Underpricing, long-run performance, and valuation of initial public offerings:
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Abschlussarbeit Buch |
| Sprache: | English |
| Veröffentlicht: |
Frankfurt am Main [u.a.]
Lang
2011
|
| Schriftenreihe: | Corporate Finance and Governance
4 |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XVII, 136 S. graph. Darst. |
| ISBN: | 9783631604052 |
Internformat
MARC
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Datensatz im Suchindex
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| adam_text | IMAGE 1
SUMMARY OF CONTENTS
LIST OF FIGURES XIII
LIST OF TABLES XV
LIST OF ABBREVIATIONS XVII
1 INTRODUCTION 1
2 IPO UNDERPRICING, SIGNALLING, AND PROPERTY RETURNS 5
2.1 INTRODUCTION 5
2.2 LITERATURE REVIEW AND HYPOTHESIS DEVELOPMENT 7
2.3 RESEARCH DESIGN 16
2.4 RESULTS 24
2.5 CONCLUSION 34
3 LONG-RUN IPO PERFORMANCE, MARKET TIMING, AND REAL ESTATE MARKET
TRANSPARENCY 37
3.1 INTRODUCTION 37
3.2 LITERATURE REVIEW AND HYPOTHESIS DEVELOPMENT 40
3.3 RESEARCH DESIGN 47
3.4 RESULTS 58
3.5 CONCLUSION 72
4 DO INVESTORS PAY A PREMIUM FOR IPOS IN THE REAL ESTATE INDUSTRY
DEPENDING ON CORPORATE GOVERNANCE QUALITY? 74
4.1 INTRODUCTION 74
4.2 LITERATURE REVIEW AND HYPOTHESIS DEVELOPMENT 77
4.3 RESEARCH DESIGN 88
4.4 RESULTS 98
4.5 CONCLUSION 116
5 SUMMARY, CONCLUSION, AND OUTLOOK 119
BIBLIOGRAPHY 123
IX
BIBLIOGRAFISCHE INFORMATIONEN HTTP://D-NB.INFO/1010009648
DIGITALISIERT DURCH
IMAGE 2
CONTENTS
LIST OF FIGURES XIII
LIST OF TABLES XV
LIST OF ABBREVIATIONS XVII
1 INTRODUCTION 1
2 IPO UNDERPRICING, SIGNALLING, AND PROPERTY RETURNS 5
2.1 INTRODUCTION 5
2.2 LITERATURE REVIEW AND HYPOTHESIS DEVELOPMENT 7
2.2.1 ASYMMETRIC INFORMATION AND UNDERPRICING IN PROPERTY IPOS 7
2.2.2 SIGNALLING AS A MEANS TO OVERCOME INFORMATION ASYMMETRY 10
2.2.3 INDUSTRY CLUSTERS AND IPO SIGNALS FOR INDUSTRY PROSPECTS 12
2.3 RESEARCH DESIGN 16
2.3.1 SAMPLE SELECTION AND DATA SOURCE 16
2.3.2 METHODOLOGY 18
2.3.3 MEASURES OF VARIABLES 19
2.4 RESULTS 24
2.4.1 DESCRIPTIVE STATISTICS AND CORRELATIONS 24
2.4.2 REGRESSION RESULTS 27
2.4.2.1 OLS REGRESSION OF PROPERTY RETURNS 27
2.4.2.2 OLS REGRESSION OF UNDERPRICING ON EX ANTE UNCERTAINTY VARIABLES
30 2.4.2.3 ROBUSTNESS TEST: OLS REGRESSION WITH VARIATIONS IN VARIABLE
DEFINITIONS 32 2.5 CONCLUSION 34
3 LONG-RUN IPO PERFORMANCE, MARKET TIMING, AND REAL ESTATE MARKET
TRANSPARENCY 37
3.1 INTRODUCTION 37
3.2 LITERATURE REVIEW AND HYPOTHESIS DEVELOPMENT 40
3.2.1 EVIDENCE OF THE LONG-RUN UNDERPERFORMANCE PHENOMENON 40
3.2.2 INVESTOR SENTIMENT, EXOGENOUS SHOCKS AND MARKET TIMING 40
3.2.3 ALTERNATIVE MECHANISMS EXPLAINING LONG-RUN UNDERPERFORMANCE 45 3.3
RESEARCH DESIGN 47
3.3.1 SAMPLE SELECTION AND DATA SOURCE 47
3.3.2 METHODOLOGY 49
3.3.3 MEASURES OF VARIABLES 51
3.3.3.1 MEASUREMENT OF LONG-RUN IPO PERFORMANCE 51
3.3.3.2 MEASURES USED IN MARKET TIMING ANALYSIS 53
3.3.3.3 MEASURES USED IN LONG-RUN IPO PERFORMANCE ANALYSIS 54
3.4 RESULTS 58
3.4.1 DESCRIPTIVE STATISTICS AND CORRELATIONS 58
3.4.2 LONG-RUN IPO PERFORMANCE 61
3.4.3 REGRESSION RESULTS 62
3.4.3.1 NEGATIVE BINOMIAL REGRESSION OF NUMBER OF IPOS 62
XI
IMAGE 3
3.4.3.2 OLS REGRESSION OF LONG-RUN RETURNS ON OPTIMISM VARIABLES 64
3.4.3.3 ROBUSTNESS TEST: QUANTITE REGRESSION OF LONG-RUN IPO PERFORMANCE
70 3.5 CONCLUSION 72
4 DO INVESTORS PAY A PREMIUM FOR IPOS IN THE REAL ESTATE INDUSTRY
DEPENDING ON CORPORATE GOVERNANCE QUALITY? 74
4.1 INTRODUCTION 74
4.2 LITERATURE REVIEW AND HYPOTHESIS DEVELOPMENT 77
4.2.1 CONTROL MECHANISMS IN AN IPO SETTING 77
4.2.2 REAL ESTATE CHARACTERISTICS AND THE NEED FOR CORPORATE CONTROL 78
4.2.3 INTERRELATION OF CONTROL MECHANISMS AND IPO VALUATION 79
4.2.3.1 INSIDE CONTROL 79
4.2.3.2 OUTSIDE CONTROL 81
4.2.3.3 CONTRACTING 83
4.2.3.4 FIRM VALUE 84
4.2.4 SUMMARY OF PREVIOUS LITERATURE AND HYPOTHESES 85
4.3 RESEARCH DESIGN 88
4.3.1 SAMPLE SELECTION AND DATA SOURCE 88
4.3.2 METHODOLOGY 89
4.3.3 MEASURES OF VARIABLES 93
4.3.3.1 MEASURES OF CONTROL VARIABLES OF CONTROL MECHANISMS 93
4.3.3.2 MEASURES OF CONTROL VARIABLES OF FIRM VALUATION 97
4.4 RESULTS 98
4.4.1 DESCRIPTIVE STATISTICS AND CORRELATIONS 98
4.4.2 REGRESSION RESULTS 102
4.4.2.1 OLS REGRESSION OF INTERRELATED CONTROL MECHANISMS 102
4.4.2.2 BASIC AND PIECEWISE OLS REGRESSION OF IPO VALUATION. 107
4.4.2.3 ROBUSTNESS TEST: SYSTEM OF SIMULTANEOUS EQUATIONS OF IPO
VALUATION 114
4.5 CONCLUSION 116
5 SUMMARY, CONCLUSION, AND OUTLOOK 119
BIBLIOGRAPHY 123
XII
|
| any_adam_object | 1 |
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| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 332 - Financial economics |
| dewey-raw | 332.63221 |
| dewey-search | 332.63221 |
| dewey-sort | 3332.63221 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| format | Thesis Book |
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| illustrated | Illustrated |
| indexdate | 2024-07-09T22:54:57Z |
| institution | BVB |
| isbn | 9783631604052 |
| language | English |
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| physical | XVII, 136 S. graph. Darst. |
| publishDate | 2011 |
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| series | Corporate Finance and Governance |
| series2 | Corporate Finance and Governance |
| spelling | Braemisch, Fabian Verfasser aut Underpricing, long-run performance, and valuation of initial public offerings Fabian Braemisch Frankfurt am Main [u.a.] Lang 2011 XVII, 136 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Corporate Finance and Governance 4 Zugl.: Oestrich-Winkel, Europ. Business School, Diss., 2009 Immobilienwirtschaft (DE-588)4113997-5 gnd rswk-swf Going Public (DE-588)4219438-6 gnd rswk-swf Performance Kapitalanlage (DE-588)4219415-5 gnd rswk-swf Portfolio Selection (DE-588)4046834-3 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Immobilienwirtschaft (DE-588)4113997-5 s Going Public (DE-588)4219438-6 s Performance Kapitalanlage (DE-588)4219415-5 s Portfolio Selection (DE-588)4046834-3 s DE-604 Corporate Finance and Governance 4 (DE-604)BV036435593 4 DNB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=021185505&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Braemisch, Fabian Underpricing, long-run performance, and valuation of initial public offerings Corporate Finance and Governance Immobilienwirtschaft (DE-588)4113997-5 gnd Going Public (DE-588)4219438-6 gnd Performance Kapitalanlage (DE-588)4219415-5 gnd Portfolio Selection (DE-588)4046834-3 gnd |
| subject_GND | (DE-588)4113997-5 (DE-588)4219438-6 (DE-588)4219415-5 (DE-588)4046834-3 (DE-588)4113937-9 |
| title | Underpricing, long-run performance, and valuation of initial public offerings |
| title_auth | Underpricing, long-run performance, and valuation of initial public offerings |
| title_exact_search | Underpricing, long-run performance, and valuation of initial public offerings |
| title_full | Underpricing, long-run performance, and valuation of initial public offerings Fabian Braemisch |
| title_fullStr | Underpricing, long-run performance, and valuation of initial public offerings Fabian Braemisch |
| title_full_unstemmed | Underpricing, long-run performance, and valuation of initial public offerings Fabian Braemisch |
| title_short | Underpricing, long-run performance, and valuation of initial public offerings |
| title_sort | underpricing long run performance and valuation of initial public offerings |
| topic | Immobilienwirtschaft (DE-588)4113997-5 gnd Going Public (DE-588)4219438-6 gnd Performance Kapitalanlage (DE-588)4219415-5 gnd Portfolio Selection (DE-588)4046834-3 gnd |
| topic_facet | Immobilienwirtschaft Going Public Performance Kapitalanlage Portfolio Selection Hochschulschrift |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=021185505&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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