Search

Given important market and regulatory changes over the past two decades, we re-examine the relation between IPO pricing and coverage by sell-side stock analysts. Our design builds on the well-documented finding of the partial adjustment phenomenon, in that the IPO offer price revision following the road show is highly predictive of the first-day return. We provide new insights to the literature on IPO analyst coverage/recommendations. With respect to coverage, we find no evidence to suggest that the decisions of affiliated analysts vary with IPO pricing. As for unaffiliated analysts, our results indicate that their coverage decisions are driven much more so by the offer price revision than by the return on the first-trading day. We interpret this as consistent with the view that unaffiliated analysts consider institutional investor demand revealed during book-building as an important input into their decision of whether to cover an IPO issuer. With respect to recommendations, our findings suggest that, for IPOs after the JOBS Act of 2012, lead underwriters appear to bring on co-managers that seemingly pre-commit to provide favorable recommendations, particularly for IPOs that do not experience an increase in their offer price after the road show or an increase in their share price on the first trading day. [ABSTRACT FROM AUTHOR]

Purpose: The study aims to establish a correlation between the valuation potential of Initial Public Offerings (IPOs) and a company's enduring competitive advantage. It explores this connection by analyzing microeconomic Key Performance Indicators (KPIs) and corporate dimensions within the financial statements of 42 IPOs listed on the Turkiye Stock Exchange: Borsa Istanbul in 2023 over a three-year period. Design/Methodology/Approach: Employing a novel Triangular Spherical Fuzzy Sets approach, the study assesses the significance of these KPIs and corporate dimensions. This methodology accommodates imprecise and vague data, providing a comprehensive understanding of the indicators. Over three years financial statements, the study involves consultation with three experts to assign importance scores to each indicator. These scores contribute to calculating cumulative scores for the 42 IPOs, subsequently ranking them based on their valuation potential and comparing the theoretical framework with actual valuation performance. A novel ranked space method with genetic algorithm has been applied as a robustness test, confirming the validity of the framework. Findings: The study's results reveal that the research framework developed for the Borsa Istanbul 2023 IPOs may stand as a reliable indicator for long-term IPO performance. Notably, the framework's predictive capacity is observable within a period of less than one year. These findings underscore its value to finance sector stakeholders, empowering investors and analysts with robust decision-making tools. Originality: This research contributes to the field by utilizing a novel Triangular Spherical Fuzzy Sets approach, providing a comprehensive analysis of microeconomic KPIs and corporate dimensions in evaluating IPO valuation potential. The integration of experts' opinions in the assessment process and the framework's remarkable predictive power within a short timeframe underscore the originality and applicability of the study's methodology. Furthermore, the introduction of a novel ranked space method, complemented by a Genetic Algorithm, presents a fresh perspective on measuring IPO valuation potential Research limitations / implications: The study focuses on the 2023 Initial Public Offerings (IPOs) in response to significant shifts in macro trends within the Turkish financial market. These shifts have notably steered investors away from cryptocurrency and towards IPOs, as evidenced by a substantial increase in personal stock exchange investors. Specifically, there was a surge from 3.34 million to 8.32 million investors within the span of a single year in 2023 [ABSTRACT FROM AUTHOR]

Copyright of Management Research: The Journal of the IberoAmerican Academy of Management is the property of Emerald Publishing Limited 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.)

ABSTRACT: This paper examines the informativeness of special purpose acquisition company (SPAC) revenue forecasts. We document a positive association between the compound annual growth rate in revenue forecasts and abnormal returns, retail trading, and Twitter activity in the five-day window surrounding the disclosure of a merger announcement. By contrast, we find limited evidence that institutional investors and traditional information intermediaries respond to SPAC revenue forecasts. We also find evidence that SPAC revenue forecasts positively predict future operating underperformance, stock underperformance, and class action lawsuits. Overall, our results affirm the SEC’s concerns about the attractiveness of aggressive revenue projections to retail investors. JEL Classifications: G34; G32; M40; M48.

Israel is one of the world's leading countries in attracting venture capital, which has largely determined Israel's success in building an innovative economy. This study analyzes the dynamics of venture capital investment in Israel from 1991 to 2021 and assesses the correlation between the level of such investment and the level of foreign direct investment, as well as the impact of venture capital investment on the growth of the technological sector of GDP. It is revealed that venture capital investment stimulates the growth of the high-tech sector of Israel’s GDP, and this provides a cumulative positive effect on other sectors of the economy. The stimulating effect of venture capital investment is reflected in an increase of exports of goods and services, citizens’ incomes and the growth of the country’s GDP. The relevance of the topic of the article is confirmed by the immediacy of the problem of attracting venture capital in the Russian Federation and in most developing countries of the world: for them, there is an objective need to resolve the issues related both to the state policy in the field of attracting venture capital and to the creation of infrastructure for the development of the technological innovation sector of the economy.

Chang et al. (Rev Financ Stud 30:835–865, 2017) attribute the underpricing of IPOs with little information asymmetry to agency costs resulting from the bargaining power of underwriters. In this study, we determine that a pre-IPO audit committee and auction method can reduce underwriter bargaining power, thereby improving IPO pricing efficiency. Auction method refrains underwriter discretion on IPO allocation. A pre-IPO audit committee or auction method does not raise IPO prices directly because there is little information asymmetry in Taiwan but does so indirectly by mitigating underwriter bargaining power. We determine that underwriters can save distribution efforts by lowering IPO offer price with their bargaining power before issuance to reduce costs. However, an effective audit committee can attenuate the negative effect of underwriter bargaining power on IPO prices. [ABSTRACT FROM AUTHOR]

This paper investigated how hiring one of the Big 4 auditing firms helps initial public offering (IPO) owners attract venture capitalists' (VCs) backing when going public to address the gap in auditing and venture capital literature. For this, the paper examined a large dataset from 1995 to 2019 consisting of 33,536 IPO firms from 22 countries with diverse socioeconomic, political, and cultural contexts. The study found that hiring Big 4 auditors increases IPO owners' chances of recruiting VCs by up to 50%. The analysis also supports prior findings, which state that IPO owners strategically choose Big 4 audit firms to lower agency costs and send quality signals to improve openness and disclosure as well as boost VCs' confidence in the IPO market. This research offers multiple benefits to academics, policymakers, investors, and issuers. [ABSTRACT FROM AUTHOR]

We study the relationship between ownership concentration and firm value using hand-collected data on the stakes of owner–managers before and after initial public offerings (IPOs). We instrument for the reduction in stake using market returns shortly before IPOs. Short-run market returns are plausible instruments because owners engage in market timing by selling more when prior returns are high, but high short-run returns are unlikely to directly affect firm value years after the IPO. As predicted by agency theory, a large reduction in ownership concentration at the IPO is negatively related to valuation. Future asset growth is low when owners have low stakes. This paper was accepted by Victoria Ivashina, finance. Funding: B. Larrain acknowledges funding from ANID/CONICYT Proyecto FONDECYT Regular [Grant 1180593]. Supplemental Material: The online appendix and data are available at https://doi.org/10.1287/mnsc.2021.01039. [ABSTRACT FROM AUTHOR]

The current study examines the factors influencing investor opinions on issues related to listed firms during the first day of Initial Public Offerings (IPOs), focusing on a sample of 350 fixed-priced IPOs listed on the Malaysian stock exchange (Bursa Malaysia) from 2004 to 2021. This research contributes to existing literature by employing various machine learning methods, which address the limitations of traditional linear regression models commonly used in previous studies. Specifically, five methods—extra tree regressor (ETR), single feature selection (SFS), reverse single feature (RSF), recursive feature elimination (RFE), and sequential modelling feature adding (SMFA)—are utilized to assess the importance of features in predicting the investor opinion gap within the dataset.The study's experiments indicate that these methods effectively mitigate noisy data, enhancing their reliability for this type of analysis. The findings provide valuable insights for regulators regarding safeguarding investors' rights to information disclosed in prospectuses.

This paper investigates both theoretically and empirically the impact of market structure on the price discovery process at the opening of trading of IPOs. Some papers suggest that IPO value uncertainty is not fully resolved at the offering but continues into the aftermarket. Our model predicts that this ex-post uncertainty, i.e. the residual uncertainty about the firm value in the aftermarket, is related to the level of fragmentation in the aftermarket. Our model further predicts that consolidated markets are more efficient in resolving ex-post uncertainty than fragmented markets. Using the introduction of the opening IPO Cross on Nasdaq as a natural experiment, our empirical analysis provides compelling evidence that IPOs in fragmented markets exhibit larger levels of ex-post uncertainty and, consequently, larger underpricing than in consolidated markets. [ABSTRACT FROM AUTHOR]

This study documents corporate culture at the time of initial public offering (IPO) and the relationship between corporate culture at the time of IPO and firm financial performance. Based on a sample of 1157 US firms that went public between 1996 and 2011 and performance information through 2016, the data provide strong evidence that regional culture, industry characteristics, and pre‐IPO financing play key roles in explaining a firm's cultural orientation. Moreover, the data indicate that IPO firms with a highly competition‐ and creation‐oriented culture experience higher profitability and less risk of financial distress than other IPO firms. [ABSTRACT FROM AUTHOR]

Abstract Aim To translate and culturally adapt IPOS to the Greek population. Methods A four phases- sequential study, which included verification of conceptual equivalence, double forward- backward translations and conceptual cognitive debriefing. Focus group interviews used ‘think aloud’ and ‘verbal probing’ techniques. Interviews were audio-recorded, transcribed verbatim and thematically analyzed using predefined categories. Purposely sampled from two oncology and palliative care units in Athens. Results The Integrated Palliative Care Outcome Scale was well accepted by both patients and health professionals. Overall comprehension and acceptability of the scale were good. The comprehension and judgement challenges identified in the pre-final version were successfully resolved in the cognitive interviewing phase. Five out of the seventeen translated items of the scale were modified after cognitive debriefing. Comprehension difficulties were identified with specific terms (e.g., energy/feeling depressed) and with some answer options. Severity of symptoms and not their impact was a common difficulty. A judgement challenge was reported in relation to 7-days recall and fluctuation of symptoms. Layout concerns in relation to length of questions were also stated. All questions were considered important and none as inappropriate. Conclusion This study demonstrated face and content validity and acceptability of the Integrated Palliative Care Outcome Scale in the Greek context. Cognitive Interviewing proved valuable in refining concepts within the specific cultural context. Clinical implications The IPOS outcome measure tool is now being used routinely in a palliative care service in Athens and is currently used to evaluate service outcomes.

This paper examines and reviews the fundamental challenges that academicians face when using the event study methodology to assess the long-term consequences of financial events on the economy and to describe market reactions. Numerous studies have demonstrated that businesses can experience abnormal returns from 1 to 5 years after major financial events. Also, this paper investigates the long-run price performance of initial public offerings (IPOs) in Amman Stock Exchange (ASE). The sample period expands from 2018 to 2022. Various findings are obtained by employing several analytical methods. First, long-run price performance of IPOs is negative, and a strong evidence shows that the long-run performance is sensitive to the benchmark employed. To assess the long-term performance of IPOs, I used both cumulative abnormal returns (CAR) and buy-and-hold abnormal returns (BHAR) as aggregated models. I explained the methodology which is adopted in this study in detail for the event–time approach. However, I used the crucial values for the skewness-adjusted t-statistic to infer statistical tests. Even though BHAR provided weaker results, all methods indicated negative long-run abnormal returns for IPOs. Yet this performance varied when comparing the performance utilizing ASEI, Fama–French three-factor (FF3F), and matching firm (MF) as benchmarks.

Abstract With the increasing use of power electronic converters, the reliability studies of these converters are essential. The most important factor in increasing the reliability of power converters is their structures. In this paper the reliability evaluation of a DC–DC converter with various connections including single‐phase, interleaved, and parallel‐input and series‐output (PISO) topologies is presented. In the first view, it seems that the interleave topology has high reliability, but considering the more presented detailed indexes, it is identified that the PISO structure has a higher reliability than the interleave structure. In this paper for better evaluation, the various topologies are considered which operate at full rated power and half power. To calculate the reliability of the converters the important parameters such as the thermal and electrical stresses of elements are considered. The Markov model is used to evaluate the reliability. In order to verify the presented studies and analysis, the DC–DC converters with single‐phase, interleaved, and PISO have been implemented. The experimental results show that the PISO topology has higher reliability.

In advance of the 24th Annual World Congress of Psychosocial Oncology and Psychosocial Academy, held in Milan, Italy from August 31st to September 3rd, 2023, the International Psycho-Oncology Society (IPOS) has announced the winners of the 2023 IPOS Awards. The Journal of Cancer Rehabilitation is proud to announce that two of our very own Editorial Board Members, Dr. Barbara Andersen and Dr. Gil Goldzweig, have been honored as recipients of this year’s IPOS awards. Specifically, Dr. Barbara Andersen has been selected as the winner of the 2023 Arthur M. Sutherland Lifetime Achievement Award and will be honored by being invited to give the Memorial Lecture at the IPOS World Congress. , while Dr. Gil Goldzweig has been selected as the winner of the 2023 Noemi Fisman Award for Lifetime Clinical Excellence. This twin interview is dedicated to both esteemed colleagues and Journal of Cancer Rehabilitation board members.

This study examines the aftermarket performance of high-green and low-green IPO and how green IPOs can optimize portfolio allocation. We assume the higher level of greenness increases investors' participation in IPOs. To this end, we develop the utility function and determine that investors prefer to participate in new issues when firms account for greenness measures. This study proposes the global aspects of green measure: the desired level of greenness a firm maintains. We find that IPOs in our sample are far below the global standards of greenness. This evidence suggests they must adopt the necessary actions to make the environment green. Another significant contribution of this study is to measure the performance of high and low-green IPOs in short- and long-run horizons. This study reveals that high-green IPOs are less underpriced. This study estimates the effect of greenness on initial returns and finds an inverse relationship suggesting that high-green IPOs are less underpriced due to lower risk associated with new issues. In terms of measuring longer-term performance, this study determines that high-green IPOs underperform less than low-green IPOs.

We examine the impact of oil price uncertainty on IPO volume in the oil and gas sector. By using the implied volatility of oil options, a forward-looking uncertainty measure, we identify the effect of uncertainty on the going-public decision. Oil price uncertainty exhibits a strong negative relation to IPO volume. A one standard deviation decrease in the implied volatility results in a 29% increase in the number of quarterly IPOs. The effect is concentrated among the price-sensitive upstream producers. We further report that uncertainty positively impacts the IPO withdrawal decision and increases the value of postponing the offering. [ABSTRACT FROM AUTHOR]

This paper aims to investigate the effect of Initial Public Offerings (IPOs) on stock market volatility in the United States using the Generalized Autoregressive Conditional Heteroskedasticity (GARCH) model. The study utilizes daily data from January 2020 to October 2022 on the Standard & Poor's 500 Index (S&P 500) and IPO firms listed on the New York Stock Exchange (NYSE) their IPO dates during the same period. The GARCH model is employed to estimate the volatility of the S&P 500 index stock prices after the IPOs announcements during the first day, first five days, and first ten days. The study finds that IPOs significantly impact volatility in the US market, and the effect is more pronounced in the short term. We discovered that IPOs after their announcements during the first five days have a negative impact on other stock prices in the S&P500 index. The effects are stronger for the first day of initial public offering come to the market while there is a negative impact on the 10th day of IPOs in the market but it is not statistically significant. The downward-sloping demand curve hypothesis is supported by these findings. These results have important implications for investors, market regulators, and policymakers. Investors should be aware of the potential for increased volatility during periods of IPO activity and adjust their investment strategies accordingly. Market regulators may need to consider implementing measures to mitigate the impact of IPOs on market volatility. Policymakers may also need to consider the potential economic effects of IPOs and the associated increase in market volatility to ensure a stable and efficient stock market.

With the increasing use of power electronic converters, the reliability studies of these converters are essential. The most important factor in increasing the reliability of power converters is their structures. In this paper the reliability evaluation of a DC–DC converter with various connections including single‐phase, interleaved, and parallel‐input and series‐output (PISO) topologies is presented. In the first view, it seems that the interleave topology has high reliability, but considering the more presented detailed indexes, it is identified that the PISO structure has a higher reliability than the interleave structure. In this paper for better evaluation, the various topologies are considered which operate at full rated power and half power. To calculate the reliability of the converters the important parameters such as the thermal and electrical stresses of elements are considered. The Markov model is used to evaluate the reliability. In order to verify the presented studies and analysis, the DC–DC converters with single‐phase, interleaved, and PISO have been implemented. The experimental results show that the PISO topology has higher reliability. [ABSTRACT FROM AUTHOR]

Purpose: Guidelines recommend a structured symptom screening (SC) for especially advanced cancer patients (CPs). The aim of this multicenter German prospective quality assurance project KeSBa (Kennzahl Symptom- und Belastungserfassung) was to gain knowledge on SC procedures in Oncology Centers (OCs) for advanced cancer patients and a first impression on the consequences of SC. Methods: The KeSBa project consisted of three phases: pilot, 3 months screening and feedback phase. Participating OCs decided to use either the Minimal Documentation System (MIDOS) or the Integrated Palliative care Outcome Scale (IPOS) and defined the cutoff values for positive screening results. Results: Out of 172 certified German OCs, 40 (23%) participated in the KeSBa pilot phase, 29 (16.8%) in the 3 months screening phase using MIDOS (n = 18, 58.6%) or IPOS (n = 11, 41.3%) and in the feedback round. 25/29 performed paper-based screening (86.2%). 2.963 CPs were screened. Results were documented for 1255 (42.2%, SC +) positive and 874 (29.5%, SC–) negative screenings depending on the center´s schedules: 452 SC + CPs (28.4%) and 42 SC– CPs (2.6%) had contact to specialized palliative care or other supportive specialist teams afterwards, 458 SC + CPs (28.8%) and 605 SC– CPs (38.1%) remained in standard oncology care. In the feedback round missing resources (personal and IT) and improved communication were mentioned most often. Conclusion: Routine SC is feasible in advanced CPs treated in OCs but associated with considerable workload. In 42.2% of CPs SC was classified as positive, indicating the need of further diagnostics or professional judgment. SC requires staff and IT resources. [ABSTRACT FROM AUTHOR]

Using a sample of up to 2,503 initial public offerings (IPOs) in 32 countries from 2011–2017, we predict and find that higher levels of country‐level accounting enforcement are associated with lower levels of IPO underpricing. IPOs in countries with a relatively low accounting enforcement score (second quintile) exhibit a mean underpricing of 19%, whereas the mean underpricing amounts to just 9% in countries with a relatively high score (fourth quintile). The results remain qualitatively the same when we employ a multi‐level model or a difference‐in‐difference design. In countries that substantially strengthened their accounting enforcement in the 2003–2009 period, the level of IPO underpricing decreased significantly. We show that accounting enforcement matters for the cost of going public. [ABSTRACT FROM AUTHOR]

Firms in transition economies often suffer financial constraints. In initial public offerings (IPOs), however, many newly listed Chinese firms raise funds in excess of what is originally planned. This paper examines whether these excess IPO funds are wasted on value‐destroying spending or enable firms to take growth opportunities. After controlling for the endogeneity issue, we find that Chinese firms with excess IPO funds have better post‐IPO operating performance, especially those with limited financing channels. In revealing the mechanism, we find that excess IPO fundraising alleviates financial constraints and reduces the cost of debt. [ABSTRACT FROM AUTHOR]

The objective of this paper is to investigate the impact of sustainability reporting (SR) quality on the corporate financial performance (CFP) of initial public offering (IPO) in Malaysia. This research applies the OLS and WLS regressions through content analysis of annual reports. The data was collected from Datastream, where 131 IPOs listed companies on Bursa Malaysia between 2007 and 2017. The findings indicate a positive and negative association between SR and its components with CFP. It is found that there is a negative and significant association between the SR characteristics of employees and products with CFP. However, it was discovered that the societal and environmental components have a significantly positive association with CFP. This finding shows that SR practices might be seen as an attempt to enhance IPO performance. The findings can facilitate financial institutions and regulatory agencies in driving responsibility on the part of companies regarding SR issues. The firms should involve SR practices in their SR decisions. Thus, this study emphasises the significance of combining social and organisational activities. [ABSTRACT FROM AUTHOR]

This study examines the aftermarket performance of high-green and low-green IPO and how green IPOs can optimize portfolio allocation. We assume the higher level of greenness increases investors' participation in IPOs. To this end, we develop the utility function and determine that investors prefer to participate in new issues when firms account for greenness measures. This study proposes the global aspects of green measure: the desired level of greenness a firm maintains. We find that IPOs in our sample are far below the global standards of greenness. This evidence suggests they must adopt the necessary actions to make the environment green. Another significant contribution of this study is to measure the performance of high and low-green IPOs in short- and long-run horizons. This study reveals that high-green IPOs are less underpriced. This study estimates the effect of greenness on initial returns and finds an inverse relationship suggesting that high-green IPOs are less underpriced due to lower risk associated with new issues. In terms of measuring longer-term performance, this study determines that high-green IPOs underperform less than low-green IPOs. [ABSTRACT FROM AUTHOR]

Introduction to The Problem: The development of the creative industry has an impact on the need for capital. The government has made new policies related to the financing mechanism of the creative economy through Government Regulation (PP) Number 24 of 2022 concerning the Implementation of Law Number 24 of 2019 concerning the Creative Economy. The government is trying to provide support in the form of a credit financing scheme with IPR as a collateral to financial institutions. Purpose/Objective Study: This study aims to determine the prospects of IPR as a credit guarantee after the issuance of PP Number 24 of 2022. To see the extent of the effectiveness of the PP, this study presents a comparison of IPR commercialization in Singapore, which is one of the countries that has successfully implemented IPR as a credit. Design/Methodology/Approach: The research method used is normative juridical with analytical descriptive specifications. Findings: The results indicated that to implement IPR as a credit guarantee, collaboration between institutions is needed and several instruments must be fulfilled, namely concerning legal regulations, government institutions, financial institutions, valuation institutions, insurance institutions, and secondary markets. Indonesia does not fully have these six instruments, especially in terms of institutions related to valuation institutions and their technical implementation guidelines, insurance institutions in case of bad credit, and the secondary market as the last place to sell IPR assets. The implication is that IPR-based credit financing for creative economy actors in Indonesia has not run optimally. [ABSTRACT FROM AUTHOR]

The efficacy of global environmental assessments in informing and shaping ocean and coastal management is hampered by recognized gaps in global science endeavours. In order to bridge these gaps, and secure inclusive and equitable knowledge co-construction by ocean stakeholders, the International Panel for Ocean Sustainability (IPOS) is emerging. Here we present the outcomes of the "Bridging Shades of Blue Workshop" held in Spain 2023. A diverse group of Ocean knowledge holders, including policymakers, small-scale fishers, marine social scientists and ocean lawyers gathered to reflect on the key features, challenges, strategies, actors to be involved, as well as pathways to balance power for advancing an inclusive and equitable IPOS. As a result, six foundational dimensions of IPOS's institutional identity were proposed as IPOS ID cards: 1) Diversifying Ocean Knowledge Systems, 2) Widening the Range of Methods for Ocean Knowledge Production, 3) Informing Decision-making, 4) Engaging at the Interfaces of Knowledge with Decision-making, 5) Communicating, Learning, and Sharing Knowledge, 6) Measuring Progress and Evaluating Success. We conclude by emphasizing IPOS's potential role as a beacon for inclusive, equitable, and sustainable ocean governance. [ABSTRACT FROM AUTHOR]

This paper aims to investigate the effect of Initial Public Offerings (IPOs) on stock market volatility in the United States using the Generalized Autoregressive Conditional Heteroskedasticity (GARCH) model. The study utilizes daily data from January 2020 to October 2022 on the Standard & Poor's 500 Index (S&P 500) and IPO firms listed on the New York Stock Exchange (NYSE) their IPO dates during the same period. The GARCH model is employed to estimate the volatility of the S&P 500 index stock prices after the IPOs announcements during the first day, first five days, and first ten days. The study finds that IPOs significantly impact volatility in the US market, and the effect is more pronounced in the short term. We discovered that IPOs after their announcements during the first five days have a negative impact on other stock prices in the S&P500 index. The effects are stronger for the first day of initial public offering come to the market while there is a negative impact on the 10th day of IPOs in the market but it is not statistically significant. The downward-sloping demand curve hypothesis is supported by these findings. These results have important implications for investors, market regulators, and policymakers. Investors should be aware of the potential for increased volatility during periods of IPO activity and adjust their investment strategies accordingly. Market regulators may need to consider implementing measures to mitigate the impact of IPOs on market volatility. Policymakers may also need to consider the potential economic effects of IPOs and the associated increase in market volatility to ensure a stable and efficient stock market. [ABSTRACT FROM AUTHOR]

The drivers of the valuations of entrepreneurial ventures are an important issue in entrepreneurial finance, but related research is fragmented. The theoretical perspectives and the drivers highlighted by previous studies differ based on the financial milestones during a venture's lifecycle in which the valuation is performed (e.g., venture capital investments, initial public offerings, acquisitions). The introduction of new digital financing channels (e.g., crowdfunding, initial coin offerings) that allow retail investors to directly invest in entrepreneurial ventures challenge our understanding of the drivers of valuation. This change has also increased the diversity in the sequence of financial milestones that ventures go through, with important implications for valuation. We conduct a systematic literature review and develop a map highlighting how and why the drivers of venture valuations and their underlying theoretical lenses vary across the different milestones that ventures go through. The map allows us to outline new promising avenues for future research. Plain English Summary: In this paper, we conduct a systematic literature review on entrepreneurial ventures' valuation drivers and their underlying theoretical lenses, highlighting how and why they vary along firms' life cycle. The valuation of entrepreneurial ventures is a challenging task for practitioners and a relevant issue that attracts the attention of scholars in entrepreneurship, finance, management, and economics. The literature on the topic is highly fragmented. Indeed, the context in which venture valuations are observed (e.g., in private deals or public offerings) differs across different financial milestones. The introduction of new digital financing channels (e.g., crowdfunding, initial coin offerings) and the increased diversity in the sequence of financial milestones that ventures go through further challenge our understanding of valuation drivers. This study is primarily aimed at scholars, offering them a map to create order in what we know about the drivers of entrepreneurial venture valuations and indicating promising avenues for future research. [ABSTRACT FROM AUTHOR]

From 2007 to 2020, unlisted Chinese firms paid an average of over US $500 million to listed firms for their shell value in reverse merger transactions. We show that this large shadow price for a public listing sheds light on other features of Chinese markets, including (i) near-zero mortality rates, (ii) frequent major-asset restructurings (MARs), (iii) insensitivity of small-firm prices to corporate earnings, and (iv) a large size effect. A firm-level measure of expected shell probability (ESP) predicts stock returns, MARs, earnings-to-price sensitivity, and short-window returns to initial public offering-related regulatory news. Furthermore, adding ESP to existing pricing models for Chinese stocks significantly improves model performance. [ABSTRACT FROM AUTHOR]

This essay examines the implications of the evolving environment for the formation and financing of new firms in the United States. After the dot.com crash of 2000, there was a regime change in new firm formation and the number of firms that exited through an initial public stock offering. This change was made possible by the decreased cost, increased speed, and ease of market entry due to availability of open source software, digital platforms, and cloud computing. This facilitated a proliferation of startups seeking to disrupt incumbent firms in a wide variety of business sectors. The contemporaneous growth in the number and size of private funding sources has resulted in a situation within which new firms can afford to run massive losses for long periods in an effort to dislodge incumbents or attempt to triumph over other lavishly funded startups. This has triggered remarkable turmoil in many formerly stable industrial sectors, as the new entrants fueled by capital investments undercut incumbents on price and service. The ultimate result is that new entrants with access to massive amounts of capital can survive losses for a sufficiently long period to displace existing firms and, thereby, transform earlier industrial ecosystems.

The present research shows the influence of institutional differences on the performance of initial public offerings (IPOs), both at the level of initial underpricing and at the level of 1-, 3- and 5-year performance. Our results represent a relevant empirical contribution to the international evidence because they allow us to test the influence of institutional differences on initial and long-term performance in a large database consisting of IPOs from 18 European countries, given that the European framework has been less analysed than the U.S. institutional environment. The main novelty and contribution of this research in relation to previous investigations is that those existing to date only analyse the institutional effect on the anomaly that occurs on the first day of IPO listing, i.e., underpricing, whereas this study is more ambitious; it considers the institutional effect on both underpricing and the long-term performance of the IPOs considered, which makes it possible to cover subsequent returns of up to 5 years after the start of the stock market listing. It is therefore, to our knowledge, the most comprehensive study to date on the effect of institutional factors on the two IPO anomalies: short and long term. [ABSTRACT FROM AUTHOR]

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 float 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.

We analyze the impact of trading dynamics, including fragmentation of markets, undisplayed (dark), and algorithmic trading, on liquidity formation in initial public offerings (IPOs). We find that these various trading dynamics evolve throughout the IPO secondary market and are dependent on the IPO's initial offering‐day underpricing. Higher levels of fragmentation in displayed (lit) markets and algorithmic trading improve market quality in IPOs, while higher levels of undisplayed (dark) trading harm it. Overall, we find that, with the exception of the impact of dark trading, the concerns regarding the impact of fragmented markets and algorithmic trading on IPO liquidity are mostly unwarranted. [ABSTRACT FROM AUTHOR]

We explore the effect of initial public offering (IPO) capital allocation on corporate innovation. We document that IPOs enhance corporate innovation through allocation of internal capital to innovative projects. While political connections moderate the IPO‐innovation relation in that connected firms allocate less IPO capital to innovative projects and are more likely to reallocate their resource from innovative to non‐innovative projects. Resource allocation to innovative projects results in better post‐IPO performance, especially in non‐connected firms. Overall, this study identifies intra‐firm capital allocation as an important factor that contribute to firm innovation and the distortion of resource allocation linked to political ties. [ABSTRACT FROM AUTHOR]

The aim of this paper is to explore the relationship between sustainability reporting (SR) and corporate reputation (CR) in the context of initial public offering (IPO) companies in the developing market of Malaysia. This study utilises secondary data from 2007 to 2017 derived from the content analysis of the annual reports and Datastream of 139 sampled IPO companies listed on Bursa Malaysia. The study also employs ordinary least squares (OLS) regression. The result shows that CR has a positive association with SR quantity and quality and its dimensions, i.e., society, environmental, employee, and product. This result suggests that IPO companies can use SR practices to improve their CR. Most companies give little attention to SR issues. More research should be conducted to examine the SR by IPO companies due to the significant role that SR plays in improving the CR of Malaysian IPO companies. The findings can be used by financial institutions and regulatory bodies to encourage companies to be more responsible on SR issues. Businesses should incorporate social practices into their SR decisions. This paper underlines the importance of integrating social and organisational activities. [ABSTRACT FROM AUTHOR]

Fishways are an important link for the reestablishment of river continuity, interrupted by transverse structures e.g. weirs, dams and hydropower plants. The meander fishway and vertical slot fishway are two types commonly constructed in Germany, which create distinctive flow regimes to allow upstream passage. Nonetheless minor environmental or constructional alterations create unforeseen flow regimes, whose impact on fish behaviour is still uncertain. One approach is to obtain different flow aspects for fish by evaluating numerous parameters with the IPOS-framework in laboratory experiments. The framework provides various identification parameters and methods, which must be considered with regard to fish behaviour. This paper expands the experimental approach by using numerical simulations with OpenFOAM on one meander and two vertical slot fishways and employs the evaluation methods stated in the IPOS-framework. The results shows clear differences between the fishways, providing an advanced numerical evaluation method to objectively compare turbulent flows in the models. The 3D-hydronumerical evaluation of 1:1 scaled fishways using the IPOS-framework is a novelty so far and can be used to improve present and future fishway constructions. [ABSTRACT FROM AUTHOR]

Abstract 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.

This paper aims to analyse the impact of firms' corporate governance characteristics on the degree of first-day returns (i.e., underpricing) in the Italian initial public offering (IPO) market. In particular, this work investigates the impacts of the characteristics of boards of directors (BoDs) and ownership structure on the underpricing of newly offered shares. By studying a sample of 128 Italian IPOs between 2000 and 2016, it is concluded that corporate governance characteristics affect the degree of first-day returns following a company's IPO. More specifically, the size of the BoD negatively affects underpricing, while the ownership of institutional investors and board members has a positive effect on the degree of underpricing. Conversely, no significant evidence is found with regard to board independence, the number of female directors in the boardroom, the implementation of stock option plans and ownership concentration. [ABSTRACT FROM AUTHOR]

Following recent developments in the asset pricing literature on geographic concentration, we complement classic theories based on information asymmetry and explain the short‐run performance of real estate investment trust (REIT) initial public offerings (IPOs) through an investor base mechanism. We analyze the U.S. market and show that issuers are more likely to underprice when a REIT is more geographically concentrated. In particular, by adopting an identification strategy of pre‐ and post‐IPO returns, we find evidence for an investor base channel rather than a diversification discount channel. In addition, geographic portfolio concentration has a stronger impact on the initial returns of REIT IPOs than property type concentration. Finally, we find that lower deadweight costs at the time of an IPO weaken the influence of geographic concentration on initial returns. Our results are robust to the firm's geographic concentration in economically defined regions, different measures of deadweight costs, the control of information environment of the portfolio and headquarters markets, and to controlling for the REIT's property type focus. [ABSTRACT FROM AUTHOR]