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This thesis examines the non-cash compensation paid to the underwriters/brokers during the flotation process and the IPO when-issued dealing market in one of the most successful and international stock exchanges around the world, the London Stock Exchange (LSE). The thesis consists of three essays that try to answer the following questions: Do IPO firms minimise their costs of going public by issuing warrants to their financial advisers? Does the when-issued dealing affect the setting of the offer price? The first essay examines the issue of warrants to brokers as part of their compensation package in non-underwritten offerings on the Alternative Investment Market of the LSE. The main finding is that IPO firms are able to make efficient decisions and choose the contract that minimises their costs. For companies that issue warrants to their brokers the total costs of going public are 22.74% (as a percentage of gross proceeds), but would have been 25.61% had they not issued them. This 2.87% reduction in costs is equivalent to 70.34% of the commission paid to the brokers by the IPO firms. The main source of this decrease in the costs is the lower underpricing the companies incur by granting warrants to their brokers. The second essay examines the use of non-cash compensation in underwritten IPOs. The findings suggest that firms that are cash constrained are more likely to issue warrants to their underwriters. In addition, underwriters appear to have the ability to time the issue of warrants because they include them as part of their compensation package when the market is doing well. Interestingly, warrant issuers are still able to minimise their costs of going public even under a very light regulatory setting underlying the use of non-cash compensation. The third essay examines the when-issued dealing in the Main Market of the LSE for an extensive period of time, 1996 to 2012. The main finding is that, in an institutional setting in which the when-issued dealing commences only after the allocation of shares and the offer price are announced, investors pay ‘rents’ to the underwriters in order to acquire IPO shares that will trade within the when-issued dealing. These ‘rents’ take the form of a higher offer price. In other words the when-issued dealing affects the setting of the offer price. For companies that have a when issued dealing the offer price is £3.4 but would have been 54% lower (£1.55) had these firms not had a when issued dealing.

Yes / We integrate the institutional perspective with research on the governance role of private equity firms in an investigation of Founder-CEO successions in Initial Public Offerings (IPOs) in emerging markets. Using a unique, hand-collected and comprehensive sample of 191 firms having undertaken IPOs in 21 markets across the African continent between January 2000 and August 2016, we apply instrumental variable (IV) Probit methodology and find that higher levels of private equity ownership are positively associated with the probability of the founder's retention as CEO, especially in the context of low-quality formal institutions. Further, in societies with high tribalism, higher private equity ownership is associated with an increased likelihood of founder retention. Voids in the institutional architecture underscore the importance of the founder as a key organizational resource for the firm and a source of institutionalized legitimacy, which in turn confers on the firm an ability to access required resources.

In Taiwan, the initial public offerings (hereafter IPOs) market is growing mature. Especially in 2005, it is the turning point of the regulations for IPOs. The FSC plans to achieve four main goals by implementing the new underwriting system. (1) Making the underwriting price more reasonable (2) Increasing the stability of price of a listing stock (3) Increasing the underwriter¡¦s independence in distribution stocks. (4) Enforcing the professional ability of underwriters. Most importantly, it puts the emphasis on the ability of underwriters that involve in the quality for IPOs. This paper compares the IPO market performance between new underwriting system and old underwriting system, and collects the data from 2001 to 2009 about IPOs companies¡¦ related information to figure out the IPO market valuation and profits for underwriters. Finally, this paper finds out that: first one is, in the new underwriting system, the market valuation is more affected by investors¡¦ optimum growth forecast than old underwriting system. In the aspect of the rewards for underwriters, the difference between new underwriting system and old underwriting one is cancelling self-subscription method in new underwriting system. Therefore, the underwriter can¡¦t gain the underwriter proceeds from that; the issuer should make up them by giving more underwriter¡¦s fee which depends on the performance of underwriters. In conclusion, the professional underwriters play an important role in new regulation system. Keywords: IPOs, underwriter regulation, underwriter, market value, underwriter proceeds

Prior researches find that advertising is the most common marketing strategy and also one of the most effective way to influence consumers¡¦ purchasing decisions. On the other hand, innovation plays an important role to enhance competitiveness of firms. However, little attention has been paid to the relationship among advertising, innovation and firm values in the existing literature. The main purpose of this paper is to examine the effect of pre-IPO advertising and innovation on the level of IPO underpricing. Furthermore, this study examines whether market states influence the impact of pre-IPO marketing expenditures and innovation on IPO underpricing levels. The empirical results show: (1) without considering market states, pre-IPO advertising expenditures significantly reduce IPO underpricing levels; (2) without considering market states, pre-IPO innovation activities significantly increase IPO underpricing levels; (2) pre-IPO innovation activities significantly increase IPO underpricing levels; (3) pre-IPO advertising expenditures cannot significantly reduce IPO underpricing levels in bull markets; and (4) pre-IPO advertising expenditures can significantly reduce IPO underpricing levels in bear and correction markets; and (5) pre-IPO innovation activities significantly increase IPO underpricing levels in bull, bear and correction markets.

Recently, there has been considerable concern with determining underpricing of initial public offerings (IPOs). This study utilizes both OLS and quantile regression model to examine whether pre-listing marketing expenditure reduce IPO underpricing using China A-share IPOs data. Our OLS result shows that firm¡¥s marketing expenditure could reduce IPO underpricing significantly that was consist with Luo¡¥s (2008) finding who investigate US IPOs market. With regard to quantile regression results, we find that pre-listing IPO marketing expenditures are significantly associated with lower underpricing for lower-underpricing stocks but with no significant effects for median-, and higher-underpricing stocks. We infer that: for lower-underpricing stocks, the risk premium investors require would be lowered because pre-listing marketing expenditures can help for raising transparency of the firm.

Den här studien använder förstadagsavkastning på börsintroduktioner från Nasdaq OMX Stockholm, First North, NGM MTF och Aktietorget för perioden februari 2007-april 2017. Data från totalt 307 börsintroduktioner användes för att undersöka om det förekommer en veckodagseffekt på förstadagsavkastningen för svenska börsintroduktioner. Det finns bevis att en veckodagseffekt förekommer på amerikanska börsintroduktioner, resultaten i vår studie blev icke signifikanta men indikerar på en svag måndagseffekt på den svenska marknaden. Den genomsnittliga förstadagsavkastningen på måndagar var 10 procent, mot veckans genomsnitt på 6,5 procent. Vi misstänker att veckodagseffekten börjar avta med åren i takt med att internet blir mer lättillgängligt och att investerarna blir bättre på att använda sig av informationssökning.

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Bakgrund: Palliativ vård syftar till förbättrad livskvalitet för den som drabbats av livshotande och obotbar sjukdom. Det palliativa vårdens förhållningssätt bygger på att förebygga och lindra symtom genom tidig upptäckt, noggrann analys och behandling. Användning av symtomskattningsinstrument regelbundet kan förbättra upptäckt och behandling av olika symtom i livets slutskede. Skattningsinstrumentet Integrated Palliative care Outcome Scale (IPOS) är utvecklat i England utifrån skattningsskalan Palliative care Outcome Scale (POS) och är ett flerdimensionellt instrument som beaktar fysiska, psykiska, sociala och existentiella områden. Genom IPOS kan patientens behov av vård bedömas, insatta åtgärder utvärderas och vårdkvalitén kan förbättras och utvärderas. Syfte: Syftet var att beskriva sjuksköterskors upplevelser och erfarenheter av att använda IPOS i det dagliga arbetet med patienter inom specialiserad palliativ hemsjukvård. Metod: Metoden som valdes var kvalitativ ansats med individuella semi-strukturerade intervjuer. Ett strategiskt urval med definierade inklusions- och exklusionskriterier valdes som urvalsmetod. Fyra enheter med specialiserad palliativ hemsjukvård i Mellansverige tillfrågades om deltagande i studien, varav en enhet tackade ja till medverkan. Genom enhetens vårdutvecklare tillfrågades tolv sjuksköterskor om deltagande. Intervjuerna spelades in och transkriberades. Därefter analyserades materialet med kvalitativ innehållsanalys. Resultat: Sju personer valde att delta i studien och de intervjuades vid ett tillfälle. Intervjuerna genomfördes på informanternas arbetsplatser och intervjuerna varade mellan 15 och 20 minuter. I resultatet kunde nio underkategorier identifieras som därefter kunde delas in i tre övergripande kategorier; organisation, symtomskattning med IPOS och patienten i centrum. Slutsats: Slutsatsen var att sjuksköterskornas upplevelser och erfarenheter av IPOS var mestadels positiva och de kunde se flera fördelar med symtomskattningsinstrumentet, bland annat genom att instrumentet gav en omfattande helhetsbild över patientens situation. IPOS bidrog till regelbunden symtomskattning samt gav en god helhetsbild över patienten. Dock fanns några bekymmer enligt informanterna, framför allt gällande rutinerna och arbetssättet med IPOS.

The paper examines the determinants of stabilization and its impact on the aftermarket prices. We use a unique dataset to relax several assumptions in the stabilization literature. We find that underwriters support IPO prices shortly after listing, particularly in cold markets and when demand is weak. We also show that stabilized IPOs are more common amongst reputable underwriters. This finding suggests that stabilization may be used as a mechanism to protect the underwriter’s reputation. It also implies that reputable underwriters may possess private information and price IPOs closer to their true values (i.e., higher than those indicated by the weak premarket demand). Consistent with the latter view, we show that stabilized IPOs are offered at higher prices and suffer less underpricing than those indicated by the premarket demand, firm characteristics and market-wide conditions. The post-IPO performance results indicate that stabilized IPOs are unlikely to be mispriced as their prices do not exhibit any significant reversal after the initial stabilization period. We conclude that stabilization may be superior to underpricing as it protects investors from purchasing overpriced IPOs, benefits issuers by reducing the total money “left on the table” and enhances the overall profitability of underwriters.