The implication that first day returns of initial public offerings are a consequence of the imbalance of power between issuer and underwriter has been suggested more than it has been tested. An important tool in such an analysis has been missing. Using a resource contribution approach to bargaining power, measures of underwriter and issuer power are created. Significant results with both measures show that consistent with theory, underwriter power is positively associated with underpricing, while issuer power's association is negative. The underwriter power measure compares favorably in this study to Carter-Manaster's prestige measure. The theory presented also suggests that issuers and underwriters engage in a short-term cooperative agreement to bring critical resources to issuers to enhance their initial public offering. Contributed resources form the basis for each firms bargaining power which is strongest when setting the initial file price. Results show the importance of resource power on the distribution of proceeds and how power changes during the registration process. Finally this theory expands signaling theory and suggests that issuers under the influence and direction of their underwriter make pre-IPO organizational changes to send signals of quality to preemptively address investor's concerns. These pre-IPO gambits are intended to increase IPO proceeds, but come at a price. Theories of power are used to create a measure of the relative strength of these actors and find that making TMT changes significantly decreases underpricing. Although underwriter power is significantly associated with change, relative power does not reduce the amount of change signaled. / Business Administration

This thesis examines the efficacy of markets, using both quantitative and qualitative methods in a complementary way. Specifically, it starts (in Part II) by using the results from a quantitative analysis of initial public offering (IPO) underpricing as a barometer for corporate governance failure. This quantitative work identified Russia, China and India as extreme outliers. The data set used for this work was the cross-section sample of 45 countries developed by Loughran, Ritter & Rydqvist (2008). More broadly (in Part III), the thesis takes the lead of the quantitative evidence to examine, in a qualitative framework, possible sources of corporate governance failure in China, India and Russia. This was done categorically, under the headings of Globalisation, Corporate Governance, Institutional Structure and Competitive Strategy. Data were gathered by eldwork in China, India and Russia, and these findings were then benchmarked against findings from further fieldwork in the United Kingdom. This created a unique 56,000 word database, which was used for both cross-site and within-site analysis. This indicates how both unique attributes (e.g. rule of law, transparency, regulation, etc.), and common attributes (e.g. transition from a socialist/Marxist regime, market immaturity, asymmetric information etc.), combine to explain the different morphologies of corporate governance in these three countries. The quantitative analysis (Part II) consists of exploratory data analysis (EDA) and econometric work. The exploratory data analysis establishes, through graphical means and regression techniques, a negative correlation between IPO underpricing and globalisation (as measured by the KOF index, see Dreher, 2006). Building on this, the subsequent econometric modelling suggests that economic, demographic and institutional factors are all significant determinants of IPO underpricing. The qualitative analysis carried out in Part III of the thesis, builds on and extends the quantitative analysis of Part II. This is consistent with the multiple method approach, which combines both quantitative and qualitative analysis to achieve a synthesis of findings. The qualitative analysis uses evidence from semi-structured interviews with finance professionals and opinion makers, as well as evidence from additional primary and secondary sources, which was also made available through fieldwork contacts. This analysis emphasises the especial importance of board composition, information flows, the judicial system, the stock exchanges, and financial regulators for forms of corporate governance.

Cette thèse s'intéresse au rôle des analystes financiers lors de la couverture des introductions en bourse dans un contexte international. Nous traitons de la valeur informationnelle des couvertures des analystes et de leur conséquence sur la performance à long terme des entreprises nouvellement introduites en bourse. Nous examinons si les recommandations des analystes financiers permettent de réduire le comportement irrationnel des investisseurs en situation de forte incertitude. Nous espérons qu'en réduisant les asymétries d'informations, les analystes financiers aident les investisseurs à mieux cibler la valeur de l'IPO. Cette thèse s'articule autour de deux parties : la première est consacrée au positionnement théorique et à nos hypothèses de recherche ; la seconde se focalise sur la vérification empirique d'un échantillon d'IPOs internationales (Etats-Unis, Angleterre, Allemagne et France) sur la période 1991 à 2005. Les résultats révèlent une sous performance des IPOs plus sévères pour les orphelines (sans couverture des analystes) que pour les non orphelines. Il apparaît que la couverture des analystes est importante pour les IPOs mais que le marché n'en perçoit pas toute la valeur. D'autres analyses soulignent que cette meilleure performance des non orphelines provient du nombre élevé de couvertures. Nous établissons que les recommandations des analystes sont significativement reliées à la performance à long terme des IPOs. Ainsi, nous vérifions le rôle crucial des analystes financiers dans la production et l'interprétation des informations. / This thesis explores the role of financial analysts' coverage on IPOs in an international context. We deal with the informational value of research coverage and the consequence on long run performance of newly public firms. We examine whether financial analyst recommendations allow alleviating the irrational investors' behaviour in the context of strong uncertainty. We expect that by reducing the information asymmetry, financial analyst recommendations help investors to define progressively the true value of the IPO. The thesis is organized in two main parts: the first part presents a survey of literature and define research hypothesis. The second part consists in an empirical validation of an international sample of IPOs (US, United Kingdom, Germany and France) over the 1991-2005 period. The results reveal that long run underperformance is much severe for orphans' IPOs (without financial recommendation) than non orphans' IPOs. The evidence suggests that analyst coverage is indeed important to issuing firm but the market do not fully incorporate the perceived value of this coverage. Further analysis reveals that this outperformance by non orphan stems from high coverage. We establish that analyst recommendations are significantly related to long run performance of IPOs. Hence, we corroborate the crucial role of financial analysts in producing and interpreting IPOs' financial releases.

This thesis examines the relationship between the aftermarket performance of Chinese initial public offerings (IPOs) and corporate governance for firms that listed during the years 1999 to 2001. The primary objective of this study is to investigate the significance of corporate governance variables as explanations of IPOs aftermarket performance. By doing so, a set of hypotheses dealing with the relationships between IPO aftermarket performance and three categories of independent variables: corporate governance variables; issue variables; and control variables, were examined. The descriptive analysis indicates that IPOs in China continue to provide significant short-term returns to investors, although the level of underpricing has declined from that found in earlier studies. This finding suggests a growing level of maturity and sophistication in the Chinese IPO market. The analysis of long-term performance indicates negative returns to investors which is consistent with international evidence but challenges the bulk of prior Chinese studies. It is found that there is no significant relationship between corporate governance variables and IPO returns in the short-term with the exception of board composition, while IPO underpricing is primarily explained by the imbalance between supply and demand and the inefficient capital market in China. The significance of board composition can be explained by the launch of the new corporate governance code on board structures in 2001. Overall the empirical evidence shows that the Information Asymmetry Hypothesis is an appropriate explanation of the underpricing of Chinese IPOs. In the long-term, it is found that corporate governance variables do have explanatory power for the market performance of Chinese IPOs, in particular state ownership and the separation of Chairman and CEO, supporting the notion that corporate governance appears to be important to IPO investors in the long-term. It also confirms the view that investors are willing to pay a premium for the shares of what they consider to be well-governed firms in the long-term. Besides corporate governance variables, both issue variables and control variables are also found to have explanatory power in IPO aftermarket performance. In particular firm size, IPO offer price, IPO lottery rate and industry are significantly related to IPO short-term performance in China, while growth in earning per share, firm size and industry are related to the long-term market performance.

本研究旨在探討我國新上市承銷制度中公開揭露體系之最適管制體系，所使用之理論架構與方法為代理理論。為充份瞭解本研究所提出的問題，本研究首先深入探討我國現行的承銷制度，並依據相關研究理論與結果探究我國目前的承銷問題，其間對於公開揭露體系應有資訊內容之探討，係以理性預期均衡理論為依據。本研究以為無論係現制下的承銷制度或擬議中之競價拍賣制，其主要問題在於公開揭露體系的格式與內容不妥善。其次，我國股市中財務資訊（包括所有公開揭露資訊）的使用效率亦不高。在如許環境下，不知情投資者往往需要支付可觀的市場逆選擇機會成本。 　　本研究假設承銷商為代理人，發行公司為主理人，亟按雙方於通過上市審查後利害衝突之代理關係，分析我國新上市承銷制度中公開揭露體系之最適管制體系。首先以代理理論求得承銷獎酬契約之柏拉圖最適解，並以此結果為基礎，探討因道德危險所產生的次佳解，亦即，在代理人有道德危險的可能性下，最適承銷獎酬契約之特徵方程式。最後則利用充份統計量的概念證明，在次佳解下，代理契約若能增加額外資訊，可降低道德危險的機會成本。也就是在主理人或代理人一方之預期效用維持不變的情況下，相對的另一方其預期效用不會因而變差（會變好）。據此，在代理契約中增加額外資訊，對契約的結果係有價值的。本研究以為，承銷代理契約的設計亦應包括有價值額外資訊之設計，是項有價值額外資訊，本研究定義為承銷商制定承銷價的基礎與所使用之資訊。 　　是以，承銷商制定承銷價的基礎與所使用之資訊應公開披露於公開說明書，是種資訊因直接與投資者之利益相關，所以投資者較有動機使用是種資訊以從事新上市股票申購的決策並據以為上市後買賣決策之基礎。因此，是種資訊不但與股價決策攸關，且可增加新上市股票市場中之資訊使用效率。

鑑於我國現行承銷制度下新上市股票上市後的股價行為異於尋常（如蜜月期的問題），故本研究的目的在於以理性預期均衡理論及其他相關理論來探討新上市股票股價的問題，進而由理論中對資訊與股價之關係的推論來評議我國目前新上市股票承銷制度及股市的資訊環境。 　　新上市股票最重要的經濟特質在於上市前鮮為人知，其公司原始股東與上市後潛在股東間存在一個嚴重的資訊不對稱問題，證管會特以公開說明書為工具，藉此公開公司原始舊股東所持有之優越資訊，以解決此種資訊不對稱的情況。就理論上而言，一個合理的承銷制度應能令投資者「所付等於所值」，其上市後的第一個均衡價應等於承銷價，且其上市後的股價行為應與相關資訊呈系統化的關係。然而從實證的資料與分析結果顯示，我國新上市股票股價行為（包括承銷價）具異常性，根據理性預期均衡理論，這種異常股價行為歸因於股價與公開說明書上的財務資訊不具系統化的關係，亦即投資者間異質性的預期、投資者的變現性需求、及財務資訊之收集、分析與解釋成本過高（就個別投資人而言）所致的雜訊主導了這種異常的股價行為，故可謂目前的新上市股票承銷制度功能不彰，其合理性仍嫌不足。 　　現行新上市股票承銷制度下係規範公開說明書的財務報表需經會計師簽證，而其他資訊則需由承銷商以盡專業注意的方式來確認資訊之公開與忠實表達，若有不實表達處再課以法律責任。本研究以為這種資訊不對稱的解決設計，其運作之良窳尚有賴資訊環境的配合，故擬發展「資訊環境理論」，以說明強化財務資訊收集、分析與解釋的功能，或降低個別投資人對此類資訊的搜尋成本，可因而降低投資者異質性預期與變現性需求所產生的雜訊。其次本研究以為，為使公開財務資訊具品質保證與齊一性，並促使財務資訊環境更能有效運作，除可賦予法律責任外，藉由自律規範對承銷商之專業注意力與職業道德加以規範已屬必要。據此，更發展了「最低承銷品質理論」，透過此二理論的發展，以強化目前承銷制度的功能。

In March 2003, the Australian Stock Exchange (ASX) released new corporate governance guidelines, which included debatable “best practice” recommendations such as the adoption of an independent board and separation of the roles of chairperson and CEO. Given the premise that strong corporate governance enhances shareholder value and, by extension, increases initial public offering (IPO) issuers’ appeal to investors, this thesis assesses the level of conformity by a sample of Australian firms, which made an IPO between 1994 and 1999, with the best practice recommendations. We also examine the relationship between firm outcomes (including IPO underpricing, post-IPO long-run performance, and the likelihood of a SEO) and board governance quality, captured by board composition, board leadership, board size and share ownership of directors. These outcomes are addressed as they are important dimensions of firm performance that may be reasonably assumed to be associated with the quality of corporate governance, and these tests can provide an insight into the preference of investors who arguably are best placed to assess the appropriateness of the recommendations promoted by the ASX. Further, we analyse changes in IPO firms’ board structures from the time of listing to five years later to determine if IPO firms adopt governance structures that are more in line with the best practice recommendations after listing and if the changes are related to IPO firms’ long-run performance. Overall, we find that IPO firms that arguably have the strongest incentive to adopt the “optimal” board structures diverge substantially from ASX’s recommendations both at the time of IPO and five years later. IPO firms’ board structures are found to be unrelated with the level of IPO underpricing and board size, after controlling for the size of the firm, is significant in explaining both long-run aftermarket performance and the probability of a SEO. IPO firms with larger boards and those that increase the board size after listing are found to perform better in the long-run. However, contrary to expectation, smaller boards are associated with a higher likelihood of equity reissuance. Overall, the results lead us to question the role played by the board of directors in signalling firm quality. Our findings also suggest that ASX’s best practice recommendations are likely to distort the market-driven practices already in place.

Cette thèse est composée de trois essais qui étudient le déroulement des introductions en bourse. Dans le premier essai, nous examinons l’effet de la séparation propriété-contrôle sur la performance des offres publiques initiales (IPO) à long terme en France. En utilisant un échantillon de 351 entreprises françaises introduites en bourse sur la période 1997-2011, nous constatons que la séparation entre les droits de vote et les droits de propriété des actionnaires majoritaires est négativement associée à la performance à long terme des introductions en bourse. Cette constatation indique que les IPO ayant une structure de propriété dispersée sont moins performantes que les autres entreprises au cours de la période allant de 1 à 5 ans suivant l'offre initiale. Cette séparation incite les actionnaires dominants à retirer des avantages privés de contrôle au détriment des actionnaires minoritaires.Dans le deuxième essai, nous examinons le rôle des clauses de lock-up sur la précision des prévisions de résultat publiées dans le prospectus d'introduction en bourse. En utilisant un échantillon de 303 prévisions des entreprises françaises introduites en bourse entre 1997 et 2013, nous apportons la preuve que les introductions en bourse ayant plus d'actions à détenir, ainsi que celles qui choisissent des périodes de lock-up plus longues, sont plus susceptibles de divulguer des prévisions de résultats conservatrices et précises. Ces résultats sont robustes à un certain nombre de tests de sensibilité.Dans le troisième essai, nous étudions l'impact de la localisation géographique sur la sous-évaluation à court terme des introductions en bourse françaises. Les résultats montrent que les entreprises situées à proximité du centre financier parisien sont moins sous-estimées que les entreprises distantes. Ces résultats fournissent un support empirique à l'argument selon lequel l'incertitude sur la valeur des IPO augmente proportionnellement à la distance de Paris. En d'autres termes, la proximité géographique améliore la qualité des informations collectées sur les entreprises, ce qui réduit leurs coûts d'introduction en bourse et diminue le niveau des rendements initiaux. / This dissertation consists of three essays. In the first essay, we investigate whether the control-ownership divergence can explain IPO long-run performance in France. Using data from a sample of 351 French IPOs during 1997-2011, we find that the separation between ownership and control rights of the largest shareholder is negatively associated with long-term performance of French IPOs. This finding indicates that IPOs with disproportional ownership structure underperform other firms in the one- to five-year period following the initial offering. Such separation induces controlling shareholders to extract private benefits of control to the detriment of minority shareholders.In the second essay, we examine the effect of lockup agreements on management earnings forecasts in initial public offering (IPO) prospectuses. Using a sample of 303 forecasts of French firms that went public over the period 1997–2013, we find that IPOs with lockup clauses are more likely to disclose conservative profit forecasts. Moreover, we provide evidence that IPOs with more shares to lock up, as well as those selecting longer lockup periods, have more accurate management earnings forecasts. These results are robust to a number of sensitivity tests.In the third essay, we examine the impact of geographic location on the short–run underpricing of French initial public offerings (IPOs). The results show that firms located in close proximity to the financial centre, Paris, are less underpriced than distant ones. These findings provide empirical support to the argument that uncertainty about IPO value increases with distance from Paris. In other words, geographic proximity improves the quality of collected information on IPO firms, which lowers their costs of going public and decreases the level of initial returns.

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No. of bitstreams: 1 arquivototal.pdf: 2723691 bytes, checksum: a36df740c73be4b421a7267749037ff7 (MD5) Previous issue date: 2016-02-22 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior - CAPES / Among the approaches of the area of behavioral finance, the impact of irrational and speculative behavior of investors has drawn attention of researchers in the face of evidence that indicate a possible influence of idiosyncratic asymmetry into the context of investors' perception in their decision-making and, consequently, prices and returns on assets. Sometimes it is not difficult to find situations where optimistic or pessimistic expectations impacting in some way in the financial market. The idiosyncratic asymmetry can be understood as investors' preference for positive asymmetry, contrary to the assumptions of the theory of expected utility. Investor sentiment can be defined quite broadly, however, the underlying issue that sentiment mainly covers how such investors interpret and react to daily events so they can build their beliefs. The initial public offerings (IPO) are those in which the listed companies provide first sale of its stocks. Thus, understanding the way in which the financial market operates can be of great value to assist investors in their perception and their active trading strategy to take into account the impact factors of stock prices and, if it's worth before speculation of possible delay or not your decision making based on the evaluation of the assumed returns and risks when investing in assets in its first day of trading on the stock exchange. Face of this perspective, the objective of this research is to investigate the relationship between the irrationality of investors and returns of the first day of Brazilian companies that made IPO from 2004 to 2014. The sample comprised 106 companies among the 152 who underwent IPO in this interval of eleven years. The research was based on the model developed by Aissia (2014), who also found the influence of idiosyncratic asymmetry and investor sentiment, but in the financial market of France. The method used for the estimation of the proposed model was through regression analysis by ordinary least squares (OLS). The data revealed that one of the research hypothesis was confirmed because it was found that the idiosyncratic asymmetry positively affected returns of the first day of IPO's inherent in the companies in the sample. Furthermore, this study can enrich the discussion of aspects inherent irrationality of investors in decision-making from a peculiarity has not investigated within the Brazilian market, making relationship with the preference for asymmetry itself in order to open new horizons for future studies proposed. / Dentre os enfoques da área de finanças comportamentais, o impacto do comportamento irracional e especulativo dos investidores tem chamado atenção dos estudiosos, diante de evidências que indicam uma possível influência da assimetria idiossincrática inserida no contexto da percepção dos investidores em sua tomada de decisão e, consequentemente, nos preços e retornos dos ativos. Por vezes, não é difícil encontrar situações em que expectativas otimistas ou pessimistas impactem de alguma maneira no mercado financeiro. A assimetria idiossincrática pode ser entendida como a preferência dos investidores por uma assimetria positiva, contrariando as premissas da Teoria da Utilidade Esperada. Já o sentimento dos investidores pode ser definido de maneira bastante ampla, porém, a questão subjacente desse sentimento abarca principalmente a maneira como tais investidores interpretam e reagem aos acontecimentos cotidianos para que possam construir suas crenças. As ofertas públicas iniciais de ações (IPO) são aquelas em que as empresas listadas em bolsa disponibilizam pela primeira vez a venda de suas ações. Sendo assim, compreender a maneira em que o mercado financeiro funciona pode ser de grande valia para auxiliar os investidores em sua percepção e em sua estratégia de negociação de ativos, ao levarem em consideração os fatores de impacto dos preços das ações e, se vale a pena, diante de possíveis especulações, postergar ou não sua tomada de decisão a partir da avaliação dos retornos e riscos assumidos ao investir em ativos em seu primeiro dia de negociação em bolsa. Diante dessa perspectiva, o objetivo desta pesquisa é o de investigar a relação entre a irracionalidade dos investidores e os retornos do primeiro dia das empresas brasileiras que realizaram IPO, no período de 2004 a 2014. A amostra contou com 106 empresas, dentre as 152 que realizaram IPO nesse intervalo de 11 anos. A pesquisa tomou como base o modelo desenvolvido por Aissia (2014), que verificou também a influência da assimetria idiossincrática e sentimento do investidor, porém no mercado financeiro da França. O método utilizado para a estimação do modelo proposto foi por meio da análise de regressão por mínimos quadrados (OLS). Os resultados encontrados permitiram que uma das hipóteses de pesquisa fosse confirmada, pois constatou-se que a assimetria idiossincrática afetou positivamente os retornos do primeiro dia das IPO’s inerentes às empresas que compuseram a amostra. O presente trabalho pode enriquecer a discussão acerca dos aspectos inerentes à irracionalidade dos investidores na tomada de decisão, a partir de uma peculiaridade ainda não investigada no âmbito do mercado brasileiro, fazendo relação com a preferência por assimetria propriamente dita, de maneira a abrir novos horizontes para propostas de estudos futuros.

This thesis is focused on the issuance of Initial Primary Offerings of shares, with an emphasis on the development of the worldwide IPOs. The first part of the thesis deals with the types of possible sources of financing of the company and the factors that affect their selection. In the next section it shows a characteristic of an IPO from the company's point of view-- a candidate for IPO. In this section are described the motivation and the assumptions of the company undergoing IPO as well as the advantages and disadvantages which the IPO can bring to a company. The following section describes in detail the process of issuing the IPO, it is divided into several main sections and is focused on the Czech market. Further work describes the world development of IPO activity. Here are shown the count and volumes which were carried out in the recent years. Furthermore there is the current status and future trends in the major world markets (the Chinese, the United States and the European). In the final part of the thesis, an analysis of both macro/micro-economic conditions and success of two IPOs, for a Chinese technology company Youku.com Inc. (performed in December 2010) and an American Internet dial-up company Vonage Holding Corp. (implemented in May 2006), is carried out.