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Underpricing, Long-Run Performance, and Valuation of Initial Public Offerings: Dissertationsschrift (Corporate Finance and Governance, Band 4) - Hardcover
Inhaltsangabe
This thesis empirically analyses three individual research questions around initial day returns, long-run performance and valuation of initial public offerings of European Property Companies. The first question examines whether IPO signals such as underpricing reveal proprietary information about the prospects of an issuing firm’s underlying industry such as the performance of direct real estate investments. The results in fact show a positive relation between underpricing and average property yields of the issuing companies’ target investment area twelve months after the IPO. The second question tries to rationalise why previous real estate IPO studies document no long-run underperformance, a phenomenon commonly observed for industrial issuings. It could be shown that with a decreasing degree of the transparency of the underlying real estate markets, investor over-optimism is more likely to develop which is assumed to be one of the main factors for IPO firms to perform worse in the long run than established firms. The last research question sheds further light on the contradicting evidence found for the impact of corporate governance on valuation. Main findings show that concentrated ownership, both inside and outside, negatively affects IPO valuation while higher debt levels have a positive impact, implying that the market favorably recognises the existence of control mechanisms.
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Über die Autorin bzw. den Autor
Fabian Braemisch was until 2009 research and teaching assistant at the European Business School (EBS) in Oestrich-Winkel (Germany). He finalised his doctoral thesis at EBS. His research interests focus on IPO performance and on related equity capital market transactions. Today he is working for a leading global investment bank in London.
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Underpricing, Long-Run Performance, and Valuation of Initial Public Offerings
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Buch. Zustand: Neu. This item is printed on demand - it takes 3-4 days longer - Neuware -This thesis empirically analyses three individual research questions around initial day returns, long-run performance and valuation of initial public offerings of European Property Companies. The first question examines whether IPO signals such as underpricing reveal proprietary information about the prospects of an issuing firm's underlying industry such as the performance of direct real estate investments. The results in fact show a positive relation between underpricing and average property yields of the issuing companies' target investment area twelve months after the IPO. The second question tries to rationalise why previous real estate IPO studies document no long-run underperformance, a phenomenon commonly observed for industrial issuings. It could be shown that with a decreasing degree of the transparency of the underlying real estate markets, investor over-optimism is more likely to develop which is assumed to be one of the main factors for IPO firms to perform worse in the long run than established firms. The last research question sheds further light on the contradicting evidence found for the impact of corporate governance on valuation. Main findings show that concentrated ownership, both inside and outside, negatively affects IPO valuation while higher debt levels have a positive impact, implying that the market favorably recognises the existence of control mechanisms. 156 pp. Englisch. Bestandsnummer des Verkäufers 9783631604052
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Underpricing, Long-Run Performance, and Valuation of Initial Public Offerings
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Zustand: New. Dieser Artikel ist ein Print on Demand Artikel und wird nach Ihrer Bestellung fuer Sie gedruckt. Includes a question that examines whether Initial Public Offering signals such as underpricing reveal proprietary information about the prospects of an issuing firm s underlying industry such as the performance of direct real estate investments.This the. Bestandsnummer des Verkäufers 123588239
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Underpricing, Long-Run Performance, and Valuation of Initial Public Offerings
Verlag:
Peter Lang, Peter Lang Mär 2011, 2011
ISBN 10: 363160405X
ISBN 13: 9783631604052
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Buch. Zustand: Neu. This item is printed on demand - Print on Demand Titel. Neuware -This thesis empirically analyses three individual research questions around initial day returns, long-run performance and valuation of initial public offerings of European Property Companies. The first question examines whether IPO signals such as underpricing reveal proprietary information about the prospects of an issuing firm¿s underlying industry such as the performance of direct real estate investments. The results in fact show a positive relation between underpricing and average property yields of the issuing companies¿ target investment area twelve months after the IPO. The second question tries to rationalise why previous real estate IPO studies document no long-run underperformance, a phenomenon commonly observed for industrial issuings. It could be shown that with a decreasing degree of the transparency of the underlying real estate markets, investor over-optimism is more likely to develop which is assumed to be one of the main factors for IPO firms to perform worse in the long run than established firms. The last research question sheds further light on the contradicting evidence found for the impact of corporate governance on valuation. Main findings show that concentrated ownership, both inside and outside, negatively affects IPO valuation while higher debt levels have a positive impact, implying that the market favorably recognises the existence of control mechanisms.Lang, Peter GmbH, Gontardstraße 11, 10178 Berlin 156 pp. Englisch. Bestandsnummer des Verkäufers 9783631604052
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Underpricing, Long-Run Performance, and Valuation of Initial Public Offerings
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Buch. Zustand: Neu. Druck auf Anfrage Neuware - Printed after ordering - This thesis empirically analyses three individual research questions around initial day returns, long-run performance and valuation of initial public offerings of European Property Companies. The first question examines whether IPO signals such as underpricing reveal proprietary information about the prospects of an issuing firm's underlying industry such as the performance of direct real estate investments. The results in fact show a positive relation between underpricing and average property yields of the issuing companies' target investment area twelve months after the IPO. The second question tries to rationalise why previous real estate IPO studies document no long-run underperformance, a phenomenon commonly observed for industrial issuings. It could be shown that with a decreasing degree of the transparency of the underlying real estate markets, investor over-optimism is more likely to develop which is assumed to be one of the main factors for IPO firms to perform worse in the long run than established firms. The last research question sheds further light on the contradicting evidence found for the impact of corporate governance on valuation. Main findings show that concentrated ownership, both inside and outside, negatively affects IPO valuation while higher debt levels have a positive impact, implying that the market favorably recognises the existence of control mechanisms. Bestandsnummer des Verkäufers 9783631604052
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Underpricing, Long-Run Performance, and Valuation of Initial Public Offerings
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Buch. Zustand: Neu. Underpricing, Long-Run Performance, and Valuation of Initial Public Offerings | Fabian Braemisch | Buch | Englisch | 2011 | Peter Lang | EAN 9783631604052 | Verantwortliche Person für die EU: Lang, Peter GmbH, Gontardstr. 11, 10178 Berlin, r[dot]boehm-korff[at]peterlang[dot]com | Anbieter: preigu Print on Demand. Bestandsnummer des Verkäufers 103733279
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