nÃo hà / Este trabalho busca uma anÃlise aprofundada sobre o Private Equity no Brasil, mais especificamente sob a Ãtica de como o artigo: o ranking âMaiores e Melhoresâ, da revista Exame, reflete o assunto, alÃm de um paralelo de rentabilidade com o CDI e o Ibovespa. A metodologia empregada consiste em desenvolver comparaÃÃes que quantifiquem a presenÃa de fundos Private Equity no ranking da revista, alÃm de comparar a variaÃÃo dos preÃos das aÃÃes pÃs IPO com a taxa CDI e o Ibovespa, a comparaÃÃo serà da data de seu IPO em um prazo seguinte de 30 e 360 dias. Para o experimento, foram coletados os IPOs realizados na Bovespa do ano de 2011 ao ano de 2013, totalizando 24 IPOs. A partir destas anÃlises pode-se concluir que a presenÃa de fundos Private Equity evidenciou que o aporte por parte dos fundos de investimentos tem grande relevÃncia para seu IPO e o bom desempenho organizacional futuro, alÃm de explicitar que a compra de aÃÃes no momento de sua abertura de capital quando comparada ao CDI e a Bovespa mostrou-se, na grande parte das observaÃÃes, que possuem retornos iguais ou mais rentÃveis do que a CDI e o Ibovespa isso em um curto prazo e em um longo prazo. / Este trabalho busca uma anÃlise aprofundada sobre o Private Equity no Brasil, mais especificamente sob a Ãtica de como o artigo: o ranking âMaiores e Melhoresâ, da revista Exame, reflete o assunto, alÃm de um paralelo de rentabilidade com o CDI e o Ibovespa. A metodologia empregada consiste em desenvolver comparaÃÃes que quantifiquem a presenÃa de fundos Private Equity no ranking da revista, alÃm de comparar a variaÃÃo dos preÃos das aÃÃes pÃs IPO com a taxa CDI e o Ibovespa, a comparaÃÃo serà da data de seu IPO em um prazo seguinte de 30 e 360 dias. Para o experimento, foram coletados os IPOs realizados na Bovespa do ano de 2011 ao ano de 2013, totalizando 24 IPOs. A partir destas anÃlises pode-se concluir que a presenÃa de fundos Private Equity evidenciou que o aporte por parte dos fundos de investimentos tem grande relevÃncia para seu IPO e o bom desempenho organizacional futuro, alÃm de explicitar que a compra de aÃÃes no momento de sua abertura de capital quando comparada ao CDI e a Bovespa mostrou-se, na grande parte das observaÃÃes, que possuem retornos iguais ou mais rentÃveis do que a CDI e o Ibovespa isso em um curto prazo e em um longo prazo.

No atual contexto da economia brasileira a competição exige das empresas o conhecimento sobre o retorno de seus investimentos. Neste panorama o marketing historicamente encontrou dificuldades para se adequar à linguagem financeira e auferir o resultado de seus esforços. A discrepância entre métodos de mensuração afeta a credibilidade do marketing enquanto área de alocação de recursos dentro da companhia (RUST et al., 2004). Assim, presentemente, os gestores estão sob uma intensa pressão para justificarem seus gastos com marketing em uma economia de redução de custos (AMBLER; PUNTONI, 2003). Dessa forma, este estudo procura verificar o impacto dos investimentos de marketing no mercado acionário, viabilizado através da análise da oferta pública inicial (Inicial Public Offer- IPO), sob a ótica do underpricing (subprecificação) e do índice de demanda. O estudo faz uso de técnicas multivariadas como regressão linear, regressão logística e análise de variância (One way ANOVA). Os resultados sugerem que não há evidências empíricas do impacto dos investimentos de marketing, tanto no valor da subprecificação como no índice de demanda. Ademais, verifica-se que há influência significativa da atividade de estabilização do underwriter na subprecificação, bem como da reputação do underwriter e do financiamento anterior da companhia no indicador de demanda da oferta pública inicial. / In the current context of the Brazilian economy, competition requires that companies recognize the return on your investment. In this panorama, marketing historically found it difficult to fit the language of finance and obtain the result of you own efforts. This discrepancy between methods of measurement affects the credibility of marketing as an area of resource allocation within the company (RUST et al., 2004). Thus, at present, managers are under intense pressure to justify their marketing spending in an economy of cost reduction (AMBLER; PUNTONI, 2003). Thus this study seeks to verify the impact of marketing investments in the stock market, specifically at Initial Public Offer (IPO), in the perspective of underpricing and the index of demand. The study makes use of techniques such as multivariate linear regression, logistic regression and analysis of variance (One way ANOVA). The results suggest that there is no empirical evidence of the impact of marketing investments, both in the value of underpricing and in the demand’s index. Moreover, it appears that there is significant influence of the stabilization’s activity in underpricing, and underwriter's reputation and company’s previous funding in the demand’s index.

Submitted by Aline Martins (1146629@mackenzie.br) on 2016-06-06T22:10:49Z No. of bitstreams: 2 license_rdf: 23148 bytes, checksum: 9da0b6dfac957114c6a7714714b86306 (MD5) Wellington Lopes de Souza.pdf: 1570761 bytes, checksum: b276d10906844dfd123c51191f30a2a0 (MD5) / Approved for entry into archive by Paola Damato (repositorio@mackenzie.br) on 2016-06-07T11:59:12Z (GMT) No. of bitstreams: 2 license_rdf: 23148 bytes, checksum: 9da0b6dfac957114c6a7714714b86306 (MD5) Wellington Lopes de Souza.pdf: 1570761 bytes, checksum: b276d10906844dfd123c51191f30a2a0 (MD5) / Made available in DSpace on 2016-06-07T11:59:12Z (GMT). No. of bitstreams: 2 license_rdf: 23148 bytes, checksum: 9da0b6dfac957114c6a7714714b86306 (MD5) Wellington Lopes de Souza.pdf: 1570761 bytes, checksum: b276d10906844dfd123c51191f30a2a0 (MD5) Previous issue date: 2016-02-05 / The following work analyzed and compared, during the period between 2006 and 2014, the short and long term performance of Brazilian and American companies’ stocks that opened their capital through an Initial Public Offering (IPO). The objective was to identify in these two countries, whose markets find themselves in different stages of development, how the underpricing occurred and if the stocks showed evidences of underperformance. Underpricing is defined as the short-term return equivalent to an increase in a stock’s price in its first day of trading and underperformance is a loss of value in the long term when compared to the appropriate benchmark. The methodology used was the Wealth Relative Buy-and-Hold. The analyzed sample consisted of 104 Brazilian companies and 149 American companies, totaling 253 companies. The empirical results show that underpricing existed in both countries, but it occurred with more intensity in the USA than in Brazil. Results also show that during periods of intense market activity (hot market), the level of underpricing increased in both countries. However, in times of crisis, the effect was reversed and a decrease in the level of underpricing happened in both countries. On the topic of underperformance, the countries displayed opposite behaviors. In Brazil, the IPOs showed a decrease in long-term value when compared to the Ibovespa index. However, companies that opened their capitals in the USA over performed when compared to the Standard & Poor’s 500 index. In Brazil’s case, a subsample of the IPOs that occurred during the boom of the capital markets, specifically in 2006 and 2007, showed negative abnormal returns superior to the complete sample, showing an inverse relationship between abnormal long-term returns and underpricing. An anomalous behavior occurred in the analysis of the period immediately following the Subprime crisis, during which Brazilian stocks also over performed when compared to their benchmark. / O presente trabalho analisou e comparou, durante o período de 2006 a 2014, os desempenhos de curto e de longo prazos de ações de empresas brasileiras e americanas que abriram capital por meio de operações de Initial Public Offering (IPOs). Procurou-se identificar nestes dois países, cujos mercados encontram-se em diferentes estágios de amadurecimento, como se deu o fenômeno do underpricing, definido como sendo o retorno de curto prazo equivalente à valorização do preço da ação em seu primeiro dia de negociação; e se houve underperformance, ou seja, destruição de valor das ações no longo prazo em relação a seus respectivos benchmarks. A metodologia utilizada foi a de Wealth Relative Buy-and-Hold. A amostra analisada consistiu de 253 empresas, das quais 104 brasileiras e 149 americanas. Os resultados empíricos revelam que houve underpricing nos dois países, sendo que nos EUA foram superiores aos ocorridos no Brasil. Verificou-se que, em períodos de euforia do mercado (hot market), os níveis de underpricing aumentaram nos dois países. Já em momentos de crise, o efeito foi inverso e houve queda em ambos. No que se refere a underperformance, os comportamentos foram opostos entre os dois países. Enquanto que, no Brasil, os IPOs apresentaram destruição de valor no longo prazo em relação ao Ibovespa, nos Estados Unidos, as empresas que abriram seu capital superaram o desempenho do índice Standard & Poor´s 500. No caso do Brasil, os IPOs ocorridos na fase do boom do mercado de capitais, mais precisamente nos anos de 2006 e 2007, apresentaram retornos anormais negativos superiores ao da amostra integral, revelando uma relação inversa entre retornos anormais de longo prazo e underpricing. Excessão ocorreu quando se analisou o período pós-crise do subprime, quando as ações brasileiras também superaram o seu benchmark.

The aftermarket stock price performance of micro-capitalized IPOs with penny stock status is an often-neglected subsample in the IPO research literature. As the markets in which these IPOs are often traded are subject to lower listing and disclosure requirements, there is a higher degree of asymmetrical information between issuers and investors than on more regulated exchanges. Another characteristic of micro-capitalized IPOs is the investor base, which is dominated by retail, or irrational, investors, causing the aftermarket trading to be driven by irrational behavior. With this in mind, this paper studies 139 IPOs made on the Swedish fringe marketplace Aktietorget, over the period 2007-2015, and their 15 months’ aftermarket price performance. The study adopts an event time approach to compare the returns on the IPOs to returns on a market index used as benchmark. Using a Student’s t-test and a Wilcoxon signed rank test, there are no conclusive evidence of abnormal returns that would question the Efficient Market Hypothesis. Results from multiple linear regression models, evaluating IPO price performance over a 15-month period, provide evidence for positive hot period and hot industry effects, and negative underpricing and offer price effects. Furthermore, a positive effect of post-issue company market value is evident for 3-, 6- and 12-months aftermarket periods. This paper provides evidence of return predictability of micro-capitalized IPOs using factors surrounding the IPO date, but requests additional evidence from other geographical samples, with precise definitions of normal returns.

This paper empirically tests the theoretical model developed by Aggarwal, Krigman and Womack (2001), which argues that insiders of a firm strategically underprice its initial public offering to maximize personal wealth by selling shares at lockup expiration. First day underpricing generates information momentum for the stock in terms of increased research coverage and recommendations by analysts. Increased research coverage is positively correlated with stock returns and insider selling at the end of the lockup period. Although the value of the stock should be typically based on discounted expected future cash flows, several empirical papers suggest a downward sloping demand curves for new issues (Kaul, Mehrotra and Morck 2000, Field and Hanka 2000), consistent with the assumption of this paper’s empirical model. The hypothesis is tested using a sample of 210 internet-based firms such as Social media platforms, online travel agents, online real-estate agents and E-commerce services. The empirical results are significant and consistent with the hypothesis.

Les travaux de cette thèse ont été consacrés à l'extension du domaine d'application de la FDTD à Grille Double (DG-FDTD) via son hybridation avec l'Optique Physique Itérative. Ces recherches ont été motivées par le besoin d'évaluer précisément et efficacement le diagramme d'antenne environnées installées sur des plates-Formes de grandes dimensions (satellite, véhicule, lanceur spatial). Lors du tour d'horizon consacré aux méthodes numériques pouvant intervenir dans la résolution de ce type de problème, la DG-FDTD a révélé des caractéristiques intéressantes en permettant des analyses large bande rapides et précises d’antennes avec un environnement proche complexe. Cependant, sa formulation rigoureuse entraîne des besoins importants en ressources informatiques pour analyser des problèmes de grandes dimensions électriques. Les travaux présentés dans ce manuscrit précisent les limites de son domaine d'application. Ils mettent finalement en avant son incapacité à résoudre seule des problèmes d'antenne sur plateforme. En réponse à cette limitation, un nouveau schéma hybride associant la DG-FDTD avec une méthode asymptotique est proposé. La méthode DG-FDTD/IPO ainsi créée décompose la simulation du problème complet en deux simulations successives. L'antenne et son environnement proche sont tout d'abord simulés rigoureusement avec la DG-FDTD puis la plateforme est analysée efficacement avec l'IPO. Les deux simulations sont interfacées en utilisant le principe d’équivalence. Après avoir validé cette nouvelle méthode sur un scénario canonique, elle est appliquée au calcul de rayonnement électromagnétique en champ lointain dans deux scénarios d’antenne environnée sur porteur (antenne sur véhicule notamment). Deux améliorations de la DG-FDTD/IPO sont finalement proposées dans ce manuscrit. La première est consacrée à la prise en compte grossière des couplages retours entre l'environnement proche de l'antenne et la plate-Forme. Cette amélioration repose sur la redescription grossière de l’environnement proche de l’antenne dans la simulation IPO. La seconde amélioration concerne la modélisation des courants sur les parties ombrées de la plate-Forme dans la simulation IPO. Cette amélioration est motivée par le besoin d'analyser précisément des scénarios de type antenne sur lanceur spatial. En effet, l'IPO ne calcule pas les courants sur les zones ombrées, or dans ce type de problème elles représentent la majeure partie de la plate-Forme. Une nouvelle méthode basée sur l'IPO, et appelée Traitement Séquentielle des Domaines (TSD), est donc proposée pour répondre au besoin exprimé plus haut. Après avoir validé cette nouvelle méthode sur un cas simple impliquant un cylindre, elle est appliquée avec succès à l'analyse d'une plate-Forme de type lanceur spatial. / This thesis aims at extending the Dual-Grid FDTD (DG-FDTD) application domain via its hybridization with the Iterative Physical Optics (IPO) method. This research was motivated by the need to evaluate accurately and efficiently the antenna pattern of surrounded antennas installed on large platforms (satellite, vehicle, space launcher). Overview on numerical method involved in this class of problem revealed DG-FDTD has interesting features. This method allows precise and efficient wide-Band simulations of surrounded antennas. However, this method remains costly for electrically large problems, especially because of its rigorous formulation. This thesis assessed the limitations of DG-FDTD and then put forward its inability to resolve antenna on platform problems. To answer this issue, a hybrid scheme combining DG-FDTD with IPO is proposed in this thesis. DG-FDTD/IPO divides the initial simulation into two successive simulations. The antenna and its vicinity are firstly analyzed with DG-FDTD, and then IPO is used to analyze the platform. The two simulations are interfaced using the equivalence principle. This new method is first validated using a canonical scenario. Then, it is applied to the computation of electromagnetic radiation pattern in two antenna on platform problems (antenna on vehicle especially). The method is then exploited to effectively analyze the radiation pattern of a surrounded antenna mounted on a platform. Two improvements are finely proposed in this thesis for DGFDTD/ IPO. The first one aims at taking into account for the backward coupling between the antenna region and the metallic platform. This improvement implies a coarse description of the antenna region in the IPO simulation. The second improvement concerns the modeling of the currents in the shadow areas of the platform. This improvement answers to the need to analyze precisely antenna-On-Launcher problems. Indeed IPO do not compute currents in shadow areas. Well, for this kind of problem, shadow areas represent almost all the platform. A new method based on IPO and called Domains Sequential Processing is proposed. This method is first validated using a canonical scenario involving a cylinder. Then it is successfully applied to the analysis of a spatial launcher.

Předkládaná diplomová práce je zaměřena na problematiku počátečních veřejných nabídek akcií s důrazem na specifika daného procesu na hlavních světových trzích. Práce obsahuje dvě části: teoretickou a analytickou. Teoretická část pojednává o samotné realizaci procesu veřejné emise akcií, přínosech a rizicích daného kroku z pohledu emitenta. Dále jsou podrobněji rozebrány postup při realizaci emise, alternativní způsoby jejího nacenění a také role jednotlivých účastníků daného procesu. V závěru teoretické části jsou analyzovány hlavní anomálie spojené s počáteční veřejnou nabídkou akcií včetně detailního vysvětlení potenciálních příčin jejich výskytu. Analytická část je zaměřena na specifika klíčových světových trhů, na kterých se veřejné emise akcií odehrávají. Úvod poskytuje přehled posledních trendů vývoje počátečních veřejných emisí ve světě. Dále jsou podrobněji analyzovány specifické vlastnosti hlavních světových trhů, které mohou vysvětlit určité anomálie nebo odlišnosti parametrů veřejných emisí v jednotlivých zemích. Závěr druhé části práce pojednává o specifických rizicích pro emitenta, plynoucích z listingu na vybraných světových burzách.

The objective of this diploma thesis is to introduce the sector of Private Equity and Venture Capital which is aimed to finance perspective companies that are not publicly traded. The first chapter presents the development of sector and main featuring players on the market. The second chapter explains phases of the investment process. The topic of the third chapter is analysis of the sector in terms of development trends and comparisom of particular types of investment as well as comparison of the main markets which are the USA and Europe. The goal of the last chapter is to present and analyze the Alternative Investment Market in London as a new market for the venture capital backed companies.

The doctoral thesis examines real estate IPOs and consists of a theoretical part and an empirical part focused on Polish market. The theoretical part offers an overview of theories concerning IPO and the three well-known phenomena related to initial public offerings, i.e. short term underpricing, long term overpricing and occurrence of IPO in waves. In case of short term underpricing and long term overpricing the theories presented are namely the theories based on information asymmetry, institutional theories, agency theories and behavioral theories. In case of IPO waves the theories presented are capital demand hypothesis, information asymmetry hypothesis and investor sentiment hypothesis. Some of the theories, namely the information asymmetry theory, are then applied to the specific case of real estate IPOs. The starting-point for the empirical part is an assumption that valuation of real estate IPOs is less complex than valuation of other companies and therefore information asymmetry among issuers and investors should be presented to a lesser extent. The valuation of real estate IPOs via their Net Asset Value ("NAV") requires less inputs and parameters compared to the corporate valuations with sophisticated financial modelling of the generators of value. Such lower complexity of valuation should be reflected in better ability of the investors to value the emission of the real estate company shares. Subsequently a lower underpricing of the IPOs should be reached and worse long term performance of the IPOs should be eliminated. In relation to the occurrence of the real estate IPOs the existence of IPO waves is assumed. In addition, subject to the assumption that the economical cycles on the real estate markets are longer than on the other markets, longer periods with higher occurrence of IPOs and longer periods with lower or no occurrence of IPOs are expected. The analysis investigates real estate IPOs which in USA means IPOs of so called REIT -- "Real Estate Investment Trusts". REIT is a special institute that guarantees to the companies that adopt this statute, obviously upon meeting several conditions, exemption from the corporate income tax. The REIT are regularly dividend into so called equity REIT, investing in real properties, mortgage REIT, investing in mortgage loans and hybrid REIT, investing in both. With regard to the fact that the analogy of the REIT institute does not exist in Poland, the analysis investigates real estate companies of similar characteristics to the equity REIT. The analyzed markets are polish capital market and real estate market, which both could have been until very recently called emerging markets. It is assumed that the emerging market environment could have impacted the result of the analysis significantly. The analyzed period is basically identical with the modern period of functioning of the Warsaw Stock Exchange, meaning years 1992 -- 2012. The size of the analyzed sample has reached limited but acceptable size of 22 titles. The subject of the analysis are all three major phenomena related to IPOs -- IPO waves, initial underpricing and long term underperformance. The analysis confirmed occurence of a real estate IPO wave on the Polish market in the year 2007 as the market was featuring characteristics of a "hot" market and investors were overly optimistic about real estate titles. In addition, the analysis supported the assumption of a positive correlation between IPO occurence and GDP growth and also between IPO occurence and the volume of real estate investment on the market. Further, the hypothesis test confirmed existence of initial underpricing in case of the real estate IPOs, however to a smaller extent compared to the other corporate IPOs. Subsequent tests were looking to find correlation between the rate of initial underpricing and several factors of the emission such as size, segment of the real estate market etc. In case of long term underperformance, based on the gather evidence, the test could not reject the null hypothesis about the same of better performance of the real estate IPOs compared to the WIG stock indice. Long term underperfomance was thus not confirmed in case of real estate IPOs. Subsequent tests were again investigating impact of several characteristics of the offerings on their long term performance.

The focus of this study is twofold: first to determine the impact of agency costs on firm performance, measured using operating expenses to sales ratio and total asset turnover ratio, for Greenfield firms (private to public) and Heritage firms (spin-offs of already public companies) types of initial public offerings after one and five years; second to compare the performance, as measured market to book value per share, of Greenfield and Heritage firms after one and five years. Thus addressing the question of whether initial differences between Greenfield and Heritage firms at the time of the IPO are evident after one and five years. The results showed that Heritage firms have a significantly lower expenses/sales ratio one year after the IPO. The study confirmed that after five years Greenfield firms would have similar expense/sales ratio and show similar performance to Heritage firms.