scholarly journals New Evidence on the Pricing and Performance of Initial Public Offerings in Thailand: 1997–2008

2009 ◽  
Author(s):  
Jirapun Anne Chorruk ◽  
Andrew C. Worthington
Keyword(s):  
Initial Public Offerings ◽  
Public Offerings ◽  
And Performance ◽  
New Evidence

The Relationship between Boards of Directors and Initial Public Offerings in the Biotechnology Industry

1998 ◽  
Vol 22 (3) ◽  
pp. 5-29 ◽  
Author(s):  
Todd A. Finkle
Keyword(s):  
Initial Public Offerings ◽  
Initial Public Offering ◽  
Boards Of Directors ◽  
Biotechnology Industry ◽  
Public Offerings ◽  
Biotechnology Firms ◽  
The Board Of Directors ◽  
And Performance ◽  
Public Offering ◽  
Performance Results

Utilizing the entire population of public biotechnology firms from 1980-1994, three models were tested to determine If a relationship exists between the size and composition of the board of directors and performance. Results indicate significant positive relationships between director expertise and the size of a firm's initial public offering. Going public during hot markets and larger firms were also related to larger Initial public offerings. These findings will benefit practitioners in the formation of boards within the biotechnology Industry. Managers of firms within the biotechnology industry who are contemplating a public offering will be able to proactively address the composition of their boards.

scholarly journals Real and Accrual Earnings Management around Initial Public Offerings in Jordan

2017 ◽  
Vol 11 (1) ◽  
pp. 204 ◽  
Author(s):  
Mohammad M. Alhadab
Keyword(s):  
Earnings Management ◽  
Initial Public Offerings ◽  
Initial Public Offering ◽  
Earnings Manipulation ◽  
Net Income ◽  
Public Offerings ◽  
Public Offering ◽  
New Evidence

This study examines whether Initial Public Offering (IPO) firms in Jordan utilize real activities and accruals accounting during the offering year to manipulate income. To date the current study is the first to examine real activities and accrual earnings management that undertaken by IPO firms in Jordan. Using a Jordanian sample of 41 IPO firms over the period between 2000 and 2011, this study provides new evidence to the literature that IPO firms in Jordan utilize real activities and accruals accounting to inflate net income that is reported during the offering year. In particular, the findings of current study show that IPO firms report a higher level of earnings manipulation during the offering year that conducted via accrual-based earnings management, sales-based, discretionary expenses-based, and the aggregated measure-based of real activities.

scholarly journals Size of Offer, Over-subscription Ratio and Performance of Malaysian IPOs

2020 ◽  
Author(s):  
Othman Yong ◽  
Puan Yatim ◽  
Ros Zam Zam Sapian
Keyword(s):  
Initial Public Offerings ◽  
Significant Positive Correlation ◽  
Stock Exchange ◽  
Kuala Lumpur ◽  
Public Issue ◽  
Positive Correlation ◽  
Public Offerings ◽  
Long Run ◽  
Initial Return ◽  
And Performance

This paper examines the initial and the long-run performance of initial public offerings (IP0s) stocks listed on the Main Board of the Kuala Lumpur Stock Exchange. This study finds a significant mean initial return and mean over-subscription ratio, even-though not as high as reported in earlier studies. Size of offer is not correlated with the over-subscription ratio. In general, initial returns. are significantly higher than returns for subsequent longer-term holding periods. Mean initial returns among the three types of issue compared are not significantly different from each other Only in the case of offer for sale that we find a significant positive correlation between its over-subscription ratio and its initial return. Offer for sale also shows a positive correlation between its over-subscription ratio and its raw let11111 far day-365, but turns significantly negative for day-910 and day-] 095. In the case of combination of public issue and offer for sale, over-subscription ratio is not significantly correlated with longer- term returns, for either raw or adjusted return. Finally, in the case of public issue, its over-subscription ratio is significantly correlated with its raw return only for day-180 and day-540, and for its adjusted return, the correlation is significant only for day-180 and day-365.  

Capital Structure and Tax Status: New Evidence from IPOs

1994 ◽  
Vol 9 (2) ◽  
pp. 197-210 ◽  
Author(s):  
Robert E. Miller ◽  
Michael H. Morris ◽  
Kevin Scanlon
Keyword(s):  
Capital Structure ◽  
Initial Public Offerings ◽  
Public Offerings ◽  
Tax Incentive ◽  
Empirical Tests ◽  
Tax Status ◽  
New Evidence ◽  
The Capital Structure

Theory suggests that tax status should influence the capital structure policies of firms. Empirical tests, however, have not conclusively validated the theory. Recent research suggests that even if firms optimize their operations to take advantage of the deductibility of interest on debt, other steps taken previously or concurrently with leverage changes may obscure the effect that tax status has on capital structure. By conducting tests on a sample of younger firms with recent initial public offerings, we investigate the effect of tax status on capital structure. Evidence from this sample provides support for the tax-incentive hypothesis.

scholarly journals The Pricing and Performance of Supercharged IPOs

2018 ◽  
Vol 94 (4) ◽  
pp. 245-273 ◽  
Author(s):  
Alexander Edwards ◽  
Michelle Hutchens ◽  
Sonja Olhoft Rego
Keyword(s):  
Initial Public Offerings ◽  
Public Offerings ◽  
Future Performance ◽  
Transaction Structure ◽  
The Future ◽  
New Form ◽  
Tax Benefits ◽  
Pass Through ◽  
And Performance ◽  
Deferred Tax

ABSTRACT This study examines a new form of initial public offerings, “supercharged” IPOs, where a firm-organized pre-IPO as a pass-through entity undergoes a series of transactions that steps-up the adjusted tax basis of the IPO firm's assets. This step-up imposes tax liabilities on pre-IPO owners, but also creates significant future tax benefits for the firm; the average anticipated deferred tax asset is $486 million ($13 per share) for our sample of supercharged IPO firms. Pursuant to tax receivable agreements, supercharged IPO firms pay a large portion of these tax benefits to pre-IPO owners as they are realized in the future. Future firm performance must be sufficiently strong for the IPO firm and the pre-IPO owners to realize the future tax benefits created by the supercharged transaction structure. We hypothesize and provide evidence of higher IPO offer prices and stronger future performance for supercharged IPO firms relative to traditional IPO firms. JEL Classifications: G14; G32; G34; H25.

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