This study investigated the long-run investment performance of 411 South African IPOs during the period 1992 to 2007. Consistent with historical studies, no evidence of abnormal performance was found on a calendar-time approach using the Fama- French (1993) three-factor model. While the long-run performance did not differ materially, factors such as financial and industrial industry classifications were found to impact after-market performance of IPO portfolios. It was found that large new company issuances within the Financials and Industrials categories produced abnormal returns, but on a collective basis there was no evidence of abnormal performance. In particular, a positive relationship was found to exist between book-tomarket ratios and IPO performance in the financial and industrial sectors, but there was scant evidence on a collective basis. Market conditions were found to have an impact on IPO performance. In periods of market buoyancy, IPOs performed well and in periods of market distress, IPOs‟ performance suffered. The implications of this study are that investors, in making decisions on whether or not to invest in new issues, should not expect to make superior returns to the market over a five-year period by investing in IPOs. IPO performance after the five-year period was not part of the scope for this study and may form the basis for future studies. Copyright / Dissertation (MBA)--University of Pretoria, 2010. / Gordon Institute of Business Science (GIBS) / unrestricted

In 1969, Paul Tolstoy commented that archaeological investigation at La Venta had become "a fairly long and at times tortuous story of excavation, interpretation, re-interpretation, and depredation at the famous site found by Stirling." This thesis adds to the torture by describing and illustrating the architecture, burials, offerings, and stone sculpture of La Venta Complex A in an effort to reconcile data into an accurate sequence of meaningful cultural events. The details derive from excavation reports, field notes, maps, photographs, and correspondence of the early investigators of the site. This study addressed three myopic perceptions regarding La Venta: (1) the secludedness of Complex A, in particular the Ceremonial Court, from its inception to its termination, (2) the classification and identification of real human burials in Complex A, and (3) the analytical decontextualization of objects, offerings, and monuments from connected ritual activities there.

No description available.

The Sarbanes-Oxley (SOX) Act of July 2002 was created to address the financial malfeasance revealed during the investigations of several large firms by the Securities and Exchange Commission (SEC). The Act required public companies traded on U.S. exchanges to provide increased transparency in financial statements. Key portions of the legislation required firms to create internal financial controls and placed personal accountability with top executives. SOX mandated and standardized a greater degree of self-regulation. In the years following SOX, firms experienced significantly higher compliance costs, but they also benefited from the reduction of statement errors and fraud, increased accuracy in reporting, and greater investor confidence. After the Sarbanes-Oxley (SOX) Act of 2002, anecdotal evidence suggested that SOX impeded small, research intensive firms. We looked at research intensive firms going public before and after SOX to determine if there was a change in volume and quality of research intensive firms post-SOX. We found that firms that went public after SOX were fewer and had lower patenting activity. In the case of small and medium size firms, the cost of SOX compliance is likely to divert funds from research investments. We speculate that highly research intensive firms are more likely post-SOX to divert their IPO to non-U.S. exchanges, delay going public, or dismiss the idea of going public, as proposed in a “3Ds” model. The 2002 SOX US Congressional Act levied millions of dollars in new compliance costs on each foreign or domestic firm that went public on U.S. exchanges. Funding for regulatory expenditures must come from somewhere. We proposed that one likely candidate was research budgets, as research efforts have a more distant, less immediately visible, long term effect on firm performance. We suggested that large firms more easily absorbed the additional costs of SOX with a reduced effect on research and development budgets, while small firms were less able to maintain research budgets after SOX. In the aftermath of SOX, research spending did go down, most visibly in Biotech and Electronics. As the total number of IPO firms decreased dramatically after SOX, these two research intensive industries, plus Computer Software, were the only industries with a large enough sample size to evaluate. We saw that research intensive firms diminished dramatically, along with many non-research intensive firms, from IPO events after SOX. Where we had sufficient sample size, in computer software, biotechnology, electronics, and “other”, we noted that research-intensive firms generally resisted the temptation to raid research budgets, finding funding for compliance elsewhere within the company or from the additional cash flow at time of IPO. Where firms did appear to greatly reduce research budgets was in the non-research intensive industries, where research budgets might be more of a discretionary expense. Firm size was not a factor in whether research intensive firms could better absorb the costs of SOX, although smaller firms tended to spend proportionally more on research in an effort to grow faster. After the enactment of SOX, we observed an indication that the markets valued research intensity even more than prior to SOX, perhaps understanding the vulnerability of research budgets being diverted to compliance costs. Overall, the data suggested that the effect of SOX was underestimated in this study, as the firms that were deterred from going public on U.S. exchanges were not in the sample evaluated. We only analyzed those firms prepared to accept the higher costs of SOX. The data set consisted of survivors, selected firms still willing to pay for SOX compliance as well as for research programs. / Business Administration/Strategic Management

This thesis investigates the emerging phenomenon of Initial Token Offerings, which is a tool for capital procurement for ventures being built using token ecosystems within their products. Through a series of interviews with representatives from venture capital, blockchain specialized venture capital, investors, and academia, the author connects the sentiments held by those representatives to the existing literature of behavioral economics. The sentiments expressed mainly focus on: the role of regulations; the development of investors during capital procurement; and the potential for experimentation in the field of token economies. The thesis discusses the implications of the technologies and potential future outcomes. The author also raises the question of whether this is the first non-regulated financial ecosystem that could provide an interesting perspective for behavioral economists as future research is done on the effects of regulations. / Den här uppsatsen undersöker det nya fenomenet Intial Token Offerings, ett verktyg för kapitalanskaffning för bolag som bygger produkter med en kryptografisk token ekonomi som en del av sin plattform. Genom en serie intervjuer med representanter från riskkapital, blockkedjespecialiserat riskkapital, investerare och forskare försöker författaren koppla de koncept och tendenser som tas upp i intervjuerna till fältet beteendeekonomi. The koncept som tog upps består till största del av: den roll regulatoriska aspekter kan spela; utvecklingen av investerarens roll vid kapitalanskaffning; och vikten av fortsatt experimentation gällande finansieringsmodeller inom krypografiska tillgångar och plattformar. Uppsatsen diskuterar också implikationer och möjliga framtida resultat. Författaren lyfter också frågan om kryptografiska tillgångar ger forskare en unik möjlighet att studera effekterna av individers tendenser och regulatorisk påverkan ur ett beteendeekonomiskt perspektiv.

本研究配合台灣制度，以模型推導方式研究IPO承銷機制選擇(競價拍賣與公開申購)之決定因素，並以台灣資料進行實證分析。本文考慮市場因素與投資人意見差異，以發行者之觀點進行分析。模型之預測為，當投資人意見差異程度較大、承銷規模較大、或是市場情況較佳時，發行者會選擇以競價拍賣銷售新股。 實證結果顯示，發行者於選擇承銷機制時，不僅考慮市場因素，亦會參考公司特性與發行特性，此結果與本模型之預測一致。本研究亦發現，台灣之競價拍賣制度，相較於公開申購方式，並無法更有效控制折價程度；如果發行者所選用的承銷方式，不適合市場情況、公司特性或發行特性，將會使公司的IPO承受較多的折價。 / This thesis develops and tests a theoretical rationale on the choice of IPO selling methods, discriminatory auctions versus fixed-price offerings, in Taiwan. We incorporate market conditions and investors’ divergence of opinions into the model from the issuer’s point of view. Our model predicts that when the extent of investors’ divergence of opinions is high, the amount in IPOs is large, or market conditions are hot, issuers will tend to use auctions. Our examination of issuers’ choice of IPO methods on the Taiwan’s IPOs shows that issuers condition the choice of IPO methods not only on prevailing market conditions, but also on firm/IPO characteristics. The results are consistent with our model. Finally, Taiwanese auction does not lead to less under-pricing than the fixed-price offering, but an issuer choosing a selling method with a higher degree of unfitting for firm/IPO characteristics and to market conditions will suffer more under-pricing.

Made available in DSpace on 2015-04-16T14:49:06Z (GMT). No. of bitstreams: 1 arquivototal.pdf: 1152474 bytes, checksum: 26700a7c34b11ab01884eb96bde9f8b1 (MD5) Previous issue date: 2013-01-25 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior - CAPES / This study aimed to analyze whether the market timing and stage of life cycle influence the decision to perform a Public Seasoned Equity Offerings (SEO) in Brazilian companies traded. The analysis focused on whether the probability of a company conduct a SEO is positively related to the index MB (market-to-book), size and stock returns and profitability prior to completion of SEO, and negatively related to the stage lifecycle, profitability and stock return after completion of SEO. Initially we sought to examine the influence of the index market-tobook and returns and future steps in conducting a SEO. dditionally, we sought to examine the influence of firm age and number of years listed in BMFBOVESPA in making an SEO. And, in parallel, we attempted to verify the relationship between SEO and realization of the variables size and profitability. The population consisted of all n-financial companies, publicly traded, with shares traded on the Bolsa de Valores de São Paulo - BM & FBOVESPA, in the period from 2002 to 2010. The model follows the methodology used by H. Deangelo, L. Deangelo and Stulz (2010). Analyzing whether there is a relationship between the logistics company conduct a SEO and variable rate market-to-book, stage of life cycle, past returns and future profitability and size. About the variables we can conclude that there is a relationship between the attainment of SEO content and market-to-book, firm size and profitability after the completion of SEO. The relationships of the variables expected market-to-book and size, were confirmed as positive, however the variable profitability after completion of SEO obtained a negative relationship, thus diverging from the expected. Therefore, hypotheses 1 and 5 of the thesis, that the probability of performing SEO is positively related to the index market-to-book and size, can not be rejected. Descriptive statistics already pointed in this direction, about 81% of the operations were performed by SEO companies that presented index market-to-book more than 1, which indicates some sort of recovery, and the largest proportion, about 55% of the achievements were made by companies that were with index greater than 2.10 MB. Regarding the size, descriptive statistics already presented a preliminary support when showed that most of the offers, about 51% were held by companies that met the range of values of total assets (14 <log assets <16). Furthermore, there were no evidences that confirm the relationship of the stage of the life cycle, the stock return both the previous and subsequent to the achievement of SEO, and the operational performance before and the day of the year with the decision of SEO conduct a public seasoned equity offerings. Although the stage of the life cycle has not been found statistically significant evidence that shows that the vast majority of SEO s, about 57% were held by companies with up to 20 of the constitution, these data are confirmed when we used years BM & FBOVESPA's listing as a proxy for alternative stage of the life cycle, about 79% of SEO s were made by companies that have up to 15 years of listing. Regarding the stock performance of the ANOVA tests indicated an average return of shares a year before the superior achievement in comparison with stock returns one year after the completion of the SEO and the average stock returns in the subsequent year, the SEO companies that made and the companies that did not perform, are equal. The results point toward in favor of market timing theory as an explanation for the conduct of bids, i.e., companies realized the SEO when its shares were valued by the market, taking advantage of the time factor. / Esta dissertação teve como objetivo analisar se o market timing e o estágio do ciclo de vida influenciam na decisão de realizar uma Oferta Pública de Distribuição de Ações Subsequentes (SEO) em empresas brasileiras de capital aberto. A análise se centrou em saber se a probabilidade de uma empresa realizar uma SEO está positivamente relacionada com o índice MB (market-to-book), tamanho e ao retorno acionário anterior à realização da SEO e negativamente relacionado ao estágio do ciclo de vida e ao retorno acionário posterior a realização da SEO. Inicialmente, buscou-se analisar a influência do índice market-to-book e dos retornos acionários passados e futuros na realização de uma SEO. Adicionalmente, procurou-se analisar a influência da idade da empresa e do número de anos listados na BM&FBOVESPA na realização de uma SEO e, paralelamente, verificar a relação entre a realização da SEO e a variável tamanho. A população foi composta por todas as empresas não-financeiras, de capital aberto, com ações negociadas na Bolsa de Valores de São Paulo BM&FBOVESPA, no período de 2002 a 2010. O modelo seguiu a metodologia utilizada por Deangelo, Deangelo e Stulz (2010), analisando se há uma relação logística entre a empresa realizar uma SEO e as variáveis índice market-to-book, estágio do ciclo de vida, retornos passados e futuros e tamanho. Quanto às variáveis, conclui-se que existe relação entre a realização da SEO, o índice market-to-book e o tamanho das empresas. As relações das varáveis market-to-book e tamanho foram positivas, como esperado. Diante disso, as hipóteses 1 e 5 da dissertação, de que a probabilidade de realização de SEO é positivamente relacionada ao índice market-to-book e tamanho, não podem ser rejeitadas. A estatística descritiva apontou que cerca de 81% das operações de SEO foram realizadas por empresas que apresentavam índice market-to-book superior a 1, o que indica algum tipo de valorização e a maior proporção. Cerca de 55% das realizações foram feitas por empresas que se encontravam com índice MB maior que 2,10. No tocante ao tamanho, a estatística descritiva também apresentou um suporte preliminar, quando evidenciou que cerca de 51% das ofertas, foram realizadas por empresas que se encontraram na faixa de valores do ativo total (14< log do ativo < 16). Por outro lado, não foram observadas evidências que confirmem a relação do estágio do ciclo de vida e retorno acionário, tanto no ano anterior quanto no ano subsequente à realização da SEO com a decisão de realizar uma oferta pública de distribuição de ações subsequente. Muito embora o estágio do ciclo de vida não tenha tido significância estatística, foram encontradas evidências, apontando que a grande maioria das SEO s, cerca de 57%, foram realizadas por empresas que possuem até 20 de constituição. Esses dados são corroborados, quando utilizou-se anos de listagem da BM&FBOVESPA como proxy alternativa para estágio do ciclo de vida. No tocante ao retorno acionário, observou-se uma média do retorno das ações de um ano antes da realização superior em comparação com os retornos das ações um ano após a realização da SEO e que as médias do retorno das ações no ano posterior das empresas que realizaram SEO e das empresas que não realizaram eram iguais. Em relação ao desempenho operacional, encontraram-se evidências de diferenças entre o ROA antes e após a realização da SEO e igualdade entre o ROA posterior de empresas emissoras e não-emissoras. Os resultados obtidos apontam na direção a favor da teoria do market timing como explicação para a realização de ofertas, ou seja, as empresas realizaram a SEO quando suas ações estavam valorizadas pelo mercado.

Combining agency theory and the resource-dependence perspective as well as signalling theory, this thesis examines the role venture capitalists (VCs) and founders play with respect to both structural board characteristics and board capital in terms of experience and prestige and whether these are linked to performance. It claims that VCs and founders shape the governance system of the firms going public and are influential in the professionalisation of the ventures especially in terms of human and social capital of its board of directors. It also argues that the board of directors represents a signal of firm quality in the initial public offering (IPO) market and should thus be linked to performance. Similarly, according to the venture capital certification hypothesis, being funded by VCs signals a firm's quality and potential. In order to assess these claims, this thesis employs a unique sample of matched venturecapital- backed and non-venture-capital-backed entrepreneurial IPOs that floated either on the London Stock Exchange's Official List or the Alternative Investment Market (AIM). Extending previous research this thesis employs more fine-grained measures and introduces new conceptually relevant variables in the analysis. The findings indicate that VCs and founders are influential in shaping corporate governance of IPO-stage ventures both from an agency and resource-provision perspective. Findings from the examination of governance and professionalisation characteristics with respect to IPO short-run performance (underpricing) indicate that it may the involvement of prestigious auditors that signal firm quality while a founder bias discount seems to exist. While evidence is found that VC involvement (and to a lesser extent director/board characteristics) is related to post-IPO market performance, this seems to depend on the time period following the IPO examined, whereas auditor prestige shows a positive association in all of these time periods.

Traditionally, volume has provided the link between trading activity and returns. This study attempts to not only investigate the trading behavior of all aspects of investors by daily order imbalances, the better index than dollar volume, around firm-specific news releases, but also explore the relation between order imbalances and daily returns. This study contributes to the shot-run market reactions and trading behaviours from different three or five kinds of investors around seasoned equity offerings announcement in Taiwan. We have examined 306 SEOs listed on Taiwan stock exchanges from 1995 to 1998, and test five subsequent SEO-related signaling dates, such as the shareholders’ conventions date, the formal announcement date, the ex-right date and the listed date. Our findings indicated the anomalies on returns and order imbalance did exist with the publication of SEO news in Taiwan. The negative information effect is significant on the shareholders’ convention date. Further we find a strong relation between order imbalance from individuals and daily return in the five day window. We infer that individual investors are extreme sensitivity to any news released and that the majority of traders in TSE are comprised by individual can explain the phenomenon. Finally, we also find not only correlation among different type of traders but also that returns, cash per share and the interest rate influence trading decision deeply. / Traditionally, volume has provided the link between trading activity and returns. This study attempts to not only investigate the trading behavior of all aspects of investors by daily order imbalances, the better index than dollar volume, around firm-specific news releases, but also explore the relation between order imbalances and daily returns. This study contributes to the shot-run market reactions and trading behaviours from different three or five kinds of investors around seasoned equity offerings announcement in Taiwan. We have examined 306 SEOs listed on Taiwan stock exchanges from 1995 to 1998, and test five subsequent SEO-related signaling dates, such as the shareholders’ conventions date, the formal announcement date, the ex-right date and the listed date. Our findings indicated the anomalies on returns and order imbalance did exist with the publication of SEO news in Taiwan. The negative information effect is significant on the shareholders’ convention date. Further we find a strong relation between order imbalance from individuals and daily return in the five day window. We infer that individual investors are extreme sensitivity to any news released and that the majority of traders in TSE are comprised by individual can explain the phenomenon. Finally, we also find not only correlation among different type of traders but also that returns, cash per share and the interest rate influence trading decision deeply.

<p>Denna studie har som syfte att undersöka den svenska IPO-marknaden under åren 1995-2005. Studien undersöker ett fenomen som är frekvent förekommande i samband med börsintroduktioner. Fenomenet kallas underprissättning och med begreppet menas den skillnad i pris som uppstår mellan en akties introduktionspris och dess stängningskurs första dagen den handlas publikt på en aktiebörs. Underprissättningen kan ses som potentiellt kapital som ett företag går miste om. Detta på grund av att aktiens stängningskurs i viss mån representerar vad investerarna verkligen var villiga att betala för en aktie. Detta är information som inte är tillgänglig då introduktionskursen sätts.</p><p>Studien har undersökt 113 börsintroduktioner på Stockholmsbörsens O-lista. Information har samlats in om de introducerade bolagens sektortillhörighet, introduktionskurs och stängningskurs samt kortsiktig kurs- och indexutveckling. Samband mellan dessa olika variabler har utforskats. Studien visar att det har förekommit underprissättning i Sverige under perioden på i snitt 16,28 procent per börsintroduktion. Underprissättningens storlek varierar kraftigt olika sektorer emellan och underprissättningen har varit som störst inom IT-sektorn.</p>