In the first essay, I show that the transition to public equity markets have important implications to firms’ innovative process. To establish a causal effect of the IPO, I compare the long-run innovation of firms that completed their filing and went public with that of firms that withdrew their filing and remained private. I use NASDAQ fluctuations during the book-building period as a source of exogenous variation that affects IPO completion but is unlikely to affect long-run innovation. Using this approach, I find that the quality of internal innovation declines by 50 percent relative to firms that remained private. The decline in innovation is driven by both an exodus of skilled inventors and a decline in productivity among remaining inventors. However, going public allows firms to attract new human capital and purchase externally generated innovations through mergers and acquisitions. In the second essay, we explore the effects of private equity investments on the industries they invest at. This analysis looks across nations and industries to assess the impact of private equity on industry performance. Industries where PE funds have invested in the past five years have grown more quickly in terms of productivity and employment. It is hard to find support for claims that economic activity in industries with private equity backing is more exposed to aggregate shocks. The results using lagged private equity investments suggest that the results are not driven by reverse causality. Finally, in the third essay we model situations in which a principal offers a set of contracts to a group of agents to participate in a project. Agents’ benefits from participation depend on the identity of other participating agents. We show that when assuming multilateral externalities, the optimal contracts’ payoff relies on a ranking of the agents, which can be described as arising from a tournament among the agents. Rather than simply ranking agents according to a measure of popularity, the optimal contracting scheme makes use of a more refined two-way comparison between the agents. We derive results on the principal’s revenue extraction and the role of the level of externalities’ asymmetry. / Economics

This dissertation consists of three essays. In the first essay, we attempt to answer the following three questions about the new capital raised in IPOs: Why do some IPO companies raise a lot of new capital while some others don’t? Where do the IPO companies use the new capital they raise in IPOs? How does the use of new capital affect the operating performance of IPO companies? We find that companies with higher R&D spending, higher capital expenditure, lower working capital and more long term debt tend to raise more capital in IPOs. These firms also spend more on R&D and capital expenditure. The more new capital firms raise in IPOs, the lower sales growth rate they have. However, firms spending a higher proportion of new capital on R&D seem to have higher sales growth rate. In the second essay, we examine the relation between IPO valuation and offering size. Using a sample of 3,885 IPOs from the US, we find that IPO firms with larger offering size have lower valuation. Both primary share offering and secondary share offering are negatively related to IPO firm valuation. The valuation measures are positively related to the levels of capital expenditure and R&D before IPO, lending support to explanations based on Jensen (1986)’s free cash flow hypothesis. We also find evidence consistent with negative signals from larger secondary share offering size. Results of tests about long run IPO stock performance do not support the hypothesis that IPO stock demand curve is downward sloping. In the third essay, we examine how analysts react to IPO offering size. We find that analysts predict lower long-term growth rates for IPOs with larger offering size. The sizes of both primary and secondary offering are negatively related to long-term growth rate forecasts. We find evidence that the free cash flow effect may be related to the negative relation between primary offering size and growth forecast.

Two important findings in the IPO literature, IPO's underpricing and poor long run stock returns, are investigated by using the sample of IPOs completed in the Stock Exchange of Thailand (SET) from 1994 to 1999. The evidence suggests that Thai IPOs are underpriced and have poor long run stock returns. Rock 's (1986) model is employed to explain the underpricing of Thai IPOs. Rock's model is supported by the evidence of Thai IPOs. Past market conditions and the stock liquidity of the IPOs' industries are the main factors which affect investor demand for IPO shares. IPOs which go public in the hot market conditions (periods with high past market return) and IPOs which come from liquid industries (industries which have high stock turnover) attract more investor demand. These two factors are also positively correlated with IPO first day return. This suggests that investors have higher demand for IPOs which go public in the hot market conditions and IPOs which come from liquid industries because these IPOs are underpriced, and the underpricing of these IPOs is corrected during the first trading day. IPOs with low investor demand underperform their benchmarks in the long run. On the contrary, the long run returns of IPOs with high investor demand are not significantly different from their benchmarks. One possible explanation for the underperformance of IPOs with low investor demand is that these IPOs may be illiquid. The lack of demand during the first trading day may cause their first closing price to be different from their intrinsic value. This difference is gradually adjusted in the long run leading to the underperformance of these IPOs. This hypothesis is supported by the evidence. The sample of rights offerings announced in the SET between 1994 and 1999 also supports the role of liquidity in explaining the poor long run performance of issuers. The change in operating performance of IPOs from the IPO-year to the post-IPO years also has some power in explaining the long run underperformance of IPOs. IPOs which perform more badly after going public have poor long run returns.

Thesis (D. Ed. Min.)--Southwestern Baptist Theological Seminary, 2002. / Includes abstract. Includes bibliographical references (leaves 114-120).

This diploma thesis deals with the cryptocurrencies in practice of law. The aim of the thesis is to analyse the initial coin offering and the basic tax aspects of the cryptocurrencies, both with respect to the Czech law, and to provide a comparative overview of the cryptocurrency legal regulation in different states of the world. The actual text of the thesis is divided into four parts. These parts are preceded by a general introduction outlining the overall concept of the thesis, its purpose and the reasons why the topic was chosen. The fourth part is followed by a conclusion summarizing the main findings that were made. The first part of the thesis deals with an explanation of the term cryptocurrency and its comparison with the terms virtual and digital currency. It also discusses whether cryptocurrencies can be considered as money or as currencies and what each of these two categories means. The second part is focused on the initial coin offer in the Czech law. There is a brief description of its course followed by an examination of the applicable rules of both public and private law. Particular attention is paid to the rules concerning the initial public offering, payment transactions, collective investment, enterprise and anti-money laundering. The third part of the thesis dissects basic tax aspects of...

La littérature grecque permet de dénombrer une petite centaine de plantes utilisées dans l'Antiquité pour la confection de couronnes. Quelques unes de ces plantes nourrissent avec les puissances divines des relations privilégiées : le lierre, le laurier, le myrte, le chêne, l'olivier, l'oléastre entrent en résonnance avec Dionysos, Apollon, Aphrodite, Zeus, Athéna ou Héraclès. Comment s'opèrent ces rencontres entre matière et imaginaire ? De quelles façons la phusis de ces végétaux intervientelle dans ce jeu dialectique où l'imaginaire se nourrit de perceptions sensibles, où les perceptions sensibles sont elles-mêmes biaisées par l'imaginaire ? Les littératures botanique et médicale, riches d'informations sur les qualités des végétaux, nous permettent parfois d'atteindre ces particularités qui autorisent la mise en congruence d'une plante et d'un dieu. Ces quelques plantes, ne représentent pas, loin de là, toutes les plantes à couronnes utilisées. La violette, la rose, la jacinthe, l'asphodèle, le gattilier, le pin ou le céleri et bien d'autres encore, suggèrent tout un monde d'odeurs, de couleurset de symboles dont les sources littéraires et techniques nous laissent percevoir quelques bribes. Quelles que soient la quantité et la qualité des informations dont nous disposons pour chacun de ces végétaux, les sources montrent combien les stéphanomata font partie du quotidien des anciens Grecs. Les couronnes végétales marquent les moments de joie, de plaisir et de bonheur, elles distinguent les vainqueurs de nombreux concours et l'homme vertueux. Portées ou offertes, elles marquent ce moment de recueillement où l'être humain tente d'obtenir la faveur ou la protection des dieux, cet instant où il rend hommage au parent défunt / About a hundred plants used in Antiquity for the making of wreaths are mentioned in greek literature. Some of these plants are linked to the gods through specific relationships : ivy, laurel, myrtle, oak, olive and oleaster are connected with Dionysos, Apollo, Aphrodite, Zeus, Athena and Heracles. How do these material and imaginary worlds meet? In which ways does the phusis of these plants come into play in the dialectic process where the imaginary world is nurtured by sense perception, and where sense perceptions are themselves informed by the imaginary world ? Through Botanical and medical literature -both very informative on the qualities of the plants- we sometimes identify these peculiarities that allow us to establish the congruency between a plant and a god. These few plants are not, by far, all the plants used for the making of wreaths. The violet, the rose, the hyacinth, the asphodel, the chaste-tree, the pine, the celery and lots of other plants suggest a world made of odours, colours and symbols, from which we only perceive a few fragments through the literary and botanical sources. No matter the quality and the amount of information available to us for each of these plants, evidentiary sources show us how much the stéphanomata were part of the ancient's Greeks daily life. Wreaths made of plants mark moments of joy, pleasure, happiness, they single out the winners of numerous games and the virtuous men. Worn or offered,they characterize this contemplative moment when human being seeks the favor or the protection of the gods, as well as this instant when he pays homage to a departed parent

Please read the abstract in the thesis. / Thesis (PhD)--University of Pretoria, 2013. / gm2013 / New Testament Studies / unrestricted

本研究以羅吉斯迴歸模型探討影響上市櫃公司選擇籌資之因素，籌資工具包括股權與債務，並進一步探討若籌資工具為普通股，影響私募普通股或現金增資之因素。 實證結果發現，公司選擇以私募或公開發行管道籌措資金的決策，主要和下列因素有關：(1) 資訊不對稱程度愈高之公司，愈傾向以私募籌資；(2) 風險愈高之公司，愈傾向以私募籌資；(3) 信用品質愈差之公司，愈傾向以私募籌資；(4) 成長性愈強之公司，愈不傾向以私募籌資；(5) 股票市場情況愈好，公司愈不傾向以私募籌資。 公司選擇以私募普通股或現金增資籌措資金的決策，主要和下列因素有關：(1) 資訊不對稱程度愈高之公司，愈傾向以私募普通股籌資；(2) 風險愈高之公司，愈傾向以私募普通股籌資；(3) 股票市場情況愈好，公司愈不傾向以私募籌資。 / This research uses Logistic Model to investigate some specific factors which may influence firms’ choices between issuing securities in private market (private placement) and in public market (public offering). As for the funding mechanism, both equity securities and debt securities are included. Then the range of funding mechanism is narrowed to common stock and this research analyzes the possible factors which influence firms’ choices between issuing private equity and seasoned equity offering follows. The empirical results on the choices between issuing in private market or public market indicate the following: (1) Firms with higher information asymmetry tend to raise fund by private placement rather than by public offering. (2) Firms with higher operating risk tend to raise fund by private placement rather than by public offering. (3) Firms with worse credit quality tend to raise fund by private placement rather than by public offering. (4) Firms with stronger growth potential tend to raise fund by public offering rather than by private placement. (5) When the performance of the stock market is better, firms tend to raise fund by public offering rather than by private placement. The empirical results on the choices between issuing private equity or seasoned equity offerings indicate the following: (1) Firms with higher information asymmetry tend to raise fund by private equity rather than by seasoned equity offering. (2) Firms with higher operating risk tend to raise fund by private equity rather than by seasoned equity offering. (3) When the performance of the stock market is better, firms tend to raise fund by seasoned equity offering rather than by private equity.

Made available in DSpace on 2016-03-15T19:32:21Z (GMT). No. of bitstreams: 1 Ligia Ferraci.pdf: 1333034 bytes, checksum: 7872150631d4eb40ece4b912f3149334 (MD5) Previous issue date: 2010-08-11 / Fundo Mackenzie de Pesquisa / The capital market in Brazil has experienced, especially from the year 2003 to 2009,several changes and significant growth due to the global economic and financial environment as well as internal factors highlighting the regulatory improvements, development and credibility. As a result of this growth, we have observed a large number of companies that became public especially from 2006 on. The stock price behavior during this period has showed significant short-term positive returns, even when compared to Ibovespa index rates (Sao Paulo s Stock Exchange).Some potential explanations for such events may be the stock issue below the correct price (underpricing), informational asymmetry, the winner's curse (Rock ,1986) or other market anomalies discussed in the financial theory. This research focused the study in two possible factors: (1) issue below the correct price, known in financial literature for underpricing, and (2) the risk and return function as explanatory for stock returns in IPO issued from 1st, 30.th, 60.th, 90.th and 180.th days considering the sample of companies which registered initial public offerings (IPO) from 2003 until December 2009 listed on the Bovespa and the Securities Commission (CVM) and which had daily close available prices. The objective for this study was to verify the existence of underpricing in the IPO process and whether the observed abnormal returns can be explained by the risk and return function. As for the conclusion, in line with results of other recent researches for Brazilian stock market, were observed positive returns in the short term and negative returns for long term concluding that underpricing is a practice adopted in IPO s in Brazil as well as in other developed capital markets. / O mercado de capitais no Brasil experimentou,especialmente entre os anos de 2003 a 2009,muitas mudanças e crescimento acentuado em razão do ambiente econômico-financeiro mundial, bem como de fatores internos de ordem regulatória que propiciaram seu amadurecimento, desenvolvimento e credibilidade.Como consequência deste crescimento,observou-se um grande número de empresas que abriram seu capital mais acentuadamente a partir do ano de 2006.O retorno das ações durante esta periodo mostrou valores significativos a curto prazo, mesmo se comparados aos índices médios de mercado da Bolsa de Valores de São Paulo-Bovespa. Algumas explicações possíveis para tais eventos podem ser o lançamento abaixo do preço correto (underpricing), assimetria informacional, maldição do vencedor (winner s curse), anomalias de mercado, etc. Esta pesquisa centralizou o foco de estudo em dois possíveis fatores: (1) lançamento abaixo do preço correto, denominado na literatura financeira de underpricing, e (2) a relação entre risco e retorno como explicativa para retornos das ações lançadas em IPO a partir do 1.º, 30.º, 60.º, 90.º e 180.º dias da emissão considerando a amostra das empresas que registraram ofertas iniciais (IPO) a partir de 2003 até dezembro de 2009 listadas na Bovespa e na Comissão de Valores Mobiliários (CVM) que possuíam cotações diárias de fechamento disponíveis.O objetivo do trabalho foi verificar a existência underpricing no processo de abertura de capital e se os retornos anormais verificados podem ser explicados pela relação risco e retorno.A título de conclusão e em consonância com resultados de outras pesquisas recentes para o mercado brasileiro, foram encontrados retornos positivos no curto prazo e negativos no longo prazo concluindo-se que o underpricing é uma prática adotada nos processos de IPO no Brasil assim como ocorre em outros mercados de capitais desenvolvidos.

The purpose of this thesis is to determine if there are any significant abnormal returns arising when companies announces an upcoming rights offering on the Stockholm exchange. The thesis also considers possible reasons as to why the market react in different ways by examining the offerings’ underlying motives. The thesis adopts a quantitative approach, implemented by adeductive strategy. An event study has been used to study the market movements throughout the RO-announcement. The abnormal return is calculated according to the CAR-model which is later tested for its significance. A multiple linear regression is conducted in order to discover relations between the abnormal return and different independent variables. The main frame of theoretical reference is the Signalling Hypothesis as well as the Efficient Market Hypothesis. The study is also inspired by previous research on the subject, all of which are presented in the chapter. These include both recent and older studies on both American, Asian and European markets. Results conclude a significant negative abnormal return during the event window. There is a significant relationship between the underlying motive of the rights offerings and its abnormal return. However, no significant relationship can be stated between the frequency of the rights offering and its abnormal return. Underlying motive and frequency of RO’s explain theabnormal return by 10,11%.