Découvrir conseils, opinions et fonctionnalités sur grin empirical evidence on ipo vendu 58.9 € , ce produit est placé dans la catégorie Bücher & Zeitschriften, fabriqué par Grin et est vendu par Orellfuessli.ch
Diploma Thesis from the year 2007 in the subject Business economics - Investment and Finance, grade: 1,3, European Business School - International University Schloss Reichartshausen Oestrich-Winkel, language: English, abstract: This paper aims at establishing a link between the average level of initial return of IPO shares, existing underpricing explanations and the dot-com bubble. In years prior to the boom of the new economy, underpricing was explained by various theories, which have extensively been developed since decades. However, in the years 1998 to 2001 IPOs were overly underpriced, leading to assumptions about behavioural aspects and investor irrationality. Analysing a comprehensive dataset of 371 IPOs on the Frankfurter Börse between 1997 and 2007, this paper aims at providing evidence that the observed lower levels of initial returns in recent years can indeed be aligned with existing theories on the basis of rational behaviour of market participants. Firstly, the IPO process and its major participants will be presented followed by a review of relevant studies on the IPO phenomenon. In the next step, established underpricing theories are recapitulated. A descriptive analysis of the data sample points out the particularities concerning the company and transaction characteristics of the sample firms. In a last step, a regression analysis relates various proxies for information asymmetry to established underpricing theories. It gives reason to believe that the irrationality at the turn of the century has vanished and that underpricing can again be explained by established theories.
état: new
disponibilité: in_stock
le temps de livrer: 1-2 Werktagen
EAN: 9783638903691
Découvrir conseils, opinions et fonctionnalités sur grin value effects through voting vendu 41.9 € , ce produit est placé dans la catégorie Bücher & Zeitschriften, fabriqué par Grin et est vendu par Orellfuessli.ch
Diploma Thesis from the year 2008 in the subject Economy - Theory of Competition, Competition Policy, grade: 1,7, University of Bonn (Finanzwirtschaftliches Institut), language: English, abstract: The question if and how the ownership structure influences the market value of a firm is one of the most extensive studied subjects in corporate governance. Three main determinants were identified during more than 30 years of research: 1. The size of the block 2. The legal and regulatory environment 3. The type of blockholder This work uses the acquisition of voting blocks by different types of acquirers (point 3) to determine how the shareholder structure in Germany (point 2) influences the valuation of a firm. It is demonstrated that the heterogeneity between block acquirers has to be taken into account, i.e. the size of a block (acquisition) itself (point 1) is not a distinctive enough instrument to determine valuation aspects. The main results are that a block acquisition by banks in Germany results in a negative value effect. A cumulated abnormal return (CAR) of -2.7% in the event-period [-20,20] is the (average) consequence of a block-acquisition by a bank. A strong and highly significant result is the positive valuation effect when hedge funds acquire blocks in their targets. Average cumulated abnormal return is 5% in the period [-20,-1]. Corporations as block-acquirer cause also positive CAR¿s (1%). No significant effects are found following the announcement by mutual funds, insurances and individual investors. The work proceeds as follows: In chapter 2 the literature on general corporate governance and especially the literature concerned with the relation between shareholder structure and valuation is reviewed. The data for this study and its legal sources is described in chapter 3 and chapter 4 gives a short descriptive statistic. The main chapter, chapter 5, starts with an explanation why the event-study methodology is especially eligible to answer the question of how blockholding influences valuation. Then the used methodology is described and the results of the empirical work presented. These are put in the context of the respective literature and research. Chapter 6 is a short summary of the most important findings and concludes the work.
état: new
disponibilité: in_stock
le temps de livrer: 1-2 Werktagen
EAN: 9783640120703
Découvrir informations, conseils et prix pour grin volatility and growth time vendu 32.4 € , est placé dans la catégorie Bücher & Zeitschriften; ce produit est fabriqué par Grin et est vendu par Orellfuessli.ch
Studienarbeit aus dem Jahr 2007 im Fachbereich VWL - Konjunktur und Wachstum, Note: 1,3, Eberhard-Karls-Universität Tübingen (Wirtschaftswissenschaftliche Fakultät), Veranstaltung: Volatility and Growth, 29 Quellen im Literaturverzeichnis, Sprache: Deutsch, Abstract: "This book is concerned with the dynamic consequences of events over time" , so eröffnet Hamilton seine Bibel der Zeitreihenanalyse. In der vorliegenden Arbeit soll der Aufsatz von Pedersen und Elmer (2003) vorgestellt werden. Darin geht es um die Beschreibung eines potentiellen strukturellen Zusammenhanges von Konjunkturzyklus und Wirtschaftswachstum. Dazu untersuchen die Autoren Quartalsdaten des BIP von 16 OECD Staaten. Ihr angewandtes Analyseverfahren entspricht dem Testen auf unit-roots bei Vorliegen von Strukturbrüchen. Der Hauptunterschied zu vergleichbaren Arbeiten ist darin zu sehen, dass sie es nicht dabei belassen. Vielmehr stellen sie die aus den Tests gewonnenen Ergebnisse in dynamischen Zusammenhang mit identifizierten Wendepunkten im Konjunkturverlauf - turning-points. Im ersten Teil dieses Textes werden einige fundamental-theoretische Hintergründe der Zeitreihenanalyse vorgestellt, welche einem besseren Verständnis der nachfolgenden Vorstellung der Arbeit von Pedersen und Elmer dienlich sein sollen. Die Studie kann einen möglichen Zusammenhang von Konjunktur und Wachstum nicht verwerfen, was sich durch das Ergebnis manifestiert, dass 82% der geschätzten Strukturbrüche in der Nähe von Wendepunkten im Konjunkturverlauf auftreten.
état: new
disponibilité: in_stock
frais de port: 3.5
le temps de livrer: 1-2 Werktagen
EAN: 9783638738354
Découvrir conseils, opinions et fonctionnalités sur empirical evidence on ipo underpricing vendu 42,95 € , ce produit est placé dans la catégorie Bourse et finance, fabriqué par et est vendu par Grin Verlag
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état: New
disponibilité: Habituellement expédié sous 5 à 6 jours
EAN: 9783638903691