This thesis examines the relationship between the aftermarket performance of Chinese initial public offerings (IPOs) and corporate governance for firms that listed during the years 1999 to 2001. The primary objective of this study is to investigate the significance of corporate governance variables as explanations of IPOs aftermarket performance. By doing so, a set of hypotheses dealing with the relationships between IPO aftermarket performance and three categories of independent variables: corporate governance variables; issue variables; and control variables, were examined. The descriptive analysis indicates that IPOs in China continue to provide significant short-term returns to investors, although the level of underpricing has declined from that found in earlier studies. This finding suggests a growing level of maturity and sophistication in the Chinese IPO market. The analysis of long-term performance indicates negative returns to investors which is consistent with international evidence but challenges the bulk of prior Chinese studies. It is found that there is no significant relationship between corporate governance variables and IPO returns in the short-term with the exception of board composition, while IPO underpricing is primarily explained by the imbalance between supply and demand and the inefficient capital market in China. The significance of board composition can be explained by the launch of the new corporate governance code on board structures in 2001. Overall the empirical evidence shows that the Information Asymmetry Hypothesis is an appropriate explanation of the underpricing of Chinese IPOs. In the long-term, it is found that corporate governance variables do have explanatory power for the market performance of Chinese IPOs, in particular state ownership and the separation of Chairman and CEO, supporting the notion that corporate governance appears to be important to IPO investors in the long-term. It also confirms the view that investors are willing to pay a premium for the shares of what they consider to be well-governed firms in the long-term. Besides corporate governance variables, both issue variables and control variables are also found to have explanatory power in IPO aftermarket performance. In particular firm size, IPO offer price, IPO lottery rate and industry are significantly related to IPO short-term performance in China, while growth in earning per share, firm size and industry are related to the long-term market performance.

Submitted by Gabriel Micheloud (gmicheloud@hotmail.com) on 2013-06-06T22:38:22Z No. of bitstreams: 1 Gabriel Micheloud - How do investors respond to share buyback programs.pdf.pdf: 1566917 bytes, checksum: 33961b06c5afc3b50e19e0a1a8ae4743 (MD5) / Approved for entry into archive by Suzinei Teles Garcia Garcia (suzinei.garcia@fgv.br) on 2013-06-07T13:32:10Z (GMT) No. of bitstreams: 1 Gabriel Micheloud - How do investors respond to share buyback programs.pdf.pdf: 1566917 bytes, checksum: 33961b06c5afc3b50e19e0a1a8ae4743 (MD5) / Made available in DSpace on 2013-06-07T13:33:02Z (GMT). No. of bitstreams: 1 Gabriel Micheloud - How do investors respond to share buyback programs.pdf.pdf: 1566917 bytes, checksum: 33961b06c5afc3b50e19e0a1a8ae4743 (MD5) Previous issue date: 2013-05-10 / This paper provides empirical evidence of how effective share repurchase programs were as instruments to signal low prices during 2008 crisis in Brazil. Although we found that stock prices did not respond to buyback programs in the period 2006 to 2012 (1.65% cumulative abnormal returns after 5 days), the average stock price reaction in 2008 (2.93%) is higher and different with statistical significance. Furthermore, we found that the share price reaction from companies with market capitalization below R$10 billion is higher than the one from larger companies. In addition, we found that the response to the buyback programs is positively correlated (i) to the company’s purchasing activity after the announcement, (ii) to the maximum amount of shares announced which can be bought and (iii) to the quantity actually bought during the program. This research is unique in providing empirical evidence on the Brazilian case by analyzing 377 programs announced during that period. The research also confirms that the stock reaction is not influenced by the company's purchasing activity in prior announcements. / Este artigo avalia empiricamente a eficácia dos programas de recompra de ações como instrumento de sinalização de preços baixos durante a crise de 2008 no Brasil com base em 377 programas de recompra. Os resultados não confirmam que o instrumento sinaliza conforme evidenciado pela reação dos preços das ações período entre 2006 e 2012 (1,65% de retornos anormais cumulativos depois de 5 dias), mas por outro lado, o diferença no impacto médio no preço das ações em 2008 (2,93%) é significativo estatisticamente. Além disso, ao segmentar a amostra entre empresas de baixo e alto valor de capitalização, há evidência empírica que as ações de empresas com baixa capitalização são mais sensíveis ao anúncios de recompra. Com base em dados ex-ante, mostramos que se a empresa realmente informa que poderá fazer volumes grandes de recompra, as ações tendem a ajustar o seu preço de forma estatisticamente significativa. Há evidências que o impacto no preço da ação não é influenciado por recompras realizadas em programas anteriores.

Bakgrund och Problem: Börsnoteringar förväntas ta fart igen under andra halvan av 2023. PE- och VC-aktörer är inte ovanligt inkluderande parter vid en börsnotering där de ofta spelar en central roll. Det finns tidigare forskning där det framgår att börsnoteringar uppnår en hög avkastning första handelsdagen samt att börsnoteringar där Private Equity och Venture Capital aktörer varit involverade presterar bättre än de där inte varit närvarande. Utifrån det och med hänsyn till den effektiva marknadshypotesen undersöker studien om det är möjligt att tillämpa en investeringsstrategi baserad på att investera i Private Equity och Venture Capital finansierade börsnoteringar.  Syfte: Syftet med studien är att analysera hur Private Equity och Venture Capital finansierade bolag presterar dagarna efter börsnotering i förhållande mot jämförelseindex och huruvida det är en argumenterbar kortsiktig investeringsstrategi. Vidare, studeras hur det finansiella klimatet påverkar prestationen.  Metod: Studien applicerar en kvantitativ forskningsmetod med en deduktiv ansats i linje med tidigare studier i mån om att uppnå studiens syfte. Studiens mätperiod sträcker sig från 2002–2022 och är avgränsad till börsnoteringar som gjorts på Nasdaq OMX Stockholm. Investeringsstrategin har tillämpats genom att investera i bolagens teckningskurser och sedan har bolagens prestation analyserats under de tio första handelsdagarna. För att undersöka investeringsstrategins förmåga att generera avkastning i förhållande till jämförelseindex användes BHAR som avkastningsmått tillsammans med Mann-Whitney U-tester och en regressionsanalys.  Slutsats: Studien konstaterar att investeringsstrategin ger en lägre avkastning än jämförelseindex sett till mätperioden och fördelningen av positiv och negativ BHAR. Det framgår även att om det är en grad av underprissättning dvs. att det är positiv avkastning första handelsdagen är det i hög utsträckning fortsatt positiv avkastning de kommande tio dagarna. Avslutningsvis visar de börsnoteringar som noterades under en återhämtningsfas i konjunkturcykeln mest positiv avkastning. Med det i beaktning spelar teckningskursen och det finansiella klimatet en central roll för Private Equity och Venture Capital finansierade börsnoteringar men det är inte en generellt argumenterbar investeringsstrategi att applicera i mån om att generera positiv avkastning. / Background and problem: IPOs are expected to increase in the second half of 2023. PE- and VC- actors are not uncommonly inclusive parties in an IPO where they often play a central role. There is previous research showing that IPOs achieve high returns on the first day of trading and that IPOs when private equity and venture capital actors are involved perform better than when they are not involved. Based on this and considering the efficient market hypothesis, the study examines whether it is possible to apply an investment strategy based on investing in Private Equity and Venture Capital funded IPOs.  Purpose: The purpose of this study is to analyze how Private Equity and Venture Capital funded companies perform the days after IPO in relation to the benchmark index and whether it is an arguable short-term investment strategy. Furthermore, the impact of the financial environment on performance is studied.  Methodology: The study applies a quantitative research method with a deductive approach in line with previous studies to achieve the study's purpose. The study's measurement period extends from 2002- 2022 and is limited to listings made on Nasdaq OMX Stockholm. The investment strategy was applied by investing in the companies' offer prices and then analyzing the companies' performance during the first ten days of trading. To examine the ability of the investment strategy to generate returns relative to the benchmark index, BHAR was used as a performance measure along with Mann-Whitney U-tests and a regression analysis.  Conclusions: The study finds that the investment strategy underperforms the benchmark over the measurement period and the distribution of positive and negative BHAR. It also shows that if there is a degree of underpricing, i.e., a positive return on the first trading day, there is a high degree of continued positive returns over the next ten days. Finally, those IPOs that went public during a recovery phase of the business cycle show the most positive returns. The offer price and the financial climate play a key role for private equity and venture capital funded IPOs, but it is not a generally arguable investment strategy to apply to generate positive returns.