by Lu Shanshan, Yu Xiang. / Thesis (M.B.A.)--Chinese University of Hong Kong, 2005. / Includes bibliographical references (leaves 45-48). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iii / LIST OF ILLUSTRATIONS --- p.v / LIST OF TABLES --- p.vi / ACKNOWLEDGEMENTS --- p.vii / Chapter CHAPTER 1: --- INTRODUCTION --- p.1 / Chapter CHAPTER 2: --- GENERAL DESCRIPTION OF IPO PROCESS --- p.3 / REASONS FOR LISTING --- p.3 / SELECTION OF CAPITAL MARKET --- p.7 / GEM OR MAINBOARD --- p.14 / H SHARE OR RED CHIP OR ELSE --- p.18 / BASIC LISTING PROCEDURE --- p.20 / CONSIDERATIONS OF RESTRUCTURING --- p.24 / ROLE OF FINANCIAL ADVISORS --- p.26 / Chapter CHAPTER 3: --- DATA AND METHODOLOGY --- p.27 / RESEARCH PERIOD AND SOURCE --- p.27 / MEASURES AND FORMULAS --- p.27 / Chapter CHAPTER 4: --- UNDERPRICING ANALYSIS --- p.28 / LITERATURE REVIEW --- p.28 / MEASURES OF UNDERPRICING --- p.30 / RESULTS AND DISCUSSIONS --- p.31 / CONCLUSION --- p.36 / Chapter CHAPTER 5: --- POST-IPO PERFORMANCE ANALYSIS --- p.37 / LITERATURE REVIEW --- p.37 / MEASURES OF POST-IPO PERFORMANCE --- p.39 / RESULTS AND DISCUSSIONS --- p.40 / CONSTRAINTS OF RESEARCH --- p.43 / APPENDIX --- p.44 / BIBLIOGRAPHY --- p.45

Yuan Shuo. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2005. / Includes bibliographical references (leaves 49-53). / Abstracts in English and Chinese. / Chapter CHAPTER 1 --- Introduction --- p.1 / Chapter CHAPTER 2 --- Literature Review --- p.4 / Chapter 2.1 --- Worldwide IPO Underpricing --- p.4 / Chapter 2.2 --- IPO Underpricing in China --- p.10 / Chapter CHAPTER 3 --- New Explanations for IPO Underpricing --- p.12 / Chapter CHAPTER 4 --- "Data, Methodology and Empirical Results" --- p.15 / Chapter 4.1 --- Data --- p.15 / Chapter 4.2 --- Methodology --- p.19 / Chapter 4.3 --- Models and Empirical Results --- p.27 / Chapter 4.31 --- Underpricing Level Is Measured by the Percentage Difference Between the First Day's Closing Price and the Offer Price --- p.27 / Chapter 4.32 --- Underpricing Level Is Measured by the Percentage Difference Between the Average Price of the First Fifteen Trading Days' Closing Prices and the Offer Price --- p.34 / Chapter 4.33 --- Underpricing Level Is Measured by the Percentage Difference Between the Average Price of the First Seven Trading Days' Closing Prices and the Offer Price --- p.38 / Chapter 4.34 --- Underpricing Level Is Measured by the Percentage Difference Between the Average Price of the First Three Months' Closing Prices and the Offer Price. --- p.42 / Chapter CHAPTER 5 --- Conclusion --- p.47 / REFERENCE --- p.49 / APPENDIX 1 Detailed Regression Results --- p.54 / APPENDIX 2 The Issue Price and Stock Price Movement after IPO for Each Sample Firm --- p.70

by Wong Siu-Ming. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1998. / Includes bibliographical references (leaf 77). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iii / LIST OF ILLUSTRATION --- p.v / LIST OF TABLES --- p.vi / PREFACE --- p.vii / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Objectives --- p.1 / Methodology --- p.1 / Selection of stock exchange for case study --- p.2 / Selection of target company and share type for case study --- p.3 / Definitions of abbreviation --- p.4 / Contribution --- p.5 / Chapter II. --- Shenzhen Stock Exchange --- p.6 / History of the stock markets in China --- p.6 / Particulars of Shenzhen Stock Exchange --- p.7 / Profiles of the listing companies on the SZSE --- p.10 / Capital raised and Market capitalization --- p.10 / Distribution of share types on the SZSE --- p.13 / Distribution of listing companies in different sectors --- p.14 / Types of listing companies in China's stock market --- p.15 / Selection criteria of stock exchange for new issue --- p.15 / Chapter III. --- IPO of 'A share' stocks on the Shenzhen Stock Exchange --- p.17 / Basic qualifications for listing on the SZSE --- p.17 / Listing procedures --- p.19 / Method of listing --- p.21 / Professional advisors --- p.22 / Pre´ؤlisting restructuring of state-owned enterprises --- p.24 / Documents required for listing application --- p.25 / Prospectus for listing --- p.26 / Profit estimate in the IPO prospectus --- p.27 / Requirement for further issue of shares after listing --- p.27 / Problems faced by the regulatory bodies --- p.28 / Chapter IV. --- Particulars of Jiangxi Ganneng Company Limited --- p.29 / "History, development and reorganization" --- p.29 / Principal activities --- p.31 / Organization structure of the Company --- p.32 / Pre-listing restructuring of the Company --- p.32 / Ownership structure --- p.34 / Management hierarchy --- p.35 / Financial performance --- p.38 / Listing of the Company --- p.39 / Chapter V. --- IPO pricing of Jiangxi Ganneng Company Limited --- p.41 / IPO Pricing --- p.41 / Computation of the Company's IPO price --- p.42 / Chapter VI. --- IPO Pricing in China --- p.44 / Valuation of companies in China --- p.44 / IPO pricing in China --- p.44 / Restriction on the price-earnings ratio of new issue --- p.45 / Adjustment of the price-earnings ratio of new issue --- p.46 / Evaluation of the current IPO pricing method in China --- p.48 / Chapter VII. --- The post-listing return performance of unseasoned issues of 'A share' stocks in Shenzhen --- p.51 / Methodology --- p.51 / Data Analysis --- p.52 / Measure of central tendency of the sample's 8 rate of return --- p.53 / Distribution of the 8 rate of return --- p.56 / Industry effect on the post-IPO return performance --- p.57 / Size effect on the post´ؤIPO return performance --- p.60 / Chapter VIII. --- Future Prospects of IPO market in China --- p.62 / The state planning of the privatization of state-owned enterprises in China --- p.62 / Impact on IPO of state-owned enterprises after the restructuring of State Council --- p.66 / Chapter IX. --- Conclusions --- p.67 / APPENDIX --- p.72 / BIBLIOGRAPHY --- p.77

published_or_final_version / Business Administration / Master / Master of Business Administration

published_or_final_version / Business Administration / Master / Master of Business Administration

Šis magistro baigiamasis darbas skirtas investuotojų apsaugos mechanizmų analizei valstybės nemokumo atveju. Remiamasi klasikine valstybės imuniteto sąvoka, kuri teigia, kad valstybė turi suvereną ir negali būti patraukta teisminiams procesams. Tačiau Lietuva, kaip ir kitos užsienio valstybės, atsisako valstybės imuniteto ir dalyvauja finansų rinkoje, kaip lygiateisis subjektas. Investuotojas, kuris investuoja į valstybės vertybinius popierius ir dalyvauja finansų rinkoje, turi būti ypatingai ginamas, nes bet kuriuo atveju, jis išlieka silpnoji santykių šalis. Pasaulio praktika parodė, kad valstybei tapus nemokiai, ji negalinti įvykdyti prisiimtų finansinių įsipareigojimų kreditoriams, t.y. stambiems užsienio ir vietiniams bankams ir investuotojams, turtintiems šios šalies obligacijų ar kitų skolos vertybinių popierių. Pagrindiniai veiksniai, lemiantys valstybės sprendimą pasiskelbti nemokia, yra per didelis valstybės įsiskolinimas, lėtas ekonomikos augimas. Susidarius tokiai situacijai, valstybė teikia skolos restruktūrizavimo pasiūlymą investuotojams, siekdama pakeisti obligacijų sąlygas arba atidėti išpirkimo terminus. Magistriniame darbe plačiai analizuojama investuotojų teisės, kai valstybė siekia restruktūrizuoti skolą. Taigi, kai valstybė negali išmokėti obligacijų turėtojams nominalios jų turimų obligacijų vertės, ji teikia pasiūlymą pakeisti turimas obligacijas į naujas restruktūrizuotąsias obligacijas ir kitos rūšies kompensacijas. Lietuvai, kaip Europos Sąjungos... [toliau žr. visą tekstą] / This Master‘s thesis is dedicated to the analysis of investor protection mechanisms in case of state insolvency. The classic notion of state immunity provides that a state is the sovereign that is immune from judicial proceedings. However, Lithuania as well as other states waive the sovereign immunity and participate in financial markets as equal entities. Contractual relationship forms between a state and an investor who has purchased debt securities issued by the state. An investor who invests into the state securities and participates in the financial market shall be entitled to special protection, as he remains the weaker party to the relations in any case. The thesis has analysed interpretation of the notion of sovereign insolvency in international law; however, no such notion has been found. The research has shown that this notion is construed as a state’s incapacity to comply with its financial liabilities. Thus, according to the world’s practice, if a state has become insolvent, it is incapable of complying with the assumed financial liabilities to its creditors, i.e. high profile foreign and local banks and investors holding bonds or other debt securities of the state. Key factors determining a state’s resolution to proclaim own insolvency are excessive indebtedness of the state, slow economic growth. State’s insolvency and incapacity to comply with the assumed liabilities as well as debt restructuring have negative effects on financial markets, given that the... [to full text]

University of Macau / Faculty of Law

I examine the presence of earnings management at pre-IPO and lockup periods. Motivated by significant post-lockup insider sales documented in prior research, I investigate whether insiders (managers and venture capitalists) inflate earnings around the lockup period in order to increase share price and maximize personal wealth from selling shares at lockup expiration. I also compare levels of earnings management in the pre-IPO and lockup periods with those in the post-lockup period. Prior research also documents that auditor quality mitigates earnings management behavior. I explore the impact of auditor quality in the unique setting of IPO lockups. ... Cross-sectional analysis reveals that my sample IPO firms also utilize real-activities manipulation, but only in the early pre-IPO period. The results are robust with respect to alternative abnormal accruals and real-activities measures. I also find that IPO firms that hire prestigious auditors experience less earnings management in the lockup period than firms with lower-quality auditors, after controlling for the monitoring role of venture capitalist and underwriter reputation. / by Lizhong Hao. / Thesis (Ph.D.)--Florida Atlantic University, 2013. / Includes bibliography. / Mode of access: World Wide Web. / System requirements: Adobe Reader.

This thesis consists of empirical studies on various aspects of international corporate finance, a series of long-run event studies examining the abnormal stock return performance of Initial Public Offerings (IPOs), American Depositary Receipts (ADRs), and stock analyst recommendations. The first two of these, presented in Chapters 2 and 3, investigate the key issues relating to Initial Public Offerings (IPOs). The next, in Chapter 4, examines the performance of new American Depositary Receipt issues from emerging markets and its determinants. The final study, presented in Chapter 5, assesses the value of stock analysts? recommendations in emerging markets. It is essentially a series of empirical studies adopting a tried and tested methodology, involving benchmarks, for measuring returns over time in emerging markets, a subject that has not been sufficiently investigated. The long-run event study approach is designed to identify anomalies in these markets, which may be much more pronounced than in developed markets. This thesis makes substantive contributions to the existing knowledge on measuring, documenting and determining various issues in international corporate finance, and provides methodological improvements over previous studies. Chapter 2 presents an examination of the stock return performance of the IPO stocks listed on the Growth Enterprise Market (GEM) in Hong Kong, finding that the return performance is sensitive to the benchmark employed. Two main factors contributing to the underperformance of GEM stocks are the ?technology boom? and ?IPO effects?. Moreover, the results of cross-sectional analyses suggest that the Hong Kong GEM is a unique market; since at least 70 percent of the IPO stocks listed on the GEM are technology stocks, the ?technology? factor outweighs previous hypotheses advocated by previous researchers to explain the poor performance of newly listed stocks. Chapter 3 extends this analysis by turning attention to the post-issue stock price performance of Initial Public Offerings (IPOs) in Asian markets, using a comparative assessment of the stock performance of Asian IPOs motivated by the ongoing discovery of biases in event studies involving long horizon returns. Various methods were used to remove such biases, while examining the robustness of the long run performance of the IPOs. The results of this examination show that the existence of long run underperformance for the Asian IPOs depends on the methodology used. The study also assesses the ?Market Timing? theory with regard to Initial Public Offerings (IPOs), adding to the growing literature that suggests that Asian firms time their issuance of equity securities. Chapter 4 presents a comparative study of the post-issue stock performance and operating performance of the Initial Public Offerings (IPOs) of American Depositary Receipts (ADR) in emerging markets. The results of this study suggest that ADR IPOs are underpriced, though not to the same extent as regular IPOs. In the aftermarket, ADR IPOs underperform the Emerging Market Index. However, after controlling for differences in size and industry, underperformance of ADR IPOs compared with both home market IPOs and US IPOs could not be demonstrated. The analysis of stock and operating performance yields consistent results; aside from the ?window dressing? effect, this also demonstrates that stock price performance is a reflection of operating performance over the long run. Chapter 5 presents the first study to examine post-recommendation abnormal returns in emerging markets, based on the Emerging Market Index adjusted model and the Controlling Firm approach, demonstrating that stock prices react significantly to recommendation revisions, both on the revision day and subsequently. In this cross-sectional analysis, it appears that the Market-to-Book ratio is the primary indicator for Buy and Strong Buy recommendations. This indicates that stock analysts in emerging markets prefer high growth stocks with their attractive characteristics.

Thesis (Ph.D)--Virginia Commonwealth University, 2009. / Prepared for: Dept. of Accounting. Title from title-page of electronic thesis. Bibliography: leaves 98-105.