by Au Wai-keung, Francis. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1988. / Bibliography: leaves 48-51.

This study focuses on initial public offerings (IPOs), which are the process of making a company's shares available for public trading on a stock market. Despite global uncertainties in recent years, there has been a high demand for company listings in the market. Many IPOs have experienced a positive trend in share prices on the first day of trading as a publicly traded company.The objective of this study is to develop a multiple linear regression model to analyze the impact of various parameters on the first day return of IPOs. The generated model will be evaluated to create a reduced model with an optimal subset of variables. The study will specifically focus on IPOs listed on some Nordic marketplaces during the period 2017-2022.The results of the study suggest that the created models are not effective in capturing the variance of first day returns. The deficiency of the created models is likely due to both the complexity of the stock market and the difficulties of quantifying and capturing some of the factors impacting the initial performance of IPOs. However, the reduced model performs slightly better and indicates that variables such as NGM SME, First North, PreSubscribed, and AmountNewlyIssued explain most of the variance in the response variable. / Denna studie fokuserar på börsintroduktioner (IPO), processen i vilken ett företags aktier görs tillgänglig för allmän handel på börsen eller en annan marknadsplats. Trots omfattande globala osäkerheter under de senaste åren, så har efterfrågan på börsnoteringar varit hög. Många av dessa IPOs har upplevt en positiv aktietillväxt under första dagen som ett publikt handlat bolag.Målet med rapporten är att utveckla en multivariat linjär regressionsmodel med syfte att analysera påverkan olika variabler har på aktieprisets utveckling under första dagen som ett noterat bolag. Modellen kommer därefter utvärderas och en reducerad modell innefattande en optimal kombination av variabler kommer genereras. Rapporten kommer specifikt undersöka noteringar gjorda under perioden 2017-2022.\\Resultatet av studien visar på stora brister i modellernas prestationsförmåga. Troligen grundar sig deras oförmåga i både aktiemarknadens komplexitet samt svårigheter i att kvantifiera och fånga relevanta faktorer som påverkar de initiala aktieprisfluktuationerna efter en IPO. Den reducerade modellen presterar dock något bättre och indikerar att variabler som NGM SME, First North, PreSubscribed och AmountNewlyIssued förklarar det mesta av variansen i den beroende variabeln.

This thesis is dedicated to the Financial Law, namely to a special part of this branch of law - Banking Law, with a special focus on legal aspects of commercial and investment banking. This thesis concentrates on the specifics of the universal banking system applied in the Czech Republic. Chapter 1 deals with the general terms and concepts of the Banking Law, namely with the different types of banks and/or other financial institutions, as well as explanation of their different functions in the banking system of the Czech Republic. This chapter furthermore provides general overview of the structure of the banking and financial system of the Czech Republic. Chapter 2 covers the functions and characteristics of two fundamental types of banks, i.e. of commercial and investment banks and provides characteristics of their common features as well as the differences between them, from the perspectives of economics and law. Chapter 3 concentrates on three different banking models, namely on model of universal banking system, segmented banking system and hybrid banking system. This chapter also provides comparison of pros and cons of the above mentioned banking models. Chapter 4 looks in detail on a model of integration of investment banking into the banking system of the Czech Republic and furthermore, on...

Resume: The aim of my thesis is to define the area of investment banking and point out its specifics in terms of Czech life and institutions in carrying out securities transactions by way of analyzing relevant legislation, its doctrinal interpretation, supplemented by some practical conclusions drawn from relevant case law and opinions of regulatory bodies. The thesis is divided into three separate parts. The first part tries to grasp theoretical concepts used in the title of this work. The definition and nature of security is essential for its later usage in terms of operations which are performed with such securities by investment banks. Types of such operations are defined by various investment services which determine the extent of investment banks' scope of business. In addition to those investment services, the Czech regulatory environment also addresses the status of investment banks whose different models (in terms of their functioning) can lead to terminological questions of why some investment banks are not a bank in a legal sense. The above provides a basis for the second part of my thesis, which is concerned with an analysis of respective securities operations that are usually carried out by investment banks operating in the Czech Republic. These operations are linked together and are often...

Main interest of this diploma thesis is a transaction known as leveraged acquisition. The goal is to provide detailed overview of these transactions starting from history and development of leveraged acquisitions, key market participants, acquisition financing, leveraged acquisition market and its current trends and analysis of a fictional transaction using advanced financial model. Due to the limited extent of the thesis not all aspects of debt financing and modeling could have been covered in the text.

This thesis analyses the impacts of global financial crisis 2007 - 2009 on capital markets and investment banking industry. The aim of this work is to find the most important causes of the financial crisis, their relations and sequence as well as the role of investment banking industry in this crisis. First chapter gives a theoretical framework and overview of investment banking and institutional models. Second chapter then analyses the key causes of financial crisis. Third chapter analyses impacts of the crisis on selected capital markets and individual investment banks.

<p>During the eighties a new type of financial transaction started to emerge on an increasing basis. It was the so called “leveraged buyout” also known as the LBO. In the US private equity firms made it to the headlines in financial media from engaging in leveraged buyouts with small equity investments and large amounts of borrowed capital, their targets where large solid multinational corporations. Much has happened since the eighties. Back then leveraged buyouts where often associated with terms such as “Slash and Burn” or “Buy, Flip and Strip” often meaning hostile takeovers and huge layoffs. Today private equity firms focus more on active ownership, fast decisions without the bureaucracy of the stock market and long term value creation in order to profit from their buyouts.</p><p>As private equity firms today invest tremendous amounts of capital through their private equity funds. Leveraged buyouts have become one of the major areas within investment banking. Even though the LBO is a common transaction it is often hard to find models used for valuation of such a deal. Private equity funds and investment banks all have their own valuation models but these are regarded as strictly confidential and seldom revealed to the public. Therefore the creation and publication of an LBO valuation model should be of great interest for everyone aiming at a future career within private equity, corporate finance or investment banking.</p><p>This thesis derives a complete LBO valuation model including a framework for finding a suitable LBO target. The LBO valuation model is created in cooperation with the debt capital markets department at one of the leading investment banks in the Nordic region. The framework is based on a qualitative study conducted on seven of the most distinguished private equity firms active in Sweden. In order to show how the LBO valuation model and the framework works, both are applied on the retail company Björn Borg listed on NASDAQ OMX. To verify the accuracy of the framework, calculated return from the model is analyzed and compared to the indications given by the framework.</p>

During the eighties a new type of financial transaction started to emerge on an increasing basis. It was the so called “leveraged buyout” also known as the LBO. In the US private equity firms made it to the headlines in financial media from engaging in leveraged buyouts with small equity investments and large amounts of borrowed capital, their targets where large solid multinational corporations. Much has happened since the eighties. Back then leveraged buyouts where often associated with terms such as “Slash and Burn” or “Buy, Flip and Strip” often meaning hostile takeovers and huge layoffs. Today private equity firms focus more on active ownership, fast decisions without the bureaucracy of the stock market and long term value creation in order to profit from their buyouts. As private equity firms today invest tremendous amounts of capital through their private equity funds. Leveraged buyouts have become one of the major areas within investment banking. Even though the LBO is a common transaction it is often hard to find models used for valuation of such a deal. Private equity funds and investment banks all have their own valuation models but these are regarded as strictly confidential and seldom revealed to the public. Therefore the creation and publication of an LBO valuation model should be of great interest for everyone aiming at a future career within private equity, corporate finance or investment banking. This thesis derives a complete LBO valuation model including a framework for finding a suitable LBO target. The LBO valuation model is created in cooperation with the debt capital markets department at one of the leading investment banks in the Nordic region. The framework is based on a qualitative study conducted on seven of the most distinguished private equity firms active in Sweden. In order to show how the LBO valuation model and the framework works, both are applied on the retail company Björn Borg listed on NASDAQ OMX. To verify the accuracy of the framework, calculated return from the model is analyzed and compared to the indications given by the framework.

This thesis analyses individual experiences of the promotion process to Managing Director within a global bank to identify the contribution made by social capital. Using Nahapiet and Ghoshal’s (1998) three-dimension framework as the theoretical lens, the thesis extends social capital research beyond its largely quantitative focus on network analysis (structural dimension) to understand more clearly the relative importance and impact of the relational and cognitive dimensions. Semi-structured interviews were conducted with 34 men and women in an investment bank and a template-based analysis of their accounts was made. The findings make visible, the invisible mechanisms which enable or constrain the creation, development and use of social capital and, therefore, its contribution to securing the position of Managing Director. The findings highlight the need to consider the importance of agency, relationship level and gender in this context. The study makes three key contributions. First, it extends Nahapiet and Ghoshal’s (1998) theory of social capital, in the context of career progression, by demonstrating how each social capital dimension is operationalized and interdependent. Second, the research explicitly demonstrates the crucial role social capital plays in an executive-level promotion process, thereby revealing a complex and multi-layered system. Third, the study extends our knowledge of the gendered nature of senior-level career progression by identifying the particular barriers women face, compared to men, in their efficacious use of social capital for promotion in a global bank.

This thesis analyses individual experiences of the promotion process to Managing Director within a global bank to identify the contribution made by social capital. Using Nahapiet and Ghoshal’s (1998) three-dimension framework as the theoretical lens, the thesis extends social capital research beyond its largely quantitative focus on network analysis (structural dimension) to understand more clearly the relative importance and impact of the relational and cognitive dimensions. Semi-structured interviews were conducted with 34 men and women in an investment bank and a template-based analysis of their accounts was made. The findings make visible, the invisible mechanisms which enable or constrain the creation, development and use of social capital and, therefore, its contribution to securing the position of Managing Director. The findings highlight the need to consider the importance of agency, relationship level and gender in this context. The study makes three key contributions. First, it extends Nahapiet and Ghoshal’s (1998) theory of social capital, in the context of career progression, by demonstrating how each social capital dimension is operationalized and interdependent. Second, the research explicitly demonstrates the crucial role social capital plays in an executive-level promotion process, thereby revealing a complex and multi-layered system. Third, the study extends our knowledge of the gendered nature of senior-level career progression by identifying the particular barriers women face, compared to men, in their efficacious use of social capital for promotion in a global bank.