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 dissertation consists of two essays. The first provides evidence that the recent revival of shelf equity offers is related to changes in how firms use shelf registration. During 1990-2003 firms that make shelf filings have no immediate intent and low probability of issuance, lower pre-filing returns relative to non-shelf issuers, and often have been certified in prior SEOs. The evidence indicates that the way firms now use shelf offerings resolves the under-certification problem responsible for the shelf demise in the 1980s (Denis, 1991) and results in smaller market penalties and lower underwriter fees relative to non-shelf offerings. This allows firms with greater uncertainty to take advantage of the shelf option to defer or abandon offers. Additionally, firms often use universal shelf filings and choose between debt and equity offerings based on the prevailing relative market conditions. The second essay examines offer price discounting of traditional and shelf-registered seasoned equity offerings (SEOs). The results indicate that relative to traditional SEOs, shelf discounting during 1982 - June 2004 is similar in magnitude, is influenced by the same factors, and has increased similarly over time. Prior studies attribute the time-series increase of seasoned offer discounting to pre-offer short sale constraints (Rule 10b-21; adopted in 1988). This study provides insights about the effect of Rule 10b-21 by exploiting the fact that shelf-registered offerings were exempt from this regulation until September 2004. The analysis uses the shelf exemption as a control in testing the Rule's effect, and the elimination of the exemption as an "out-of-sample" test. The results suggest that Rule 10b-21 is not associated with the increase in seasoned offer discounts. The gradual increase in discounting over the past two decades is largely due to a shift in the composition of issuers toward firms that have greater stock volatility and pre-offer price uncertainty. / Ph. D.

This dissertation includes two chapters that investigate the role venture capitalists (VCs) play in the underpricing and in the long-run performance of IPOs. The first chapter focuses on the underpricing of IPOs and attempts to determine the role that VCs play in this underpricing process. The evidence is consistent with a view that VCs agree to underpricing to ascertain benefits from both "grandstanding" and "spinning." The second chapter examines the long-run performance of IPOs and tries to determine the role that VCs play in the development of IPOs. Here, the evidence suggests that VC-backed IPOs appear to have better access to capital than non-VC-backed IPOs, but the long-run performance of VC-backed IPOs is generally mixed.

本研究旨在深入探討中國大陸證券市場的會計規範系統，並以中國大陸 新上市股票的股價行為為例，俾驗證中國大陸會計規範系統的有效性。所 謂證券市場的會計規範系統意指股票上市公司財務資訊公開揭露的規範， 其目的在於確定財務報表的品質與對投資大眾公開的程度。而在大陸資本 市場中，因為會計自律組織不彰，因此與自律組織有關的自律規範皆由官 方制定，亦即財務報表品質的確定與財務資訊對大眾公開的程度由官方決 定並制定為規則。於相關的文獻探討中得知，會計資訊與新上市股票上市 價差的關係相當密切。會計資訊品質越佳，上市價差越小。所以，利用上 市價差來評估會計規範體系的合理性與有效性係適當的方法。據此，本研 究以在上海及深圳證券交易所上市的Ａ股及Ｂ股公司為研究樣本，分別進 行單變量分析及兩樣本t 檢定。從上市價差的衡量與統計分析中得知：1. 無論是在上海證券交易所或深圳證券交易所上市之股票之報酬率及超額報 酬率，均顯著地異於零，且皆異常性地高。2.在股價報酬如許異常高漲的 大陸股市，其會計資訊被使用於股價決策的效率一定極低；也或許會計資 訊被使用於股價決策中，較諸其他相關資訊的權數低許多。3.中國大陸證 券市場會計規範系統並不具有效程度，亦即會計資訊的有用性低，所以股 價才顯現出如此異常行為。

<p>IPO underpricing is a phenomenon found in all markets worldwide. Investors are always looking for a good opportunity of short-term abnormal positive returns, and the IPOs first-day trading returns have been a good investment strategy for both institutional and private investors in all markets of the world.</p><p>This study consists at an investor’s perspective analysis of the first-day returns of 59 IPOs listed on the Brazilian Stock Exchange Market from January 2004 to April 2007, where I have found a significantly mean positive underpricing of 6,60%.</p><p>I have found also some evidences of a sprouting “hot-market” period in Brazil, since the number of the IPOs in Brazil has been growing almost in an exponential speed, taking advantage of the constant growing cash inflow and liquidity of the Brazilian market, followed by the high evaluation of the Ibovespa Index, with return of 140% on the study time frame.</p><p>When categorizing the study by year, by underwriter (investment bank) and by market segment, I always have found positive adjusted initial returns, which corroborates the fact that underpricing is a constant phenomenon in the Brazilian market.</p><p>Other important facts that were identified in this study is that the average returns of the IPOs are decreasing along the years and that companies that depend to a large extent on their human capital and are in the business areas that are staff intensive have a high level of underpricing while companies that have a high level of fixed assets have a low level of underpricing.</p><p>Finally, after performing a multivariate linear regression analysis with the chosen independent variables on the full sample and some categorized samples, the results did not have enough statistical significance and consistence that could make them useful to create a statistical model to explain the underpricing level of Brazilian IPOs between January 2004 and April 2007.</p>

IPO underpricing is a phenomenon found in all markets worldwide. Investors are always looking for a good opportunity of short-term abnormal positive returns, and the IPOs first-day trading returns have been a good investment strategy for both institutional and private investors in all markets of the world. This study consists at an investor’s perspective analysis of the first-day returns of 59 IPOs listed on the Brazilian Stock Exchange Market from January 2004 to April 2007, where I have found a significantly mean positive underpricing of 6,60%. I have found also some evidences of a sprouting “hot-market” period in Brazil, since the number of the IPOs in Brazil has been growing almost in an exponential speed, taking advantage of the constant growing cash inflow and liquidity of the Brazilian market, followed by the high evaluation of the Ibovespa Index, with return of 140% on the study time frame. When categorizing the study by year, by underwriter (investment bank) and by market segment, I always have found positive adjusted initial returns, which corroborates the fact that underpricing is a constant phenomenon in the Brazilian market. Other important facts that were identified in this study is that the average returns of the IPOs are decreasing along the years and that companies that depend to a large extent on their human capital and are in the business areas that are staff intensive have a high level of underpricing while companies that have a high level of fixed assets have a low level of underpricing. Finally, after performing a multivariate linear regression analysis with the chosen independent variables on the full sample and some categorized samples, the results did not have enough statistical significance and consistence that could make them useful to create a statistical model to explain the underpricing level of Brazilian IPOs between January 2004 and April 2007.

Background: The number of IPOs has been numerous in recent years. Moreover, the returns of the IPOs managed to either be over and underpriced. IPO-firms are generally unknown before they get listed. Therefore, the media outlets play an essential role in the dissemination of information to new investors. Thus, it becomes noteworthy to investigate whether media attention could be an explanatory factor for the first-day returns and how it affects an IPO in the short-term perspective. Research Questions: i) If the amount of media coverage two months pre-IPO has any relation with the first trading day return and ii) If the amount of media coverage helps to predict the IPOs stock return volatility after a two-month period (44 trading days)? Purpose: This research will attempt to find evidence if the amount of media coverage pre- IPO may drive the demand for the IPO and the first-day return. For this purpose, it is also necessary to find the under and/or overpricing. Furthermore, a regression analysis will be applied during a two-month period after the first trading day to investigate if increasing volatility depends on the amount of media coverage. Delimitations: The sample consists of 165 IPOs in Sweden from Aktietorget and OMX Stockholm during the period 2005-2017. IPOs are initial introductions that are not unit IPOs, mergers &amp; acquisitions, right issues, spin-offs or buy-out firms. Method: The first research question is explained by a Pearson correlation where X is the media variable and tested against the degree of under or overpricing. Furthermore, a multiple-linear regression is examined where variables market index, Retriever data and trading volume is tested against stock return. Conclusion: It has been identified that Aktietorget has been overpriced 2005-2017 by 2.9% while OMXS has been underpriced 6.8%. In summary, the study did not manage statistically to ensure that the amount of media coverage significantly influenced the stock return volatility.

Submitted by Mel Fernandes (melmfernandes@gmail.com) on 2015-04-07T20:15:54Z No. of bitstreams: 1 Mel Fernandes_Dissertaçao.pdf: 218434 bytes, checksum: 37955734df1a7b29b93a53597d9c1d64 (MD5) / Approved for entry into archive by GILSON ROCHA MIRANDA (gilson.miranda@fgv.br) on 2015-04-08T15:04:56Z (GMT) No. of bitstreams: 1 Mel Fernandes_Dissertaçao.pdf: 218434 bytes, checksum: 37955734df1a7b29b93a53597d9c1d64 (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2015-04-14T12:00:58Z (GMT) No. of bitstreams: 1 Mel Fernandes_Dissertaçao.pdf: 218434 bytes, checksum: 37955734df1a7b29b93a53597d9c1d64 (MD5) / Made available in DSpace on 2015-04-14T12:01:13Z (GMT). No. of bitstreams: 1 Mel Fernandes_Dissertaçao.pdf: 218434 bytes, checksum: 37955734df1a7b29b93a53597d9c1d64 (MD5) Previous issue date: 2007-05 / A melhora na situação econômica do Brasil, observada nos últimos anos, resultou em um aumento expressivo no número de IPOs realizados no mercado brasileiro tornando o mecanismo de desinvestimento através do mercado de capitais em uma boa opção para os fundos de Private Equity/Venture Capital, fato que não era visto no período anterior a 2004. No período de janeiro de 2004 a maio de 2007 foi possível notar um fato inédito para o mercado brasileiro, dos 61 IPOs que ocorreram, 26 foram realizados por firmas que tinham um fundo de Private Equity/Venture Capital como acionista. Devido a assimetria de informação, o preço de emissão é tipicamente inferior ao preço de mercado da ação após o IPO, sendo esse 'fenômeno' conhecido na literatura como underpricing. Essa dissertação busca examinar o papel de certificação que um fundo de Private Equity/Venture Capital pode exercer nas emissões de ações no Brasil no período de 2004 a maio de 2007, reduzindo assim a assimetria de informação existente, através de uma análise do underpricing dos IPOs de empresas que tem fundos de Private Equity/Venture Capital como acionistas, e de empresas que não tem. Encontramos evidência que sugere que no mercado brasileiro apenas empresas com um bom grau de governança e transparência tem acesso ao Mercado de capitais através de IPOs, tirando, desta forma, a importância do poder de certificação exercido pelos fundos de Private Equity/Venture Capital em reduzir a assimetria de informação existente. / The improvement, observed in the last years, in the economic environment in Brazil, resulted in a massive increase in the number of IPOs that took place in Brazil. Disinvestment through capital market thus turned up to be a good option for Private Equity and Venture Capitalists. Of the 61 IPOs that occurred in the period from January/ 2004 until May/2007, 26 of them were Private Equity/Venture Capital backed IPOs, fact that was not seen before 2004. Due to information asymmetry, IPOs are on average systematically underpriced. This dissertation studies the certification role of Private Equity/Venture Capitalist in IPOs that took place in Brazil from 2004 to May/07 through an analyses of underpricing in Private Equity/Venture Capital backed IPOs and Non Private Equity/Venture Capital backed IPOs. We find evidence that suggests that only firms with a good level of corporate governance and transparency have access to performing IPOs in Brazil during the period studied thus reducing the importance of the Private Equity/Venture Capital role in certifying new issues as a mean of reducing information asymmetry.

Studien avsåg studera Private Equity-ägda och icke Private Equity-ägda nynoteringars långsiktiga avkastning. Med hjälp av bakomliggande faktorer så som ägarstruktur, underprissättning, marknadsvärde, storlek på nynotering, ålder, bransch samt heta och kalla marknader, identifierades om det fanns skillnader och vad de i så fall kunde bero på. Vidare undersöktes om nynoteringarna var underprissatta och om underprissättningen i så fall skiljde sig mellan de två ägarstrukturerna. I denna studie tillämpades ett kvantitativt tillvägagångssätt med en deduktiv ansats för att analysera sekundärdatan som samlades in. Urvalet bestod av 43 bolag varav 25 var PE-ägda och 18 var icke PE-ägda. Sekundärdata samlades in från ett flertal olika källor däribland Nasdaq, Skatteverket, Zephyr och Finansinspektionen. PE-ägda nynoteringar presterade bättre än icke PE-ägda på lång sikt, både för Buy-and-hold abnormal return (BHAR) 1 och 3 år. Samtliga nynoteringar var i genomsnitt underprissatta där PE-ägda uppvisade en högre underprissättning. Utöver resultatet att samtliga nynoteringar i genomsnitt var underprissatta, vilket var signifikant på en 0,1 procentsnivå, var ingen av skillnaderna signifikant. Slutligen uppvisade underprissättning som enda variabel en signifikant positiv påverkan på både BHAR 1 och 3 år. För BHAR 1 år visade dessutom storleken på nynoteringen och en av de fyra åldersgrupperna tio-nitton, i jämförelse med referensgruppen, en positiv signifikant påverkan. / The aim of this study was to determine whether there were any differences in the long-run performance between Private-Equity-backed and non-Private-Equity-backed IPOs. Further, the authors chose a number of variables from previous studies in order to examine whether these could explain the long-run performance of IPOs on the Swedish stock market Stockholmsbörsen. Finally, the study examined whether the IPOs was underpriced and if it differed between the two ownership structures. In this study a quantitative method with a deductive approach was used in order to analyze the collected secondary data. The study's sample consisted of 43 companies, of which 25 were Private-Equity-backed and 18 were non-Private-Equity-backed. The secondary data were collected from a variety of sources such as Nasdaq, Skatteverket, Zephyr and Finansinspektionen. Private-Equity-backed IPOs performed better than non-Private-Equity-backed IPOs in the long-run, both for BHAR 1 and 3 years. Further, all the IPOs were on average underpriced, where Private-Equity-backed showed a higher underpricing. Aside from the fact that all the IPOs were underpriced, which was significant at a 0.1 percent level, none of the differences were significant. Finally, the only variable that showed a significant positive impact on both BHAR 1 and 3 years was underpricing. For BHAR 1 year the size of the IPO and one of the four age groups 10-19, in comparison with the reference group, also showed a positive significant impact.

Submitted by Erick Carotta (erick_carotta@hotmail.com) on 2018-09-04T20:03:17Z No. of bitstreams: 1 Erick Carotta Souza - V20.pdf: 662334 bytes, checksum: cd1fbb4a59e41789369f688aff314023 (MD5) / Approved for entry into archive by Joana Martorini (joana.martorini@fgv.br) on 2018-09-05T14:07:40Z (GMT) No. of bitstreams: 1 Erick Carotta Souza - V20.pdf: 662334 bytes, checksum: cd1fbb4a59e41789369f688aff314023 (MD5) / Approved for entry into archive by Suzane Guimarães (suzane.guimaraes@fgv.br) on 2018-09-05T14:17:11Z (GMT) No. of bitstreams: 1 Erick Carotta Souza - V20.pdf: 662334 bytes, checksum: cd1fbb4a59e41789369f688aff314023 (MD5) / Made available in DSpace on 2018-09-05T14:17:11Z (GMT). No. of bitstreams: 1 Erick Carotta Souza - V20.pdf: 662334 bytes, checksum: cd1fbb4a59e41789369f688aff314023 (MD5) Previous issue date: 2018-08-07 / Este estudo tem como seus principais objetivos, averiguar se a existência de um fundo de private equity ou venture capital no quadro societário durante a abertura de capital de empresas brasileiras implica em uma alteração do nível de underpricing sofrido pelas ações das mesmas no IPO, e também analisar como se comportam seus retornos ao longo do tempo e quais os níveis de cobertura de mercado nesse período. Para isso adotou-se a metodologia de estimação por MQO para uma amostra de 120 empresas que abriram seu capital durante o período compreendido entre os anos de 2007 e 2017 na bolsa de valores de São Paulo (BM&FBovespa). As variáveis independentes adotadas foram o volume financeiro de emissão, a quantidade e qualificação dos investidores, a própria existência de um fundo de investimento associado ao IPO, e a quantidade de reports publicados referentes a essas companhias. Os resultados obtidos não revelaram significância estatística para métricas de presença de fundos de private equity ou venture capital. Dessa forma, não foi possível a verificação de potenciais efeitos relevantes nos níveis incorridos de underpricing em decorrência da participação ou não dos mesmos nas companhias quando da abertura de capital das mesmas, tampouco da diferenciação dos retornos após o período de um ano. Nesse mesmo período, no entanto, é possível verificar uma maior cobertura de mercado nos casos em que há presença de um fundo desta natureza. / This study main objective is to evaluate if the presence of a private equity or venture capital on a Brazilian company’s shareholders structure, during its IPO process may affect the underpricing levels of its shares, analyze their return behaviors on a longer time frame and also verify possible changes in their coverage levels due to this fact. An OLS estimation was adopted for a sample of 120 companies that have performed an IPO between the years of 2007 to 2017 on São Paulo’s stock market (BM&FBovespa). The independent variables considered were the initial financial volume offered, the numbers of investors in the initial public offering process as well as their knowledge, the presence of a PE/VC fund associated to the company, and the amount of reports published referent to this companies. The results have not demonstrated statistical significance for the main variable. It was not possible to find evidence of potential effects on underpricing levels occurring in IPOs arising from the presence of a PE/VC fund on the company’s shareholder structure or their return behaviors, however a coverage level change could be verified.