO and is directed at increasing attention to its non-financial factors. However, there is no advanced analysis how far these factors are influencing key investor decisions. Non-financial factors have a significant and irreplaceable role in the deepening of force against the competition. At present, these factors gain much more importance across all industrial sectors than they did in the past. Companies that develop their skills in non-financial areas are more attractive and competitive for investors than companies that do not sufficiently develop this area or are not willing to use this type of reporting. Perfect analysis of non-financial factors and their correct implementation can be appropriate step to the next successful phase of building company's financial future. The survey was conducted through a structured interview and questionnaires of 50 institutional investors, including portfolio managers, stock analysts and directors and 50 companies in Poland during the period of October 2016 - August 2017. Scientific aim of this article was therefore aimed at identifying non-financial factors and demonstrating their impact on the success of the IPO. The aim of the research was to provide information on the most common factors that influence investor decision-making. The research provided information on the most common factors that influence investor decision making when buying shares and determinate which criteria the investors give more weight. The first part of the article was determined by non-financial factors, which were selected by the investors themselves as the most important. The second part presented what kind of factors the investors give more weight in their decisions and why and is compared with the companies' opinions. The key non-financial factors determinate successful operation and will make flexible, efficient and effective management. The company should establish the most appropriate management methods based on its corporate culture, size and business complexity with respect to non-financial key factors that influence investor decision-making. [ABSTRACT FROM AUTHOR]

The study covers such concepts as ICO and IPO, their characteristics, similarities and differences. A national estimate of the probability of investing in fraudulent ICOs has been formed. Also, the work is about comparing the likelihood of investing in fraudulent IPOs and ICO. [ABSTRACT FROM AUTHOR]

The property market, especially in apartment products, has in recent years shown unstable conditions and has a downward trend between new supplies, new absorption and occupancy rates. Property corporations have market challenges and business competition that require a business strategy to win the competition through the value added offered. The purpose of this study is to measure the value added that can be given by the corporation in the apartment product into a property business strategy. This research involves property corporations classmates, owning apartment products, listed as a go-public company and doing an Initial Public Offering (IPO) in the same year on the Indonesia Stock Exchange. The data collection in this descriptive research is done through observation, interview and documentation study. The research findings show the most dominant value added influencing business strategy is increased flexibility and value enhancement besides other less dominant value added such as cost reduction, risk control, marketing, productivity improvement and cultural change. While the business strategy chosen by all of property corporations involved in this research have a business strategy to attract investors, retain investors and increase investor wealth. [ABSTRACT FROM AUTHOR]

Construction is an important part of any economy that employs a significant part of the workforce and has a number of accompanying activities. The construction sector is very sensitive to investment cycles, and it has been through a turbulent period in the last ten years. The impact of the crisis on construction is mostly reflected in the decline in real estate demand, resulting in a fall in the construction sector itself. The aim of this paper is to analyze the movement of shares of construction companies on the Zagreb Stock Exchange and to observe and analyze the reasons why very few companies from this sector are included in the same. Although construction companies find it difficult to find favorable bank loans because banks are reluctant to follow project funding, it is still difficult to open up capital and attract investors through the IPO, which would greatly facilitate financing of business and growth. [ABSTRACT FROM AUTHOR]

There are two well-known anomalies about initial public offering companies; abnormal initial returns to outside investors and long-term underperformance. These two welldocumented anomalies are still unsolved puzzles which attract great attention in corporate finance research. This leads to generation of many possible explanations with different hypotheses. Beside many other theories and perspectives, agency theory related explanations for these anomalies is a flourishing and fruitful area for further research. In this paper, it is aimed to construct the links between agency theory and initial public offering anomalies by analyzing the related empirical and theoretical studies. The agency theory perspective often explains the anomaly about abnormal initial returns to outside investors with asymmetric information with the major assumption that information asymmetry exists between the initial public offering's team, underwriters, and external investors that may create agency costs and lead to 'underpricing' when the initial offer price is less than the first-day closing price of the initial public offering's shares. From the agency theory perspective, the long-term underperformance anomaly is explained by agency problems created after the change of ownership mode. [ABSTRACT FROM AUTHOR]

In 2017, more than $3.9 billion of private capital was invested in commercial space companies. This represents, in a single year, more than half of the total amount of private investment during the preceding five years. The private space sector has also witnessed a dramatic increase in the number of investor participants. The industry continues to expand, and analysts predict that it will grow to a multi-trillion dollar industry in the next two decades. The industry is also witnessing rapidly falling launch prices – and as launch prices drop, the barrier to enter space also decreases. In addition to facilitating the expansion of existing space-based businesses, such as telecommunications and Earth observation, greater access to outer space opens the door for new entrants into fields such as space manufacturing, mining and tourism. Almost half of all investment in space companies since the year 2000, the vast majority of which was made within the last six years, has been from venture capital ("VC") firms. VC investors seek eventually to monetize their investment by exiting through a sale of the company to a third party (usually an existing space industry player, but sometimes to another financial buyer) or through an initial public offering. Acquisitions by industry competitors are particularly common in the satellite sector, where established incumbents often look for outside innovation (for example, Terra Bella's acquisition by Planet or DigitalGlobe's acquisition by MDA). Furthermore, space activities are very costly, but benefit from economies of scale – evidenced by joint ventures between Lockheed and Boeing (United Launch Alliance) and between Airbus and Safran. In light of the increasing frequency of mergers and acquisitions ("M&A") deal making in the space industry, this paper will examine publicly disclosed acquisition agreements governing certain prior deals in the industry in order to draw conclusions about the unique risks faced by commercial space acquirers and how they have sought to mitigate such risks. From diligence considerations to key terms of the acquisition agreements (such as the representations and warranties), this paper will provide practical insight into the most important considerations for private deals in this growing and rapidly changing industry. [ABSTRACT FROM AUTHOR]

This study investigates whether underwriter reputation plays a significant role in determining the level of earnings management practices in Indian IPO firms. The paper also examines the relationship existing between earnings management practices and underpricing. The study used cross sectional modified Jones model to measure the level of earnings management. Following Carter and Master, 10 point rating scale has been used to rank underwriters reputation. The study found negative relationship between underwriter reputation and earnings management but underwriter reputation is not a significant factor in determining earnings management practices. However, a significant positive relationship has been established between underpricing and earnings management referring to increased level of earnings management practices leading to a larger discount in the offer price. [ABSTRACT FROM AUTHOR]

This paper aims to profile entrepreneurial ventures in terms of venture financing in healthcare industries. Using available feature of entrepreneurial ventures and funding data, we analyse venture financing activities in the healthcare industry with respect to funding time, type of funding sources, and the sequence of funding events. The results indicate that successful exit such as IPO receives the larger amount of funding and has more funding events. Also, IPO ventures experience more delayed first financing and longer financing period, which is defined as the time interval between the first financing round and the last financing round, than other groups. We suggest a variety of characteristics and tendency of healthcare venture financing, so that it will give meaningful understanding and insight for healthcare industry practitioners. [ABSTRACT FROM AUTHOR]

The article offers insight to a study conducted for explaining flotation performance of news media coverage and initial public offerings (IPO) in Germany. It mentions that an IPO firm look forward to the stock performance on the first day of trading. It also mentions about the role of media in influencing the stock market.

Investment funds are becoming a more and more significant investing opportunity for investors at Croatian capital markets. Therefore, the Croatian Financial Services Supervisory Agency imposed an adequate regulatory framework on investment funds in Croatia based on those of other comparable EU counties. There are two basic types of investment funds in Croatia and these are open-ended investment funds with public offering (UCITS) and alternative investment funds (AIF), each with specific investment strategy and objectives. Open-ended investment funds with public offering raise capital through public offering of their units and invest in liquid financial assets and money market instruments and usually are less risky than alternative investment funds. Alternative investment funds raise capital through a public or private offering and invest this capital in different types of assets in accordance with the legal provisions and predefined investment strategy and objectives. Since the majority of investment funds in Croatia invest in financial instruments, this paper aims to identify the correlation between investment funds' net assets and stock indices at the Zagreb Stock Exchange. Investment funds' net assets depend on the market value of the financial instruments that constitute the investment fund's portfolio. Due to that, a positive correlation is expected between investment funds' net assets and stock indices. According to the research results, there is a positive correlation between the debt indices and investment funds' net assets value, but the correlation between the equity indices and investment funds' net assets value is mostly negative. The research is covering the period from December 2013 to June 2016. [ABSTRACT FROM AUTHOR]

I investigate whether stock prices of publicly traded companies with ticker symbols that are a close match with tickers of upcoming IPOs benefit from a ‘halo effect’ in the days leading up to the IPO. For each of 663 IPOs between January 2008 and June 2014, I identify five firms with closely matching ticker symbols. Using a variety of statistical techniques, I confirm the presence of a statistically significant ‘halo effect’ with matching firms earning an average excess return of 3.8% in the 15-day pre-IPO period ending on the day of the IPO. Firms whose tickers match internet IPOs earn a much higher 1-day pre-IPO return of 6.4%. Finally, I find that the ‘halo effect’ is not a temporary phenomenon; matching firms continue to earn an average excess return of 1.9% in the 15-day post-IPO period. [ABSTRACT FROM AUTHOR]

Initial Public Offering (IPO) decision support models are based on complex and vague network of knowledge items. However, IPO related processes based on exogenous variables are highly non-linear, vague, partially inconsistent and multidimensional systems. It is prohibitively difficult to study them on quantitative levels e.g. using numerical values, especially under conditions of capital markets with a lack of appropriate data sets. The resulting oversimplified models and therefore inapplicable results are often obtained. The purpose of this article is to explore exogenous factors that influence the decision of enterprises about IPO timing and thus to enlarge the current IPO literature with applying qualitative modelling to support CFOs when considering the timing of new issues under conditions of emerging and underdeveloped capital markets. Our IPO qualitative model is based on 12 variables and 30 qualitative relations among them. The model has 27 solutions/scenarios. All transitions are given in a form of an oriented graph which represents a qualitative equivalent of a phase portrait. The qualitative model suggests all possible developments of external, i.e. macroeconomic and capital market, environment which takes influence on IPO decisions. [ABSTRACT FROM AUTHOR]

The initial public offering (IPO) belongs to the major breakpoints in the life of a company. The transition from private into public trading represents a complex process and involves not only the existing shareholders but also other stakeholders. The study deals with agency costs that a company suffers during its IPO. I contend that these costs come from two major sources. Firstly, the agency costs resulting from relationship between shareholders and management are rising. Moreover, new subjects and new partnerships, e.g. partnership with underwriting company or with investors interested in IPO, are created. These new partnerships could be typical of agency costs phenomena as well. I therefore examine whether IPO process increases agency costs and I quantify the impact of major sources on agency costs. Firstly, I assembled the sample of newly publicly traded companies between 2011-2014. In the next step, I identified drivers that influenced agency costs and described their impact on total agency costs. I used comparative methods and descriptive statistics to support my findings. [ABSTRACT FROM AUTHOR]

The objectives of this paper it to examine the association between nonaudit service fees and accrual earnings management that take place during the IPO year. While nonaudit service fees and accrual earnings management has been examined in a number of settings, to date, there has been no work that analyses this association for IPO firm. The findings of this paper find evidence for clients of low quality audit firms that nonaudit service fees are positively associated with accrual earnings management during the IPO year, suggesting that nonaudit service fees compromise auditor independence. [ABSTRACT FROM AUTHOR]

The Swiss capital market is an extraordinary liquid and efficient market with increasing importance in times of financial instability in Europe and the world. However, there is no study that provides current evidence on IPO-pricing in Switzerland. Therefore, we analyze in this study the short- and long-run performance of Swiss IPO's from 2000 to 2014. The observed first-day underpricing is 8.4% on average, which we explain with high IPO activity and with a lack of competition between the Swiss investment banks. On the long-run, the IPO seem to be fairly priced. [ABSTRACT FROM AUTHOR]

Shared renewable energy systems offer credit on customer utility bills through virtual net metering. Shared systems (also known as solar gardens) are often managed by third parties, which must communicate the proportional ownership for each account to the utility on a regular basis. Utilities use a variety of different billing software packages and billing credit methodologies. Open communication standards would allow billing software vendors to develop shared renewable APIs, and might encourage the creation of open source tools for shared system managers. Standardized business structures and approaches to securities law such as Direct Public Offerings can reduce the startup legal costs for any community renewables project. Such tools might lower fixed costs and lower the barriers to entry for community nonprofits, solar integrators, and small utilities, thereby speeding development of shared renewable systems. [ABSTRACT FROM AUTHOR]

The purpose of this study is to test the initial and long run aftermarket performance of emerging and nonemerging industry initial public offerings. According to research, on average most IPOs are underpriced due to investor uncertainty about its performance. The underpricing of IPOs is subsequently followed by underperformance in the long run aftermarket. Using the S&P 500 to adjust for risk this study used a 40 firm sample (20 emerging and 20 nonemerging) to test evidence of underpricing as well as the long run after market performance of emerging and nonemerging IPOs from 1996-2012. This study found that initial market adjusted return for emerging firms showed no evidence of underpricing. Emerging firms overperformanced in the long run aftermarket compared to the nonemerging firms. [ABSTRACT FROM AUTHOR]

The article presents a study which examines the co-evolution of firm reputation and status by moderating influence of firm age and the impacts of joining in important visible events. The data derived from the Thomson Banker One Private Equity (TBO) database, portfolio firm information such as initial public offering (IPO) status and venture capital (VC) information which include affiliation and fund size. The study revealed that reputation and status are influenced in various ways by their prior levels as they age and joining in visible events.

The purpose of the paper is to investigate the influence of the Global Financial Crisis (GFC) on Intellectual Capital disclosure (ICD) in IPO prospectuses. We examine then how ICD influenced the post-issue stock performance of technology companies that had IPOs from 2002 to 2011. We apply a two-stage approach in methodology. First we use content analysis along with Krippendorff's alpha for reliability checking. We then apply regression analysis to answer the research question concerning the influence of ICD in IPO prospectuses on post-issue stock performance. According to content analysis results IPO prospectuses contain significant amounts of ICD for our subsequent analysis. The econometric analysis reveals that ICD has a higher influence on post-issue stock performance after the GFC than before the GFC. The main limitation of the paper is the sample that contains of 76 technology companies listed on NASDAQ. But these are all the companies that satisfy the research selection criteria and thus the sample could not be extended for the research period. The empirical results indicate the importance of ICD disclosure for technology companies. This is one of few papers that reveal the influence of the GFC on Intellectual Capital Disclosure. [ABSTRACT FROM AUTHOR]

The article presents the research that how does steward founder-chief executive officers (CEOs) succeed Initial public offerings (IPOS) and addresses research questions related to mechanism of shareholders to shield from external control. Topics discussed include controlling of shareholders through defensive mechanisms, highlighting differences in cognitive biases between non-founder and founder CEOs, and highlights the short-term costs including lower price premium incurred by founder-CEOs who are implementing defensive mechanisms at the IPO.

The article focuses on meta-analytical research of the determinants and consequences of initial public offering (IPO) under pricing on future performance and strategic choices of high-quality firms. Topics discussed include the relationship between antecedents variables on IPO under pricing, the relationship between under pricing and post issue performance and risk and the direct and indirect effect of retained equity and underwriter reputation on firm performance and firm risk. It informs that the Pearson product-moment correlation, a statistical method, was used in the study.

There is quite a number of papers, concerning Intellectual Capital itself, research on why the company should disclose the information on Intellectual Capital (IC), in which way, who is the target audience and why this information is of interest to participants of stock market. Mainly research covers official annual reporting and separate IC Statements. Much less time and attention was dedicated to IPO prospectuses IC information disclosure and even less to post-issue stock performance in connection to the disclosure. This paper extends this line of investigation. It follows the existing research conducted by Singh and Van der Zahn (2009) in the index chosen and time of observation. Although, while the academics were concentrating on Singapore exchange, the focus of this paper are the IPOs of Technology companies on NASDAQ before and after the crisis 2008. Findings from this study provide a broader, long-term image of the potential consequences of Intellectual Capital disclosure in IPO prospectuses and share price returns of Technology companies, which is of particular interest to investors due to sadly famous events of 2001. To measure the level of disclosure of Intellectual Capital, Disclosure Index is used. Post-issue stock-performance is calculated as buy-and-hold return for 500 days after listing. The sample consists of the technology companies (according to NASDAQ) that were listed on NASDAQ from 2002 to 2010. The goal of the paper is to define the relationship between the disclosure of information on Intellectual Capital and the 500-day post-issue stock performance on example of NASDAQ companies; The main objectives are to create a regression model with Intellectual Capital elements that will best possibly reflect the connection between Intellectual Capital disclosure and post-issue stock performance, to compare the results with other similar studies and to interpret the differences. The main results are: Intellectual Capital disclosure has a positive effect on post-issue stock performance; The influence of Intellectual Capital disclosure is higher for non-manufacturing firms, small companies and firms that issue American Depositary Shares. [ABSTRACT FROM AUTHOR]

This paper examine a comprehensive set of 162 MENA initial public offering of companies launched between June 2001 and June 2012 excluding those 89 for the financial institutions industry and 114 not available set of required data for analyzing post-listing returns. Constructing the portfolios return on the equally-weighted bases, the study tests the asymmetry hypothesis by investigating the long-run returns in IPOs located in the Middle East and North African Countries. By employing the Paired-Samples t-statistics and Heteroskedasticity Robust Standard Errors (HAC) tests, results show that overall Egypt and Saudi Arabia have IPOs significantly underperformed where all other countries show the same conclusion but without being significant. More interestingly, all values have a decreasing trend confirming the fact that over the years IPOs portfolio underperformance reduced. Such gradual improvement in the IPOs portfolios underperformance might be as consequence of releasing and disclosing more information over longer periods to comfort investors behavior toward the IPOs especially in an environment experience lack of transparency, adoption of international corporate governance standards, adoption of international financial reporting standards, and lack of stock exchanges. Overall findings consistent with the asymmetry hypothesis since reducing information asymmetry reduces risk premiums and price discounts, hence, improving disclosure speeds up price discovery and improve market efficiency. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to investigate the influence of top management teams (TMT) characteristics on the firm performance in the initial public offering (IPO) process. Many scholars have investigated the general relationship between firm performance and top management teams but only few of them have tried to examine the link between these factors in the IPO context. However, an IPO process poses a critical moment in the company development as the company enters public market. Relying on signaling theory, we examine the relationship between various TMT heterogeneities and IPO underpricing. The signaling theory suggests that the issuing firm is better informed on its future development and strategy than the potential investors. The aim of firm undertaking an IPO is to convince the investors through signals about its value. Within the signaling theory the quality and composition of top management team may represent such a signal for the potential investors. The data sample consists of the 37 realized initial public offerings in the following European countries - Switzerland, Germany, the Czech Republic, Estonia, and Bulgaria for the period 2008-2012. Correlation and multivariate regressions analyses were employed to test the sample on four hypotheses. Findings suggest that heterogeneity in the TMT nationality is negatively associated with IPO underpricing and thus improves firm performance in IPO process. Remaining heterogeneities in age, gender, and tenure of TMT members were found to not be significant for investors, and these results are consistent with prior research. The paper extends existing empirical research based on signaling theory in the context of IPO by focusing on the issues of top management teams which unveil the research gap in the area of IPOs and TMTs for further investigation. [ABSTRACT FROM AUTHOR]

The article studies how state ownership would affect the valuation of initial public offerings (IPO) in China. It describes how the IPO process highlights China's transition from a planned economy to a market-based economy. A proposal is made about how strategic allocation of IPO shares to institutional investors is a means adopted by IPO firms for sending signals to public investors. The impact of partial privatization in IPOs is addressed in the context of mixed types of ownership and governance structures involved when a former planned economy is in the process of transitioning into a market-based economy.

The article examines the difficulties encountered by acquirers when seeking to purchase targets that have the option of selling to other bidders in merger and acquisition (M&A) transactions. Signaling theory is used to develop theoretical arguments on the dual effects of signals in M&A markets and to identify the antecedents of termination payment provisions during M&A contracting in the context of acquisitions of newly-public firms. Characteristics of initial public offering (IPO) companies during and after the public process that transmit information and signals on issuing firms are likewise explored.

The pricing anomalies along with the cyclical pattern concerning unseasoned equity issues, otherwise known as the New Issue Puzzle (NIP), has been a major question mark among scholars for the past four decades. Despite numerous attempts to solve the three different fragments that make up this conundrum, there always seem to be parts that remain unresolved. An anomaly that raises controversy in particular is the IPOs long-run underperformance. Although this abnormality has been widely acknowledged there are claims that the underperformance might be due to a "bad model problem" causing the underperformance to appear more drastic than it really is. Considering these claims, this paper applies a method that has so far found relatively little application in this field, known as Propensity Score Matching (PSM). Most of the existing research on this topic has applied the same methods, providing rather similar results, but more importantly, suffering from the same limitations. This paper discusses how the PSM method can be used in order to provide more appropriate control firms by adding several new variables to the conventional matching approach based only on industry and firm size. The PSM allows us to overcome the so-called curse of dimensionality, and by doing so provides more appropriate matches when comparing the returns of relevant firms. This econometric approach is then applied to the same initial dataset used in one of the seminal studies of the NIP by Jay R. Ritter (1991, Journal of Finance), where he provides evidence in favour of the initial IPOs underpricing, the "hot issue", as well as the long-run underperformance. In this study we therefore investigate the US IPO market in the 10-year period between 1975 and 1984, which was a popular decade for investigation by several studies regarding the IPO pricing anomalies. Using the same data constitutes a good source of comparison for the results found in this research and allows us to be more confident about the origin of possible discrepancies of our results from other studies. Our research is based on the very same initial dataset as Ritter (1991), where a total of 1,526 IPOs were observed in the 36 month period following the equity issue. However, as a result of missing data on specific variables, only 797 of the IPOs were selected for the PSM approach. We further extended the dataset to include an additional period of 24 monthly returns for robustness purposes, allowing the observation of post-issue performance over a total of five years. Our evidence provides similar results to Ritter (1991), and the vast literature that followed, regarding the short-run underpricing, where also an equivalent "hot issue" pattern emerges. However our results for the long-run underperformance lead to a drastically different conclusion compared to that of Ritter (1991): the PSM method points to significantly lower underperformance, which is reduced by approximately 25%. In fact, compared to Ritter (1991), who reports a staggering percentage underperformance of -27.39% in his complete sample, we report a modest underperformance of -2.2% using a comparable sample. The results seen in this study corroborate the arguments of Cheng (2003) where she provides convincing evidence of a link between a "bad" matching approach, and a high degree of underperformance. Our results have implications for the existing theoretical explanations, like the fads theory, linking the initial underpricing and the long-run underperformance, and purporting the view that overoptimism and fads are a suitable alibi for the long-run underperformance. Taking the considerable underperformance in Ritter (1991) into account, such a connection would seem very plausible, however, the results of this study shows that the underperformance is practically unnoticeable, hence the relationship between the underperformance and the initial underpricing fades, casting doubts on the theory. The remaining underperformance after the PSM approach could still be due to fads. Although, seeing how the underperformance is rather negligible, this makes the conventional explanation rather unconvincing, and at best it will show that fads have a very limited impact. Finally, prior research has established that the underperformance narrows and eventually disappears by the fifth year. Interestingly, the results of this paper suggest a receding trend regarding the underperformance, which is fading away but not totally disappearing five years after the IPO. [ABSTRACT FROM AUTHOR]

The article focuses on the tax issues related to initial public offerings (IPOs) of several types of securities by corporations. It examines the definition of public corporation for income tax purposes and the consequences of a corporation that becomes a public company on taxation. It explores alternative structures for the completion of an IPO such as the reverse takeover structure, as well as issues arising from subscription receipts, convertible debt and special warrants.

Research on initial public offerings suggests that information asymmetry between pre- IPO owners and potential IPO investors can be mitigated through certifiers such as underwriters and venture capitalists. We argue that the certification potential of venture capitalists (VCs) is greater than that of underwriters, and test this hypothesis using variance decomposition. [ABSTRACT FROM AUTHOR]

Initial Public Offer on emerging markets such as Romania is the most important key in development of direct investment. The evolution from the last three years on Bucharest Stock Exchange, but especially the success of Transelectrica and Transgaz company shows an increasing interest in IPO. In this paper is presented the figures of the main IPOs on Bucharest Stock Exchange and the evolution of stock price after the subscription process. Also is presented some opinions about possible development for years 2008 and 2009. [ABSTRACT FROM AUTHOR]

This study explore the nature of political embeddedness and its impact on Initial Public Offering (IPO) strategies and post-listing performance of public firms in China's emerging stock market. Based on quantitative data and qualitative fieldwork, my analysis shows that firms whose big shareholders with better political connections are more likely to procure a listing approval to go public in the first place. However when the big shareholders are not constrained by checks and balances in post-listing era, they are more interested in funneling money from the listed firm than improving its bottom-line. The existence of unbalanced share structure therefore takes a large toll on listed firms' performance. Overall this case illustrates a "double-edged sword" nature of political embeddedness: it can be an asset but can turn into a liability as well. [ABSTRACT FROM AUTHOR]

This study explores the symbolic and substantive benefits of VC prestige for IPO firms. Using a sample of 714 VC-backed IPOs between 1990 and 2000, we develop a multidimensional measure of VC prestige. Our results suggest that VCs provide substantive and symbolic benefits, especially VCs that are involved early in the firm's development. We also find that VC's industry experience enhances the firm's post-IPO operating performance. [ABSTRACT FROM AUTHOR]

Combining agency and institutional perspectives, this paper examines performance effects of two types of private equity investors (venture capitalists and business angels) in IPO firms in the UK and France. It shows that the two types of investors have a differential impact on performance, and this impact is moderated by legal institutions. [ABSTRACT FROM AUTHOR]

This article examines resource acquisition and entrepreneurial strategy narratives in initial public offerings. The author argues that effective storytelling can often facilitate resource acquisition in entrepreneurial corporations and firms. Particular focus is given to the examination of narrative devices and their impact, including persuasive appeals, elaboration, and familiarity and unfamiliarity. An overview of the methodology, which included 167 initial public offerings, is presented. Results indicate that entrepreneurial strategy narratives are effective at the initial public offerings stage.

This article examines the impact the act of going public has on the innovations and operating processes of high-technology firms. The author argues that an initial public offering (IPO) influences the direction and quantity of a high-technology firm's rate of innovation and innovation search strategies. Particular focus is given to the advantages and disadvantages of IPOs. An overview of the methods and variables of the study is presented. The article concludes that the overall rates of innovation increase after corporations or high-technology firms go public.