A Practice-Based Statement of Cash Flows Learning Experience: An Initial Public Offering for Contempri Homes?

2014 ◽  
Vol 29 (1) ◽  
pp. 195-216 ◽  
Author(s):  
Thomas G. Canace ◽  
Jack E. Wilkerson
Keyword(s):  
Initial Public Offering ◽  
Learning Experience ◽  
Cash Flows ◽  
Statement Of Cash Flows ◽  
Public Offering

Private Class Action Litigation Risk of Chinese Firms Listed in the US

2017 ◽  
Vol 07 (01) ◽  
pp. 1650020 ◽  
Author(s):  
Jan Jindra ◽  
Torben Voetmann ◽  
Ralph A. Walkling
Keyword(s):  
Initial Public Offering ◽  
Cash Flows ◽  
Class Action ◽  
Litigation Risk ◽  
Chinese Firms ◽  
Regulatory Oversight ◽  
Reverse Merger ◽  
The Us ◽  
Prior Literature ◽  
Public Offering

We analyze the litigation risk of Chinese firms listed in the US. We find that firm-specific characteristics from prior literature studying US firms are not correlated with the litigation risk of US-listed Chinese firms. However, our findings indicate that the method of listing is the only reliable predictor of litigation risk — firms listing via reverse merger are significantly more likely to face lawsuits compared to firms listing via initial public offering (IPO). We find that Chinese reverse merger (CRMs) firms, relative to Chinese IPOs, have lower analyst following, similar post-listing stock performance, higher operating cash flows, smaller size, and lower cash holdings. We conclude that the litigation risk differential is consistent with the bonding hypothesis of [Stulz 1999, Globalization of Equity Markets and the Cost of Capital, Journal of Applied Corporate Finance 12, 8–25], wherein the higher litigation risk of CRMs is a reflection of increased but varying levels of monitoring, starting with the regulatory oversight at the pre-listing stage and a post-listing tradeoff between enforcement and monitoring by shareholders.

scholarly journals EARNINGS AND CASH FLOWS BEHAVIOUR IN INDONESIAN INITIAL PUBLIC OFFERINGS

2017 ◽  
Vol 17 (1) ◽  
pp. 54 ◽  
Author(s):  
M. Adi Irawan ◽  
Tatang Ary Gumanti ◽  
Ester Manik
Keyword(s):  
Initial Public Offerings ◽  
Initial Public Offering ◽  
Cash Flows ◽  
Public Offerings ◽  
Public Offering

Penawaran saham perdana (Initial public offering = IPO) menjadi topik penelitian yang menarik untuk dikaji mengingat isu ketimpangan informasi atau asimetri informasi di antara pihak-pihak yang terlibat di dalamnya. Salah satu fenomena yang menarik untuk dikaji dan melekat dengan penawaran saham perdana adalah adanya dugaan praktik manajemen laba (Teoh et al., 1998). Dalam hal ini, ada dorongan yang kuat bagi pemilik lama perusahaan untuk membuat kinerja keuangan perusahaan lebih baik pada periode sebelum panawaran. Penelitian ini mencoba untuk menguji apakah ada kenaikan laba yang signifikan pada periode sebelum penawaran yang dapat diinterpretasikan sebagai adanya manajemen laba. Perilaku aliran kas dari aktivitas operasi juga diteliti. Sampel penelitian mencakup 35 perusahaan yang melakukan penawaran saham perdana di Bursa Efek Indonesia tahun 2002-2005. Uji-t untuk perbedaan nilai diterapkan untuk menguji apakah laba antar periode berbeda. Hasil penelitian menunjukkan bahwa besaran laba cenderung meningkat pada tahun mendekati saat penawaran saham, tetapi menurun pada periode dua tahun setelah penawaran saham perdana. Perilaku aliran kas dari aktivitas operasi relatif sama dengan perilaku laba. Namun demikian, penelitian ini tidak sampai pada kesimpulan bahwa manajemen laba terbukti dengan nyata dilakukan pada perusahaan yang melakukan IPO di Indonesia tahun 2002-2005.

scholarly journals EARNINGS AND CASH FLOWS BEHAVIOUR IN INDONESIAN INITIAL PUBLIC OFFERINGS

2018 ◽  
Vol 17 (1) ◽  
Author(s):  
M Adi Irawan ◽  
Tatang Ary Gumanti ◽  
Ester Manik
Keyword(s):  
Initial Public Offerings ◽  
Initial Public Offering ◽  
Cash Flows ◽  
Public Offerings ◽  
Public Offering

Penawaran saham perdana (Initial public offering = IPO) menjadi topik penelitian yang menarik untuk dikaji mengingat isu ketimpangan informasi atau asimetri informasi di antara pihak-pihak yang terlibat di dalamnya. Salah satu fenomena yang menarik untuk dikaji dan melekat dengan penawaran saham perdana adalah adanya dugaan praktik manajemen laba (Teoh et al., 1998). Dalam hal ini, ada dorongan yang kuat bagi pemilik lama perusahaan untuk membuat kinerja keuangan perusahaan lebih baik pada periode sebelum panawaran. Penelitian ini mencoba untuk menguji apakah ada kenaikan laba yang signifikan pada periode sebelum penawaran yang dapat diinterpretasikan sebagai adanya manajemen laba. Perilaku aliran kas dari aktivitas operasi juga diteliti. Sampel penelitian mencakup 35 perusahaan yang melakukan penawaran saham perdana di Bursa Efek Indonesia tahun 2002-2005. Uji-t untuk perbedaan nilai diterapkan untuk menguji apakah laba antar periode berbeda. Hasil penelitian menunjukkan bahwa besaran laba cenderung meningkat pada tahun mendekati saat penawaran saham, tetapi menurun pada periode dua tahun setelah penawaran saham perdana. Perilaku aliran kas dari aktivitas operasi relatif sama dengan perilaku laba. Namun demikian, penelitian ini tidak sampai pada kesimpulan bahwa manajemen laba terbukti dengan nyata dilakukan pada perusahaan yang melakukan IPO di Indonesia tahun 2002-2005.

Post-Offering Operating Performance of Reverse LBOs

2015 ◽  
pp. 350-377
Author(s):  
Sevilay Gümüş
Keyword(s):  
Initial Public Offering ◽  
Performance Measures ◽  
Capital Expenditure ◽  
Operating Performance ◽  
Cash Flows ◽  
Operating Income ◽  
Accounting Performance ◽  
Operating Cash Flows ◽  
Rival Firms ◽  
Public Offering

This chapter reports on the post-offering performance of 114 US firms that went public between 2000 and 2008 following leverage buyouts. The objective of this paper is to examine accounting performance of following reverse leverage buyouts compared to the industry competitors before, at the time of, and the following four years after initial public offering. In addition to accounting performance measures, capital expenditures, working capital and employment levels are also compared to rival firms. The evidence indicates that the RLBO corporations have superior accounting performances compared to their industries exact year of IPO and following years after public offering. Also, the RLBO corporations have less operating income compared to the reverse leverage buyout firms in previous studies, but have more operating income and operating cash flows than their industry counterparts. The RLBO firms typically make less capital expenditure except the IPO year and four years after the initial public offering.

Cash Flows at Amazon.com

2012 ◽  
Vol 28 (2) ◽  
pp. 353-374 ◽  
Author(s):  
Richard A. Price III
Keyword(s):  
Cash Flow ◽  
Initial Public Offering ◽  
Direct Method ◽  
Financial Statements ◽  
Cash Flows ◽  
The Other ◽  
Cash Flow Statement ◽  
Public Offering ◽  
A Direct Method ◽  
Over Time

ABSTRACT: This instructional case illustrates how Amazon.com's strategy has evolved over time and how these characteristics are reflected in the financial statements. A particular emphasis is placed on the cash flow statement. Students evaluate the cash flow statement and examine its articulation with the other financial statements. Students create a direct method cash flow statement in the year of Amazon.com's initial public offering using the information available in the financial statements.

Analyzing the figures of consolidated statement of cash flows of the world's biggest publicly traded oil and gas corporations

2020 ◽  
Vol 19 (6) ◽  
pp. 1101-1120
Author(s):  
O.V. Shimko
Keyword(s):  
Public Sector ◽  
Cash Flow ◽  
Oil And Gas ◽  
Cash Flows ◽  
Annual Reports ◽  
Capital Expenditures ◽  
Publicly Traded ◽  
The Public ◽  
Statement Of Cash Flows ◽  
Oil And Gas Companies

Subject. The article investigates key figures disclosed in consolidated cash flow statements of 25 leading publicly traded oil and gas companies from 2006 to 2018. Objectives. The focus is on determining the current level of values of the main components of consolidated statement of cash flows prepared by leading publicly traded oil and gas companies, identifying key trends within the studied period and factors that led to any transformation. Methods. The study draws on methods of comparative and financial-economic analysis, as well as generalization of materials of consolidated cash flow statements. Results. The comprehensive analysis of annual reports of 25 oil and gas companies enabled to determine changes in the key figures and their relation in the structure of consolidated cash flow statements in the public sector of the industry. It also established main factors that contributed to the changes. Conclusions. In the period under study, I revealed an increase in cash from operating activities; established that capital expenditures in the public sector of the industry show an overall upward trend and depend on the level of oil prices. The analysis demonstrated that even integrated companies’ upstream segment prevail in the capital expenditures structure. The study also unveiled an increase in dividend payments, which, most of the time, exceeded free cash flows thus increasing the debt burden.

Pengaruh Reputasi Underwriter, Umur Perusahaan, dan Persentase Penawaran Saham 53 kepada Publik terhadap Underpricing

2016 ◽  
Vol 8 (1) ◽  
pp. 53-74
Author(s):  
Maria Jeanne ◽  
Chermian Eforis
Keyword(s):  
Initial Public Offering ◽  
Stock Price ◽  
Stock Exchange ◽  
Secondary Data ◽  
Secondary Market ◽  
Financial Statement ◽  
Data Set ◽  
Multiple Regression Method ◽  
Underwriter Reputation ◽  
Public Offering

The objective of this research is to obtain empirical evidence about the effect of underwriter reputation, company age, and the percentage of share’s offering to public toward underpricing. Underpricing is a phenomenon in which the current stock price initial public offering (IPO) was lower than the closing price of shares in the secondary market during the first day. Sample in this research was selected by using purposive sampling method and the secondary data used in this research was analyzed by using multiple regression method. The samples in this research were 72 companies conducting initial public offering (IPO) at the Indonesian Stock Exchange in the period January 2010 - December 2014; perform initial offering of shares; suffered underpricing; has a complete data set forth in the company's prospectus, IDX monthly statistics, financial statement and stock price site (e-bursa); and use Rupiah currency. Results of this research were (1) underwriter reputation significantly effect on underpricing; (2) company age do not effect on underpricing; and (3) the percentage of share’s offering to public do not effect on undepricing. Keywords: company age, the percentage of share’s offering to public, underpricing, underwriter reputation.

APAKAH FAKTOR EKSTERNAL MEMPREDIKSI UNDERPRICING LEBIH BAIK DIBANDINGKAN FAKTOR INTERNAL? STUDI INITIAL PUBLIK OFFERING DI BEI TAHUN 2009-2017

2020 ◽  
Vol 7 (1) ◽  
Author(s):  
Saefudin Saefudin ◽  
Tri Gunarsih
Keyword(s):  
Interest Rates ◽  
Initial Public Offering ◽  
Stock Exchange ◽  
Sample Selection ◽  
Secondary Data ◽  
Secondary Market ◽  
Company Size ◽  
Negative Effect ◽  
Underwriter Reputation ◽  
Public Offering

Underpricing is a phenomenon that still occurs in the Indonesian capital market, where the offering price of shares in the primary market is lower than the opening price or closing price on the first day on the secondary market. This study aims to examine the effect of Return On Assets (ROA), Debt to Equity Ratio (DER), company size, underwriter reputation, age, and interest rates on the underpricing of shares in companies’s Initial Public Offering (IPO) listing on the Indonesia Stock Exchange (BEI) in 2009 to 2017. The population in this study are companies that conduct IPOs on the BEI period 2009 to 2017. The sample selection in this study uses a purposive sampling method, based on certain criteria. The sample in this study were 183 underpricing companies from 205 companies conducting IPO in the period 2009 to 2017. The data used in this study used secondary data. The multiple regression analysis was implemented in this study. The results showed that DER, company size, and underwriter reputation did not significantly influence underpricing. While ROA, age and interest rates have a significant negative effect on underpricing. In this study, investors consider ROA, age, interest rates compared to DER, company size, and the reputation of the underwriter to invest in companies that make an IPO.Keywords: Underpricing, Initial Public Offering, and Indonesian Stock Exchange.

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