Study of IPO performance and institutional ownership (Exchange of Tehran)
|
|
- Darcy Willis
- 5 years ago
- Views:
Transcription
1 Journal of Scientific Research and Development 2 (6): , 2015 Available online at ISSN JSRAD Study of IPO performance and (Exchange of Tehran) Elahe Avazzadeh * M.A of Financial Management, Yazd University, Yazd Iran Abstract: The aim of this study was to evaluate the effect of intuitional on the performance of companies listed on Tehran stock exchange. The IPO s binary abnormalities on price and is long term. Mal functioning causing many researches and studies while the limited number deals with the effect of IPO s investors on fundamental investors. From previous studies, we find that the retail price was from the largest fundamental investors. While these distributors have experienced the long term wrong performance and make the commercial conscious hypothesis uncertain. These findings accompanied by severe reactions from the information flow in the IPO market. High level of fundamental desires brings this awareness to excursive the distributor s base price. Over time, market reforms lead to long term and improper performance. Findings of our studies show the role of IPO organizations differently; to make it as a valuable source of price, and organizations could be a weakened force in what is almost an uncertain and disturbed consequence. Required data has been extracted from financial statements of 78 companies in Tehran stock Exchange from 2003 to A multiple regression model was used in this study. Research shows that stocks with high, will experience high initial efficiency and longer term performance. Overall, the results suggest that appositive and meaning full relationship between and firm s performance. Key words: Institutional ; IPO performance; Initial returns; Iinitial offering; Change in 1. Introduction * Before the event of very large companies in the late eighteenth century the owners, administrators and man raggers who possess, but with the separation of from management, the creation of stocks and professional manager s stock company, a new approach was introduced as a social phenomenon. This caused a conflict between managers and owners. Stock holders may vary in different countries, but stock holders could have different effects on the performance of companies as well as the company, data reflection in market and in formation asymmetry. Thus, with respect to the way of monitoring company s man agent performance may also vary. Here the most interesting, is the growing presence of investors between the owners of holding company and the influence of active presence of this group regarding the governance of organizations as well as their performance. Institutional investors have the potentiality to influence the managers activities directly and in directly through exchanging their stock and their influence directly or indirect is very important. Institutional in vectors have incentives for monitoring and improving the performance of their financial reports. Among these drivers can be noted * Corresponding Author. that he financial statements are an important source of information about company, or the investors in the analysis of accounting information are more capable than an individual investors. Then we expected to existence of a logical relationship between these groups of investors and the firm s performance. Generally several abnormalities consistent with bid basic public offer. The first is the price of shares which is related to common stock of Supplier Company that have casually higher price than the bid price on underwriting of IPO. In this study, the relationship between in the structure of company and their performance are examined. 2. Research literature Refills of IPO are under consideration for more than fifty years (SEC, 1963; Rely, 1973; Aybatsun, 1974; Ritter, 1987; lagron and Witter, 1995). The review of us stock market and the security commit lee in 1963 about guaranteed markets was one of the first studies on the formation of IPO Refills. By examining a sample of the 1671 IPO during , SEC (1963) found that %79 of IPO immediately after the distribution has positive profit. In addition, the average price was above %20.SEC report, is one of the first series of investigations related to the refills of IPO (as A stall and Karlie, 1970; Reilly, 1973; Ritter, 1987; logran 178
2 and Ritter, 1995).The continuity of the IPO s refill was compared with the magnitude of the refill. IN terms of money, Ritter (2008) estimated that from 4733 IPO sample, distributor companies leave that total amount of 102/7 billion dollar in agenda. This is a% 22/4 wonderful sample of total revenues. More over Ritter and logra (2004) estimated that this remained money in agenda is approximately equivalent to three years profit for distributors. Effective and efficient Ritter s article in 1991 about the distributors improper and long-term performance,he found that in three years public distribution,1526 company in their improper performance in a series of companies in term of size and industry compared by %27/4. Although the magnitude of IPO s improper performance represents the fundamental and large fluctuations overtime and industries, but empirical evidence indicates a continuation of weak and long term performance. Integration of long term price winning and improper performance, make IPO as an interesting research topic. Sites not surprising that the vast flood of studies has been devoted to the study of IPO. While few studies deals with the reason of direct impact of organizational investment on IPO s abnormalities. The company was interested in IPO combined with empirical evidence that show companies with Characteristic feature of ability, have a significant impact on capital stock price abnormalities(nancy nagger and siyas,1999)and the NYSE(like January effect)and make this survey not only reasonable but necessary. This article is limited to the study of their relationship between the two main anomalies in IPO. Agra ell and Ravioli (1990), welch (1989), Rajan and servos (1997) and Alvez and Gatrls (2005) are among the exceptions. Agravell and Ravioli (1990) obtained evidences that indicates the presence of trends to IPO market and early high benefits and low IPO performance, this means that active markets act by tendencies on certain invest and stock. Fundamental and proposed initial public offering having the advantage of availability of information in the organization, is considered as an acceptable and good look. Several studies have shown that fundamental organizational investors apparently has the know ledge of the relevant and coordinated decisions.(cszyk et al., 1992; Alangar Batala and Raw, 1999).For example, Alan Garand his team in 1999 showed that companies that had a high level of tend to lower share price reflection in share benefits changes. Empirical studies also provided substantial support for informed trading hypothesis (Branermyer and Nagel, 2004; kee and patron, 2004). Kee and patron (2004) obtained good information which allowing the active investors to predict chance and opportunity in repeated high earnings. In this way, these organizations are able to prevent any negative repercussions on the value of the income statements. While there is a few studies about the direct impact of organizational investment on existing IPO. Recent works devoted much attention to the ways in which organizational behavior is due to the contribution of the authors at IPO s Shares (Henley and helm in 1995, Agaroll, pernhala and pure in 2002, Behmer and fishy in 2005). Henley and Wilhelm(1995)and Agaroll and his team (2002) found that investors are able to take advantage of remarkable contribution of minor authors, Despite conclusive evidence in the previous studies, we still believe that the initial public offering have a power on supplying severe test of informed trading hypothesis.ipo s under writings at first can have an extreme profits, while still being profitable to remember that refill of IPO not always consistent in all companies or all the time. For example, the primary profit of Ballely, lee and Walter in (2004) of 419 Australian IPO samples was varied from% 66 to% 734. Although field and larn in 2005 showed that over 100 IPO samples over %1000 in the first three years of acquisition, Also the authors found that up to 100 IPO sample have a profit of %-99 over the same period. More under writer can be addressed with loss winners. loss winners hypothesis stated that IPO s were below cost, for corporation non-informed investors to applying inexperienced investors buying IPO(Rock 1986).the theory is that investors should be aware of low cost IPO s which leading to dominate and distributing. On the other, informed investors should avoid of under writing in high price proposals. As an experienced investors retreat from the market, inexperienced investors also received a heavy defeat at the time of receiving high improper shares from high price suggestions. Despite the fact that most of IPO s are of low price, just experienced investors can take a high profit of IPO s. Skilled and experienced, the corporation of interests in a IPO, should be proportionate to the benefits expected to be underwritten and distributed.refills IPO should attract the desire of experienced investors such as financial institutions. Similarly, an equal distribution of prices should receive less attention from experienced investors. 3. Research hypothesis Based on theoretical issues arising in relation to the effect of, is designed as follow: H 1 : In the presence of informed trading hypothesis should be a positive relationship between the level of at the time of the initial distribution and initial profits for the investors to be there. H 2 : In the presence of informed trading hypothesis should be a direct and positive relationship between the level of at the time of the initial distribution and long-term profit distribution to be there. H 3 : If you have no idea, should exist a positive relationship between the levels of at the time of the initial distribution of primary income (initial public offering). 179
3 H 4 : If the wave theory, we should have negative relationship between the level of at the time of the initial distribution and the income distribution. 4. Research methodology 4.1. Information Data This paper examines the set of Initial public offers (IPOs)in Iran stock Market in 2003to 2013.information about the benefits of overall profitability index (RI) were calculated and arise from the Data stream. This paper make it possible to use a constant set of daily property information was provided by the Iran s stock Exchange. Level of of the Iran s stock market is calculated Selected option and its properties Primary data collection includes all initial public offerings between 2003 and 2013.In this selected option we have not chosen the supplier which have not all parameters. By restricting the sample stock, in all ordinary indicators we tend to study the IPOS with high economic importance and the possibility of attracting the investors by large enough stocks the other criterion for inclusion in this instance is that we have a level of and register our proposed specification (e.g., the overall Distributed huge distributed huge distribution of the stuck). The final sample consisted of 68 initial public offering in Iran. Table 1 includes a graphical statistics for this sample. Study of table1.shows that average earning mas about 125 million Dollar. Note that standard deviation about the 258 million dollar shows that this sample included distribution in a wide range of market. Other ideal samples in the average are that distributors suffer from long term poor performance which related to the previous studies of Iran and its margin. Table 1 contains descriptive statistics for the IPO S 68 activity in this sample. Corporate is defined with the company s overall IPO which managed by investors. Definition of investor, including all shares in accompany that is not owned by investors. Data are reported as a percentage of the sum. Cross income size distribution measured by the millions. Bid price is the price at which shares are distributed in IPO. General distributed stock represent the total number of issued shares in the offer.250 CAR is 250 abnormal profit added days for the company s distributing. While 500 CAR is the abnormal profit which is added to the previous so day. IN exercise of abnormal earnings, profit participation distributor measure all the routing in the period in question. Variable Level of Size Total shares issued The price Of shares Car250 Car500 Table 1: Descriptive statistics for the IPO S 68 activity in this sample Mean s. d max 75% median 26.28% 22.03% 97.50% 36.49% 17.04% $ 2.31$ 19.00$ 1.86$ 1.15$ 0% 58% 132% 30% 2% 12% 79% 189% 60% 8% 25% 8.65% $ -24% -30% min 0.48% $ 179% 217% We focus our attention to the average level of, which is about 28/6%. This well below the average contribution of 170% of an organization that had been reported in previous research. Very high level of personal share in Iran leads to significant difference in the average. 5. Research methodology To examine the hypotheses, two different methods have been used. At First we Study this thesis at the portfolio level. Our portfolio is based on the IPO and the fundamental property. We believe that the use of portfolio creates a realistic view of performance analysis of a Fundamental investors, this is especially is correct in determining the validity of the informed trading hypothesis. After the compilation of portfolio s Analysis, we study the impact of fundamental property level at the organizational level. We investigated the effect of margins of these variables on both short-term and long term performance of the issuer. Cumulative returns To analyze the firm level, we measure stock returns released on enrollments. This measure reflects an initial yield which is often referred to the refills in IPO s literature. The primary outcome is measure by the following formula. Primary return = h To study the long-term performance we estimate the abnormal returns to measure the performance of the diffuser. Abnormal returns, is the sum of the daily abnormal returns during the event. The results: 180
4 General primary comments: secondary reason for the price of Table 2 shows the initial yield of the stock is issued. Column 1 shows that the average initial return is statistically and economically, has a significant level of 37/35% for 68 IPO. Table 2 classified transactions on 3 groups based on the fundamental property on the classification of these nodes, transactions IPO, are classified in three categories. Type Transactions paragon The low level of High level of Differences in Number of Transactions Sample Table 2: Initial yield of the stock Average Institutional On Issue Date 26.28% 6.12% 51.58% Initial Return 37.35% (t = 1.69) 17.52% (t = 2.85) 70.64% (t = 1.13) 53.12% Initial Abnormal Return EW(0,3) 38.88% ( t = 1.75) 17.79% (t = 0.96) 70.93% ( t = 1.13) 53.14% Table 3 reports, the impact of the relative asset on performance of an IPO firms from 2003 until2013, Institutional are defined by all shareholders of IPO firm hold. Definition of fundamental investors, including all stock holders in a company which is not recognize as individual investors. That table classifying the transactions in two groups: IPO trading by firms with lower and IPO firm with high level of. Table 3: Analyzing the effect of relative asset on IPO Paragon Inc. properties Lowest Lowest Fundamental property 6.12% 20.62% size Initial back 37.35% 17.52% 23.29% supply 1.64$ 2.24$ 1.14$ Number of companies Medium highest 51.84% % 1.94$ 23 Table 4 represents the impact of investor assets in the company s initial offering Institutional is defined as 2005 until Institutional stock in an initial public offer of the company is held by investors is defined. This definition covers instructional investors stock in a company which does not belong to personal in vectors. This table classifies transactions into two groups: initial public offerings by companies with low institution transactions and initial public offerings with high levels of. Companies with high initial public offering firms with high levels of and vice versa. Type of Transactions Table 4: Analysis of the effects of assets in initial public offerings Model 1 Dependent Variable CARi [1,500] Average Institutional Ownership Long Run Abnormal return Number of Transactio ns Issue Date 1 year post listing 2 year post listing Paragon % 41.16% 43.79% Lower level of Higher level of % 31.43% 35.79% % 58.38% 59.94% EW{1,250} -0.37% (t = ) 17.52%*** (t = 2.85) % (t =-1.17 ) EW{1,500} 11.99% (t =1.24 ) 51.41%*** (t =3.33) % (t = -1.48) Difference %* 72.83%*** 181
5 Table 5 shows the results of linear regression models for long-term performance of companies that had initial public offerings are not reported. The dependent variable is the long-term share price performance of initial public offerings in the period after initial public offerings. Two factors is a after an initial public offering and 500 business days after the initial public offering. Table 5: Results of linear regression models for long-term performance of companies Model 1 Model 2 Dependent Variable Dependent Variable Dependent Variable CARi [1,500] CARi [1,500] CARi [1,500] Coefficient p-value Coefficient p-value coefficient p-value Type of Transactions * (0.0655) Change in ** (0.0440) size (0.5295) Bid (0.2480) Total issued shares (0.5691) R-square Table 6: Linear Analysis of long run performance of initial public offerings ** (0.0434) Change in (0.1041) Early returns ** ( ** Initial Efficiency *** size (0.6522) Bid (0.2372) Total shares proposed (0.6667) R-square (0.3324) (0.1754) (0.0179) (0.0071) (0.2247) (0.6815) (0.2332) 6. Results of this study Despite a series of investigations, we have not censuses on the price performance of initial public offerings and exporters and the poor long term performance. IN this study we try to determine the initial public offering by puzzle investigates the influence of investors in the initial public offering. At present, major investors in the world s stock markets, are investors in the initial public offering. Based on expectations, the results show that investors are able to yield a higher initial yield. The initial public offering with high by more than 53% better performance than their counter parts with low. In long term, although exporters who have invested too much market fundamental absorption above and below the initial public offering and their counterparts they are doing. A number of previous studies involve that appositive relationship between price and long term exporters performance. In other words, exporters who have experienced the highest initial returns, they tend to experience the greatest long term performance, however our inference show that only shares with high level of who experienced early returns and long term performance, and high level presence of investors in the initial public offering herding behavior of investors and investors participation played an important role in the initial public offering. References Aggarwal, R,N.R.Prabhala and M.Puri. (2002). Institutional allocations in initial public offerings:empirical evidence. Journal of Finance 57, Aggarwal,R. (2001). Allocation of initial public offerings and flipping activity. Journal of Financial Economics 68(1), Aggrawal R,R.Leal and L.Hernandez. (1993). The Aftermarket Performance of Initial Public Offerings in Latin America. Financial Management 22, Aggrawal R.and P.Rivoli. (1990). Fads in the Initial Public Offering Market?. Financial Management 19, Alangar,S.,C.Bathala and R.Rao. (1999). The effect of interests on the information. Journal of Research22,
6 Alvarez S and Gonzalez,Victor M,. (2000). Signalling and the Long-run Performance of Spanish Initial Public Offerings (IPOS). Journal of Business Finance & Accounting 32, Amihud,Y.,A.Hauser,A.and A Kirsh. (2003). Allocations, adverse selection, and cascades in IPOs: Evidence from the Tel Aviv Stock Exchange,. Journal of Financial Economics 68, Claessens,S.,Diankov,S.,& Lang,L.H.P. (2000). The separation of and control in East Asian Corporations. Journal of financial Economics,58(1/2), Dvch, A.,and L.Zingales. (2004). Private Benefits of Control: An International Comparison. Journal of Finance59, Jenkinson,T.and H.Jones. (2004). Bids and Allocations in European IPO Bookbuilding. Journal of Finance,vol.59, pp Kim,W,and M. S.Weisbach. (2008). Motivations for Public Equity Offers: An International Perspective. Journal of Financial Economics 87, Klapper,L.,L.Laeven,and R. G. Rajan. (2006). Entry Regulation as a Barrier to Entry. Journal of Financial Economics 82, Kumar, K. B., R. G. Rajan, and L. Zingales. (2008). What Determines Firm Size? Working paper W7208.National Bureau of Economic Research. La Porta, R., F. Lopez-de-Silanes, and A. Shleifer. (2006). What Works in Securities Laws? Journal of Finance 61, Rossi,S.,and P.Volpin. (2004). Cross-Country Determinants of Mergers and Acquisitions. Journal of Financial Economics 74, Spamann,H. (2008). "Law and Finance " Revisited. Working Paper,Harvard University. 183
The Relationship between Cash Flow and Financial Liabilities with the Unrelated Diversification in Tehran Stock Exchange
Journal of Accounting, Financial and Economic Sciences. Vol., 2 (5), 312-317, 2016 Available online at http://www.jafesjournal.com ISSN 2149-7346 2016 The Relationship between Cash Flow and Financial Liabilities
More informationAn Analysis of Anomalies Split To Examine Efficiency in the Saudi Arabia Stock Market
An Analysis of Anomalies Split To Examine Efficiency in the Saudi Arabia Stock Market Mohammed A. Hokroh MBA (Finance), University of Leicester, Business System Analyst Phone: +966 0568570987 E-mail: Mohammed.Hokroh@Gmail.com
More informationResearch on the Influence of Non-Tradable Share Reform on Cash Dividends in Chinese Listed Companies
Research on the Influence of Non-Tradable Share Reform on Cash Dividends in Chinese Listed Companies Fang Zou (Corresponding author) Business School, Sichuan Agricultural University No.614, Building 1,
More informationM&A Activity in Europe
M&A Activity in Europe Cash Reserves, Acquisitions and Shareholder Wealth in Europe Master Thesis in Business Administration at the Department of Banking and Finance Faculty Advisor: PROF. DR. PER ÖSTBERG
More informationEffect of Earnings Growth Strategy on Earnings Response Coefficient and Earnings Sustainability
European Online Journal of Natural and Social Sciences 2015; www.european-science.com Vol.4, No.1 Special Issue on New Dimensions in Economics, Accounting and Management ISSN 1805-3602 Effect of Earnings
More informationOwnership Structure and Capital Structure Decision
Modern Applied Science; Vol. 9, No. 4; 2015 ISSN 1913-1844 E-ISSN 1913-1852 Published by Canadian Center of Science and Education Ownership Structure and Capital Structure Decision Seok Weon Lee 1 1 Division
More informationPerformance of Initial Public Offerings in Public and Private Owned Firms of Pakistan. Henna and Attiya Yasmin Javid
Performance of Initial Public Offerings in Public and Private Owned Firms of Pakistan Henna and Attiya Yasmin Javid Introduction When any private company first time sells his stock to general public is
More informationThe Effective Factors in Abnormal Error of Earnings Forecast-In Case of Iran
The Effective Factors in Abnormal Error of Earnings Forecast-In Case of Iran Hamid Rasekhi Supreme Audit Curt of Mashhad, Iran Alireza Azarberahman (Corresponding author) Dept. of Accounting, Islamic Azad
More informationCorporate Governance, IPO (Initial Public Offering) Long Term Return in Malaysia
2012 International Conference on Economics, Business and Marketing Management IPEDR vol.29 (2012) (2012) IACSIT Press, Singapore Corporate Governance, IPO (Initial Public Offering) Long Term Return in
More informationThe Effect of Corporate Governance on Quality of Information Disclosure:Evidence from Treasury Stock Announcement in Taiwan
The Effect of Corporate Governance on Quality of Information Disclosure:Evidence from Treasury Stock Announcement in Taiwan Yue-Fang Wen, Associate professor of National Ilan University, Taiwan ABSTRACT
More informationHow Markets React to Different Types of Mergers
How Markets React to Different Types of Mergers By Pranit Chowhan Bachelor of Business Administration, University of Mumbai, 2014 And Vishal Bane Bachelor of Commerce, University of Mumbai, 2006 PROJECT
More informationAn Empirical Study about Catering Theory of Dividends: The Proof from Chinese Stock Market
Journal of Industrial Engineering and Management JIEM, 2014 7(2): 506-517 Online ISSN: 2013-0953 Print ISSN: 2013-8423 http://dx.doi.org/10.3926/jiem.1013 An Empirical Study about Catering Theory of Dividends:
More informationThe relationship between some corporate regulatory governance tools and economic and financial criteria used for performance evaluation
The relationship between some corporate regulatory governance tools and economic and financial criteria used for performance evaluation Ali Taheri Associate professor of Management Department, Tehran University,
More informationTobin s Q Model and Cash Flows from Operating and Investing Activities in Listed Companies in Iran
Zagreb International Review of Economics & Business, Vol. 12, No. 1, pp. 71-82, 2009 2009 Economics Faculty Zagreb All rights reserved. Printed in Croatia ISSN 1331-5609; UDC: 33+65 SHORT PAPER Tobin s
More informationCHAPTER 1: INTRODUCTION. Despite widespread research on dividend policy, we still know little about how
CHAPTER 1: INTRODUCTION 1.1 Purpose and Significance of the Study Despite widespread research on dividend policy, we still know little about how companies set their dividend policies. Researches about
More informationRESEARCH ARTICLE. Change in Capital Gains Tax Rates and IPO Underpricing
RESEARCH ARTICLE Business and Economics Journal, Vol. 2013: BEJ-72 Change in Capital Gains Tax Rates and IPO Underpricing 1 Change in Capital Gains Tax Rates and IPO Underpricing Chien-Chih Peng Department
More informationShort Term IPO Returns in Stock Exchange of Thailand: The Study in
Short Term IPO Returns in Stock Exchange of Thailand: The Study in 2003-2013 Marisa Laokulrach Abstract This study examines the short term performance of initial public offering (IPO) in capital market
More informationEVALUATION OF ABNORMAL RETURNS FROM ANNUAL PROFIT ANNOUNCEMENT IN TERMS OF THE CAPITAL MARKET BOOM AND RECESSION
EVALUATION OF ABNORMAL RETURNS FROM ANNUAL PROFIT ANNOUNCEMENT IN TERMS OF THE CAPITAL MARKET BOOM AND RECESSION Mohamed Hassan Janani 1 and * Sabah Saifolahy 2 1 Deprtment of Accounting, Tehran Branch,
More informationWhy Do Companies Choose to Go IPOs? New Results Using Data from Taiwan;
University of New Orleans ScholarWorks@UNO Department of Economics and Finance Working Papers, 1991-2006 Department of Economics and Finance 1-1-2006 Why Do Companies Choose to Go IPOs? New Results Using
More informationCompletely predictable and fully anticipated? Step ups in warrant exercise prices
Applied Economics Letters, 2005, 12, 561 565 Completely predictable and fully anticipated? Step ups in warrant exercise prices Luis Garcia-Feijo o a, *, John S. Howe b and Tie Su c a Department of Finance,
More informationImpact of Unemployment and GDP on Inflation: Imperial study of Pakistan s Economy
International Journal of Current Research in Multidisciplinary (IJCRM) ISSN: 2456-0979 Vol. 2, No. 6, (July 17), pp. 01-10 Impact of Unemployment and GDP on Inflation: Imperial study of Pakistan s Economy
More informationWhat Drives the Earnings Announcement Premium?
What Drives the Earnings Announcement Premium? Hae mi Choi Loyola University Chicago This study investigates what drives the earnings announcement premium. Prior studies have offered various explanations
More informationSeasonal Analysis of Abnormal Returns after Quarterly Earnings Announcements
Seasonal Analysis of Abnormal Returns after Quarterly Earnings Announcements Dr. Iqbal Associate Professor and Dean, College of Business Administration The Kingdom University P.O. Box 40434, Manama, Bahrain
More informationFamily Control and Leverage: Australian Evidence
Family Control and Leverage: Australian Evidence Harijono Satya Wacana Christian University, Indonesia Abstract: This paper investigates whether leverage of family controlled firms differs from that of
More informationMarketability, Control, and the Pricing of Block Shares
Marketability, Control, and the Pricing of Block Shares Zhangkai Huang * and Xingzhong Xu Guanghua School of Management Peking University Abstract Unlike in other countries, negotiated block shares have
More informationAdvances in Environmental Biology
AENSI Journals Advances in Environmental Biology Journal home page: http://www.aensiweb.com/aeb.html Investigating the Relationship between Profit Split Method and Stock Returns in the Pharmaceutical Industry
More informationIs there a significant connection between commodity prices and exchange rates?
Is there a significant connection between commodity prices and exchange rates? Preliminary Thesis Report Study programme: MSc in Business w/ Major in Finance Supervisor: Håkon Tretvoll Table of content
More informationASSESSING THE DETERMINANTS OF FINANCIAL DISTRESS IN FRENCH, ITALIAN AND SPANISH FIRMS 1
C ASSESSING THE DETERMINANTS OF FINANCIAL DISTRESS IN FRENCH, ITALIAN AND SPANISH FIRMS 1 Knowledge of the determinants of financial distress in the corporate sector can provide a useful foundation for
More informationDoes cost of common equity capital effect on financial decisions? Case study companies listed in Tehran Stock Exchange
Does cost of common equity capital effect on financial decisions? Case study companies listed in Tehran Stock Exchange Anna Ghasemzadeh * Department of accounting, Bandar Abbas Branch, Islamic Azad University,
More informationOWNERSHIP STRUCTURE AND THE QUALITY OF FINANCIAL REPORTING IN THAILAND: THE EMPIRICAL EVIDENCE FROM ACCOUNTING RESTATEMENT PERSPECTIVE
I J A B E Ownership R, Vol. 14, Structure No. 10 (2016): and the 6799-6810 Quality of Financial Reporting in Thailand: The Empirical 6799 OWNERSHIP STRUCTURE AND THE QUALITY OF FINANCIAL REPORTING IN THAILAND:
More informationA Survey of the Relation between Tobin's Q with Earnings Forecast Error and Economic Value Added in TSE
AENSI Journals Advances in Environmental Biology Journal home page: http://www.aensiweb.com/aeb.html A Survey of the Relation between Tobin's Q with Earnings Forecast Error and Economic Value Added in
More informationThe Influence of Underpricing to IPO Aftermarket Performance: Comparison between Fixed Price and Book Building System on the Indonesia Stock Exchange
International Journal of Economics and Financial Issues ISSN: 2146-4138 available at http: www.econjournals.com International Journal of Economics and Financial Issues, 2017, 7(4), 157-161. The Influence
More informationPRICE STABILIZATION AND IPO UNDERPRICING: AN EMPIRICAL STUDY IN THE INDONESIAN STOCK EXCHANGE
Journal of Indonesian Economy and Business Volume 29, Number 2, 2014, 129 141 PRICE STABILIZATION AND IPO UNDERPRICING: AN EMPIRICAL STUDY IN THE INDONESIAN STOCK EXCHANGE Suad Husnan, Mamduh M. Hanafi
More informationAccounting disclosure, value relevance and firm life cycle: Evidence from Iran
International Journal of Economic Behavior and Organization 2013; 1(6): 69-77 Published online February 20, 2014 (http://www.sciencepublishinggroup.com/j/ijebo) doi: 10.11648/j.ijebo.20130106.13 Accounting
More informationAdvances in Environmental Biology
AENSI Journals Advances in Environmental Biology ISSN-1995-756 EISSN-1998-166 Journal home page: http://www.aensiweb.com/aeb.html Study the Relationship between the Quality of Financial Reporting and Investment
More informationInvestor Reaction to the Stock Gifts of Controlling Shareholders
Investor Reaction to the Stock Gifts of Controlling Shareholders Su Jeong Lee College of Business Administration, Inha University #100 Inha-ro, Nam-gu, Incheon 212212, Korea Tel: 82-32-860-7738 E-mail:
More informationJ. Life Sci. Biomed. 4(1): 57-63, , Scienceline Publication ISSN
ORIGINAL ARTICLE Received 11 Sep. 2013 Accepted 28Nov. 2013 JLSB Journal of J. Life Sci. Biomed. 4(1): 57-63, 2014 2014, Scienceline Publication Life Science and Biomedicine ISSN 2251-9939 Relationship
More informationConcentration of Ownership in Brazilian Quoted Companies*
Concentration of Ownership in Brazilian Quoted Companies* TAGORE VILLARIM DE SIQUEIRA** Abstract This article analyzes the causes and consequences of concentration of ownership in quoted Brazilian companies,
More informationManagement Science Letters
Management Science Letters 4 (2014) 591 596 Contents lists available at GrowingScience Management Science Letters homepage: www.growingscience.com/msl Investigating the effect of adjusted DuPont ratio
More informationRelationship between Some Opportunistic Behavior Criteria of Managers and the Profitability of Firms in the Tehran Stock Exchange
2013, TextRoad Publication ISSN 2090-4304 Journal of Basic and Applied Scientific Research www.textroad.com Relationship between Some Opportunistic Behavior Criteria of Managers and the Profitability of
More informationDOES IPO GRADING POSITIVELY INFLUENCE RETAIL INVESTORS? A QUANTITATIVE STUDY IN INDIAN CAPITAL MARKET
DOES IPO GRADING POSITIVELY INFLUENCE RETAIL INVESTORS? A QUANTITATIVE STUDY IN INDIAN CAPITAL MARKET Abstract S.Saravanan, Research Scholar, Sathyabama University, Chennai Dr.R.Satish, Associate Professor,
More informationSyndicate Size In Global IPO Underwriting Demissew Diro Ejara, ( University of New Haven
Syndicate Size In Global IPO Underwriting Demissew Diro Ejara, (E-mail: dejara@newhaven.edu), University of New Haven ABSTRACT This study analyzes factors that determine syndicate size in ADR IPO underwriting.
More informationExamination the Relationship between Share Price and the Effective Delivery Date of Divided in Listed Companies through Tehran (IRAN) Stock Market
2012, TextRoad Publication ISSN 2090-4304 Journal of Basic and Applied Scientific Research www.textroad.com Examination the Relationship between Share Price and the Effective Delivery Date of Divided in
More informationThe Associations of Cash Flows and Earnings with Firm. Performance: An International Comparison
The Associations of Cash Flows and Earnings with Firm Performance: An International Comparison Shin-Rong Shiah-Hou * Chin-Wen Hsiao ** Department of Finance, Yuan Ze University, Taiwan Abstract This paper
More informationExchange Rate Regimes and Trade Deficit A case of Pakistan
Advances in Management & Applied Economics, vol. 6, no. 5, 2016, 67-78 ISSN: 1792-7544 (print version), 1792-7552(online) Scienpress Ltd, 2016 Exchange Rate Regimes and Trade Deficit A case of Pakistan
More informationSTOCK PRICE, LIQUIDITY, OWNERSHIP, AND FIRM PERFORMANCE: EVIDENCES FROM MINIMUM PUBLIC SHAREHOLDING REGULATION IN INDIA
COVER PAGE STOCK PRICE, LIQUIDITY, OWNERSHIP, AND FIRM PERFORMANCE: EVIDENCES FROM MINIMUM PUBLIC SHAREHOLDING REGULATION IN INDIA A THESIS SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE
More informationAn Empirical Analysis on the Management Strategy of the Growth in Dividend Payout Signal Transmission Based on Event Study Methodology
International Business and Management Vol. 7, No. 2, 2013, pp. 6-10 DOI:10.3968/j.ibm.1923842820130702.1100 ISSN 1923-841X [Print] ISSN 1923-8428 [Online] www.cscanada.net www.cscanada.org An Empirical
More informationMERGERS AND ACQUISITIONS: THE ROLE OF GENDER IN EUROPE AND THE UNITED KINGDOM
) MERGERS AND ACQUISITIONS: THE ROLE OF GENDER IN EUROPE AND THE UNITED KINGDOM Ersin Güner 559370 Master Finance Supervisor: dr. P.C. (Peter) de Goeij December 2013 Abstract Evidence from the US shows
More informationAssessing SHAH Model Performance-Based Budgeting (PBB) Possibility Case Study: Shiraz Municipality
Research Journal of Applied Sciences, Engineering and Technology 6(1): 43-48, 2013 ISSN: 2040-7459; e-issn: 2040-7467 Maxwell Scientific Organization, 2013 Submitted: September 13, 2012 Accepted: October
More informationQuality of Financial Information and stock liquidation
Quality of Financial Information and stock liquidation Heydar Mohamad Zade Salte Department of Accounting, Islamic Azad University, Tabriz, Iran. Mohammad Reza Bagherlo Department of Accounting, Islamic
More informationFlipping Activity in Fixed Offer Price mechanism allocated. IPO s
Flipping Activity in Fixed Offer Price mechanism allocated IPO s DIMITRIOS GOUNOPOULOS 1 (School of Management University of Surrey) Guildford, Surrey GU2 7XH, United Kingdom January 2006 1 I am greatful
More informationBank Characteristics and Payout Policy
Asian Social Science; Vol. 10, No. 1; 2014 ISSN 1911-2017 E-ISSN 1911-2025 Published by Canadian Center of Science and Education Bank Characteristics and Payout Policy Seok Weon Lee 1 1 Division of International
More informationCORPORATE ANNOUNCEMENTS OF EARNINGS AND STOCK PRICE BEHAVIOR: EMPIRICAL EVIDENCE
CORPORATE ANNOUNCEMENTS OF EARNINGS AND STOCK PRICE BEHAVIOR: EMPIRICAL EVIDENCE By Ms Swati Goyal & Dr. Harpreet kaur ABSTRACT: This paper empirically examines whether earnings reports possess informational
More informationTHE STUDY OF RELATIONSHIP BETWEEN UNEXPECTED PROFIT AND SHARES RETURN IN ACCEPTED COMPANIES LISTED IN TEHRAN STOCK EXCHANGE
: 953-963 ISSN: 2277 4998 THE STUDY O RELATIONSHIP BETWEEN UNEXPECTED PROIT AND SHARES RETURN IN ACCEPTED COMPANIES LISTED IN TEHRAN STOCK EXCHANGE HOUSHANG SHAJARI * AND ATEMEH KHAKINAHAD 2 : Department
More informationThe Benefits of Market Timing: Evidence from Mergers and Acquisitions
The Benefits of Timing: Evidence from Mergers and Acquisitions Evangelos Vagenas-Nanos University of Glasgow, University Avenue, Glasgow, G12 8QQ, UK Email: evangelos.vagenas-nanos@glasgow.ac.uk Abstract
More informationIMPACT OF MERGER ON FIRM PERFORMANCE AND SHAREHOLDER WEALTH: A STUDY OF ICICI BANK & BANK OF RAJASTHAN
IMPACT OF MERGER ON FIRM PERFORMANCE AND SHAREHOLDER WEALTH: A STUDY OF ICICI BANK & BANK OF RAJASTHAN Noufal Ck, Research Scholar, Department of Commerce, Mangalore University, Mangalore, Karnataka, India.
More informationJournal Of Financial And Strategic Decisions Volume 9 Number 3 Fall 1996 THE JANUARY SIZE EFFECT REVISITED: IS IT A CASE OF RISK MISMEASUREMENT?
Journal Of Financial And Strategic Decisions Volume 9 Number 3 Fall 1996 THE JANUARY SIZE EFFECT REVISITED: IS IT A CASE OF RISK MISMEASUREMENT? R.S. Rathinasamy * and Krishna G. Mantripragada * Abstract
More informationPrerequisites for modeling price and return data series for the Bucharest Stock Exchange
Theoretical and Applied Economics Volume XX (2013), No. 11(588), pp. 117-126 Prerequisites for modeling price and return data series for the Bucharest Stock Exchange Andrei TINCA The Bucharest University
More informationDoes Calendar Time Portfolio Approach Really Lack Power?
International Journal of Business and Management; Vol. 9, No. 9; 2014 ISSN 1833-3850 E-ISSN 1833-8119 Published by Canadian Center of Science and Education Does Calendar Time Portfolio Approach Really
More informationDo VCs Provide More Than Money? Venture Capital Backing & Future Access to Capital
LV11066 Do VCs Provide More Than Money? Venture Capital Backing & Future Access to Capital Donald Flagg University of Tampa John H. Sykes College of Business Speros Margetis University of Tampa John H.
More informationAc. J. Acco. Eco. Res. Vol. 3, Issue 5, , 2014 ISSN:
2014, World of Researches Publication Ac. J. Acco. Eco. Res. Vol. 3, Issue 5, 479-487, 2014 ISSN: 2333-0783 Academic Journal of Accounting and Economics Researches www.worldofresearches.com The Investigate
More informationUnder pricing in initial public offering
AMERICAN JOURNAL OF SOCIAL AND MANAGEMENT SCIENCES ISSN Print: 2156-1540, ISSN Online: 2151-1559, doi:10.5251/ajsms.2011.2.3.316.324 2011, ScienceHuβ, http://www.scihub.org/ajsms Under pricing in initial
More informationThe mathematical model of portfolio optimal size (Tehran exchange market)
WALIA journal 3(S2): 58-62, 205 Available online at www.waliaj.com ISSN 026-386 205 WALIA The mathematical model of portfolio optimal size (Tehran exchange market) Farhad Savabi * Assistant Professor of
More informationThe Relationship between Financial Capital and Abnormal Yield in Newly- Arrived Companies in Tehran Stock Exchange
ORIGINAL ARTICLE Received 12 Dec. 2013 Accepted 26 Feb. 2014 2014, Science-Line Publication www.science-line.com ISSN: 2322-4770 Journal of Educational and Management Studies J. Educ. Manage. Stud.,4 (2):
More informationSurveying Different Stages of Company Life Cycle on Capital Structure (Case Study: Production companies listed in Tehran stock exchange)
International Journal of Basic Sciences & Applied Research. Vol., 3 (10), 721-725, 2014 Available online at http://www.isicenter.org ISSN 2147-3749 2014 Surveying Different Stages of Company Life Cycle
More informationTechnical analysis of selected chart patterns and the impact of macroeconomic indicators in the decision-making process on the foreign exchange market
Summary of the doctoral dissertation written under the guidance of prof. dr. hab. Włodzimierza Szkutnika Technical analysis of selected chart patterns and the impact of macroeconomic indicators in the
More informationThe Ownership Structure and the Performance of the Polish Stock Listed Companies
18 Anna Blajer-Gobiewska The Ownership Structure and the Performance of the Polish Stock Listed Companies,, pp. 18-27. The Ownership Structure and the Performance of the Polish Stock Listed Companies Scientific
More informationWinner s Curse in Initial Public Offering Subscriptions with Investors Withdrawal Options
Asia-Pacific Journal of Financial Studies (2010) 39, 3 27 doi:10.1111/j.2041-6156.2009.00001.x Winner s Curse in Initial Public Offering Subscriptions with Investors Withdrawal Options Dennis K. J. Lin
More informationTobin's Q and the Gains from Takeovers
THE JOURNAL OF FINANCE VOL. LXVI, NO. 1 MARCH 1991 Tobin's Q and the Gains from Takeovers HENRI SERVAES* ABSTRACT This paper analyzes the relation between takeover gains and the q ratios of targets and
More informationThe effect of sales growth on the determinants of capital structure of listed companies in Tehran Stock Exchange
Australian Journal of Basic and Applied Sciences, 7(2): 306311, 2013 ISSN 19918178 The effect of sales growth on the determinants of capital structure of listed companies in Tehran Stock Exchange 1 Mahnazmahdavi,
More informationPersonal income, stock market, and investor psychology
ABSTRACT Personal income, stock market, and investor psychology Chung Baek Troy University Minjung Song Thomas University This paper examines how disposable personal income is related to investor psychology
More informationA study of the relative and incremental information content of financial statements in forecasting stock price: Iranian evidence
African Journal of Business Management Vol. 6(23), pp. 6845-6852, 13 June, 2012 Available online at http://www.academicjournals.org/ajbm DOI: 10.5897/AJBM11.1511 ISSN 1993-8233 2012 Academic Journals Full
More informationAnalysis of Market Reaction Around the Bonus Issues in Indian Market
Analysis of Market Reaction Around the Bonus Issues in Indian Market Dhanya Alex Ph.D Associate Professor, FISAT Business School, Mookkannoor, Angamaly, Kochi, PO Box 683577, India Abstract When the companies
More informationDay-of-the-Week and the Returns Distribution: Evidence from the Tunisian Stock Market
The Journal of World Economic Review; Vol. 6 No. 2 (July-December 2011) pp. 163-172 Day-of-the-Week and the Returns Distribution: Evidence from the Tunisian Stock Market Abderrazak Dhaoui * * University
More informationEvaluating the Actual Cost of Installment Sales Using Activity-Based Costing Case Study: Bank Hekmat Iranian
Cumhuriyet Üniversitesi Fen Fakültesi Fen Bilimleri Dergisi (CFD), Cilt:36, No: 3 Ozel Sayı (2015) ISSN: 1300-1949 Cumhuriyet University Faculty of Science Science Journal (CSJ), Vol. 36, No: 3 Special
More informationExplaining the relationship between accounting conservatism and cost of capital in listed companies in Tehran stock exchange
European Online Journal of Natural and Social Sciences 2013; vol.2, No.3 (s), pp. 610-615 ISSN 1805-3602 www.european-science.com Explaining the relationship between accounting conservatism and cost of
More informationIndustry Volatility and Workers Demand for Collective Bargaining
Industry Volatility and Workers Demand for Collective Bargaining Grant Clayton Working Paper Version as of December 31, 2017 Abstract This paper examines how industry volatility affects a worker s decision
More informationThe UK Listing Rules and Firm Valuation. Susanne Leitterstorf and Christian Winkler
The UK Listing Rules and Firm Valuation Susanne Leitterstorf and Christian Winkler 1 Outline Background: policy and literature review Methodology Results and interpretation Conclusions 2 Policy Background
More information"inside" shareholders play a more important role in large continental European companies than in their U.S. counterparts, where shares are held by shi
Puzzles on Comparative Corporate Governance: Rethinking the Linkage between Law and Ownership Preliminary February 13, 2016 Hideki Kanda/*/ I. Introduction Two familiar inquiries in the comparative study
More informationVolume 29, Issue 3. A new look at the trickle-down effect in the united states economy
Volume 9, Issue 3 A new look at the trickle-down effect in the united states economy Yuexing Lan Auburn University Montgomery Charles Hegji Auburn University Montgomery Abstract This paper is a further
More informationThe Effect of Accounting Information on Stock Price Predictions Through Fluctuation of Stock Price, Evidence From Indonesia
Journal of Accounting, Business and Finance Research ISSN: 2521-3830 Vol. 4, No. 1, pp. 20-27, 2018 DOI: 10.20448/2002.41.20.27 The Effect of Accounting Information on Stock Price Predictions Through Fluctuation
More informationLeverage Buyout Activity: A Tale of Developed and Developing Economies ( Preliminary and not to be Quoted). ABSTRACT
Leverage Buyout Activity: A Tale of Developed and Developing Economies ( Preliminary and not to be Quoted). ABSTRACT In this study we explain and compare the returns on Leveraged Buyouts (LBOs) in developed
More informationEconomic Growth and Convergence across the OIC Countries 1
Economic Growth and Convergence across the OIC Countries 1 Abstract: The main purpose of this study 2 is to analyze whether the Organization of Islamic Cooperation (OIC) countries show a regional economic
More informationIPO Underpricing in Hong Kong GEM
IPO Underpricing in Hong Kong GEM by Xisheng Wang A research project submitted in partial fulfillment of the requirements for the degree of Master of Finance Saint Mary s University Copyright Xisheng Wang
More informationUnderwriter s Discretion and Pricing of Initial Public Offerings
International Journal of Business Management and Economics Research. ISSN 2349-2333 Volume 2, Number 2 (2015), pp. 107-122 International Research Publication House http://www.irphouse.com Underwriter s
More informationThe Relationship between Cash Holdings and the Quality of Internal Control over Financial Reporting of Listed Companies in Tehran Stock Exchange
Journal of Accounting, Financial and Economic Sciences. Vol., 2 (3), 142-147, 2016 Available online at http://www.jafesjournal.com ISSN 2149-7346 2016 The Relationship between Cash Holdings and the Quality
More informationThe Effect of Financial Constraints, Investment Policy and Product Market Competition on the Value of Cash Holdings
The Effect of Financial Constraints, Investment Policy and Product Market Competition on the Value of Cash Holdings Abstract This paper empirically investigates the value shareholders place on excess cash
More informationSome Characteristics of Data
Some Characteristics of Data Not all data is the same, and depending on some characteristics of a particular dataset, there are some limitations as to what can and cannot be done with that data. Some key
More informationThe study of enhanced performance measurement of mutual funds in Asia Pacific Market
Lingnan Journal of Banking, Finance and Economics Volume 6 2015/2016 Academic Year Issue Article 1 December 2016 The study of enhanced performance measurement of mutual funds in Asia Pacific Market Juzhen
More informationRevisiting Idiosyncratic Volatility and Stock Returns. Fatma Sonmez 1
Revisiting Idiosyncratic Volatility and Stock Returns Fatma Sonmez 1 Abstract This paper s aim is to revisit the relation between idiosyncratic volatility and future stock returns. There are three key
More informationINTERNATIONAL JOURNAL OF HUMANITIES AND CULTURAL STUDIES ISSN
Investigating the Factors Impacting on the Implementation of the Operating Budget Regarding Activity-Based Costing in the Ministry of Economic Affairs and Finance Saeid Azimi Financial Management, Institution
More informationEXPECTED AND ACTUAL PROCEEDS FROM SHARE ISSUE ON THE WARSAW STOCK EXCHANGE
EXPECTED AND ACTUAL PROCEEDS FROM SHARE ISSUE ON THE WARSAW STOCK EXCHANGE Anna Wawryszuk-Misztal Maria Curie Skłodowska University, Poland anna.w-misztal@wp.pl Abstract: The paper aims to assess the impact
More informationSecrecy in Pricing of Initial Public Offering. An Empirical Review of Nairobi Securities Exchange
IOSR Journal of Business and Management (IOSR-JBM) e-issn: 2278-487X, p-issn: 2319-7668. Volume 19, Issue 7. Ver. II (July 2017), PP 55-59 www.iosrjournals.org Secrecy in Pricing of Initial Public Offering.
More informationThe Accounting and Economic Effects of Currency Translation Standards: AASB 1012 vs. AASB 121
Griffith Research Online https://research-repository.griffith.edu.au The Accounting and Economic Effects of Currency Translation Standards: AASB 1012 vs. AASB 121 Author Huang, Allen, Vlady, Svetlana Published
More informationDETERMINANTS OF SUCCESSFUL TECHNOLOGY TRANSFER
DETERMINANTS OF SUCCESSFUL TECHNOLOGY TRANSFER Stephanie Chastain Department of Economics Warrington College of Business Administration University of Florida April 2, 2014 Determinants of Successful Technology
More informationR&D and Stock Returns: Is There a Spill-Over Effect?
R&D and Stock Returns: Is There a Spill-Over Effect? Yi Jiang Department of Finance, California State University, Fullerton SGMH 5160, Fullerton, CA 92831 (657)278-4363 yjiang@fullerton.edu Yiming Qian
More informationConstruction of Investor Sentiment Index in the Chinese Stock Market
International Journal of Service and Knowledge Management International Institute of Applied Informatics 207, Vol., No.2, P.49-6 Construction of Investor Sentiment Index in the Chinese Stock Market Yuxi
More informationThe Geography of Institutional Investors, Information. Production, and Initial Public Offerings. December 7, 2016
The Geography of Institutional Investors, Information Production, and Initial Public Offerings December 7, 2016 The Geography of Institutional Investors, Information Production, and Initial Public Offerings
More informationAccruals and Value/Glamour Anomalies: The Same or Related Phenomena?
Accruals and Value/Glamour Anomalies: The Same or Related Phenomena? Gary Taylor Culverhouse School of Accountancy, University of Alabama, Tuscaloosa AL 35487, USA Tel: 1-205-348-4658 E-mail: gtaylor@cba.ua.edu
More informationThe relationship between liquidity and the company size with company value in companies listed on the Tehran Stock Exchange
European Online Journal of Natural and Social Sciences 2013; vol.2, No. 3(s), pp. 1210-1217 ISSN 1805-3602 www.european-science.com The relationship between liquidity and the company size with company
More information