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In this dissertation I examine the informational externalities of going public decisions for industrial and banking sector. The results show that industrial rivals have positive valuation effects only in response to venture backed IPOs and no significant reaction in response to non-venture backed IPOs. I also find evidence that the effect on rival firms is stronger if they operate in low concentrated industries (i.e. high competition) and have low growth opportunities. The relative size of IPO firm seems to play an important role in the direction and magnitude of industry rivals' valuation effects. Negative information revealed in the form of downward price revisions adversely affect rival firms' valuation. Positive information is also conveyed at the IPO announcements in banking industry. Bank rivals experience wealth gains if they are headquartered in the same state and no valuation effects if they are headquartered in the same region as the announcing bank. However, positive and significant reactions are noted in Mid-Atlantic and Southwest regions and negative reaction in Midwest region. Overall, these findings confirm that IPOs convey valuable information to the market and investors use this information to reassess the value of the rival firms.

This work seeks to provide new insight into understanding how the Lucanian sanctuaries were conceived, built, and used during a chronological period which ranges from the fourth century B.C. to the first century A.D. Within this time, the end of the third century B.C. and the bloody events of the Hannibalic war represented a crucial turning point for the Lucanian communities, concomitant with more infiltration of the southern peninsula by Rome. The last two centuries B.C. are therefore generally neglected in literature as a period of decline. The basic line of thought of this research is that changes in function and form of sanctuaries reflect political, socio-economic and cultural transformations and development of those communities who built and frequented them. The function of the sanctuaries went well beyond the merely religious, for they also functioned as gathering, political and economic centers. The evidence used in this thesis was mainly archaeological, and therefore the analysis of the realia represents the starting point and grounds for historical reconstructions. Archaeological data are diachronically analyzed at different levels: topographic location and relationship of sanctuaries with inhabited settlements, architectural structure and spatial organization of the complexes, and systems of votive offerings. During the fourth and the third centuries B.C. the picture of the Lucanian sanctuaries appears at a first glance quite homogeneous, as the cultural expressions of the Lucanian communities derived from the same models. However, archaeological evidence does not support the theory regarding the existence of a collective sanctuary which belonged to the Lucanians as a whole ethnos, as has been hypothesised for the Rossano di Vaglio sanctuary. After the end of the third century B.C. archaeological evidence from the sites under scrutiny attests that the sanctuaries continued to be used, despite the abandonment of the surrounding inhabited settlements. Nevertheless, such continuity did not mean full frequentation of the sanctuaries, as the majority of them noticeably contracted. Thus the second century B.C. is greatly under-represented at the archaeological level, although in some cases a revival is attested during the first century B.C. In this scenario, the only sanctuary which experienced a phase of revitalization during both of the last two centuries B.C. was the Rossano di Vaglio complex, as it became the point of reference for a new, specifically Roman, territorial entity, the praefectura of Potentia. This analysis, therefore, is a further contribution to current studies concerning the transformations which occurred in Italy in conjunction with the rise of Roman power, the conquest of Italy, and the consequent diffusion of hegemonic culture. / Classical Archaeology

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This paper examines the timing of initial public offerings and private placements by venture-backed companies. Using a sample of 187 venture-backed IPOs and private placements in a variety of industries between 1991 and 2000 over TSEC and OTC, we find that these companies go public when equity valuationsare high and employ private placements when values are lower. Seasoned venture capital appears to take firms public when industrial equity valuations are higher than their less experienced counterparts. The results are robust to differential specifications of control variables.

Why are initial public offerings (IPOs) underpriced? We consider this is a strategy that insiders use to maximize their personal wealth. When a company offers shares in an initial public offering, insiders typically enter into a lock-up restriction which prohibits insiders from selling their shares within a specified period after the IPO. Insiders interested in maximizing their personal wealth will take actions to maximize the lock-up expiration share price rather than the offer price. When the IPOs underprice, the share price will go up during the honeymoon period. The large run-up in the stock price will attracts interest from the media. And the enhanced coverage brings the stock to the attention of more investors. Then the demand for the stock will increase and make the stock price go up. This allows the insiders to sell shares at the lock-up expiration at price higher than he would otherwise be able to obtain. This study examines the relationship among underpricing, coverage and return. We find that stock deposit and the age of a company are positively correlated with underpricing. The electronic-related companies are much more noticeable than underpricing to lead to more coverage. We also find that coverage is positively correlated with return through the lock-up expiration.

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abstract: Identifying factors associated with service infusion success has become an important issue in theory and practice, as manufacturers turn to services to advance performance. The goals of this dissertation are to identify the key factors associated with service infusion success and develop an integrative framework and associated research propositions to isolate the underlying determinants of successful hybrid solution strategies for business customers. This dissertation is comprised of two phases. The first phase taps into the experience and learning gained by executives from Fortune-100 manufacturing firms who are managing the transition from goods to hybrid offerings for their customers. A discovery-oriented, theory-in-use approach is adopted to glean insights concerning the factors that facilitate and hinder those service transition strategies. Twenty-eight interviews were conducted with key executives, transcripts were analyzed and key themes were identified with special attention directed to the particular capabilities that managers consider crucial for successful service-growth strategies. One such capability centers on the ability of a firm to successfully transfer newly-developed hybrid solutions from one customer engagement to another. Building on this foundation, phase two involves a case study that provides an in-depth examination of the hybrid offering replication process in a business-to-business firm attempting to replicate four strategic hybrid offerings. Emergent themes, based on 13 manager interviews, reveal factors that promote or impede successful hybrid offering transfer. Among the factors that underlie successful hybrid offering transfers across customer engagements are close customer relationships, a clear value proposition embraced by organizational numbers, an accurate forecast of market potential, and collaborative working relationships across units. The findings from the field studies provided a catalyst for a deeper examination of existing literature and formed the building blocks for the conceptual model and several key research propositions related to the successful transfer of hybrid offerings. The model isolates five sets of factors that influence the hybrid offering transfer process, including the characteristics of (1) the source project team, (2) the seeking project team, (3) the hybrid offering, (4) the relationship exchange, and (5) the customer. The conceptualization isolates the critical role that the customer assumes in service infusion strategy implementation. / Dissertation/Thesis / Ph.D. Business Administration 2013

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