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Estudo de ofertas públicas de ações no Brasil e "underpricing" no período de 2003 a 2009Ferraci, Ligia 11 August 2010 (has links)
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Previous issue date: 2010-08-11 / Fundo Mackenzie de Pesquisa / The capital market in Brazil has experienced, especially from the year 2003 to 2009,several changes and significant growth due to the global economic and financial environment
as well as internal factors highlighting the regulatory improvements, development and credibility. As a result of this growth, we have observed a large number of companies that became public especially from 2006 on. The stock price behavior during this period has showed significant short-term positive returns, even when compared to Ibovespa index rates (Sao Paulo s Stock Exchange).Some potential explanations for such events may be the stock issue below the correct price (underpricing), informational asymmetry, the winner's curse (Rock ,1986) or other market anomalies discussed in the financial theory. This research focused the study in two possible factors: (1) issue below the correct price, known in financial literature for underpricing, and (2) the risk and return function as explanatory for stock returns in IPO issued from 1st, 30.th, 60.th, 90.th and 180.th days considering the sample of companies which registered initial public offerings (IPO) from 2003 until December 2009 listed on the Bovespa and the Securities Commission (CVM) and which had daily close available prices. The objective for this study was to verify the existence of underpricing in the IPO process and whether the observed abnormal returns can be explained by the risk and return function. As for the conclusion, in line with results of other recent researches for Brazilian stock market, were observed positive returns in the short term and negative returns for long term concluding that underpricing is a practice adopted in IPO s in Brazil as well as in other developed capital markets. / O mercado de capitais no Brasil experimentou,especialmente entre os anos de 2003 a 2009,muitas mudanças e crescimento acentuado em razão do ambiente econômico-financeiro mundial, bem como de fatores internos de ordem regulatória que propiciaram seu amadurecimento, desenvolvimento e credibilidade.Como consequência deste crescimento,observou-se um grande número de empresas que abriram seu capital mais acentuadamente a partir do ano de 2006.O retorno das ações durante esta periodo mostrou valores significativos a curto prazo, mesmo se comparados aos índices médios de mercado da Bolsa de Valores de São Paulo-Bovespa. Algumas explicações possíveis para tais eventos podem ser o lançamento abaixo do preço correto (underpricing), assimetria informacional, maldição do vencedor
(winner s curse), anomalias de mercado, etc. Esta pesquisa centralizou o foco de estudo em dois possíveis fatores: (1) lançamento abaixo do preço correto, denominado na literatura
financeira de underpricing, e (2) a relação entre risco e retorno como explicativa para retornos das ações lançadas em IPO a partir do 1.º, 30.º, 60.º, 90.º e 180.º dias da emissão considerando a amostra das empresas que registraram ofertas iniciais (IPO) a partir de 2003 até dezembro
de 2009 listadas na Bovespa e na Comissão de Valores Mobiliários (CVM) que possuíam cotações diárias de fechamento disponíveis.O objetivo do trabalho foi verificar a existência underpricing no processo de abertura de capital e se os retornos anormais verificados podem ser explicados pela relação risco e retorno.A título de conclusão e em consonância com resultados de outras pesquisas recentes para o mercado brasileiro, foram encontrados retornos positivos no curto prazo e negativos no longo prazo concluindo-se que o underpricing é uma prática adotada nos processos de IPO no Brasil assim como ocorre em outros mercados de capitais desenvolvidos.
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我國新上市公司業績變化之研究許泰然 Unknown Date (has links)
本研究的主要目的在探討是否我國新上市公司盈餘管理的現象與証券交易法上所規定的上市申請的門檻有關。我國新上市公司在上市後多有業績衰退及上市前盈餘管理之現象(曾國楊,民國84年)。這種人為的業績擴充或增加盈餘,往往是為了符合法規中上市申請的規定,特別是上市門檻的規定。倘若公司上市可以為原始股東帶來大量的邊際利益,列在可接受的範圍內,申請上市公司自有動機從事上市前業績人為擴充及盈餘管理的現象。本研究就在探討這項研究問題。
本研究以民國74年至83年間斬上市的公司為樣本,測試獲利能力較差或存續期間較短之新上市公司,是否較有動機在上市前從事盈餘管理。實証結果顯示:
就獲利能力來說,獲利能力較差之第一類上市公司在上市前會以應計項目及與營業有關之應計項目來操縱盈餘;但就第二類上市公司而言,實証結果反而與假說所預測的相反,即獲利能力較優的新上市公司反而會在上市前操縱盈餘。
就存續期間來說,第一類上市公司之實証結果大致與假說所預測的一致,但未達顯著水準,即存續期間較短之新上市公司,並不會在上市前以應計項目式與營業有關之應計項目來進行盈餘管理。就第二類上市公司來說,實証結果則與假說相反,但也未達顯著水準。 / This study aims to investigate whether the earnings management prior to IPO (Initial Public Offerings) relates to the qualifications of an IPO. In general, a firm will manage its earnings prior to IPO and have sales recess subsequent to IPO. Due to mandated IPO qualifications, perhaps, the motivation of earnings management or artificial sales expansion comes from the mandated IPO qualifications. The empirical sample period covers from 1985 to 1994 on which the empirical findings can be summarized as follows.
1. Low profitability first class firms will manage their earnings prior to IPO by the use of net accruals and net accruals from operations. In contrast, high profitability second class firms will manage their earnings prior to IPO.
2. This study cannot conclude that a younger IPO firm has a stronger incentive in managing its earnings than an older firm does.
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Problematika financování podniků prostřednictvím Initial Public Offering / PROBLEMS OF COMPANY FINANCING VIA INITIAL PUBLIC OFFERINGMeluzín, Tomáš January 2008 (has links)
The present PhD thesis deals with initial public offerings (IPOs) on the Czech capital market. Unlike the Czech Republic, financing company activities through IPOs is widespread globally and advanced capital markets utilize IPOs as a traditional means of raising funds for further enterprise development. If there were no chance to raise capital this way, the international financial system, and thereby also the economic system, would be different from what they are today. Considering that it is not common to finance enterprise development through IPOs on the Czech capital market, the thesis focuses on creating a comprehensive view of the issue of IPOs on the Czech market and aims to acquire new information in this field. This is why the thesis is divided into theoretical and practical sections. The theoretical section provides an analysis of the state of the art in the sphere of IPOs that is based on foreign literature since Czech literature offers only limited information regarding IPOs. As part of the analysis, the term ´initial public offering´ is defined and its Czech equivalent is proposed. The analysis further comprises the advantages and disadvantages linked to this type of financing, it describes the development of IPOs on foreign markets and, last but not least, it explains the cyclical character of IPOs. Specific phenomena accompanying IPOs in advanced markets are defined here. These are underpricing of issues and long-term lower performance of issuers in the post-IPO period. Another part of the theoretical section analyzes all significant costs related to IPOs. The practical section of the thesis, which focuses on the Czech capital market, determines major prerequisites for running an IPO as well as the way an IPO is done. A complex analysis of the causes behind the low number of IPOs in the Czech Republic is carried out and the results of quantitative research into the causes of little interest in financing enterprise development this way are presented. This is followed by an assessment of IPOs done in the Czech Republic so far and by introduction of the results of qualitative research examining particular issuers. In conclusion, the issue of IPOs is summed up and further perspectives of development are outlined.
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Abertura de capital, mobilidade de trabalhadores e diferenciais salariais: uma análise com dados em painel para o período de 2002 a 2008Procópio, Thaís Salzer 20 May 2013 (has links)
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Previous issue date: 2013-05-20 / A desigualdade salarial é um tema que assume papel relevante na busca pelo
desenvolvimento dos países, sendo amplo o número de estudos acerca dos fatores
geradores de tal desigualdade. Como determinantes mais comuns, aparecem as
características dos indivíduos, das firmas e das regiões. A maior parte dos estudos
encontrados na literatura acerca dos impactos de características dos empregadores nos
diferenciais salariais entre trabalhadores, entretanto, focam em fatores físicos das
firmas, como tamanho e setor. Há, em adição, outros fatores relacionados à estrutura
financeira das empresas que também podem gerar efeitos salariais visto que a segurança
financeira das firmas está diretamente relacionada ao bem estar de seus empregados.
Visando compreender os efeitos da reestruturação financeira proporcionada pela
abertura de capital das firmas nos salários dos trabalhadores, este estudo investigou (i) a
existência de diferencial salarial decorrente da mobilidade de trabalhadores entre
empresas de capital aberto e fechado e (ii) o impacto da mudança de status da firma de
capital fechado para aberto (via IPO - Initial Public Offering) no diferencial de salários
dos trabalhadores. Para tanto, utilizou-se um painel balanceado que interliga duas fontes
de dados: Rais-Migra do MTE – Ministério de Trabalho e Emprego – e Economática,
abrangendo os anos de 2002 a 2008.A estratégia metodológica utilizada no estudo
envolveu a estimação dos diferenciais salariais com o controle da heterogeneidade
nãoobservada via efeitos fixos dos trabalhadores. Foram realizados, ainda, testes de
robustez para verificar a consistência dos resultados. Constatou-se que existe diferencial
salarial entre trabalhadores favorável aos indivíduos que mudam de empresas de capital
fechado para empresas de capital aberto. Este diferencial foi de cerca de 12% pelo
método de MQO, mas, ao controlar os efeitos não observáveis dos indivíduos, o
diferencial caiu para menos da metade(4%). Esta redução no diferencial de rendimentos
atribuído à mudança entre firmas de capital fechado e aberto, decorrente do controle dos
efeitos fixos, pode refletir uma maior habilidade não observada dos trabalhadores que
mudam para empresas de capital aberto e que, pelo método de MQO, não era
controlada. Além disso, verificou-se um efeito positivo de 2% gerado pela realização da
abertura de capital nos salários dos trabalhadores, no ano da abertura. Isto mostra que,
mesmo com a reestruturação financeira gerada pelo IPO (que, potencialmente, reduziria
riscos pelo acesso a mais fontes de financiamento), o evento tem impacto positivo no
salário de seus trabalhadores. Esse ganho salarial pode ser explicado pela reestruturação
organizacional e de portfólio que a empresa precisará enfrenta ao abrir o capital. Esses
resultados contribuem para o avanço no estudo da identificação dos determinantes dos
diferenciais salariais, que é uma importante questão ainda em aberto na literatura
econômica. / Wage inequality is a topic that assumes an important role in the quest for developing
countries, with a large number of studies on the factors that generate social inequality.
Characteristics of individuals, firms and regions are quoted as major determinants of
such inequality. However, most studies found in the literature on the impacts of
employers characteristics on wage differentials focus on physical factors of firms, such
as size and sector. In addition, other factors that are related to the financial structure of
firms may also generate wage effects since the financial security of firms is directly
related to the welfare of its employees. To understand the effects of the financial
restructuring provided by IPO firms on wage differentials, this study investigated the
impact of IPO (Initial Public Offering) on workers wages. We also investigated the
existence of differential income from labor mobility between public companies and
non-public ones. For that, we used a balanced panel that connects two data sources:
Rais Migra-MTE - Ministry of Labor and Employment - and Economática, covering the
years 2002 to 2008.The strategy used in the study involved the estimation of wage
differentials with the control of unobserved heterogeneity via fixed effects of workers.
We used the methods of OLS, Random Effects, Fixed Effects and First Differences.
Further tests were performed in order to verify the robustness and consistency of results.
It was found that there is wage differential between workers in favor of individuals who
change from non-public companies to publicly traded ones. This differential was about
13% by the method of OLS, but felt to less than half (6%) after controlling to
unobservable effects of individuals. This reduction may reflect a greater ability of
workers to move to public companies and that, by the method of OLS, was not
controlled. In addition, there was a positive effect of 2% generated by the completion of
the IPO in the wages of workers in the year of opening. This shows that even with the
possible financial restructuring promoted by IPO (which, potentially, reduces risk by
promoting access to other sources of capital), the event has a positive impact on the
wages of their workers, which may be explained by organizational restructuring and
portfolio that the company needs to undergo to go public. These results contribute to the
advancement in the study of identifying the determinants of wage differentials, which is
an important question still open in the economic literature.
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En eventstudie om nyintroduktioner, under en pågående branschtrend av svenska Data/IT bolag på Nasdaq First North Growth MarketBournobuke, Marianne, Mourad, Samy January 2022 (has links)
The phenomenon of underpricing is a matter often spoken about in previous research, there are also well known papers that touch upon the subject of asymmetrical information on the marketplace as the central theory. This paper seeks to analyze the Swedish IPO market from 2011 through 2021 and is further limited to Swedish Tech companies listed on Nasdaq First North Growth Market. When a company decides to introduce their stocks onto the market, it is interesting to observe the market trends and the stock price changes from the first day of introduction. Prior studies analyze how stocks are heavily underpriced on the date of introduction as a strategy to spike the value on the first active day on the market, and thereafter slow down their growth in the coming months. Using prior research as a point of reference, the purpose of this paper is to observe how market trends on the day of an IPO affect its long-term performance. This study is based on an observation of 79 IPO:s on First North, where 30% of the cases were underpriced, and 70% were overpriced. The analysis shows that the underpricing of an IPO tends to lead to a positive performance of the stock over the coming 6 months, and the opposite is considered to be true for overpriced stocks. Further analysis of the result implies that the stock's performance follows a negative trend among 50 of the studied cases, independent of the industry trend as a whole. A statistical significance could not be found for underpricing in regard to both the following long-term performance of the stock and the industry trend; therefore, no statistical correlation could be determined. / Fenomenet om underprissättning är ett omtalat ämne i tidigare forskningsstudier fram till idag. Det finns även välkända teorier som behandlar detta ämnesområde där asymmetrisk information på marknaden är den centrala ideologin. Denna studie ämnar analysera den svenska IPO-marknaden från och med 2011 till och med 2021, och är vidare avgränsad till svenska tech-bolag listade på Nasdaq First North Growth Market. När ett företag tar beslut om att introduceras på aktiemarknaden är det intressanta att observera marknadstrenden och aktiekursens riktning från bolagets första handelsdag. Detta eftersom tidigare forskning har studerat hur aktier vid börsintroduktion är signifikant underprissatta för att sedan snabbt stiga i värde de första handelsdagarna och därefter sjunka kraftigt månaderna efter. Med utgångspunkt från dessa forskningsstudier är syftet med denna studie att observera hur marknadstrender på börsintroduktionsdagen påverkar aktiens långsiktiga prestation. Studien är bestående av 79 observerade börsintroduktioner på First North, där 30% av fallen var underprissatta och resterande 70% överprissatta. Analysen visar att när en underprissättning sker vid börsintroduktion tenderar aktien att prestera positiv avkastning sex månader efter, och motsatsen för om en överprissättning sker. Vidare analys av resultatet visar att aktiens kursriktning vid 50 av fallen har en nedåtgående trend oavsett hur dess branschtrend beter sig. En statistisk signifikans mellan underprissättning och den efterföljande total avkastningen samt branschtrenden och den efterföljande totalavkastningen var inte möjlig att påvisas i studien, och något samband mellan dessa anses därmed inte föreligga.
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