企業初次公開發行(IPO，Initial Public Offering)向來是股票市場炙手可熱的話題之一，在財務經濟領域中，探討股票初次上市發行的相關議題更是多如過江之鯽，而關於IPO期初報酬率影響因素之探討更可溯及至1970年代。本研究主要係探討台灣初次上市企業期初報酬率的影響因素及影響情形，並以2005年承銷新制上路以後、直至2011年的初次上市企業為研究對象，除利用傳統的最小平方法觀察影響期初報酬的因素外，有鑑於期初報酬率普遍具有右偏分配的現象，本研究亦輔以分量迴歸分析法觀察影響期初報酬的因素，經由分量值的變動，可將解釋變數影響被解釋變數的各種情形加以估計出。再來，本研究在探討期初報酬率影響因素之基礎上，以分量迴歸分析法尋找出交易準則，並進一步檢驗當投資人遵循交易準則下，是否得以獲取顯著異於同期間大盤指數之報酬績效。在上市首日買入並持有至第五日收盤賣出之案例中，以分量迴歸結果所設定之交易準則並無法為投資人帶來顯著優於大盤指數之報酬水準；然而，在上市首日買入並持有至第二十日收盤賣出之案例，以分量迴歸結果所設定之交易準則卻可為投資人帶來顯著優於大盤指數之報酬水準。總體而言，本研究試圖將近年影響台灣企業IPO期初報酬率之因素加以剖析，進而從中尋找一些潛在規則，讓投資人得以一窺初級市場的變化及其所可能帶來之潛在獲利良機。

This research aims to explore if and to what extent the IPO-Year R&D investments of 32 Application Software companies return value, as measured through stock performance. By utilizing “Ordinary Least Squares Analysis” and the “Fama-French Three Factor Model,” this research explores how the initial R&D investments in “IPO-Year” impact stock returns during the three years post-IPO. This study is purposed to discover if and how long it takes for the initial R&D investment in the IPO-Year to materialize into stock performance for Application Software companies. However, the research and analysis indicates that R&D expenditures in an IPO-Year is not a statistically significant variable in influencing stock performance.

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 & 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.

[pt] Esta Dissertação apresenta uma análise de retornos e características das emissões primárias de capital (IPO) realizadas na BMeFBovespa no período de 10 anos compreendido entre 2006 e 2015. Analisamos a relação entre as características de uma empresa no momento de sua abertura de capital e a sua performance no primeiro ano na bolsa contra os pares da bolsa e de seu setor. Além disso, é analisada a influência do investimento por um fundo de Private Equity na formação dessas características. São utilizados dados financeiros e de governança para a construção das variáveis. Podemos observar que empresas investidas por fundos de private equity apresentaram retornos inferiores aos das empresas que não tinham esse tipo de investidor, exceto quanto os fundos mantiveram seus investimentos após a abertura de capital. Além disso, as investidas de fundos de private equity apresentaram melhores níveis de governança, maior grau de alavancagem e menores múltiplos de precificação no momento de suas ofertas primárias. / [en] This dissertation presents an analysis of the returns and characteristics of the Initial Public Offerings (IPO) performed at the BMandFBovespa over a period of 10 years between 2006 and 2015. We analyze the relationship between the characteristics of a company at the time of its IPO and its performance in the first year of trading in the stock exchange against their stock market peers and their industry. In addition, the influence of the investment by a Private Equity fund on the construction of these characteristics is analyzed. Financial and governance data are used to construct the variables. We can observe that companies invested by private equity funds presented lower returns than companies that did not have this type of investor, except when the funds kept their shares after the IPO. In addition, private equity fund s investee companies presented better levels of governance, higher leverage, and lower pricing multiples at the time of their primary offerings.

Cette thèse a pour objectif d'analyser la structure du capital et la performance des entreprises familiales Françaises qui s'introduisent en Bourse. A partir d'un échantillon de 90 entreprises familiales appartenant à l'indice CAC All-Tradable de 2010 à 2013, nous constatons que la structure du capital des entreprises familiales est caractérisée par un faible niveau d'endettement avec une préférence pour l'endettement à court terme par rapport au long terme. De plus, la structure de capital des entreprises familiales vérifie les théories classiques du financement, l'hypothèse de ‘market timing', la théorie du ratio d'endettement optimal et de la théorie du financement hiérarchique. Ensuite, nous analysons les performances à court terme et à long terme des entreprises familiales françaises qui s'introduisent en Bourse. Les résultats montrent les différentes techniques d'expropriation employées par les propriétaires des entreprises familiales. A la date de l'introduction en bourse, la majorité des propriétaires des entreprises familiales sont à la fois les directeurs généraux et les présidents des conseils d'administration. Après l'introduction en bourse, les propriétaires des entreprises familiales détiennent environ 80% des droits des flux de trésorerie et nous constatons que la différence entre leurs droits aux flux de trésorerie et leurs droits de vote a augmenté. La sous-évaluation au premier jour est voisine de 2%, ce qui révèle que les entreprises familiales sont correctement évaluées lors de l'émission. Les entreprises familiales surperforment l'indice de marché dans les trois premiers mois de l'émission et après la troisième année. Nous trouvons aussi que le changement des droits de propriété et de contrôle avant et après l'introduction en Bourse explique les performances à court et à long terme contrairement aux mécanismes de gouvernance. / This thesis aims to analyze the capital structure and performance of French family firms going public. From a sample of 90 family firms belonging to CAC All-Tradable from 2010 to 2013, we find that the capital structure of family firms is characterized by a low level of debt with a preference for short-term debt relative to long-term debt. Moreover, the capital structure of family firms is in line with the classical theories of financing, the hypothesis of market timing, the theory of optimal debt ratio and the pecking order theory. Then we analyze the short-term and long-term performance of French family firms going public through Initial Public Offerings. The results show the different expropriation techniques employed by the family firms' owners. On the initial public offering date, the majority of family firms' owners are simultaneously CEOs and Chairmen of boards of directors. After going public, the family firms' owners hold around 80% of the firms' cash flow rights and we observe that the difference between their cash flow rights and their voting rights has increased. First-day underpricing is around 2% which shows that family firms are almost fairly priced upon issuance. The family firms outperform the market index in the first three months of issuance and after the third year. We also find that the ownership and control rights change from pre- to post-IPO date explains the short-term and long-term performance unlike governance mechanisms.

Made available in DSpace on 2009-11-18T19:00:53Z (GMT). No. of bitstreams: 1 decotelli.pdf: 363419 bytes, checksum: c410e31b8ec8fcb3a299a7b8cd19aa7b (MD5) Previous issue date: 2008 / The scene prevalecente, in this work was to analyze the capacity of BANRISUL - Bank of the State of the Rio Grande Do Sul, as bank of public control, was assumen of the continued increase of the profitability of the Brazilian banking sector, remaining itself as a brought up to date financial institution tecnologicamente and managemental structuralized by mechanisms of brought up to date taking of decision and permanently revised in compatibility with the increasing instabilidades imposed for the incited competition of the banking sector in adequacy with the macroeconomic volatillidades. On the basis of the extremely positive performance in the analyzed period enters 1997 the 2007, the commercial strategy remains focada in the constant improvement of the rendering of services and in the growth of the credit average small the physical people and the e companies. The abrangência of the attendance points and the ample base of customers are aggregate advantages to an exclusive differential: the Banricompras, the biggest card of proper mark of Latin America. Stronger and income-producing, with an adequate and transparent management, the BANRISUL follows in propósito de to gain position of prominence in the national economic-financial scene. / O cenário prevalecente, nesse trabalho é o de analisar a capacidade do BANRISUL - Banco do Estado do Rio Grande do Sul, em sendo banco de controle público, apropriou-se de continuado aumento de lucratividade e eficiência na gestão empresarial; mantendo-se como uma instituição financeira atualizada tecnologicamente e estruturada por mecanismos de tomada de decisão e permanentemente revisados em compatibilidade com as crescentes instabilidades impostas pela acirrada concorrência do setor bancário em adequação às volatilidades macroeconômicas. Com base no desempenho extremamente positivo no período analisado entre 1997 a 2007, a estratégia como empresa permanentemente engajada na busca do constante aprimoramento da prestação de serviços e no crescimento do crédito a pessoas físicas e jurídicas. A abrangência dos pontos de atendimento e a ampla base de clientes são vantagens agregadas a um diferencial exclusivo: o Banricompras, o maior cartão de marca própria da América Latina. Mais forte e rentável, com uma gestão adequada e transparente, o BANRISUL segue no propósito de ganhar posições de destaque no cenário econômico-financeiro nacional.

Submitted by RICARDO MOLARI ESPINDOLA (ricardo.m.espindola@gmail.com) on 2015-02-27T19:20:22Z No. of bitstreams: 1 Ricardo Espindola - Monografia MPFE.pdf: 1167022 bytes, checksum: 783d5d59bf35f7b2f3ab718a9fa836f6 (MD5) / Approved for entry into archive by Renata de Souza Nascimento (renata.souza@fgv.br) on 2015-02-27T19:21:26Z (GMT) No. of bitstreams: 1 Ricardo Espindola - Monografia MPFE.pdf: 1167022 bytes, checksum: 783d5d59bf35f7b2f3ab718a9fa836f6 (MD5) / Made available in DSpace on 2015-02-27T19:28:03Z (GMT). No. of bitstreams: 1 Ricardo Espindola - Monografia MPFE.pdf: 1167022 bytes, checksum: 783d5d59bf35f7b2f3ab718a9fa836f6 (MD5) Previous issue date: 2015-02-04 / The financial crisis that began in 2007 generated a major recession in the United States and affected the global economy with disastrous consequences for the growth and the rate of unemployment in several countries. The major Central Banks of the world have to give greater importance to policies that ensure financial stability. There is a consensus regarding the need for advanced regulatory and prudential measures capable of reducing the financial risks. However, there are differences in the use of the basic interest rate, not only as a necessary tool to ensure price stability, but also to ensure financial stability and prevent the formation of financial bubbles. In the last twenty years, Brazil has experienced a period of great expansion of its credit market, fruit of the economical and financial establishments. The Central Bank of Brazil had a successful performance during the crisis and demonstrated its ability in using instruments of monetary politics and prudential measures in a complementary manner. Over the past four years, the macroeconomic conditions have deteriorated and Brazil has gone through a period of low growth, a level of inflation that reaches its target ceiling and a rise in national debt. While macro-prudential policies were able to prevent the formation of financial bubbles, the fiscal and monetary policies were far too expansionary. In this period there was a weakening in the reaction function of the Central Bank, which has failed to comply with the principle of Taylor. / A crise financeira iniciada em 2007 gerou uma grande recessão nos Estados Unidos e abalou a economia global com consequências nefastas para o crescimento e a taxa de desemprego em vários países. Os principais Bancos Centrais do mundo passaram a dar maior importância para políticas que garantam a estabilidade financeira. É consensual a necessidade de avanços regulatórios e de medidas prudenciais capazes de reduzir os riscos financeiros, mas existem divergências quanto ao uso da taxa básica de juros, não só como um instrumento necessário para garantir a estabilidade de preços, como também para garantir a estabilidade financeira e evitar a formação de bolhas. O Brasil viveu nos últimos vinte anos um período de grande expansão do mercado de crédito, fruto das estabilidades econômica e financeira. O Banco Central do Brasil teve atuação exitosa durante a crise e demonstrou habilidade em utilizar instrumentos de política monetária e medidas macroprudenciais de forma complementar. Nos últimos quatro anos, as condições macroeconômicas se deterioraram e o Brasil atravessou um período de crescimento baixo, inflação próxima ao teto da meta e aumento do endividamento. Enquanto as políticas macroprudenciais foram capazes de evitar a formação de bolhas, as políticas fiscal e monetária foram demasiadamente expansionistas. Neste período houve um enfraquecimento na função-reação do Banco Central, que deixou de respeitar o princípio de Taylor.

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.

Submitted by Marcelo Lee (mcblee@gmail.com) on 2018-02-05T03:16:57Z No. of bitstreams: 1 Dissertação ML - VF.pdf: 314699 bytes, checksum: 835466f3f76ca90c199c5d409f846517 (MD5) / Approved for entry into archive by Thais Oliveira (thais.oliveira@fgv.br) on 2018-02-06T18:00:21Z (GMT) No. of bitstreams: 1 Dissertação ML - VF.pdf: 314699 bytes, checksum: 835466f3f76ca90c199c5d409f846517 (MD5) / Made available in DSpace on 2018-02-08T11:34:04Z (GMT). No. of bitstreams: 1 Dissertação ML - VF.pdf: 314699 bytes, checksum: 835466f3f76ca90c199c5d409f846517 (MD5) Previous issue date: 2018-01-08 / Os objetivos principais deste estudo são analisar se a presença de um fundo de private equity ou venture capital durante a abertura de capital das empresas brasileiras implica em uma melhoria das métricas operacionais e também analisar se ocorre uma persistência ao longo do tempo destes efeitos. Para isso adotou-se a metodologia Pooled OLS para uma amostra de 114 empresas que abriram seu capital durante o período compreendido entre 2004 e 2016 na BM&FBovespa. As variáveis independentes operacionais adotadas foram o nível de caixa, a alavancagem, o pagamento de dividendos em relação ao lucro e o interest coverage. Os resultados obtidos demonstraram uma significância estatística apenas para a métrica de interest coverage. Em relação a persistência dos efeitos não foi possível observar uma longa duração dos mesmos, geralmente o intervalo temporal de persistência foi de apenas dois ou três anos. / The main objectives of this study are to evaluate if the presence of a private equity or venture capital fund during the IPO of Brazilian companies implies on superior operational performance and to analyze if these effects are persistent over time. A Pooled OLS regression was performed on a sample of 114 companies that went public between 2004 and 2016 on BM&FBovespa. The independent operational variables adopted were cash holdings, leverage, dividends to earnings and interest coverage. Statistical significance was only obtained for the interest coverage metric. Regarding the time effects persistence, no long-term persistence was observed, usually only two or three years of short-term persistence.

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.