abstract: 中国建筑行业经历百年发展，在一定程度上已趋于稳定并缓慢增长阶段，其中多数建筑企业已形成了自己的经营业务圈，经营能力与竞争格局稳固。2015年，我国建筑业开始出现产能过剩，整个建筑行业景气程度开始呈现下行趋势。在此背景下，传统建筑企业需要调整发展战略、谋求转型升级、提高核心竞争力并试图寻找新的盈利增长点以应对市场下行和产业过剩带来的不利影响。其中，一些建筑企业试图通过资本市场上市等途径推动产业升级和转型发展。但是，结合现有理论文献与实践经验，公司上市后易出现“业绩变脸”现象，主要来源于公司选择市场走高和本身业绩最优时择时上市、为满足上市条件或获取更高估值在上市前会计操纵、管理层与股东代理冲突导致管理层机会主义增加、内部治理效率低下等方面，这种“业绩变脸”现象不仅不利于企业自身发展与投资者利益保护，同时不利于资本市场的资源有效配置。 本文基于我国建筑行业发展现状与上市公司“业绩变脸”的相关研究文献，立足于我国建筑行业企业公司IPO业绩效应，探究其发生的原因与经济后果。本文使用文献回顾、理论分析、现状研究、实证研究与案例分析相结合的方法，选取截至目前A股建筑业上市公司全样本，采用实证研究方法检验这些公司在IPO前后的经营业绩指标变化，即检验IPO业绩效应的存在性。在此基础上，本文结合宏观经济运行、资本市场情绪、公司盈余管理、公司产权性质等层面因素，探究建筑行业上市公司IPO业绩效应的来源和主导因素，并对IPO后不同年度区间内的业绩变化进行统计分析，最终证实宏观经济增长、社会固定资产投资增速、资本市场估值与流动性、公司上市前的盈余管理、产权性质对IPO业绩效应均有显著影响。最后，本文以龙元建设为例，通过结构化和非结构化实地访谈等方式进行案例研究，进而探究IPO对建筑行业上市公司业绩影响的具体路径与机制。 本文的研究将对IPO业绩变脸相关文献进行了一定程度的补充，在实践中，本文结论将对建筑行业企业IPO时应怎样应对宏观经济与资本市场变化、怎样利用金融中介、怎样提升公司的股东与管理层在IPO过程中的主动性提出建议，为建筑企业实现上市转型提出引导性意见。 关键词：建筑业，IPO业绩效应，盈余操纵，经济后果 / Dissertation/Thesis / Doctoral Dissertation Business Administration 2020

The main aim of this dissertation is to identify the factors influencing the decision-making of enterprises on entering the capital market in selected CEE countries and formulate recommendations for further development of this form of financing. The key methodological tool is the collection of primary data by means of a questionnaire in which respondents (usually in the CFOs position) expressed their views on the issues related to internal and external factors affecting IPO activity. The results of the questionnaire survey show that the strongest motives for IPO implementation are the ability to raise capital to finance investment opportunities, improve publicity and image of the company, reduce debt, and be recognized by a relevant financial community as an important company. Among the barriers that most affect IPO implementation are the obligation to disclose company information that is key to a competitive advantage, asymmetry of information between external investors and the company, the interest in retaining decision-making control over the company, and the existence of alternative administratively less complex capital resources at the time of implementation of IPO. As per CFOs macroeconomic factors that have the greatest impact on IPO are favorable conditions in the stock market, favorable conditions in the sector in which the company operates, favorable GDP growth, and the use of banking loan at a relatively low interest rate. The results of the dissertation are the basis for the formulation of recommendations for potential IPO candidates.

The aim of the thesis is to assess the suitability of financing company’s project via initial public offering as well as to set the steps of the whole IPO process. The introductory section clarifies important terms related to the issue. Practical section deals with the company’s readiness and observance rate of assumptions of a successful emission. There are outlined individual steps in addition. The conclusion formulates own suggestions, including improving recommendation.

Environmental, Social and Governance (ESG) integration in financial activities is a crucial topic that is gaining importance in financial markets. During the years, many studies have been conducted about Initial Public Offering (IPO) and underpricing since they are fundamental aspects of firms’ lifecycle. Nevertheless, none of these studies have appropriately related firms’ ESG characteristics to IPO underpricing. In order to fill this knowledge gap, this thesis’s purpose is to investigate whether the ESG factors of a firm have effects on its IPO underpricing in the U.S stock market. The U.S has been chosen as it is the biggest stock market in the world and because of the quality and reliability of the data available for this country.  A quantitative study is applied to investigate the relationship between ESG characteristics of the firms and the level of underpricing. First, to obtain the measurement of the ESG level of the pre-IPO firms, we have conducted two textual analysis of IPO prospectus, namely, term frequency and sentiment analysis. These indicators aim to show the disclosure level of ESG factors and whenever ESG is perceived negatively or positively by the market. Successively, the multiple regression is performed for each ESG indicator to find which measures have the analytical abilities to explain IPO underpricing. Based on the multiple regression results, we can conclude that the frequency of environmental & governance terms occurred in IPO prospectus, the negative tone, and the overall sentiment of the environmental context are significantly explaining IPO underpricing. These results have given meaningful answers for our research. The market does not perceive the social factors of a firm in the IPO context. On the other hand, environmental and governance aspects still attract the market’s attention in different ways. The market is concerned about the disclosure level of the governance activities and whether these activities are sufficiently mentioned in the prospectus. Meanwhile, the market takes into serious consideration the environmental activities of a firm by assessing the qualities of these activities. Moreover, the market is more sensitive to the negative information about environmental content than positive information in the IPO context. The textual analysis methods applied in this thesis have some limitations. However, this study has the reliability to confirm that some companies’ ESG factors affect IPO underpricing. As a consequence, it is possible to state that the market cares about  ESG issues.

This study examines the relationship between firm innovation and Initial Public Offering (IPO) underpricing in the Swedish stock market by examining 287 firms that went public on the Nasdaq OMX Stockholm and Nasdaq First North during the years 2010 – 2020. An OLS regression model is utilized to analyze the relationship between underpricing, measured as the initial returns, and firm innovation, measured as patents and Research and Development (R&D). The average initial returns for the sample were (+8,16 %) showing that IPOs are, on average, underpriced in the Swedish stock market. While the connection between patents and underpricing was negligible, the results indicated that firms that reported R&D expenditures separately, specifying how much of their expenditures were spent on R&D, experienced a small decrease in IPO underpricing. Also, a slightly larger decrease in IPO underpricing was found for the firms that both had patents and reported their IPO expenditures separately. Thus, these results indicate that firms with a higher level of innovation are “leaving less money on the table”.

We find that the first investment of a private investor in an IPO affects the private investors future participation in IPO’s. This paper examines Nasdaq Stockholms Main list during 2010-2019. The short- and long-term perspective is examined by two different models. The results show that there is a significant difference between private investors when it comes to participating in future IPO’s, depending on if the private investor experienced a good or bad IPO. The result in this paper show that approximately a third more private investors participate in the upcoming IPO after they experienced a good IPO. In a longer perspective approximately 50% of the investors who experienced a good IPO choose to invest in at least one more IPO.  Out of the private investors who experienced a bad IPO, approximately 30% choose to participate in another IPO. This paper contribute to a better understanding of how private investors are affected by their earlier investments.

This study examined the relationship between return on equity (ROE) and return on assets (ROA), the business sector, and long-term performance of new firms 5 years after the initial public offer (IPO) date. IPOs have a high rate of delisting from stock exchanges, and understanding possible predictors of long-term performance will benefit business owners and investors. The purpose of this study was to determine if ROE and ROA are predictors of long-term performance of IPOs on U.S. stock exchanges. The research question examined whether there is a statically significant relationship between the ROE, ROA, business sector, and market capitalization of IPOs. This study followed a correlational design to analyze the research question and its hypotheses. Both shareholder theory and financial ratio models constituted the theoretical framework for this study; public databases provided all the historical financial data on publicly traded companies. The population for this study included all firms that pursued an IPO within the United States stock exchanges from January 2007 through December 2009. Using Spearman correlations, the results suggested no significant relationship between ROE and any business sector with market capitalization of IPOs. However, there was a significant correlation with ROA and market capitalization for these IPOs. The implications for positive social change in this study are new insights for leaders concerning the survivability and monetary gain for new firms entering the public market and the new firm's ability as a result of this gain to provide new jobs thereby improving the economy.

Studiens syfte var att undersöka om det fanns en skillnad på omsättningstillväxten tre år före mot tre år efter en genomförd börsnotering. Urvalet bestod av företag noterade på Nasdaq OMX Stockholm mellan åren 2013–2017. Vidare studerades bolagsstorlek i relation till detta. Studien använde sig av en kvantitativ metod med en deduktiv ansats. Hypoteser gällande omsättningstillväxten för urvalet utformades och testades sedan med ett Wilcoxon Sign Test. Statistiska testerna påvisade en skillnad i omsättningstillväxt på företagen i urvalet. Omsättningsutvecklingen över den undersökta perioden var negativ. Studien konstaterade därav en negativ skillnad i omsättningstillväxten före mot efter en notering för bolagen i urvalet. / The purpose of this study was to investigate whether there was a difference in sales growth three years before compared to three years after a stock exchange listing. The sample consisted of companies listed on Nasdaq OMX Stockholm between the years 2013-2017. Furthermore, company size in relation to this was also studied. The formulated hypotheses were tested using a Wilcoxon Sign Test. The statistical tests showed a difference in sales growth at the companies in the sample in general. The development of sales over the period examined was negative. The study therefore found a negative development in sales growth before versus after a listing for the companies in the sample. This was in order with previously conducted studies on the topic. Dividing the sample into company sizes led to sales growth before to after a stock exchange listing showing a significant difference in only smaller companies. This difference was shown to be negative.

Förvaltningsfastigheter värderas ofta till verkligt värde. Under en lång tid har värdering till verkligt värde varit något svårdefinierat, där begreppet haft olika betydelse i olika sammanhang. IFRS 13 uppkom till viss del med anledning av detta. Syftet med denna uppsats är att undersöka om IFRS 13 har påverkat underprissättningen för fastighetsföretag vid börsintroduktioner. Genom en Difference-in-Differences metod baserad på en uni- och en multivariat modell mäter vi det statistiska sambandet mellan IFRS 13 och underprissättning mellan åren 2005-2022 vid börsnotering av företag i fastighetsbranchen. Behandlingsgruppen består av länder inom Europeiska Unionen samt Norge, då dessa efterföljer IFRS som redovisningsstandard. Kontrollgruppen består av nio länder som inte har IFRS som obligatorisk redovisningsstandard. Resultatet visar på en negativ trend mellan underprissättningen och införandet av IFRS 13, men kan inte på ett statistiskt signifikant sätt fastställas. Resultatet visar dock ett negativt statistiskt signifikant samband på 0.1 procent mellan kapitalintäkten från börsintroduktionen och underprissättning samt ett statistiskt signifikant samband på 0.1 procent mellan Post och underprissättning för två av våra regressioner.

We examine 102 share lockup agreements following IPOs on the Swedish stock market and whether any abnormal returns exist in the days surrounding the expiration of lockup agreements. We also test three potential explanatory variables based on previous research, the length of the lockup agreement, the type of pre-IPO ownership for the firm (if it is backed by private equity or not), and if the lockup has multiple expiration dates (staggered lockup) or only one. Our results are unable to prove that there are abnormal returns surrounding the expiration lockups, and our variables fail to provide any explanation for the cumulative abnormal return (CAR). One variable that could prove interesting in future research is the change of free float, which we add in a robustness test and find a significant increase in explanatory power.