Initial and Long-run Performance of Mining IPOs in Australia PDF Download
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Author: Janice C. Y. How
Publisher:
ISBN: 9781863428620
Category : Mineral industries
Languages : en
Pages : 29
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Book Description
Author: Janice C. Y. How
Publisher:
ISBN: 9781863428620
Category : Mineral industries
Languages : en
Pages : 29
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Book Description
Author: Asjeet S. Lamba
Publisher:
ISBN:
Category : Going public (Securities)
Languages : en
Pages : 34
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Book Description
The after-market and long-run price behavior of initial public offerings (IPOs) has generated considerable research interest. Previous studies have generally found that IPOs are underpriced at issue, but typically underperform benchmark portfolios in the long-run. Relatively less attention has been paid to why IPOs underperform benchmark portfolios in the long-run, particularly in IPO markets that are smaller than the US IPO market and where the institutional environment differs as well. In this paper, we provide the first comprehensive empirical analysis of the long-run operating performance of IPOs in Australia during 1991 94, and attempt to relate the level of underpricing to their pre- and post-issue operating performance and the long-run price behavior.
Author: Dr. Manjusha marthadr.b.k.suryaprakasharao
Publisher: Archers & Elevators Publishing House
ISBN: 9388805321
Category : Antiques & Collectibles
Languages : en
Pages :
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Author: Long Zhang
Publisher:
ISBN:
Category : Corporations
Languages : en
Pages : 150
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Book Description
Since 2010, on average over 70 initial public offerings (IPOs) are listed on the Australian Securities Exchange each year. These IPO firms have a wide range of performance in the short term and long term. The impact of founders on a firm's performance is a much debated topic and extant studies provide mixed evidence. Findings from other markets may not apply in Australian markets as different institutional and market settings may moderate and enhance the founder effect. This study assessed the effects of founders on IPO firms' performance in the short term and long term in Australia. By examining three founder variables of founder ownership, founder CEO and founder experience, we are able to identify founder effects on firm performance. With a dataset of 253 IPO firms from 2003 to 2013, we analysed the mean differences in IPO firms' performance among groups with different founder features. Our results indicate there are significant mean differences in underpricing between different levels of founder ownership. We conducted regression analysis for our whole sample and subsamples. Our results suggest a hump-shape curvilinear relationship between founder ownership and IPO underpricing in the short term. our findings show that IPO firms led by founder CEOs have poor performance in the long term. The analysis shows founder CEO firms are younger, smaller and have higher retained founder ownership compared to professional CEO firms.
Author: Wasantha Perera
Publisher:
ISBN:
Category :
Languages : en
Pages : 52
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Book Description
Much of the research on the long-run market performance of initial public offerings (IPOs) has found that the subsequent share prices are often lower than first day prices, which is documented as the under-performance phenomenon. We contribute to the literature by analyzing the performance of 249 Australian IPOs that listed during 2006 to 2011 by industry and issue year, using a number of performance metrics. We examine the long-run performance over periods varying from one to three years. We find that the appearance of under-or over-performance is sensitive to the performance metric applied. When full sample cumulative abnormal returns (CARs) are used IPOs over-perform but where buy-and-hold returns (BHRs), buy-and-hold abnormal returns (BHARs), and wealth relative index (WR) are used IPOs under-perform. Industry and issue year level analysis confirm the full sample results except in the case of CARs for the consumer discretionary & staples sector. The study concludes that the long-run performance of IPOs is sensitive to the performance measures used and whether an equal- and value-weighted scheme is applied to industry performance. This finding confirms that methodological issue is an important factor related to the long-run market performance of Australian IPOs. Finding suggests that management must be cautious when they play the role in evaluating the long-run performance of IPOs.
Author: André Dorsman
Publisher: Springer Science & Business Media
ISBN: 3642306004
Category : Business & Economics
Languages : en
Pages : 249
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Book Description
Energy issues feature frequently in the economic and financial press. Specific examples of topical energy issues come from around the globe and often concern economics and finance. The importance of energy production, consumption and trade raises fundamental economic issues that impact the global economy and financial markets. This volume presents research on energy economics and financial markets related to the themes of supply and demand, environmental impact and renewables, energy derivatives trading, and finance and energy. The contributions by experts in their fields take a global perspective, as well as presenting cases from various countries and continents.
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages : 738
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Book Description
Author: Jonathon Berk
Publisher: Pearson Higher Education AU
ISBN: 1442564644
Category : Business & Economics
Languages : en
Pages : 769
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Book Description
Core concepts. Contemporary ideas. Outstanding, innovative resources. To succeed in your business studies, you will need to master core finance concepts and learn to identify and solve many business problems. Learning to apply financial metrics and value creation as inputs to decision making is a critical skill in any kind of organisation. Fundamentals of Corporate Finance shows you how to do just that. Berk presents the fundamentals of business finance using the Valuation Principle as a clear, unifying framework. Throughout the text, its many applications use familiar Australian examples and makes consistent use of real-world data. This Australian adaptation of the highly successful US text Fundamentals of Corporate Finance features a high-calibre author team of respected academics. The second edition builds on the strengths of the first edition, and incorporates updated figures, tables and facts to reflect key developments in the field of finance. For corporate finance or financial management students, at undergraduate or post-graduate level.
Author: Victor Rudenno
Publisher: John Wiley & Sons
ISBN: 0730381455
Category : Business & Economics
Languages : en
Pages : 629
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Book Description
An essential, in-depth guide to mining investment analysis Written by a mining investment expert, The Mining Valuation Handbook: Mining and Energy Valuation for Investors and Management is a useful resource. It's designed to be utilized by executives, investors, and financial and mining analysts. The book guides those who need to assess the value and investment potential of mining opportunities. The fourth edition text has been fully updated in its coverage of a broad scope of topics, such as feasibility studies, commodity values, indicative capital and operating costs, valuation and pricing techniques, and exploration and expansion effects.
Author: Financial Crisis Inquiry Commission
Publisher: Cosimo, Inc.
ISBN: 1616405414
Category : Political Science
Languages : en
Pages : 692
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Book Description
The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.
