Univ., Diss.--Köln, 2003.

Bachelor-Arbeit Univ. St. Gallen, 2005.

Capital market is an important part of the economy. Its development undoubtedly influences efficiency of the economy and thus the overall development of the country. This master thesis analyze the process of initial public offering ("IPO") in the Czech Republic, because I believe that IPO can significantly help to develop capital market and thus the entire economy. I analyze the IPO process in terms of the main factors that affect the value of issued shares and through it the basic objective of the joint-stock company in IPO, to maximize equity gained from the process of going public. The analysis shows that significant weaknesses in the Czech regulation have been removed and the IPO process is regulated on the same level and in the same extend as in other EU countries. However, IPO remains an option that many companies do not involve in their strategic planning because of its complexity and high costs. Thorough preparation and analysis of legal options of how to go public in the legal environment can maximize profits from the issue and, moreover, it contributes to achieving higher long-term profits.

[pt] O objetivo deste trabalho é determinar o melhor timing para a abertura de capital de empresas fechadas. Empresas fechadas detêm a opção de abertura de capital por tempo indeterminado deixando a decisão nas mãos do empreendedor ou do corpo administrativo. A aplicação da teoria de opções reais neste contexto tem como objetivo valorar a flexibilidade da administração em um ambiente dinâmico, no qual métodos tradicionais falham. O momento ideal para lançamento de ações no mercado primário torna-se viável a partir de certo estágio de vida da firma e, a partir deste momento, busca-se o momento mais oportuno para a captação. Sabendo que os preços das ações são variáveis estocásticas e seguem um Movimento Geométrico Browniano, a Simulação de Monte Carlo é capaz de gerar os preços de ações futuros para a tomada de decisão e valoração da opção de espera no tempo corrente. Neste cenário, o gestor tenderá a esperar choques positivos nos preços antes de lançar ações e, como consequência, o período ótimo de exercício da opção de abertura de capital deve ocorrer após aumentos anormais nos preços das ações. Seja o motivo principal do lançamento dar liquidez às ações ou financiar investimentos, o benefício da abertura deverá ser maior do que o valor da opção de espera. / [en] The purpose of this study is to identify the best timing for private firms to go public. Private firms possess an option to go public at the time their managers believe it would be a valuable strategy. In the same way, exchange traded companies also have the option of issuing more equities or even taking them over. In this sense, the theory of real options can be applied in order to value management flexibility in an uncertain and dynamic ambience in which traditional methods such as net present value fail to evaluate investments. For the management team, the more uncertain the market is, the more value it adds to the option to wait and postpone the issuance. Given that stock prices fluctuate randomly over time and follow the Geometric Brownian Motion, the Monte Carlo Simulation provides the forecasted stock prices to help the decision making process and also to value the timing option. Therefore, the entrepreneur is willing to wait for positive price shocks before taking the firm public. As a consequence of optimally exercising the timing option IPOs should occur after abnormal price increases. Any firm contemplating an IPO should factor the timing option into the decision. The main reason for the IPO can be either capital raising or the desire to increase the shares’ liquidity but, in all cases, the benefit of going public should be greater than the value of the timing option and issuing shares from private equity.

Made available in DSpace on 2015-12-03T18:33:09Z (GMT). No. of bitstreams: 1 Luciana_Maia_Campos_Machado.pdf: 1574359 bytes, checksum: cabec8c037b6327cf603054ec242e15d (MD5) Previous issue date: 2014-06-24 / When compared to other Brazilian companies traded at BOVESPA, real estate listed companies, in the period 2005-2013, had a sharp drop in market value. In this period, the years of 2006 and 2007 were marked by particularly strong concentration of IPOs in the Brazilian market, and in the same way that other companies, real estate companies turned to the stock market in an unusual high frequency to finance their operations. Specifically in the real estate industry, a high percentage of companies went public in these two years: 60% of all companies in the sector. Studies on the annomalies due to IPOs usually address the undervaluation of the issuing companies, the concentrated emission at hot market times (Market Timing) and the poor performance of stocks and operations of these companies in the long run. Thus, this work aimed to investigate whether there was a relationship between the poor performance of the real estate industry in the Brazilian market and the significant number of IPOs that companies of this sector performed. For this purpose, non-financial companies from all sectors traded at BOVESPA were studied, comparing the market value divided by total assets of the companies that went public in the period with companies that was already traded. Furthermore, the behavior of the same indicator for real estate developers was contrasted with other sectors. In order to isolate any other incident effects on the test variable, different panel data regressions were estimated, controlling for risk, size, profitability, growth, years and sectors. Empirical evidence suggests that the poor performance observed in the real estate developers would be linked to the unusually high incidence of IPOs in the sector in the period, not to any particularities of these companies, directing the results primarily to issues of Market Timing in the IPO market timing, not to any operational difficulties in the real statebusiness. / When compared to other Brazilian companies traded at BOVESPA, real estate listed companies, in the period 2005-2013, had a sharp drop in market value. In this period, the years of 2006 and 2007 were marked by particularly strong concentration of IPOs in the Brazilian market, and in the same way that other companies, real estate companies turned to the stock market in an unusual high frequency to finance their operations. Specifically in the real estate industry, a high percentage of companies went public in these two years: 60% of all companies in the sector. Studies on the annomalies due to IPOs usually address the undervaluation of the issuing companies, the concentrated emission at hot market times (Market Timing) and the poor performance of stocks and operations of these companies in the long run. Thus, this work aimed to investigate whether there was a relationship between the poor performance of the real estate industry in the Brazilian market and the significant number of IPOs that companies of this sector performed. For this purpose, non-financial companies from all sectors traded at BOVESPA were studied, comparing the market value divided by total assets of the companies that went public in the period with companies that was already traded. Furthermore, the behavior of the same indicator for real estate developers was contrasted with other sectors. In order to isolate any other incident effects on the test variable, different panel data regressions were estimated, controlling for risk, size, profitability, growth, years and sectors. Empirical evidence suggests that the poor performance observed in the real estate developers would be linked to the unusually high incidence of IPOs in the sector in the period, not to any particularities of these companies, directing the results primarily to issues of Market Timing in the IPO market timing, not to any operational difficulties in the real statebusiness. / Quando comparadas ??s demais empresas brasileiras de capital aberto negociadas na BOVESPA, as incorporadoras imobili??rias apresentaram, no per??odo de 2005 a 2013, acentuada queda no valor de mercado. Neste intervalo, os anos de 2006 e 2007 foram notadamente marcados por forte concentra????o de IPOs no mercado brasileiro, e da mesma forma que outras empresas, as incorporadoras imobili??rias recorreram com frequ??ncia pouco usual ao mercado acion??rio para financiamento de suas opera????es. Especificamente no setor de incorpora????o imobili??ria, um percentual elevado de empresas abriu capital nestes dois anos: 60% do total de empresas do setor listadas na BOVESPA. Estudos sobre anomalias decorrentes da abertura de capital costumam abordar a subavalia????o das empresas emissoras, a concentra????o das emiss??es em momentos de alta (Market Timing) e o fraco desempenho das a????es e opera????es destas empresas no longo prazo. Assim, esta disserta????o teve como objetivo principal investigar se houve rela????o entre o fraco desempenho do setor de incorpora????o imobili??ria no mercado acion??rio brasileiro com a expressiva quantidade de IPOs que as empresas que comp??em o setor realizaram. Com este objetivo, foram estudadas empresas n??o financeiras de todos os setores negociadas na BOVESPA, comparando-se o valor de mercado sobre ativo total das empresas que abriram capital no per??odo com o de empresas que j?? possu??am capital aberto. Ademais, verificou-se o comportamento do mesmo indicador para incorporadoras imobili??rias, contrastando-as com empresas de outros setores. Com a finalidade de isolar outros efeitos incidentes sobre a vari??vel de teste, diferentes regress??es com dados em painel foram estimadas, controlando-se risco, tamanho, rentabilidade, crescimento, anos e setores. Os resultados encontrados sugerem que, em m??dia, as empresas que recorreram ao mercado acion??rio, realizando IPOs entre 2005 e 2013, iniciaram o per??odo sobrevalorizadas, ou seja, com valor de mercado sobre ativo total superior ??s demais, sendo que esse valor teve forte decr??scimo nos anos seguintes. As evid??ncias emp??ricas sugerem que o fraco desempenho observado nas incorporadoras imobili??rias estaria ligado ?? anormalmente elevada incid??ncia de IPOs no setor no per??odo, e n??o a particularidades destas empresas, direcionando os resultados principalmente para quest??es de Market Timing nos IPOs, e n??o a eventuais dificuldades operacionais no ramo de atividade de incorpora????o imobili??ria.

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.

[pt] O recente crescimento do volume de abertura de capital das empresas nacionais promoveu o aquecimento do mercado brasileiro de valores mobiliários. A estabilização político-econômica, a reforma da Lei das Sociedades por Ações, a criação dos níveis diferenciados de governança corporativa da Bovespa, além do retorno dos investidores estrangeiros no país, constituíram um cenário favorável àquelas companhias que viam a abertura de capital como alternativa ao escasso financiamento bancário, como forma de investimento ou mesmo como oportunidade para reestruturação societária. O objetivo da pesquisa é estudar o mercado brasileiro de capitais, em especial as etapas do processo de oferta pública inicial, identificando seus custos e benefícios, finalizando com o estudo de caso da Natura Cosméticos, a primeira empresa de cosméticos da América Latina a abrir o capital. O modelo utilizado para a avaliação da empresa é o fluxo de caixa descontado, que permite comparar os resultados estimados com os efetivamente realizados pela empresa. Alguns múltiplos também foram calculados para comparação com as competidoras internacionais atuantes no setor. Os resultados obtidos com a pesquisa permitem concluir que a abertura de capital da Natura foi um caso de sucesso, com contínua valorização das ações e expectativa de crescimento constante devido à alta geração de caixa, baixa alavancagem e constantes investimentos. Assim como os benefícios da abertura foram identificados, foi possível encontrar alguns custos, reforçando a necessidade de uma avaliação criteriosa pelas empresas para que os custos não inviabilizem o sucesso da operação. / [en] The recent increase of national firms going public allowed the growth of the brazilian stock exchange market. The political and economic stabilization, the edition of new laws on the capital market, aside the return of foreign investors to the country, created a good environment for those companies interested on going public as an alternative to the scarce bank finance, as well as on an investment or as a good chance for its internal reorganization. The scope of the research is to study the brazilian stock market, especially in the stages of the initial public offering, identifying its costs and benefits, concluding with the Natura Cosméticos study case, the first Latin American cosmetic company to go public. The discouted cash flow was the model elected to the company`s evaluation, because it allows comparing the estimated results to the consummated ones by the company. Some multiples were also calculated to compare with the international competitors in the same line of business. The research`s results show that Natura was a case of success with continuous stocks valorization and expectancy of constant growth becasuse of the high cash flow generation, low leverage and constant investiments. Besides the benefits of going public, some costs were found, intensifying the need of a criterial analysis by the companies so that the costs don`t overcome the success of the operation.

Made available in DSpace on 2010-04-20T21:00:50Z (GMT). No. of bitstreams: 4 Rafael Augusto Fernandes Biral.pdf.jpg: 2076 bytes, checksum: f3adc1ad9d09413ef7139e48848c0480 (MD5) Rafael Augusto Fernandes Biral.pdf.txt: 81485 bytes, checksum: 4467e4c22736a58996fcde0fddf730a4 (MD5) license.txt: 4712 bytes, checksum: 4dea6f7333914d9740702a2deb2db217 (MD5) Rafael Augusto Fernandes Biral.pdf: 351620 bytes, checksum: 576d312165e54562a3d0329bab70c5c0 (MD5) Previous issue date: 2010-02-10T00:00:00Z / This study investigates the change in operational performance of Brazilian companies that went the public in Brazil in the period between 2004 and 2008, using a methodology never applied to the study of a broad sample of Brazilian firms. Most of the previous Brazilian and international literature indicates a decrease in the operational performance of the companies after going public. Several factors explain this decreasing operational performance after the IPO, such as the aggravation of agency conflicts, information asymmetry, market timing, and window dressing. In the present study I analyze the performance of 69 Brazilian companies that went public between in this period. The results allow us to conclude that the companies that went public were more efficient than other publicly traded companies of comparable size in the same industry. It was possible to identify some change in the post-IPO operational performance, controlling for similar firms. / O objetivo deste trabalho é analisar a mudança do desempenho operacional de empresas brasileiras que abriram capital no período de 2004 a 2008, utilizando uma metodologia ainda não usada em estudos que englobem uma amostra ampla de empresas brasileiras. A maioria dos trabalhos pesquisados, tanto brasileiros quanto internacionais, indicam queda do desempenho operacional das empresas após a abertura de capital. Na literatura, vários fatores e teorias são explicam a queda de desempenho operacional das empresas, tais como ampliação dos conflitos de agência, assimetria de informações, market timing, window dressing dos números do balanço pré-IPO, dentre outros. Neste estudo analisamos a performance de 69 empresas que abriram capital no período de 2004 a 2008. Os resultados encontrados permitem inferir que as empresas que abriram capital eram mais eficientes antes do IPO, comparadas a empresas de capital aberto do mesmo setor e tamanho semelhante não sendo possível identificar se houve mudança de desempenho operacional pós-IPO, controlando-se pelo desempenho de empresas similares.

Thèse en cotutelle entre l'Université de Corse Pascal Paoli et l'Université de Montréal / Aux lendemains de la Seconde Guerre mondiale, l’agriculture, le monde rural et l’enseignement agricole ont connu des mutations successives qui en ont profondément changé les fonctions et les identités professionnelles. Les régions rurales connaissent aujourd’hui une ouverture aux populations par l’extension des zones périurbaines qui colonisent les établissements d’enseignement agricole soulevant des problématiques nouvelles pour des structures scolaires autrefois dédiées aux enfants d’agriculteurs souhaitant reprendre l’exploitation agricole transmise de père en fils. Les métiers et professionnels du monde rural changent, les enfants de familles moins agricoles investissent les lycées ou leurs centres de formation important de nouveaux profils d’élèves et difficultés d’apprentissage dues à certaines conditions socio-familiales fragiles, et les mutations dans l’environnement socioéconomique des zones rurales continuent de se poursuivre. La Corse qui constitue notre terrain de recherche n’échappe pas aux conséquences de ces mutations. Toutefois, les spécificités en lien avec l’insularité et un territoire marqué par une géographie de montagne apportent une dimension quelque peu différente à notre étude. Au cours de nos recherches et entretiens auprès des enseignants des deux établissements d’enseignement agricole en Corse, nous avons cherché à savoir comment les enseignants et formateurs des deux lycées agricoles en Corse vivaient ces transformations de fond et leurs conséquences sur les publics scolaires, la pédagogie, les relations avec les partenaires sociaux et économiques des établissements, et si ces derniers constituaient des facteurs déterminants de changement identitaire et professionnel chez ces agents éducatifs du ministère de l’Agriculture. / Since the aftermath of the Second World War, agriculture, rural areas and agricultural schools have seen successive mutations which have deeply affected their functions and professional identities. Nowadays, rural areas are becoming more open to new populations through an extension of peri-urban areas which allow their inhabitants to colonize the agricultural schools located in their immediate vicinity. This new influx is raising unprecedented issues for these educational and vocational schools, traditionally dedicated to the children of agricultural families that are looking to follow in their parents’ footsteps on the family farm. For more than twenty years now, fewer and fewer of these aforementioned children have been enrolling in these agricultural schools and their professional training centres, thus compelling these establishments to expand their regional curriculum offer .Consequently, in Corsica, our region of interest, changes in these agricultural areas and populations are pertinent. Moreover, this territory is characterized by certain specific economical points relating to insularity and a mountainous geography which gives our study a different dimension. It is the reason why we wanted to investigate how the teachers and vocational trainers of the two agricultural schools in Corsica managed to cope with these fundamental socio-economic transformations, their consequences and adaptation to the specific needs of the new schoolgoing public. Coupled with this, we have also looked at teaching and education, the relations with their social partners and ultimately, if all of these could be determining factors in influencing the professional and identity changes of the teachers and vocational trainers of the Ministry of Agriculture. / Dopu à a seconda guerra mundiale, l'agricultura, a sucietà campagnola è l'insignamentu agrìculu anu vistu tanti è tanti cambiamenti, è cusì l'incàrichi è l'identità prufessiunale sò mutate di manera prufonda. I spazii campagnoli oghjinchi sò grand'aperti à quelli chì càmpanu in i cuntorni crisciuti di e grande cità. Sò elli i più numarosi in i stabilimenti di l'insignamentu agrìculu, induv'elli anu fattu nasce d'altri capatoghji: si trattava fin'à tandu di cumbulì figlioli d'agricultori in cerca di piglià a seguita di splutazione agrìcule sfrutate da babbone à figliulini. I mistieri è i prufessiunali di u spaziu campagnolu sò cambiati, a maiò parte di i zitelli in i licei o in i stabilimenti di furmazione agrìcula sò nati in famiglie chì campavanu pocu o micca di l'agricultura. È cusì, l'ambiente suciale è ecunomìcu di i rughjoni campagnoli muta tantu è più. A Còrsica, chì ghjè u nostru scopu di ricerche, ùn s'hà pussutu francà tutti sti cambiamenti. È puru e so specificità, in lea cun insularità è rughjone muntagnolu, anu arricatu qualcosa di sfarente à u nostru studiu. Emu circatu à capì cumu l'insignanti è i furmatori di i nostri dui licei agrìculi Corsi campavanu cù tutti sti cambiamenti prufondi è quale éranu e cunsequenze incù i sculari, a pedagogia è e relazione cù i partenarii di l'ambiu suciale è ecunòmicu di i stabilimenti. S'hè circatu à sapè s'elli èranu sti partenarii quelli chì ghjèranu u più à l'orìgine di i cambiamenti in l'identità è a pràtica di l'agenti educativi di u Ministeriu di l'Agricultura.

Indiana University-Purdue University Indianapolis (IUPUI) / indefinitely