Bakgrund: Under de senaste två åren så har svenska Private Equity-bolag ökat sina investeringar signifikant. Enkelheten i att anskaffa kapital, såväl som billig skuldsättningsgrad har lett till en ökad aktivitet från PE-bolagen genom uppköp av marknadsledande bolag med starkt kassaflöde. Konkurrensen för attraktiva företag som är till salu har ökat nämnvärt, vilket i sin tur har lett till prisökningar på de utsatta bolagen. De högre värderingarna från PE-bolagen påverkar också antalet börsintroduktioner på Stockholmsbörsen. Ett skäl för de allt färre börsintroduktioner kommer av att bolagen har blivit högre värderade av PE-bolagen jämförelsevis med en värdet av en börsintroduktion. Syfte: Avsikten med denna uppsats är att, från aktieägarens synvinkel, analysera och beskriva de olika skäl som finns för att gör en börsintroduktion istället för att sälja till ett PE-bolag. Metod: Undersökningen är baserad på att samla och förstå information gällande specifika personers val och motiv med ett kvalitativt synsätt. Urvalet från undersökningen innehåller alla företag som har genomfört en börsintroduktion på Stockholmsbörsen mellan 1 januari 2005 och 1 april 2006. Intervjuerna har genomförts med varje styrelseordförande, i och med att författarna tror att dessa företrädare är de bästa representanterna för aktieägarna. De personer som lät sig intervjuas fick tala fritt, även om de större frågorna var tvungna att följas i kronologisk ordning. Slutsats: Alla motiv för att genomföra en börsintroduktion kunde ha uppfyllts genom att sälja till ett PE-bolag, förutom motivet om att uppnå likviditet i aktierna. Ett av de attraktiva motiven för likviditet i aktier är att aktieägarna kan välja mellan att minska ägandet, öka ägandet eller bibehålla de nuvarande aktierna. Ett annat attraktivt skäl är att finansiella institutioner normalt ansluter sig som aktieägare, vilket i sin tur ökar trovärdigheten av företaget. Åtta av det tio företagen hade parallella planer längs med arbetet med börsintroduktionen. De flesta av bolagen hade i åtanke att sälja till ett PE-bolag vid eventuellt gynnsamt bud. Dock fanns det inga PE-bolag som bjöd ett tillräckligt bra pris för de individuella bolagen. Antingen så erhöll de dåvarande ägarna ett bättre pris från börsintroduktionen, eller så trodde de återstående ägarna på att börsen i framtiden skulle prestera bättre än PE-bolagens bud. Enligt teorierna har buy-outs fler fördelar jämförelsevis med börsintroduktioner, men de empiriska undersökningarna visar att de två alternativen var likvärdiga. Den enda fördelen med en eventuell buy-out var att det skulle begära mindre eller samma arbetsbelastning i termer av förberedelser. Dock så ansågs en börsintroduktion vara dyr såväl som att den tar energi och fokus från ledningen. / Background: During the last two years, Swedish Private Equity (PE) companies have increased their investments significantly. Easy access to capital, as well as inexpensive leverage, has led to an increase in activity of PE buy-outs of market leaders with strong cash flow. The competition for objects that are for sale has amplified, which has resulted in price increases of the objects. The higher prices offered by the PE companies also affects the number of initial public offerings (IPO) on the Stockholm Stock Exchange. One reason for the small number of current IPOs is that the objects simply have been valued higher by PE companies than they would do in an IPO. Purpose: The purpose with this thesis is, from a shareholder’s point of view, to analyze and describe the reasons of making an IPO instead of selling to a PE company. Methodology: Since the research is based on gathering and understanding information regarding specific persons’ choices and motives, a qualitative approach has been conducted. The research sample contains of all companies that made an IPO on the Stockholm Stock Exchange between 1 January 2005 and 1 April 2006. Interviews have been made with each company’s Chairman of the Board of Directors, since the authors believe that these individuals are the ultimate shareholder rep-resentatives. The interviewees were allowed to speak freely, even though the major questions had to be followed in a chronological order. Conclusion: All the main motives of the IPO could have been achieved by selling to PE company, except the motive of attaining share liquidity. One of the attractive reasons for share liquidity is that shareholders easily can choose between reducing ownership, increasing ownership or remain with existing shares. Another attractive reason is that financial institutions normally become share-holders, which in turn increases the credibility of the company. Eight out of the ten companies had parallel plans to the IPO; most of them including a possible PE buy-out scenario. However, no PE company offered a price high enough for the individual companies. Either the existing owners received a better IPO price, or the remaining owners believed that the stock exchange would out-perform the PE price offers in the long-run. Theory means that buy-out has got its advantages compared to IPO, but the empirical findings show that the alternatives were on the contrary quite similar. The single advantage with a possible buy-out was that it would demand less, or at most equal, work load in terms of preparation before the sale. However, the negative part with the IPO was that it was considered expensive as well as it took energy and distraction of focus it took from the management team.

This dissertation investigates the pricing and the market reaction to the announcement of private placements. A sample of 181 private placement announcements during January 2002 and March 2007 in Taiwan was obtained. This dissertation consists of two essays on the private placements. The first essay identifies the conditions determining insiders will pay more (or less) in private placement. We explore the argument of private placement pricing sold to insiders by considering the changes in the control power of the largest shareholders in private placement, using the Banzhaf power index to better reflect the largest shareholder¡¦s relative power of influence. Our results indicate that, if the existing insiders maintain their leading control status, in cases where insiders are the main investors, private placements are issued at deep discounts that benefit themselves; however, in cases where outsiders/new insiders are the main investors, outsiders and new insiders will pay relatively more when existing insiders dominate. Contrarily, if existing insiders fail to retain their leading position and become less powerful after private placement, outsiders and new insiders buy at lower prices. In more than 65% of the sample, the largest shareholders lost their leading control status, and the issuer¡¦s ownership structure becomes more concentrated following private placements. In the second essay, we examine whether the announcement of private placement and public offering share the same announcement effects. In particular, we investigate whether the market reactions to private placement announcements vary with different placement motivations and investor types. In addition, we focus on the dark side of private placement by studying how the stock price reaction to private offerings when insiders intentionally lower the offer price to self-dealing, or when within-group private placements are motivated by the controlling shareholders¡¦ tunneling. The results indicate that private placements generally result in a positive wealth effects, however, public offerings associated with negative announcement effects. The market reacts more favorably to private placements in which a strategic alliance or merger are involved, or to private placements where investors actively participate in the management or even procures the controlling rights of the company. It suggests that the motivation and investor type of private placement convey important information to market investors regarding the issuing firm¡¦s performance. Moreover, we have evidence to support the dark side of private placements. For issuing firms with stronger tendency towards self-dealings by insiders or tunneling in transactions between firms within a business group, they are more likely to have poor performance after private placement. However, we have no evidences to support the firm quality hypothesis.

<p>Bakgrund: Under de senaste två åren så har svenska Private Equity-bolag ökat sina investeringar signifikant. Enkelheten i att anskaffa kapital, såväl som billig skuldsättningsgrad har lett till en ökad aktivitet från PE-bolagen genom uppköp av marknadsledande bolag med starkt kassaflöde. Konkurrensen för attraktiva företag som är till salu har ökat nämnvärt, vilket i sin tur har lett till prisökningar på de utsatta bolagen. De högre värderingarna från PE-bolagen påverkar också antalet börsintroduktioner på Stockholmsbörsen. Ett skäl för de allt färre börsintroduktioner kommer av att bolagen har blivit högre värderade av PE-bolagen jämförelsevis med en värdet av en börsintroduktion.</p><p>Syfte: Avsikten med denna uppsats är att, från aktieägarens synvinkel, analysera och beskriva de olika skäl som finns för att gör en börsintroduktion istället för att sälja till ett PE-bolag.</p><p>Metod: Undersökningen är baserad på att samla och förstå information gällande specifika personers val och motiv med ett kvalitativt synsätt. Urvalet från undersökningen innehåller alla företag som har genomfört en börsintroduktion på Stockholmsbörsen mellan 1 januari 2005 och 1 april 2006. Intervjuerna har genomförts med varje styrelseordförande, i och med att författarna tror att dessa företrädare är de bästa representanterna för aktieägarna. De personer som lät sig intervjuas fick tala fritt, även om de större frågorna var tvungna att följas i kronologisk ordning.</p><p>Slutsats: Alla motiv för att genomföra en börsintroduktion kunde ha uppfyllts genom att sälja till ett PE-bolag, förutom motivet om att uppnå likviditet i aktierna. Ett av de attraktiva motiven för likviditet i aktier är att aktieägarna kan välja mellan att minska ägandet, öka ägandet eller bibehålla de nuvarande aktierna. Ett annat attraktivt skäl är att finansiella institutioner normalt ansluter sig som aktieägare, vilket i sin tur ökar trovärdigheten av företaget. Åtta av det tio företagen hade parallella planer längs med arbetet med börsintroduktionen. De flesta av bolagen hade i åtanke att sälja till ett PE-bolag vid eventuellt gynnsamt bud. Dock fanns det inga PE-bolag som bjöd ett tillräckligt bra pris för de individuella bolagen. Antingen så erhöll de dåvarande ägarna ett bättre pris från börsintroduktionen, eller så trodde de återstående ägarna på att börsen i framtiden skulle prestera bättre än PE-bolagens bud. Enligt teorierna har buy-outs fler fördelar jämförelsevis med börsintroduktioner, men de empiriska undersökningarna visar att de två alternativen var likvärdiga. Den enda fördelen med en eventuell buy-out var att det skulle begära mindre eller samma arbetsbelastning i termer av förberedelser. Dock så ansågs en börsintroduktion vara dyr såväl som att den tar energi och fokus från ledningen.</p> / <p>Background: During the last two years, Swedish Private Equity (PE) companies have increased their investments significantly. Easy access to capital, as well as inexpensive leverage, has led to an increase in activity of PE buy-outs of market leaders with strong cash flow. The competition for objects that are for sale has amplified, which has resulted in price increases of the objects. The higher prices offered by the PE companies also affects the number of initial public offerings (IPO) on the Stockholm Stock Exchange. One reason for the small number of current IPOs is that the objects simply have been valued higher by PE companies than they would do in an IPO.</p><p>Purpose: The purpose with this thesis is, from a shareholder’s point of view, to analyze and describe the reasons of making an IPO instead of selling to a PE company.</p><p>Methodology: Since the research is based on gathering and understanding information regarding specific persons’ choices and motives, a qualitative approach has been conducted. The research sample contains of all companies that made an IPO on the Stockholm Stock Exchange between 1 January 2005 and 1 April 2006. Interviews have been made with each company’s Chairman of the Board of Directors, since the authors believe that these individuals are the ultimate shareholder rep-resentatives. The interviewees were allowed to speak freely, even though the major questions had to be followed in a chronological order.</p><p>Conclusion: All the main motives of the IPO could have been achieved by selling to PE company, except the motive of attaining share liquidity. One of the attractive reasons for share liquidity is that shareholders easily can choose between reducing ownership, increasing ownership or remain with existing shares. Another attractive reason is that financial institutions normally become share-holders, which in turn increases the credibility of the company. Eight out of the ten companies had parallel plans to the IPO; most of them including a possible PE buy-out scenario. However, no PE company offered a price high enough for the individual companies. Either the existing owners received a better IPO price, or the remaining owners believed that the stock exchange would out-perform the PE price offers in the long-run. Theory means that buy-out has got its advantages compared to IPO, but the empirical findings show that the alternatives were on the contrary quite similar. The single advantage with a possible buy-out was that it would demand less, or at most equal, work load in terms of preparation before the sale. However, the negative part with the IPO was that it was considered expensive as well as it took energy and distraction of focus it took from the management team.</p>

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。

[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.

Bakgrund och problem: Det långsiktiga värdeskapandet av Private Equity (PE)- och Venture Capital (VC)-bolag är ett fenomen som forskats kring sedan dess uppenbarelse i mitten av 80-talet. Tidigare forskning har främst fokuserat på portföljbolagens prestation under ägande, medan forskningen är gles gällande de långsiktiga konsekvenserna av PE- och VC-ägande. Trots tidigare forskning inom området, som sträcker sig över tre decennier, finns det ingen etablerad konsensus om de långsiktiga effekterna av PE- och VC-finansiering. Med tanke på den tvetydiga forskningen och det faktum att det inte råder någon konsensus inom området syftar denna studie att undersöka fenomenet på den svenska marknaden. Syfte: Denna studie syftar till att analysera huruvida det råder en operationell prestationsskillnad mellan tidigare PE- och VC-ägda portföljbolag gentemot dess branschkonkurrenter efter avyttring genom börsnotering. Vidare ämnar studien  analysera de bakomliggande faktorerna till den tänkbara prestationsskillnaden samt utreda om dessa varierar beroende på vilken aktör som tidigare stått för ägandet. Metod: Undersökningen genomfördes på den svenska marknaden mellan 2000 och 2017 med EBITDA-marginalen, omsättning per anställd, avkastning på sysselsatt kapital, operativa kassaflöden/totala tillgångar och rörelsekapital/omsättning som indikator på operationell prestation. I linje med tidigare forskning tillämpar följande studie en kvantitativ forskningsmetod, en deduktiv design och använder både ett parametrisk och icke parametrisk test i syfte att avgöra den statistiska säkerheten i resultaten. Slutsats: Studien konstaterar att den långsiktiga operationella prestationen för tidigare PE-ägda portföljbolag är sämre än den för branschkonkurrenter. Resultaten fastställer dock en kortsiktig överprestation som grundar sig i varaktiga effekter av effektiviseringsåtgärder från ägandeperioden. I motsats till detta, indikerar VC-ägda portföljbolag på en operativ underprestation, relativt branschkonkurrenter, på kort- och lång sikt men på grund av ett begränsat urval av portföljbolag kan detta inte statistiskt säkerställas. / Background and problem: The long term value creation of Private Equity (PE) and Venture (VC) Capital firms is a phenomena that has been debated and researched since its revelation in the mid 80’s. Previous research has primarily focused on the performance of portfolio companies during ownership, while the offer is relatively sparse investigating the long term consequences of PE and VC ownership after divestment. Despite previous research within the field, extending over three decades, there is no established consensus of the long term results of PE and VC financing. Given the contradiction of previous research the study aims to investigate the phenomena in detail on the Swedish market. Purpose: The study aims is to investigate how formerly Private Equity (PE) and Venture Capital (VC) backed portfolio companies preform, relative industry peers, after divestment through IPO. The study is based upon five key operational metrics and further strives to analyse and determine the explanatory variables to the presumed performance deviations and if these vary depending on which actor who previously was responsible for the ownership. Methodology: The study was conducted on the Swedish market between 2000 and 2017 using the EBITDA-margin, RPE, ROCE, operational cash flows to total assets and net working capital to sales as operational determinants for long- and short term performance. In line with previous research the following event study applies a quantitative research method, a deductive design and uses both a parametric and a non-parametric test to determine the statistical significance of the results. Conclusion: The study concludes that the long term operational performance of previously PE- owned portfolio companies is inferior to that of industry peers. However, the results conclude that the portfolio companies over perform industry peers in the short term due to lasting effects of efficiency processes from the ownership period. In contrary to previous results VC-owned portfolio companies indicate an operational under performance in the short and long term but due to a limited selection of portfolio companies this cannot be statistically proven.

Submitted by Roberto Reis (rrreis@gmail.com) on 2015-05-21T02:16:49Z No. of bitstreams: 1 Dissertação - Roberto Reis Final (23 03 15).pdf: 362135 bytes, checksum: 080037f5fda80534e6b24178b2f68aef (MD5) / Approved for entry into archive by GILSON ROCHA MIRANDA (gilson.miranda@fgv.br) on 2015-08-03T18:35:55Z (GMT) No. of bitstreams: 1 Dissertação - Roberto Reis Final (23 03 15).pdf: 362135 bytes, checksum: 080037f5fda80534e6b24178b2f68aef (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2015-08-04T11:53:55Z (GMT) No. of bitstreams: 1 Dissertação - Roberto Reis Final (23 03 15).pdf: 362135 bytes, checksum: 080037f5fda80534e6b24178b2f68aef (MD5) / Made available in DSpace on 2015-08-04T11:54:08Z (GMT). No. of bitstreams: 1 Dissertação - Roberto Reis Final (23 03 15).pdf: 362135 bytes, checksum: 080037f5fda80534e6b24178b2f68aef (MD5) Previous issue date: 2008-05-30 / Debt financing decisions have impact in capital structure by altering the leverage, ownership structure and maturity of debt. Most popular theories about composition of debt predicts negative reaction of stocks when a firm issue public bonds. My results does not support that effect at least directly. However, the determinants of the issue are consistent with the predictions, with some particularities about Brazilian economy. / As decisões de financiamento com dívida têm impacto na estrutura de capital através da alteração da alavancagem, da titularidade e da maturidade da dívida. As teorias mais populares sobre a composição da dívida, preveem um efeito negativo nas ações quando uma empresa emite debêntures. Os meus resultados não confirmam esse efeito, pelo menos diretamente. Contudo os determinantes da emissão são consistentes com as previsões, com algumas particularidades da economia Brasileira.

Nesta pesquisa buscamos compreender a produção social da escala metropolitana em um contexto atual de mundialização financeira. Neste sentido, reunimos dados referentes à abertura de capital nas incorporadoras do setor da construção civil brasileiras, abordando a penetração do capital financeiro em suas estruturas e a ampliação da escala de produção e de atuação geográfica destas empresas a partir de 2005. Estes dados foram iluminados com um estudo simultâneo sobre o endividamento imobiliário urbano, por meio da abordagem dos leilões de imóveis, trazendo os conteúdos do desemprego para a compreensão crítica do crédito imobiliário urbano. O mapeamento dos dados se concentrou na Região Metropolitana de São Paulo. Identificamos o desdobramento da noção de moderna propriedade da terra em posse e propriedade, liberando a propriedade abstrata para circular como mercadoria e concentrando na posse as lutas cotidianas pela habitação. Constatamos a introdução do endividamento imobiliário como forma significativa de acesso à habitação nas periferias metropolitanas. Este endividamento foi compreendido como elemento de ritmanálise, capaz de transmitir os ritmos de valorização do capital mundial financeiro, definidos pela presença do capital fictício, aos ritmos de trabalho, de exploração e de espoliação urbanos, redefinindo o modo de vida metropolitano, notadamente por meio do acesso à habitação e à cidade. / In this research, we have sought to understand the social production of the metropolitan scale in the contemporary context of financial globalization. Having this in mind, we have gathered data concerning Initial Public Offerings (IPOs) by Brazilian construction firms, bringing into focus the penetration of finance capital into the firms structures, as well as the firms larger scale of operation and geographical reach from 2005 onwards. These data are clarified by a parallel investigation on urban mortgage indebtedness through an analysis of real estate auctions in connection to unemployment levels in metropolitan areas. Data mapping has been limited to the Metropolitan Area of São Paulo. We have recognized the development of modern landed property into (the opposing forms of) ownership and tenure as a process that makes it possible for abstract property to circulate as a commodity while everyday housing struggles focus on tenure rights. We have also noted that mortgage indebtedness has become a fundamental form of access to housing on the metropolitan peripheries. This mortgage indebtedness has been interpreted as an element of rhythmanalysis, in which the rhythms of the valorization of global finance capital characterized by the presence of fictitious capital are transmitted to the rhythms of labor, of urban exploitation and urban dispossession, reshaping the metropolitan way of life, especially with regard to the access to housing and to the city in a general sense.

Submitted by Renata Lopes (renatasil82@gmail.com) on 2016-06-10T15:40:41Z No. of bitstreams: 1 thaissalzerprocopio.pdf: 819205 bytes, checksum: 0d6d27ede0f335051be5a6bd2d2bd679 (MD5) / Approved for entry into archive by Adriana Oliveira (adriana.oliveira@ufjf.edu.br) on 2016-07-13T14:03:22Z (GMT) No. of bitstreams: 1 thaissalzerprocopio.pdf: 819205 bytes, checksum: 0d6d27ede0f335051be5a6bd2d2bd679 (MD5) / Made available in DSpace on 2016-07-13T14:03:22Z (GMT). No. of bitstreams: 1 thaissalzerprocopio.pdf: 819205 bytes, checksum: 0d6d27ede0f335051be5a6bd2d2bd679 (MD5) Previous issue date: 2013-05-20 / A desigualdade salarial é um tema que assume papel relevante na busca pelo desenvolvimento dos países, sendo amplo o número de estudos acerca dos fatores geradores de tal desigualdade. Como determinantes mais comuns, aparecem as características dos indivíduos, das firmas e das regiões. A maior parte dos estudos encontrados na literatura acerca dos impactos de características dos empregadores nos diferenciais salariais entre trabalhadores, entretanto, focam em fatores físicos das firmas, como tamanho e setor. Há, em adição, outros fatores relacionados à estrutura financeira das empresas que também podem gerar efeitos salariais visto que a segurança financeira das firmas está diretamente relacionada ao bem estar de seus empregados. Visando compreender os efeitos da reestruturação financeira proporcionada pela abertura de capital das firmas nos salários dos trabalhadores, este estudo investigou (i) a existência de diferencial salarial decorrente da mobilidade de trabalhadores entre empresas de capital aberto e fechado e (ii) o impacto da mudança de status da firma de capital fechado para aberto (via IPO - Initial Public Offering) no diferencial de salários dos trabalhadores. Para tanto, utilizou-se um painel balanceado que interliga duas fontes de dados: Rais-Migra do MTE – Ministério de Trabalho e Emprego – e Economática, abrangendo os anos de 2002 a 2008.A estratégia metodológica utilizada no estudo envolveu a estimação dos diferenciais salariais com o controle da heterogeneidade nãoobservada via efeitos fixos dos trabalhadores. Foram realizados, ainda, testes de robustez para verificar a consistência dos resultados. Constatou-se que existe diferencial salarial entre trabalhadores favorável aos indivíduos que mudam de empresas de capital fechado para empresas de capital aberto. Este diferencial foi de cerca de 12% pelo método de MQO, mas, ao controlar os efeitos não observáveis dos indivíduos, o diferencial caiu para menos da metade(4%). Esta redução no diferencial de rendimentos atribuído à mudança entre firmas de capital fechado e aberto, decorrente do controle dos efeitos fixos, pode refletir uma maior habilidade não observada dos trabalhadores que mudam para empresas de capital aberto e que, pelo método de MQO, não era controlada. Além disso, verificou-se um efeito positivo de 2% gerado pela realização da abertura de capital nos salários dos trabalhadores, no ano da abertura. Isto mostra que, mesmo com a reestruturação financeira gerada pelo IPO (que, potencialmente, reduziria riscos pelo acesso a mais fontes de financiamento), o evento tem impacto positivo no salário de seus trabalhadores. Esse ganho salarial pode ser explicado pela reestruturação organizacional e de portfólio que a empresa precisará enfrenta ao abrir o capital. Esses resultados contribuem para o avanço no estudo da identificação dos determinantes dos diferenciais salariais, que é uma importante questão ainda em aberto na literatura econômica. / Wage inequality is a topic that assumes an important role in the quest for developing countries, with a large number of studies on the factors that generate social inequality. Characteristics of individuals, firms and regions are quoted as major determinants of such inequality. However, most studies found in the literature on the impacts of employers characteristics on wage differentials focus on physical factors of firms, such as size and sector. In addition, other factors that are related to the financial structure of firms may also generate wage effects since the financial security of firms is directly related to the welfare of its employees. To understand the effects of the financial restructuring provided by IPO firms on wage differentials, this study investigated the impact of IPO (Initial Public Offering) on workers wages. We also investigated the existence of differential income from labor mobility between public companies and non-public ones. For that, we used a balanced panel that connects two data sources: Rais Migra-MTE - Ministry of Labor and Employment - and Economática, covering the years 2002 to 2008.The strategy used in the study involved the estimation of wage differentials with the control of unobserved heterogeneity via fixed effects of workers. We used the methods of OLS, Random Effects, Fixed Effects and First Differences. Further tests were performed in order to verify the robustness and consistency of results. It was found that there is wage differential between workers in favor of individuals who change from non-public companies to publicly traded ones. This differential was about 13% by the method of OLS, but felt to less than half (6%) after controlling to unobservable effects of individuals. This reduction may reflect a greater ability of workers to move to public companies and that, by the method of OLS, was not controlled. In addition, there was a positive effect of 2% generated by the completion of the IPO in the wages of workers in the year of opening. This shows that even with the possible financial restructuring promoted by IPO (which, potentially, reduces risk by promoting access to other sources of capital), the event has a positive impact on the wages of their workers, which may be explained by organizational restructuring and portfolio that the company needs to undergo to go public. These results contribute to the advancement in the study of identifying the determinants of wage differentials, which is an important question still open in the economic literature.

Thesis describes initial public offering on the stock markets. There are mentioned basic phases of this process. In this thesis is named pros & cons of this source of financing. Recommends also other ways how to gain capital for own company business acitivities. Thesis is interested about main conditions for successfull "going public". Initial Public Offering of bonds is described too. Practical part of this thesis is concern IPO in the Czech Republic -- historical data, IPO in the past on Prague Stock Exchange, commentary of well-known stock-market analysts, graphs of stock prices in comparison with the main stock index PX.