Underwriter need to participate in the process of new issue firms going public. Related reference about Taiwan's underwriter IPOs market share haven't appear. In this study, we expect to find out the relationship between Taiwan's underwriter IPOs market share and some related factors. Then offer issuer, underwriter and investor the conclusion as reference. The IPOs samples are selected during the period 1991 through 2000 in Taiwan. There are 475 newly issued firms in this period. We subtract some incomplete data samples and bank samples.There are 247 IPOs samples in our regression model. Although underwriter IPOs market share is less significantly impacted by IPOs offer price , results imply that when offer price is too low,this would damage issuer's benefit and lead to underwriter IPOs market share decrease. When offer price is too high, this would damage investor's benefit and just lightly lead to underwriter IPOs market share decrease. Results show that there is no industry specialization in Taiwan's underwriter industry. Although underwriter IPOs market share is less significantly impacted by IPOs one year performance,results imply that when underwriter market higher one year return IPOs, this would attract more investors and lead to underwriter IPOs market share increase.Results show that underwriter IPOs market share is significantly impacted by nderwriter's asset and age. The underwriter with larger asset and larger age gains more IPOs market share.

The application of the internet technology on securities markets has been increasing over recent years, so is the influence it has caused on the way the stock market is operated. There is no doubt that internet technology is changing the access between investors and issuing firms, as well as the access between investors and exchanges. How would this affect the stock market microstructure? Little study has been done thus far in this regard, and, as far as we know, none has looked into the issue of IPOs on internet and its related impact on IPO returns. In addition to the impact on the primary market, internet tradings also have immense impact on the underlying performance of the secondary market. The purposes of this study are mainly twofold:(1) To explore the related issues in IPOs or DPOs on internet, e.g., the disclosure requirements, the restriction of investors, and the effect it has on IPO discounts,(2) To empirically test how the internet trading affects the daily and intraday performance (i.e., liquidity, volatility and efficiency) of the market.This is the first study attempting to examine the pricing issue of IPOs on the internet. We hope to compare the returns of initial public offerings on the internet with those of the traditional IPOs and analyze the differences, if any. In addition to provide useful analyses to the security authority on DPOs or IPOs on internet, the result of this study should contribute to our understanding of the market microstructure.

In order to boost the exit value, it is not uncommon that issuers report earnings in excess of cash flow generated by its operations at the initial public offering (IPO). The discretionary activity of performing earnings management can mislead investors about the intrinsic value of the newly public firm. Within this study, I examine how earnings management will affect the stock market reaction upon the lockup expiration date, the IPO adjustable offering size, and how the backing of private equity or venture capital (PEVC) affects earnings management tendencies within IPO firms. Using a unique, hand-collected dataset of 56 Swedish newly public firms from 2007 - 2014, I show that IPO firms (i) manage their earnings at the full fiscal year prior to the IPO and that earnings management will result in a negative stock market reaction upon the lockup expiration date. More importantly, I show that (ii) high adjustable offerings do not affect this relationship indicating that earnings management has no impact on the adjustable part of the offering size within IPOs. I also find that (iii) IPO firms backed by PEVC firms are more eager to manipulate their earnings, and (iv) highly reputable PEVC firms do not mitigate the manipulation of earnings within IPO firms. The results taken together suggest that studying the stock market reaction on the lockup expiration date is important for manipulative IPO firm detection, and that a participation in IPOs backed by PEVC firms must be done with caution.

Ao longo do tempo o contexto da economia mundial e brasileira é de expansão, salvo alguns períodos de retração, onde a economia fica estagnada, a exemplo do momento atual que vivemos. Apesar disso, as produções de riqueza vêm crescendo nos últimos anos e, por consequência, as empresas brasileiras, de um modo geral, têm buscado se desenvolver da mesma forma. Para financiar este desenvolvimento as empresas podem captar recursos através de instituições financeiras com que se relacionam. Entretanto este modelo apresenta limitações em relação ao volume de crédito disponível e também tem se mostrado um dos mais caros do mundo. Desta forma buscam-se outras alternativas de financiamentos não convencionais, como por exemplo o Mercado de Capitais. Este mercado tem amadurecido bastante no Brasil nos últimos anos, tornando-se uma alternativa para as empresas que buscam acompanhar este crescimento. São inúmeras as vantagens proporcionadas, mas, por outro lado, também são muitas as dificuldades do processo de preparação para acessar a este mercado, principalmente pelo pouco preparo das empresas para atender níveis elevados de governança corporativa. O objetivo, então, nesse contexto, na esfera do mercado de capitais é de identificar quais são as adaptações necessárias para as empresas ingressarem neste mercado, através da Oferta Pública de Ações (IPO), bem como identificar quais as mudanças necessárias na empresa, suas regras e principais custos que envolvem a operação, além das exigibilidades legais com a implantação de IPO. Conclui-se que alternativas e soluções existem para as dificuldades encontradas, e que o desafio é justamente enfrenta-las, para o próprio amadurecimento da empresa e também para criar diferencial competitivo frente à concorrência. / Over time, the context of the global and the Brazilian economy's has been the expansion, except for some periods of retraction or stagnant, like the current moment that we are living. Nevertheless, the wealth of productions has been growing in recent years ended, consequently, in general, Brazilian companies has sought to develop in the same way. To finance their development, companies can raise funds through financial institutions. However, this model has limitations, like line of credit and volume, and also Brazilian cost has been one of the most expensive in the world. Thus, some companies are seeking others alternatives for unconventional financing, such as Capital Markets. That market increase a lot in Brazil, in recent years and became an alternative for companies that are seeking to monitor this growth. There are many advantages provided, and by the other hand, many difficulties in preparation of process to access the market, especially in to meet high standards governance corporate. The goal, then, in this context, is to identify what are the adaptations necessary for companies to enter in this market through Initial Public Offering (IPO), just like identified the necessary changes in the company, their rules and main costs involving on the operation, and in addition, legal liabilities with the IPO deployment. It is concluded, that there are alternatives and solutions to the difficulties find, and the challenge is to confront them, for to get the own maturity and also to create a competitive over the competition.

Ao longo do tempo o contexto da economia mundial e brasileira é de expansão, salvo alguns períodos de retração, onde a economia fica estagnada, a exemplo do momento atual que vivemos. Apesar disso, as produções de riqueza vêm crescendo nos últimos anos e, por consequência, as empresas brasileiras, de um modo geral, têm buscado se desenvolver da mesma forma. Para financiar este desenvolvimento as empresas podem captar recursos através de instituições financeiras com que se relacionam. Entretanto este modelo apresenta limitações em relação ao volume de crédito disponível e também tem se mostrado um dos mais caros do mundo. Desta forma buscam-se outras alternativas de financiamentos não convencionais, como por exemplo o Mercado de Capitais. Este mercado tem amadurecido bastante no Brasil nos últimos anos, tornando-se uma alternativa para as empresas que buscam acompanhar este crescimento. São inúmeras as vantagens proporcionadas, mas, por outro lado, também são muitas as dificuldades do processo de preparação para acessar a este mercado, principalmente pelo pouco preparo das empresas para atender níveis elevados de governança corporativa. O objetivo, então, nesse contexto, na esfera do mercado de capitais é de identificar quais são as adaptações necessárias para as empresas ingressarem neste mercado, através da Oferta Pública de Ações (IPO), bem como identificar quais as mudanças necessárias na empresa, suas regras e principais custos que envolvem a operação, além das exigibilidades legais com a implantação de IPO. Conclui-se que alternativas e soluções existem para as dificuldades encontradas, e que o desafio é justamente enfrenta-las, para o próprio amadurecimento da empresa e também para criar diferencial competitivo frente à concorrência. / Over time, the context of the global and the Brazilian economy's has been the expansion, except for some periods of retraction or stagnant, like the current moment that we are living. Nevertheless, the wealth of productions has been growing in recent years ended, consequently, in general, Brazilian companies has sought to develop in the same way. To finance their development, companies can raise funds through financial institutions. However, this model has limitations, like line of credit and volume, and also Brazilian cost has been one of the most expensive in the world. Thus, some companies are seeking others alternatives for unconventional financing, such as Capital Markets. That market increase a lot in Brazil, in recent years and became an alternative for companies that are seeking to monitor this growth. There are many advantages provided, and by the other hand, many difficulties in preparation of process to access the market, especially in to meet high standards governance corporate. The goal, then, in this context, is to identify what are the adaptations necessary for companies to enter in this market through Initial Public Offering (IPO), just like identified the necessary changes in the company, their rules and main costs involving on the operation, and in addition, legal liabilities with the IPO deployment. It is concluded, that there are alternatives and solutions to the difficulties find, and the challenge is to confront them, for to get the own maturity and also to create a competitive over the competition.

Estudos recentes, realizados principalmente no mercado norte-americano, trazem in-dícios de fatores determinantes para o resultado de longo prazo das emissões primá-rias de ações (IPOs, do inglês Initial Public Offerings). Porém, trabalhos com esse enfoque no mercado brasileiro ainda são escassos e inconclusivos, pois utilizam pe-quenas bases de dados e analisam horizontes de tempo de até dois anos. Buscando ampliar a análise de IPOs no mercado brasileiro, o objetivo desta dissertação foi es-tudar os determinantes do desempenho de longo prazo das IPOs realizadas na Bolsa de Valores de São Paulo com horizontes de tempo de três e cinco anos após o pri-meiro dia de negociações. A amostra foi composta por 97 emissões primárias de ações ocorridas entre 2004 e 2012 para o horizonte de três anos e 77 ocorridas entre 2004 e 2010 para o horizonte de cinco anos. O cálculo de retorno de longo prazo seguiu a metodologia de Buy-and-Hold Abnormal Return (BHAR), ajustado ao Ibo-vespa, e os possíveis determinantes do BHAR das IPOs foram submetidos a análises multivariadas através de estimações pelo método de Mínimos Quadrados Ordinários (MQO). Os resultados levam à conclusão de que o desempenho de longo prazo das IPOs brasileiras está positivamente relacionado com: 1) a Idade das firmas, 2) o nível de Governança Corporativa, 3) o Setor e 4) o Desempenho Operacional pós IPO. Pôde-se concluir, também, que o desempenho de longo prazo das IPOs está negati-vamente relacionado com: 1) o Retorno Anormal do Primeiro Dia de negociações, 2) a Quantidade de IPOs realizadas no Ano e 3) o Percentual de Investidores Institucio-nais na emissão primária. Os testes de robustez realizados apontam para uma relação também positiva entre o Crescimento do PIB do período pré IPO com o resultado de longo prazo das ações. / Recent studies, conducted mainly in the North American market, have presented evi-dence regarding decisive factors for the long-run performance of Initial Public Offerings (IPOs). However, the number of similar studies applied in the Brazilian market is yet limited and inconclusive, because they employ reduced databases and short time win-dows up to two years. Seeking to extend the analysis of IPOs in the Brazilian market, the purpose of this study was to explore the determinants of the long-run performance of IPOs held at BM&F Bovespa, with time windows of three and five years after the first trading day. The sample was composed of 97 initial public offerings occurred be-tween 2004 and 2012 for three-year horizon and 77 occurred between 2004 and 2010 for the five-year horizon. The long-run return calculation followed the methodology of Buy-and-Hold Abnormal Return (BHAR), adjusted to the Ibovespa index, and the pos-sible determinants of BHAR related to IPOs were subjected to multivariate analysis using Ordinary Least Squares (OLS) approach. The results lead to the conclusion that the long-run performance of Brazilian’s IPOs is positively related with: 1) Age of the Firms, 2) the level of Corporate Governance, 3) Sector and 4) post IPO Operating Performance. In addition, it was noticed that the long-run performance of IPOs is neg-atively related with: 1) the Abnormal Return of the First Trading Day, 2) the IPO amount held in the year and 3) percentage of Institutional Investors the IPO. Robustness tests were performed, and their conclusions highlighted a positive relationship between GDP growth of previous IPO period with the long-run performance.

Estudos recentes, realizados principalmente no mercado norte-americano, trazem in-dícios de fatores determinantes para o resultado de longo prazo das emissões primá-rias de ações (IPOs, do inglês Initial Public Offerings). Porém, trabalhos com esse enfoque no mercado brasileiro ainda são escassos e inconclusivos, pois utilizam pe-quenas bases de dados e analisam horizontes de tempo de até dois anos. Buscando ampliar a análise de IPOs no mercado brasileiro, o objetivo desta dissertação foi es-tudar os determinantes do desempenho de longo prazo das IPOs realizadas na Bolsa de Valores de São Paulo com horizontes de tempo de três e cinco anos após o pri-meiro dia de negociações. A amostra foi composta por 97 emissões primárias de ações ocorridas entre 2004 e 2012 para o horizonte de três anos e 77 ocorridas entre 2004 e 2010 para o horizonte de cinco anos. O cálculo de retorno de longo prazo seguiu a metodologia de Buy-and-Hold Abnormal Return (BHAR), ajustado ao Ibo-vespa, e os possíveis determinantes do BHAR das IPOs foram submetidos a análises multivariadas através de estimações pelo método de Mínimos Quadrados Ordinários (MQO). Os resultados levam à conclusão de que o desempenho de longo prazo das IPOs brasileiras está positivamente relacionado com: 1) a Idade das firmas, 2) o nível de Governança Corporativa, 3) o Setor e 4) o Desempenho Operacional pós IPO. Pôde-se concluir, também, que o desempenho de longo prazo das IPOs está negati-vamente relacionado com: 1) o Retorno Anormal do Primeiro Dia de negociações, 2) a Quantidade de IPOs realizadas no Ano e 3) o Percentual de Investidores Institucio-nais na emissão primária. Os testes de robustez realizados apontam para uma relação também positiva entre o Crescimento do PIB do período pré IPO com o resultado de longo prazo das ações. / Recent studies, conducted mainly in the North American market, have presented evi-dence regarding decisive factors for the long-run performance of Initial Public Offerings (IPOs). However, the number of similar studies applied in the Brazilian market is yet limited and inconclusive, because they employ reduced databases and short time win-dows up to two years. Seeking to extend the analysis of IPOs in the Brazilian market, the purpose of this study was to explore the determinants of the long-run performance of IPOs held at BM&F Bovespa, with time windows of three and five years after the first trading day. The sample was composed of 97 initial public offerings occurred be-tween 2004 and 2012 for three-year horizon and 77 occurred between 2004 and 2010 for the five-year horizon. The long-run return calculation followed the methodology of Buy-and-Hold Abnormal Return (BHAR), adjusted to the Ibovespa index, and the pos-sible determinants of BHAR related to IPOs were subjected to multivariate analysis using Ordinary Least Squares (OLS) approach. The results lead to the conclusion that the long-run performance of Brazilian’s IPOs is positively related with: 1) Age of the Firms, 2) the level of Corporate Governance, 3) Sector and 4) post IPO Operating Performance. In addition, it was noticed that the long-run performance of IPOs is neg-atively related with: 1) the Abnormal Return of the First Trading Day, 2) the IPO amount held in the year and 3) percentage of Institutional Investors the IPO. Robustness tests were performed, and their conclusions highlighted a positive relationship between GDP growth of previous IPO period with the long-run performance.

The topic of the submitted thesis is the Economic and legal aspects of IPO (Initial Public Offering) and its purpose is to describe the process of an Initial Public Offering and subsequently apply the findings in the case study of one particular IPO - Pivovary Lobkowicz Group. The thesis is composed of six chapters, each of them dealing with different aspects of Initial Public Offering. Chapter One is introductory and defines basic terminology used in the thesis. The chapter is subdivided into five parts. Part One describes the capital market. Part Two deals with IPO history, its subpart One with global history and subpart Two with Czech history of IPO. Part three focuses on securities, its subpart One on securitues in general and subpart Two on shares specifically. Part four explains the share issue. Part five looks at the term Initial Public Offering itself. Chapter Two illustrates the reasons for an IPO. The chapter consists of six parts. Part One focuses on acquiring capital. Part Two investigates the prestige and credibility. Part Three addresses the issue of marketing use and advertising. Part four examines benefits for existing shareholders. Part five describes obtaining information about company value. Part six deals with increasing employees involvement. Chapter Three is subdivided into...

The thesis "IPO analysis in Czech Republic" focuses on initial public offering (IPO) issue applied on the Czech capital market. The beginning of the thesis focuses on IPO characteristics and company's alternative financing. The work describes IPO process in detail in case of an issue on the Prague Stock Exchange and the long-term performance characteristics of the new issues further. The ending focuses on the current Czech capital market, the Prague Stock Exchange and the investors.

The aim of this master thesis is the analysis of the possible forms of funding business in the Czech Republic with a focus on non-bank sector - performance of these types, their advantages and disadvantages, and implementation analysis of the choice of sources of funding the project Rapol. The work is divided into four chapters. The first chapter deals with the theoretical performance forms of financing business in the Czech Republic divided into internal (net cash flow, reserves) and external sources of funding (Issuance of shares, EU structural funds, venture capital, Business Angels, government grants, leases, bonds, trade credit, factoring, forfeiting, quiet community). The second chapter is devoted to the characteristics of firms Rapol s.r.o. and RBB Invest a.s. and the third chapter the characteristics of the project Rapol. Last, the fourth chapter, represents the analysis of the choice of sources of funding the project Rapol.