Pre-market decisions and long-run price performance of initial public offerings in NYSE and NASDAQ
Başlık çevirisi mevcut değil.
- Tez No: 402502
- Danışmanlar: PROF. KENNETH BEITLER
- Tez Türü: Yüksek Lisans
- Konular: Ekonomi, İşletme, Economics, Business Administration
- Anahtar Kelimeler: initial public offerings, long-run performance, financial crisis, underwriter decisions
- Yıl: 2014
- Dil: İngilizce
- Üniversite: New York University
- Enstitü: Yurtdışı Enstitü
- Ana Bilim Dalı: Belirtilmemiş.
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: 173
Özet
Özet yok.
Özet (Çeviri)
The amount of capital raised from the initial public offerings (IPO) market has tripled in the past 10 years (EY Global Limited, 2013; Renaissance, 2014). Aftermarket performance of these stocks largely depends on the investor perceptions about the quality of the new issues, which are signaled by the pre-market decisions, and the availability of investable resources. The study investigated the influence of pre-market decisions including share price related decisions, financial and operational maturity related questions and underwriter selection decisions on the long-run price performance of 607 NYSE and NASDAQ IPOs in the pre- and post-2008 global financial crisis environment. Using a longitudinal quantitative design, it also analyzed the impact of 2008 global financial crisis to the initial, short-run and long-run price performance of IPOs. The study documented the influence of share price, offer rate, market capitalization, company age, profitability and auditor selection on the long-run price performance at varying magnitudes and directions. Also, the research exhibited the impact of the 2008 financial crisis on the relationship between pre-market factors, including stock exchange decision, company age and profitability; and aftermarket price performance of IPOs. The study showed that the price performance of IPOs in the data set increased over the investment horizon, which opposes the majority of studies in the literature. However, this outlook changed after the financial crisis, as the post-crisis period reported positive initial and short-run price performance, and negative long-run price performance, which is in line with the literature. Therefore, the researcher argued that the 2008 financial crisis corrects the aberrations in the pre-crisis IPO market. The findings of the research presented original conclusions for the impact of the financial crisis on the IPO markets to the body of knowledge. Additionally, the research provided IPO market analysis from the financial crisis period for the pre-market decision-making processes of IPO-issuing companies, underwriters, investors, auditors, and market researchers.
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