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Langfristige Renditeentwicklung nach Börseneinführungen und Kapitalerhöhungen am polnischen KapitalmarktZielinski, Kamil 05 November 2013 (has links)
Die vorliegende Studie entstand, um die langfristige Renditeentwicklung polnischer Aktien nach Börseneinführungen und Kapitalerhöhungen in den Jahren 1994-2008 zu untersuchen. Ein besonderes Augenmerk richtet sich dabei auf die Erkennung und Analyse der performancerelevanten Unternehmenseigenschaften sowie auf die Erklärung der festgestellten Marktanomalien mit Hilfe ausgewählter Modellansätze. Die empirischen Analysen wurden aus dem Blickwinkel eines Kleininvestors durchgeführt, wodurch die meisten Ergebnisse, neben dem wissenschaftlichen Wert, eine hohe Praxisrelevanz besitzen. Die Untersuchung von insgesamt 263 Börseneinführungen ergab, dass die Emissionsrenditen der meisten Aktien zwar signifikant positiv waren, längerfristig bauten sie sich aber ab. Am Ende des 36-sten Notierungsmonats wiesen sie insgesamt eine starke Underperformance auf. Dabei entwickelten sich die langfristigen marktbereinigten IPO-Renditen in den 90-er Jahren wesentlich schlechter, als nach der Jahrhundertwende. Die Analyse des Kursverhaltens nach 157 Kapitalerhöhungen durch Aktien- und Bezugsrechtsemissionen zeigte, dass innerhalb der dreijährigen Halteperiode die Performance der betrachteten Stichprobe von der Rendite des Gesamtmarktes nur geringfügig abweichte. Dabei entwickelten sich die Kurse von Aktien der kleineren Firmen wesentlich schlechter, als die Aktienkurse der hochkapitalisierten Unternehmen. / This study investigates the long-term stock return after initial public offerings and seasoned equity offerings occurred between 1994 and 2008. A particular attention is being paid to the identification and analysis of performance-relevant issuing firm characteristics and the explanation of the identified market anomalies by means of the preselected explanatory models. Since the empirical study was carried out from the small investor’s perspective, the majority of the obtained results provide not only a considerable scientific value, but also a strong relevance to the actual practice. The study examined 263 IPOs of common stocks and found an overwhelmingly positive initial return. However, this return vanished gradually on the long run, resulting in a high overall underperformance in 36 months after the first listing. In this respect, it is remarkable that the long-term returns of the IPO-stocks issued in the 1990s proved considerably lower than of those placed after 2000. The examination of the long-term stock price behaviour after 157 SEOs reveals only a tiny difference between the performance of the sample and the overall market return. Noteworthy is however the fact that equity issues conducted by smaller firms led usually to significantly poorer stock performance, than when equity was offered by large capitalized companies.
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[pt] EMISSÕES SECUNDÁRIAS DE CAPITAL NO BRASIL: O IMPACTO DO MÉTODO DE ESFORÇOS RESTRITOS SOBRE OS CUSTOS DIRETOS E INDIRETOS / [en] SEASONED EQUITY OFFERINGS IN BRAZIL: THE IMPACT OF RESTRICTED EFFORTS METHOD ON DIRECT AND INDIRECT COSTSEDUARDO HENRIQUE DE FREITAS 22 September 2022 (has links)
[pt] Em 2014, a Comissão de Valores Mobiliários incluiu as ofertas de capital na instrução regulotória para emissões via esforços restritos, permitindo
às empresas ofertar suas ações por meio de procedimentos mais simples e
rápidos, revelando menos informação para o mercado. Por sua vez, as firmas que escolhem esse método de emissão são autorizadas a vender as novas
ações para um grupo constituído por não mais que 50 investidores qualificados. Desde que as novas regras entraram em vigor, quase todas as emissões
de capital secundárias feitas por empresas listadas em bolsa se deram pelo
método de esforços restritos. Neste trabalho, estudamos o impacto do novo
cenário regulatório sobre dois tipos de custos associados às emissões secundárias de capital: o primeiro, indireto, é o efeito dos anúncios de oferta no
preço das ações das empresas emissoras. Um estudo de eventos mostra que
os retornos anormais numa janela de três dias ao redor da data de anúncio
são, em média, 3,23 pontos percentuais mais altos quando a firma emite capital via esforços restritos em vez do método tradicional. O segundo tipo de
custo, o direto, consiste nas comissões pagas aos coordenadores da oferta e
outras despesas. Sob esforços restritos, esses dispêndios (como porcentagem
do total levantado pela oferta) são, em média, 1,01 pontos percentuais mais
baixos que aqueles incorridos em ofertas feitas sob as regras tradicionais.
Argumentamos que a redução nos dois tipos de custos se deve (ao menos
parcialmente) à mitigação da assimetria de informação proporcionada pelo
novo método de emissão. / [en] In 2014, the Brazilian Securities and Exchange Commission included
equity offerings in the restricted efforts regulatory instruction, allowing
firms to issue equity through simpler, faster procedures, disclosing less
information to the market. In turn, firms choosing that issuance method
are allowed to sell their new shares to a group consisting of no more than 50
qualified investors. Since the new rules came into force, almost all seasoned
equity offerings carried out by listed companies took place under restricted
efforts. In this work, we study the impact of the new regulatory setting on
two types of costs regarding seasoned equity offerings: the first, an indirect
one, is the effect of offering announcements on the issuer s stock price. An
event study shows that abnormal returns in a three-day window around
the announcement are, on average, 3.23 percentage points higher when
the company issues equity under restricted efforts rather than traditional
rules. The second type of cost, the direct one, consists of fees paid to the
underwriters and other expenses. Under restricted efforts, those fees (as
a percentage of total offering proceeds) are, on average, 1.01 percentage
point lower than fees charged in the offerings that follow the traditional
procedures. We argue that the reduction in the two types of costs is due (at
least partially) to the mitigation of information asymmetry provided by the
new issuance method.
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