Thesis (Ph. D.)--Hong Kong University of Science and Technology, 2004. / Includes bibliographical references. Also available in electronic version. Access restricted to campus users.

Thesis (Ph. D.)--UCLA, 2007. / Vita. Includes bibliographical references (leaves 147-152).

Thesis (Ph. D.)--Washington State University, May 2010. / Title from PDF title page (viewed on May 11, 2010). "College of Business." Includes bibliographical references (p. 69-73).

Over the past several years initial public offerings (IPOs) have, once again, become very popular. This period can be characterized as a period of a high number of IPOs, a large amount of capital raised through them, and a very high investor interest in them. These characteristics are typical of a "hot" IPO market. During this latest period of IPO boom, the number of technology IPOs and their initial return increased significantly. But do such IPOs reward investors in a long run? Many previous studies indicate that IPOs generate high initial returns, significantly under perform the market over the long term, and exhibit declining operating performance in the post-IPO years. This study examines the post-IPO long-term price/return performance and operating performance of a portfolio of technology IPOs. The sample of IPO firms is from those that went public in 1995. The returns on the price weighted portfolio and on the equally weighted portfolio are measured to determine the price/return performance from January of 1996 till December of 1999. These portfolio returns are compared to the returns on the NASDAQ index for a comparable time period. Several variables indicative of the portfolio's operating performance such as operating cash flow, sales, total assets, and capital expenditures are analyzed over a four-year period following the IPO. Results show that the sample firms grow rapidly in terms of sales, capital expenditures, and total assets. Their operating performance, however, declines over time. This is associated with declining price/return performance over the four-year period. Results of this study are consistent with earlier results reported by other researchers.

published_or_final_version / Business / Doctoral / Doctor of Philosophy

Thesis (Ph. D.)--Massachusetts Institute of Technology, Sloan School of Management, 2004. / Includes bibliographical references. / This thesis contains two chapters. Chapter One provides definitive evidence about the effect of discretionary current accruals on the pricing of IPOs. Specifically, I seek to discriminate between two alternative explanations for the prior findings: 1) behavioral biases coupled with limited arbitrage; and 2) the sample- and period-specific nature of the results in the prior literature. Using hand-gathered accrual data for all IPOs from 1926 to 1961 and machine-readable accrual data for all IPOs from 1962 to 1998, I obtain the following results. First, I fail to observe a negative association between discretionary current accruals and subsequent price performance for the 1926 to 1971 period. Second, my analysis reveals that the pattern of cross-sectional evidence is inconsistent with the predictions made by behavioral theories. Third, in the 1972 to 1998 period, evidence of predictable negative performance attributable to IPO discretionary current accruals is limited to NASDAQ firms. Overall, these findings are difficult to reconcile with mispricing as an outcome of investor behavioral biases correlated across individuals. Chapter Two examines how financial statement informativeness, analyst following, and company news relate to the information asymmetry between insiders and outsiders. Corporations' timely disclosures of value relevant information and information collection by outsiders reduce information asymmetry, limiting insiders' ability to trade profitably on private information. We use the profitability and intensity of insider trades to proxy for information asymmetry. We find that increased analyst following is associated with reduced profitability of insider trades and reduced insider purchases. Financial statement / (cont.) informativeness is negatively associated with the frequency of insider purchases. However, company news, good or bad, is positively associated with insider purchase frequency. / by Xu Li. / Ph.D.

This study provides a test of the proposition that a unique agency cost (induced by windfall interest earnings) has a significant impact on both the money left on the table and underpricing costs of initial public offerings (IPOs) of China-related enterprises (H-shares and Red-chips). This arises from the advanced payment, non-discretionary allocation mechanism adopted by HKEx. The agency cost stems from an asymmetry in the accounting treatment of the reporting of interest income (if any) generated from the public subscribers' application fund, and the often significant, but unreported, underpricing cost. This important point appears to have been first pointed out by Ritter and Welch (2002). For Chinese state enterprises the manager who is overseeing the listing process has little (if any) incentive to maximize the offer price or new equity capital from an IPO but may benefit directly and/or indirectly from the significant interest earnings that can be generated from public subscribers' monies. This occurs when the controlling shareholder (the State) is either uninformed about the true value of the firm and/or due to other considerations allows the manager to offer a deeply discounted offer price. The deep discount raises the public subscription rate and increases the interest income from the application funds. Using the prolonged zero interest rate regime following the bankruptcy of Lehman, the study finds strong support for the proposition and shows that H-shares and Red-chips have offered significantly less money on the table and hence incurred substantially lower underpricing costs relative to Other categories of shares. This is in marked contrast to the pre-global financial crisis period when there were significant interest rates on deposits. The study contributes to the literature on the differential concerns of managers and owners in the IPO process.

Thesis (Ph. D.)--Ohio State University, 2006. / Title from first page of PDF file. Includes bibliographical references (p. 108-125).

Thesis (Ph. D.)--West Virginia University, 2006. / Title from document title page. Document formatted into pages; contains v, 163 p. : ill. (some col.). Includes abstract. Includes bibliographical references.

Thesis (Ph. D.)--University of Chicago, Graduate School of Business, June 2001. / Includes bibliographical references. Also available on the Internet.