The Performance of Private-Equity-backed Initial Public Offerings in The-long Term Perspective in Europe PDF Download
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Author: Murodil Vahobov
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: Murodil Vahobov
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: Dustin Martin Brandt
Publisher: Igel
ISBN: 9783954853694
Category :
Languages : en
Pages : 130
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This study aims to analyse whether PE-backed IPOs in the UK in a post-financial crisis period retain to show first day underpricing, as it is true for average IPOs. However, more importantly is to find whether consisent with Johannson (2011), who found that European PE-backed IPOs have less underpricing, 4.67% compared to 16.40% in case of average IPOs, in paricular PE-backed IPOs in the UK show less underpricing than their non-backed counterparts. In the past, that is found true for PE-backed IPOs on the LSE between 1992 and 2005, and PE-backed IPOs on the LSE and the Alternative Investment Market (AIM) between 2011 and 2011. Hence, the first research question is: Do PE-backed IPOs in the UK show less underpricing on the initial day than non-sponsor backed IPOs in a post-financial crisis period? And secondly, do PE-backed IPOs in the UK in the long-run outperform non-sponsor backed IPOs in post-financial crisis period? One rationale is to examine whether equity markets experienced structural changes which might potentially affect the performance of PE-backed IPOs, which were deemed as such with superior returns. From a practical perspective, this study aims to make a contribution to investors who consider investing in equities in that sense, that it allows to better understand the aftermarket performance of PE-backed IPOs in the UK in a period after a major global financial crisis.
Author: Luca Fritz
Publisher:
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Category :
Languages : en
Pages :
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This thesis studies the long-run performance of Private Equity-backed and non Private Equity-backed Initial Public Offerings between the years 2000 and 2012 in the United States and the United Kingdom. Using a unique data sample of 141 PE-backed and 185 non PE-backed IPOs between 1-10 billion in market capitalisation, this study measures the statistical significance of their abnormal performance three years after the IPO using all of the conventional performance measurement methodologies. Due to the measurements' considerable shortfalls, a new abnormal return measurement was developed, which allows for a new perspective on long-term performance by taking into account the companies' financial and industry risk, as well as investors' return expectations. Contrary to prior research, it was found that PE-backed IPOs do not outperform the market, while non-backed IPO firms do, especially in the US. Furthermore, companies that went public in years of heavy IPO activity did not underperform worse. It could also not be shown that IPO firms in technological industry sectors exhibit worse long-run returns compared to others. Lastly, a considerable impact of firm size on post-issue operating performance could be established, despite the size restricted sample. Measurement issues in long-run IPO performance studies were, however, clearly brought to light.
Author: Christian von Drathen
Publisher:
ISBN:
Category :
Languages : en
Pages : 51
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This paper investigates the long-term stock price performance of initial public offering (IPO) firms in Germany that were previously owned by private equity (PE) funds. A sample of 138 PE-backed IPOs (33 buyout- and 105 venture-backed) and 383 non-PE-backed IPOs between 1990 and 2007 is analysed for the long-term performance of these offerings. The analysis suggests that PE-backed IPOs outperform the stock market over the three-year term. On a risk-adjusted basis, returns are positive over a five-year post-IPO period. Within the PE-backed sample, venture capital-backed IPOs outperform buyout-backed offerings.
Author: Roy van der Geest
Publisher:
ISBN:
Category :
Languages : en
Pages : 31
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This paper investigates the initial returns and long run performance of initial public offerings (IPO) using a sample of 38 private equity-backed IPOs and 68 non-private equity-backed IPOs in the period 1985-1998 on the Amsterdam Stock Exchange. We find that private equity-backed firms outperform non-private equity-backed firms. In tests using several comparable benchmarks, private equity-backed firms show less underpricing than non-private equity-backed firms, however the difference is not significant. The evidence suggests that private equity-backed IPOs do not significantly underperform over a three-year period, while non-private equity-backed IPOs do. This paper also provides initial evidence on the sources of underpricing and underperformance. Evidence is presented that the reputation of the lead manager and the age of the firm have a negative effect on the level of underpricing and that the sales growth rate has a significant positive effect on the long-run performance of IPOs.
Author: Florian Hotz
Publisher:
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Category :
Languages : en
Pages :
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This thesis examines the long-term share performance of private equity-backed initial public offerings in Europe between 1996 and 2015 and compares it to the market portfolio and non-backed going publics over the same period. Generally, the private equity-backed IPOs showed significant positive buy-and-hold abnormal returns three years after going public. However, the cumulative average abnormal returns did not yield a significant outperformance over the same three-year period. Furthermore, the significant positive abnormal returns on the first trading day support previous research findings on the underpricing of IPOs.
Author: Mario Levis
Publisher:
ISBN:
Category :
Languages : en
Pages : 37
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Book Description
The paper examines the aftermarket performance of private equity-backed initial public offerings (IPOs) based a hand collected sample of private equity-backed and equivalent samples of venture capital-backed and other non-sponsored issues on the London Stock Exchange. The evidence suggests marked differences across the three groups in terms of market size, industry classification and key operating characteristics at the time of flotation. Private equity-backed IPOs exhibit superior performance compared with their counterparts throughout the 36 months period in the aftermarket; such performance is robust across different benchmarks and estimation procedures. The performance of private equity-backed IPOs is positively related to their level of leverage and the proportion of equity maintained by the private equity sponsors immediately after flotation.
Author:
Publisher: CEPS
ISBN: 9290796588
Category :
Languages : en
Pages : 94
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Book Description
Author: Greg N. Gregoriou
Publisher: Elsevier
ISBN: 0080461670
Category : Business & Economics
Languages : en
Pages : 463
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Book Description
After the cooling off of IPOs since the dot com bubble, Google has rekindled the fire for IPOs. This IPO reader contains new articles exclusive to this reader by leading academics from around the world dealing with quantitative and qualitative analyses of this increasingly popular and important area of finance. Articles address new methods of IPO performance, international IPOs, IPO evaluation, IPO underwriting, evaluation and bookbuilding. Although numerous articles are technical in nature, with econometric and statistical models, particular attention has been directed towards the understanding and the applicability of the results as well as theoretical development in this area. This reader will assist researchers, academics, and graduate students to further understand the latest research on IPOs. *Interest in IPOs is increasing again after the Google IPO, and IPOs are up significantly from last year *Chapters by well known academics provide an international perspective, describing research results from IPO data in countries spanning the globe *Research is based on real results from IPO data collected over the past 5-7 years
Author: Rolf J. Daxhammer
Publisher: UVK Verlag
ISBN: 3739801727
Category : Business & Economics
Languages : de
Pages : 243
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Book Description
In a corporations financial life going public by means of an IPO is probably the single most important decision. It turns a private company into a public one. Our book will provide an inside view of the IPO process. On the one hand, it draws on the insights of an experienced investment banker, who has gone through numerous IPO transactions. On the other hand, it relates the story of an actual IPO through the eyes of a Chief Executive Officer who has taken two of his companies public. This unique double perspective is our books defining feature. We do not discuss initial public offerings in a textbook style fashion. What we would like to bring out is a more comprehensive portrayal of a once-in-a-lifetime event for most companies and their management, alike.
