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This study examines the valuation effects of initial public offerings (IPOs) and intra-industry effects of IPOs in Turkey between 2010 and 2018. The purpose of this study is to find out whether initial public offerings are overvalued and whether they impact the pricing of industry peers. First, the valuation of IPOs is investigated. Price-to-value ratios of Turkish IPOs are compared with sector average ratios to determine whether IPOs are overvalued. Turkish IPOs are not overvalued against industry rivals’ price-to-value ratios based on sales and earnings-before-interest-taxes-depreciation-and-amortization (EBITDA) and earnings. Similarly, valuation based on price-to-value ratios is not related to initial pricing of IPOs. Second, the intra-industry effects of IPOs are investigated. Sector-adjusted abnormal returns of IPOs are compared to market-adjusted abnormal returns. The results are not affirmative: There is no statistically significant difference between the two abnormal returns. Turkish IPOs do trigger significant price declines on rival companies’ stocks. Altogether, the findings indicate that there is neither overvaluation of IPOs nor intra-industry effects over rival companies. Companies do not time the market based on industrial overvaluation. This may indicate market efficiency or lack of competition in the IPO market.

Objective: Earnings management can be motivated by capital market, political, contractual, tax, agency. In the capital market incentives that are considered in this study, in the IPOs, because the possibility of access to information for investors is very limited and the risk of information asymmetry for investors and determine the intrinsic value of relevant stocks is high. Therefore, Managers are probably motivated to earning management in the last period before the offering of shares using optional.According to the political hypothesis, companies with good performance usually try to manage declining earnings but companies with poor performance, according to the signaling hypothesis tend to manage incremental earnings in IPOs after earning management because cash profits in these companies are low, as cash flows may not be enough to hide the effect of the returned accruals. Therefore, in this study, the effect of mutual fund performance of dynamic earnings management at IPOs and after has been studied.According to the theoretical foundations and research background, two hypotheses have been proposed and evaluated. Hypothesis 1: Mutual fund performance has a significant effect on dynamic earnings management in IPOs.Sub-hypotheses:Good performance of mutual funds during the IPOs has a significant effect on dynamic earnings management.Poor performance of mutual funds during the IPOs has a significant effect on dynamic earnings management.Hypothesis 2: Mutual fund performance has a significant effect on dynamic earnings management in the period after the IPOs.Sub-hypotheses:Good performance of mutual funds in the post-IPOs period has a significant effect on dynamic earnings management.Poor performance of mutual funds in the post-IPOs period has a significant effect on dynamic earnings management. Methods: The statistical population of this study includes all Mutual funds listed on the Tehran Stock Exchange and the statistical sample includes 100 Mutual funds during the years 2009 to 2020, which have been selected by systematic elimination method. In this study, the model of Gledson (2019) was used to estimate the Dynamics of Earnings Management, Modern criteria (Sharp, Trainer, Jensen, Modified Trainer, Modified Jensen) and meta-modern (Sortino, Optimal Potential, M2, Evaluation Ratio) was used to estimate the Mutual Fund Performance. Also, to test the research hypotheses, combined data and multivariate regression using the panel with the fixed effects method based on generalized least squares method have been employed. Results: The results show that the good performance of Mutual funds has a negative effect on dynamic earnings management in the IPOs and after, and the poor performance of mutual funds in the IPOs has no significant effect on earnings management, but It has a positive effect in the after the IPOs. Conclusion: Based on the results obtained, good performance mutual funds use earning management decreasing methods to determine lower intrinsic values in the market, which is consistent with the political cost hypothesis.On the other hand, mutual funds with poor performance during the IPOs is consistent with the motivation of signaling in the capital market. Under capital market pricing rules, the minimum price is proposed and offered because of future ambiguities about the intrinsic value of the stock offered in the IPOs. However, after the IPOs to achieve in order to compensate for their poor performance and maintain a position in the capital market, they are required to increase earning management, and if they cannot improve their poor performance and sufficient cash flows to Concealment of the effect of accruals returned to the fund. The use of incremental earnings management in subsequent periods of activity will have an adverse effect on the results of their performance. Given that earnings management can affect future cash flows and the relationship between current and future earnings, it is recommended that investors and financial analysts pay sufficient attention to the incentives that affect earnings management because decision-making is based on managed earnings. May not lead to good results; Therefore, according to the results of this study, investors and financial analysts are advised to pay more attention to the performance of investment funds in the IPOs and after, because if they can, by examining the incentives of well-performing funds in the IPOs. This will lead to abnormal profits for the stakeholders. Profits will be incremental, which in the next periods of activity will have an adverse effect on performance results and therefore gain unusual losses for investors.

This study examines the impacts of a mandatory lockup ratio and lockup period, together with voluntary lockup, on the initial public offering (IPO) subscription rate in Malaysia. A sample of 390 IPOs launched from 2000 to 2016 was collected for analysis. The findings show that firms that adopt a lower lockup ratio and a shorter lockup period signal uncertainty about their prospects. Issuers would then show the tendency to underprice to increase investors’ intention to subscribe to firms’ IPO shares. This study concludes that as long as investors are aware of pertinent information about IPO firms, they should continue participating in the IPO market rather than behaving irrationally. Finally, policymakers could use the findings to improve the existing lockup provisions regulation. [ABSTRACT FROM AUTHOR]

Abstract Context Measurement of patient-centred outcomes enables clinicians to focus on patient and family priorities and enables quality of palliative care to be assessed. Objectives This study aimed to evaluate the validity and reliability of the English and translated Chinese versions of the Integrated Palliative care Outcome Scale (IPOS) among advanced cancer patients in Singapore. Methods IPOS was forward and backward translated from English into Chinese. Structural validity was assessed by confirmatory factor analysis; known-group validity by comparing inpatients and community patients; construct validity by correlating IPOS with Edmonton Symptom Assessment System-revised (ESAS-r) and Functional Assessment of Cancer Therapy–General (FACT-G); internal consistency by Cronbach’s alpha; inter-rater reliability between patient and staff responses; test-retest reliability of patient responses between two timepoints. Results One hundred eleven English-responding and 109 Chinese-responding patients participated. The three-factor structure (Physical Symptoms, Emotional Symptoms and Communication and Practical Issues) was confirmed with Comparative Fit Index and Tucker-Lewis-Index > 0.9 and Root Mean Square Error of Approximation

Abstract Background Patient Reported Outcome Measures (PROMs) are questionnaires that could be used in palliative care (PC) to evaluate patient well-being and monitor their care. PROMs enable a focus on what is important to patients by putting the patient at the center of care. Adapting an existing PROM requires considering cultural differences, general usability and understandability of translated terms. Aim To translate and culturally adapt both the patient and staff three and seven day versions of the Integrated Palliative care Outcome Scale (IPOS) into Estonian. The IPOS consist of 10 questions (staff versions 9 questions) and 17 close ended items. The sub aim is to describe the differences and discrepancies found during the adaptation process and compare the results with previous research. Methods The translation and adaptation process of IPOS was conducted using recommended guidelines consisting of six phases and included cognitive interviews with patients (n = 11) and palliative care multidisciplinary team members (n = 8). The study was conducted in two major Estonian hospitals. Results The Estonian IPOS demonstrated face and content validity, acceptance by patients and staff. As a result of expert group review and cognitive interviews with patients and staff, 9 semantic changes were implemented. Conclusions Patient and staff versions of the IPOS with a recall of 3 or 7 days were translated and culturally adapted for Estonia. The Estonian IPOS four versions are ready for use in Estonia.

This study examined the IPO waiting period from offering to the first trading day listed on the Pakistan Stock Exchange from 1995 to 2018. We find that firms that oat shares to the general public have passed through multiple layers of inspection by underwriters, auditors, institutional investors, and regulatory bodies. The waiting period of the unseasoned issue is an essential predictor of uncertainty associated with a firm. To test this proposition, we first determine the endogenous and exogenous factors that influence IPO waiting period. The results confirm that the firms offer price, percentage of shares after issuance of IPO, book building mechanism, and SECP regime influence the IPO waiting period. This study further finds that short waiting period IPOs are associated with less ex-ante uncertainty, reducing the level of underpricing. In addition, we report that during short waiting periods, IPOs are prone to less return volatility and higher aftermarket stock performance. [ABSTRACT FROM AUTHOR]

Earlier studies document that IPOs are underpriced in the short-run and underperformed in the long-run. In almost all studies, researchers analyze the IPO performance using the dataset from highly liquid markets. However, the pricing behavior of IPOs in the Alternative Investment Market (AIM) is different. There is a reason to expect the price performance of IPOs in the AIM to be significantly different from IPO performance in traditional markets mainly because of the diminished liquidity of AIM offerings as well as the meager disclosures required in comparison to traditional markets. To test our propositions, we select 292 IPOs listed on AIM during the period between 2001 and 2016 and apply the Extreme Bound Analysis (EBA) to determine the factors that cause longer-term performance. This study reports that investors in the alternative markets earn significant positive returns if the stock is held for three years, and the price variation is dependent upon the firm size. This illustrates that investment in small-sized firms seems more profitable as compared to those of large-sized firms in the AIM. Moreover, this study examines statistical evidence bearing on the question of whether early investors in IPOs can expect abnormal excess returns in the long-run.

Abstract Background Outcome measurement is an essential part of the evaluation of palliative care and the measurements need to be reliable, valid and adapted to the culture in which they are used. The Integrated Palliative Outcome Scale (IPOS) is a widely used tool for assessing personal-level outcomes in palliative care. The aim of this study was to provide Czech version of IPOS and assess its psychometric properties. Methods Patients receiving palliative care in hospice or hospitals completed the IPOS. The reliability of Czech IPOS was tested with Cronbach alpha (for internal consistency), the intraclass correlation coefficient for total IPOS score and weighted Kappa (for test-retest reliability of individual items). Factor analysis was used for elucidating the construct (Exploratory Factor Analysis). Convergent validity was tested with correlation analysis (Spearman correlation) in a part of the sample, who completed also the Edmonton Symptom Assessment System (ESAS) and the Palliative Performance Scale (PPS). Results The sample consisted of 140 patients (mean age 72; 90 women; 81% oncological disease). The Cronbach alpha was 0.789; intraclass correlation was 0.88. The correlations of IPOS with ESAS was R = 0.4 and PPS R = − 0.2. Exploratory factor analysis revealed a 2-factor solution on our data. The first factor covers emotional and information needs and the second factor covers physical symptoms. Conclusion Czech IPOS has very good reliability regarding both internal consistency and test-retest reliability. Together with an item analysis results, we can conclude that the Czech adaptation of the tool was successful. The convergent validity needs to be assessed on the larger sample and the proposed 2-factor internal structure of the questionnaire has to be confirmed by using CFA.

Background: The increasing burden of chronic non-communicable diseases in developing countries is driving attention to palliative care services. Identification of disease-specific symptoms of concern and their prevalence will guide designing, monitoring, and evaluating palliative care programmes. This study assessed the burden of symptoms and problems among patients with advanced cervical cancer. Methods: This research followed a cross-sectional study design to quantitatively review the symptom burden among patients diagnosed with advanced cervical cancer attending treatment at Tikur Anbessa Specialised Hospital, Addis Ababa, Ethiopia from January to July 2019. Symptoms were assessed using a patient-reported, seven-day recall Integrated Palliative Care Outcome Scale (IPOS) version III. Frequency, median and mean scores with a standard deviation were used in the descriptive analysis whereas t-test and one-way analysis of variance were used for comparisons. Results: There were 385 patients with advanced cervical cancer, stage IIB-IVB, successfully interviewed. The median age was 50 years, the majority were illiterate (63.1%) and in marital union (62.3%). Over 50% of the patients experienced pain, weakness, poor appetite, constipation, limited mobility, and dry mouth. The burdens of emotional symptoms such as patient anxiety, family anxiety, and patient depression were also prevalent at 79.7%, 82.3%, and 47.0%, respectively. Patients who are illiterate, at a higher stage of the disease, not currently in marriage, and who received palliative radiotherapy bear a higher symptom burden. Conclusion: Patients with advanced cervical cancer bear a high symptom burden. Early initiation of palliative care is recommended to alleviate the concerning symptoms, and to improve patients' quality of life. [ABSTRACT FROM AUTHOR]

urpose:This study investigates firm performance after going public and explores whether Initial Public Offerings (IPOs) contribute to it. Design/methodology/approach: This study employs comprehensive regression models to examine IPO significance to both operating performance and market performance. Findings/results: It suggests that IPO firms retain their growth over the first 3 years after going public, but the growth does not sustain after the third year in terms of profit-related indicators, which is distinguishing from prior research. IPOs may contribute to firms’ market performance only, they are insignificant to firms’ operating performance in general, whilst industry-adjusted evidence suggests that IPOs are negatively associated with operating performance in terms of return on assets, return on sales and debt to assets. Practical implications: The practical implication for managers is to spend more IPO capitals on business operations to maximise firm value. Originality/value: Market value is taken into account, whilst operating performance is considered only by prior research, and it presents some different findings from prior studies based on developed stock markets.

This paper investigates how issuing initial public offerings (IPOs) affects corporate decisions in a firm. We focus on the impacts of capital raised at IPO event dates on subsequent employment growth in IPO listed firms that went public between 2000 and 2016 in Borsa Istanbul (BIST). We find that accessing the public equity market has a positive impact on employment growth through accessing the debt market. As their borrowing abilities improve, firms tend to increase their expenditures on physical capital. In turn, firms need to hire more employees to run their operations. Moreover, we find that reliance on external financing above the median degree or being younger than the median sample age positively and significantly affect employment growth during IPO and in the post-IPO event years. Finally, we calculate the effects of marginal changes in primary capital on firms' assets, cash holdings, capital expenditure, personnel expenditure, and debt, and find that the firms tend to spend an incremental amount of externally generated funds via IPO mostly on physical capital expenditures. [ABSTRACT FROM AUTHOR]

In order to gauge the phenomenon of underpricing and behaviour of returns generated by Indian IPOs with respect to underlying factors, a complete analysis of the short run performance of IPOs listed on National Stock Exchange (NSE) has been done by taking 210 sample stocks from 2009- 2017 for which Market Adjusted Average Returns have been calculated for first, fifth, tenth, fifteenth and twentieth trading days respectively. After an analysis of the Short Run Performance of the stocks using Market Adjusted Average Returns (MAAR) technique, t-statistics, Wealth Relative statistics, etc, it is analysed whether size of the offering as measured by the price at which it is offered has any correlation or effect on the short run performance of the IPO. Further the relationship between the short run performance of an IPO and its volume (measured by market capitalisation value) has been studied by dividing the entire data into categories above and below median volume. The results show maximum returns on the 10th trading day and a positive correlation between underpricing and size of the IPOs. Overall, the high volume stocks give a consistent return of 11% and maximum returns when the stock is held till the fifteenth day of trading. The study provides useful insights to both investors for their investment and divestment planning as well as to issuer companies with respect to timing of IPO issue.

Specific information on the IPO prospectus can affect the stock's market performance, both the initial returns and the long-term performance. The disclosure of the purpose of IPO proceeds to: acquisition, investment, group financing, debt repayment and working capital, as a specific form of information is indicated to affect both initial return and long-term stock returns. We conducted a test of 148 IPOs on the Indonesia Stock Exchange in the period 2006–2013. Data analysis was performed using OLS and probit regression. The test results show that there is a negative rela­tionship between the intention of the acquisition and debt repayment with underpricing. The results also show that IPOs with the purpose of the debt repayment is positively related to the long-term market performance. The age of the company has a negative effect on IPOs with the purpose of acquisition and debt repayment, while the size of the company proxied by total assets is positively related to the intentions of group financing and debt repayment

Abstract Background The Integrated Palliative care Outcome Scale (IPOS) was developed for evaluating essential outcomes for palliative care patients. Our objectives here are to describe the process of a six-phase cross-cultural adaptation of IPOS to French (IPOS-Fr), highlight the difficulties encountered and strategies to solve them, and discuss the implications that adaptation may have on the validity and reliability of a questionnaire. Methods The adaptation of IPOS consisted of six phases: (i) literature review and interviews with target population; (ii) forward translation to French; (iii) backward translation to English; (iv) Expert Review; (v) cognitive interviews with target population; (vi) final review. Results Translation, cognitive interviews, and exchanges with Expert Review members allowed to make changes adapted to the target language regarding item 5 (“vomiting”) and 8 (“sore or dry mouth”), and to identify and address, in the original version of IPOS, syntactic inconsistencies in language used in items 11 to 15 and methodological problems with items 11 (“anxiety about treatment and illness”), 15 (“share … as much as you wanted”) and 17 (“problems addressed”). The adaptation also indicated that patients might have difficulties in interpreting items 8 (“sore or dry mouth”), 10 (“poor mobility”), 11 (“anxiety”), 12 (projected feelings of family and friends), and 14 (“feeling at peace”), thus indicating the need of monitoring during the psychometric validation. Conclusions Following this process, IPOS-Fr has proved content and face validity. In our case, the adaptation allowed adjustments to be made to the questionnaire and, when this was not possible, highlighted potential biases and inconsistencies during the validation. The result relied on an intertwined and iterative process of seeking and reaching semantic, conceptual, and normative equivalence. We are now assessing the psychometrical properties of IPOS-Fr.

This study addresses the extent to which Malaysian public listed firms survive after the IPO. The result reports that 7.72% of Malaysian IPOs were delisted from the market after five years, which is lower than the delisting rate reported in previous studies in developed markets. The delisting rate increased to 13.2% after seven years of listing. Further investigation shows that an unsatisfactory financial condition is the primary factor of failure. Comparison of the survival rate between the Main Market and the ACE market reveals that the cumulative survival rates over one through seven years after the IPO are consistently higher for the Main Market IPOs than the ACE Market IPOs, suggesting that the ACE Market IPOs have a higher probability to be delisted from the Market compared with the Main Market IPOs.

İlk halka arzların arkasındaki davranış sorunları finans literatüründe hala çözüme ulaşmamış bir olgudur. Bu çalışmanın amacı, kısa vadede Borsa İstanbul’da listelenen firmaların halka arz sonrası dönemde olası sürü davranışının varlığını tespit etmektir. Parker ve Pretcher (2012), sosyoekonomik teoriye göre, belirsizlik olduğu durumlarda insanların başkalarını taklit etme eğilimi gösterdiğini belirtmişlerdir. Bu nedenle, analiz, belirsizliğin daha yüksek olduğu halka arz piyasasında yapılmıştır. Altında yatan sebep ise, insanların bilinçaltlarında “bazen başkalarının gerçekten bildiğini” düşünmeleri, bu nedenle onlara göre belirsizlik altında diğerlerini takip etmek ya da sürü davranışı göstermek hayatta kalma şansları arttırmaktadır (Parker ve Pretcher, 2012:5). Kremer (2010), gelişmekte olan piyasalarda belirsizliğin, mükemmel düzenleyici çerçevelerin bulunmamasından dolayı daha yüksek olduğunu belirtmektedir. Dolayısıyla, bu belirsiz ortam nedeniye, yatırımcılar diğerlerini takip ederler. Birçok araştırmacı, gelişmiş (ABD ve İngiltere gibi) ve gelişmekte olan (Türkiye ve Brezilya gibi) ülkelerin pazarlarındaki sürü davranışının varlığına yönelik çalışmalar yapmışlardır. İncelenen literatüre göre, yazarların bilgisi doğrultusunda, Türk halka arz piyasasında sürü davranışının varlığına yönelik herhangi bir çalışma olmadığı görülmüştür ve bu çalışma bu boşluğu doldurmayı amaçlamaktadır. Halka arz satış sonrası getirileri 30-günlük periyod halinde kullanılmıştır. Sürü davranışının varlığı saptamak için, Christie ve Huang (1995) yöntemi kesitsel standart sapma (CSSD) dağılım olarak kullanılarak uygulanmıştır. Eviews yazılımı kullanılarak regresyon analizi uygulanmıştır. Sonuçlar, sürü davranışının analiz edilen süre boyunca mevcut olmadığını göstermektedir.

It is the best of times for Canada’s public markets, it is the worst of times for Canada’s public markets. It is an age when markets have been rewarding public companies with the highest valuations seen in generations. It is an age of a rapid decline in Canadian companies opting to go public. Given that Canada’s reliance on public markets is far higher than that of any other country — double that of the next-highest country — we should be alarmed that fewer and fewer companies are choosing to go public. Companies that stay private are, on average, less successful, less productive, less likely to grow into national champions, and more likely to be sold to foreign buyers. The current decline of public markets may go to the heart of what is arguably the biggest long-term policy issue in the country: our innovation gap and declining relative productivity growth. There is no shortage of advantages for a company to go public. Public companies grow faster, grow larger, become both more productive and efficient, and have cheaper access to capital. An IPO permits early investors to exit while allowing managers to continue to build the company. What is evidently causing more and more Canadian executives to avoid going public, despite all these advantages, is a regulatory and governance ecosystem that has grown increasingly hostile to and distrustful of corporate leadership. Executives who consider going public face an environment in which their compensation levels will be high; indeed, pay for senior executives at public companies has grown remarkably in recent years. However, because of increasingly onerous regulatory disclosure requirements, earning those rewards comes at the cost of having their pay disclosed to the public, debated by shareholders and scrutinized by the media. Companies that go public also face a growing loss of control over their own governance due to pressure to adhere to an ever-evolving list of so-called universal best practices that can run dozens of pages long. These practices exact costs but don’t generally improve results. The result is a dominant one-size-fits-all governance model that does not in fact fit many, or even most companies. The key factor creating this hostile environment is a massive intrusion by outside forces on the powers traditionally exercised by boards and executives. Corporate governance used to arise from the bargaining and experimentation of the private parties that coalesce around corporations. Now governance is frequently imposed ex post on public companies by third parties with their own agendas. Particularly problematic are third-party commercial proxy advisors, ostensibly representing the interests of institutional shareholders. Their short-term, faddish, complex, and value-harming governance practices diverge dangerously from the interests of long-term flesh-and-blood investors. The innovations over the past three decades in governance rules were designed to reduce agency costs and improve corporate performance. Those that have proven failures at doing so, and there are several, should be scrapped. Rather than helping Canada’s markets become stronger, public markets have grown substantially weaker, and rather than making Canadian companies better, we now face an environment where companies would rather sell to a foreign buyer and leave the country, than go public here. The repercussions can only be adverse for Canada.

Summary: There is increasing interest in interconnecting individual wind turbines in offshore wind farms using DC networks rather than AC networks. However, the output voltage from each turbine/generator is normally low (less than 6 kV), so DC‐DC converters are required to step‐up the voltage to an intermediate level to interconnect the turbine outputs. Another DC‐DC converter is required to step‐up this intermediate voltage to a high level for transmission to the shore. The DC‐DC converter applied to step‐up the voltage from an intermediate voltage to a high level not only needs to operate with high voltage at both input and output, but also be capable of transferring hundreds of megawatts power. In these circumstances, Input Series Input Parallel Output Series (ISIPOS) DC‐DC converter structure is a good option for the application. In this paper, three different kinds of Input Parallel Output Series (IPOS) DC‐DC converters are presented and compared, and it is the first time this comparison has been made. Both the simulation and downscaled hardware test results are provided and analysed, while the best option in different situations is suggested. [ABSTRACT FROM AUTHOR]

Context: Measurement of patient-centred outcomes enables clinicians to focus on patient and family priorities and enables quality of palliative care to be assessed. Objectives: This study aimed to evaluate the validity and reliability of the English and translated Chinese versions of the Integrated Palliative care Outcome Scale (IPOS) among advanced cancer patients in Singapore. Methods: IPOS was forward and backward translated from English into Chinese. Structural validity was assessed by confirmatory factor analysis; known-group validity by comparing inpatients and community patients; construct validity by correlating IPOS with Edmonton Symptom Assessment System-revised (ESAS-r) and Functional Assessment of Cancer Therapy–General (FACT-G); internal consistency by Cronbach's alpha; inter-rater reliability between patient and staff responses; test-retest reliability of patient responses between two timepoints. Results: One hundred eleven English-responding and 109 Chinese-responding patients participated. The three-factor structure (Physical Symptoms, Emotional Symptoms and Communication and Practical Issues) was confirmed with Comparative Fit Index and Tucker-Lewis-Index > 0.9 and Root Mean Square Error of Approximation < 0.08. Inpatients scored higher than outpatients as hypothesised. Construct validity (Pearson's correlation coefficient, r ≥ |0.608|) was shown between the related subscales of IPOS and FACT-G and ESAS-r. Internal consistency was confirmed for total and subscale scores (Cronbach's alpha≥0.84), except for the Communication and Practical Issues subscale (Cronbach's alpha = 0.29–0.65). Inter-rater reliability (Intra-class correlation coefficient [ICC] ≤ 0.43) between patient and staff responses was insufficient. Test-retest reliability was confirmed with Intra-class correlation coefficient ICC = 0.80 (English) and 0.88 (Chinese) for IPOS Total. Conclusion: IPOS in English and Chinese showed good validity, good internal consistency, and good test-retest reliability, except for the Communication and Practical Issues subscale. There was poor inter-rater reliability between patients and staff. [ABSTRACT FROM AUTHOR]

Background: Patient Reported Outcome Measures (PROMs) are questionnaires that could be used in palliative care (PC) to evaluate patient well-being and monitor their care. PROMs enable a focus on what is important to patients by putting the patient at the center of care. Adapting an existing PROM requires considering cultural differences, general usability and understandability of translated terms. Aim: To translate and culturally adapt both the patient and staff three and seven day versions of the Integrated Palliative care Outcome Scale (IPOS) into Estonian. The IPOS consist of 10 questions (staff versions 9 questions) and 17 close ended items. The sub aim is to describe the differences and discrepancies found during the adaptation process and compare the results with previous research. Methods: The translation and adaptation process of IPOS was conducted using recommended guidelines consisting of six phases and included cognitive interviews with patients (n = 11) and palliative care multidisciplinary team members (n = 8). The study was conducted in two major Estonian hospitals. Results: The Estonian IPOS demonstrated face and content validity, acceptance by patients and staff. As a result of expert group review and cognitive interviews with patients and staff, 9 semantic changes were implemented. Conclusions: Patient and staff versions of the IPOS with a recall of 3 or 7 days were translated and culturally adapted for Estonia. The Estonian IPOS four versions are ready for use in Estonia. [ABSTRACT FROM AUTHOR]

We examine the role of placement agents in private investments in public equity (PIPE) deals of firms that went public via a reverse merger (RM). We find that reputable placement agents with greater expertise (expert agents) help RM firms to complete their PIPE deals in a smaller number of financing rounds (closings) and raise funds from a larger base of private investors. In exchange for these benefits, RM firms advised by expert agents agree to more investor-friendly contract terms and pay higher cash compensation to their placement agents. Overall, our evidence indicates that, while expert PIPE agents use their superior networking capabilities to reduce the search costs of RM firms, they also exercise more bargaining power against RM firms compared to non-expert PIPE agents. Finally, compared to the PIPE offerings of IPO firms, the PIPE offerings of RM firms are more likely to involve deals with multiple closings and larger offer price discounts. This suggests that raising new capital in PIPEs entails significantly higher costs for RM firms than IPO firms. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Development & Capital / Majallah-i tusiah & Sarmāyah is the property of Shahid Bahonar University of Kerman, Faculty of Management & Economics and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This study examines the duration from the offering to the listing of IPOs issued on the Pakistan Stock Exchange (PSX) during the period lasting from 1995 to 2017. First, we analyze two regulatory regimes and identify that the listing process has improved under the SECP regime which eventually reduces the duration to listing. Second, this study explores the factors that contribute to a listing duration including the quality of an IPOs, price discovery, proportion of legal entity owned shares, market sentiment, the underwriter's prestige, the age of the firm and the financial performance. Subsequently, we apply the Cox proportion hazards model to identify the determinants that affect the duration of IPOs. Third, this study extends the analysis to examine the importance of the regulatory regime and issuing year through frailty effects. Fourth, to examine the determinants of IPOs duration to listing we use the Extreme Bounds Analysis. Lastly, this study compares the findings with Brooks and Guo (2009) to identify and contrast the factors associated with IPO duration for developed and emerging economies. Moreover, this study confirms that the regulatory regime, offer price, ROA, price discovery mechanism, and hot activity period are the significant factors influencing the duration of IPOs in the Pakistani capital market. [ABSTRACT FROM AUTHOR]

This paper reviews the current status of IPO research in Asia, especially when it comes to the issue of the under-pricing phenomenon. This interest stems from the increasing attention that some of the Asia Pacific region countries have, due to their higher average initial returns in comparison to other developed and developing countries. In this review, we identify the determinants for the high levels of under-pricing as reported in the literature. We find that the regulatory environment of these Asian countries is the most reasonable source for such under-pricing, as it sets it apart from other developed and developing countries.

Initial Public Offerings are, by definition, not seasoned securities. They have not been subjected to valuation by the community of investors. It is often difficult or impossible to forecast their future cash flows because most do not have a long history of publicly disclosed financial information. Consequently, valuing IPOs in any market is more difficult than valuing seasoned equities. In this paper, we address the valuation of IPOs in the Alternative Investment Market, (hereafter the AIM.) The purpose of this study is to determine the observable factors that affect valuation in the AIM. We apply OLS, LASSO regression, and Extreme Bounds Analysis (EBA) techniques on historical accounting data to test our theory of valuation. The statistical sample consists of 2,185 IPOs issued on the AIM between 1995 and 2020. Our findings suggest that the market valuation of IPOs in the AIM is systematically related to a multiplicity of factors. These include earnings per share (EPS) in the after-market, operating cash follow per share, and the percentage of shares issued to the public. The findings of the study have a practical value for investors who are interested in buying IPOs in the AIM. [ABSTRACT FROM AUTHOR]

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In 2009, the Securities Exchange Board of India allowed qualified institutional investors to anchor initial public offerings (IPOs) by participating in the issue at a price and allocation publicly disclosed preceding the issue. We study anchor investors (AIs) in Indian IPOs during 2009–2017. We find the share allotment and the number of AIs separately have significant impacts on valuation and underpricing; however, the net effect is nonsignificant. Further, AIs significantly influence other institutional investors' participation in the IPO and induce lower aftermarket volatility. Overall, our evidence suggests that AIs boost demand for and mitigate ex ante information uncertainty of IPOs. [ABSTRACT FROM AUTHOR]

Copyright of Der Onkologe is the property of Springer Nature and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Boğaziçi Journal: Review of Social, Economic & Administrative Studies is the property of Bogazici University, Faculty of Economics & Administrative Sciences and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

When a Real Estate Investment Trust (REIT) decides to become a publicly listed entity, they are faced with a choice with regard to providing a dividend forecast in their prospectus. To date, there have been limited studies on the relationship between post-listing performance and disclosure choice. This study finds that the choice of disclosure has an important impact on REIT post-listing performance. Theoretical research argues that not all value uncertainty is resolved prior to the initial public offering (IPO) and ambiguous information quality can have long-term negative impacts on share prices. We examine the information content in the prospectuses of 114 US Equity REITs in regard to their dividend forecast between 1996 and 2017. We observe significant post-listing underperformance over the 3-, 6-, 9-and 12-month event windows for REITs that provide no dividend forecasts in their prospectus. These results suggest that the lack of distribution information has a long-term negative impact on newly listed REITs. This research has implications for both managers and investors' portfolio choices. [ABSTRACT FROM AUTHOR]