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Performance and capital structure of IPOs in Pakistan from 2000 to 2015

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Financial Innovation 2016年第1期2卷 167-185页

作者： Attiya Yasmin Javid Henna Malik Economics Department Pakistan Institute of Development Economics(PIDE)Quaid-i-Azam UniversityP.O.Box 1091IslamabadPakistan Pakistan Institute of Development Economics(PIDE) Economics and Finance DepartmentQuaid-i-Azam UniversityP.O.Box 1091IslamabadPakistan

Background:When a privately owned firm or privatized government entity raises capital by selling its stocks for the first time to general public,is known as initial public offering(IPO).The underpricing phenomenon and ownership structure are important characteristics of IPO process that significantly affect the short-run and long-run performance of private firm and privitized *** study compares the short-and long-run performance,and factors affecting these performances for both private IPOs and privatized IPOs in *** further investigates the relationship between capital structor and initial underpricing for both group of ***:Event study methodology is used to compares short-and long-run performance spanning from March 2000 to June 2015 of two categories of IPOs issued in the Karachi Stock Exchange(KSE).Multivariate regression analysis is applied to examine the factors that affect the short-run and long-run performance as well as for investigating the relationship betwen underpricing and ownership structure for both group of ***:We find that both categories outperform in IPOs at which they are offered to investors on first day of trading,although differences in mean are *** a five-year buy-and hold strategy,privatizing IPOs outperform and private IPOs underperform returns on the benchmark KSE 100 Stock *** results reveal that the size of the private firm or government entity,aftermarket risk of IPOs,and subscription ratio are significantly associated with the underpricing of IPO shares brought to ***-day returns,market volatility and retained ownership are associated with higher five-year *** find that the concentration of ownership is similar,for both categories of IPOs;and significantly positive related to *** size of the firm/entity,aftermarket risk,return on assets and subscription ratio also affect ownership ***:Same level of underpricing in both private

关键词： initial public offering Underpricing Aftermarket performance Private owned firms public owned firms Capital structure Pakistan

Venture capital in Japan and enlightenment to China

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Chinese Business Review 2008年第1期7卷 10-20页

作者： LIANG Peng Graduate School of Economics and Business Administration Hokkaido University Hokkaido 060-0809 Japan

In the business world, there have always been people are willing to start business, and other people are willing to back them and share the risks and rewards of enterprises, so in a sense, there has always been entrepreneurship and venture capital （VC）. Despite of Japanese VC has gone through ups and downs, Japanese VC continues to lead Asia and is second only to U.S. Japanese government has recognized the economic benefits of fostering the creation and development of venture finns, and has applied themselves assiduously to the task of creating a supportive environment. This paper provides some context for understanding the Japanese venture capital industry. Then it set forth an evolution of Japanese venture capital. The heart of the paper is devoted to discussion of the key features of Japanese venture capital. This includes information concerning the size of the industry, the players, and the nature of the Japanese venture capital investment. This is followed by an analysis of some of the obstacles to a more vibrant Japanese venture capital industry which gives us some enlightenment to Chinese venture capital development now. This paper also shows that the relative of the US, the Japanese venture capital industry is a young, small industry. In a word, it shows that there is still a substantial space for further development, which makes VC is still a promising industry in Japan.

关键词： entrepreneur initial public offering Japanese government venture capital

After-market liquidity and IPOs underpricing： Evidence from Shari＇ah and non Shari＇ah-based firms

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Chinese Business Review 2010年第12期9卷 17-26页

作者： Ishak Ramli Suherman Management Department Faculty of Economics Tarumanagara University Jakarta 14470 Indonesia Faculty of Economic State University of Jakarta Jakarta 13220 Indonesia

The underpricing of initial public offerings （IPOs） is generally explained with asymmetric information and risk. We complement these traditional explanations with a new theory proposed by Ellul and Pagano （2006） where investors worry also about the after-market illiquidity that may result from asymmetric information after the IPO. The less liquid the after-market is expected to be, the larger will be the IPO underpricing. The samples are the 41 IPOs carried out between 2001-2005. The samples are 7 Shari＇ah-based firms and 34 non Shariah-based firms. Shariah-based firms are those included in Jakarta Islamic Index （JII）, at least one period （one semester）. Regression results show that the relationship between after-market liquidity and underpricing is insignificant unless we use trading frequency as proxy for liquidity for non Shariah-based firms.

关键词： after-market liquidity initial public offering underpricing Shari'ah-based firms

IPO Time Consumption, Choice of Earnings Management Methods and Economic Consequences

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IPO Time Consumption, Choice of Earnings Management Methods ...

缩小中国在德国跨境上市的法律差距—司法管辖区上市和发行要求的差异

作者： ZHANG Yan Jiangxi University of Finance and Economics

Taking the IPO companies of China’s A-share markets from April 2000 to 2012 as a sample, this paper conducts an empirical test of the impact of the company’s IPO time-consumption on the choice of the two different earnings management methods. The results show that after the IPO procedure is started, the degree of the accrual-based earnings management manipulated by the company will gradually decline over time,and the degree of manipulating the real activity-based earnings management will gradually increase. Further research finds that companies with longer-time IPOs have a relatively higher initial under-pricing rate, and their operation performance will be relatively poorer after listing. The conclusions of this paper can provide some reference for optimizing and adjusting the IPO issuing system.

关键词： initial public offering accrual-based earnings management real activity-based earnings management

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缩小中国在德国跨境上市的法律差距—司法管辖区上市和发行要求的...

作者： Niklas Franz-Josef Storch 北京外国语大学

学位级别：硕士

根据以往中国公司执行上市的案例表明了国际化交叉上市深受中国公司的欢迎。以D股在法兰克福中欧国际交易所上市做为二次上市是国际交叉上市的形式之一,这种形式向中国公司提供了除现有上市渠道如香港和纽约外的一个全新的上市渠道。法... 详细信息

根据以往中国公司执行上市的案例表明了国际化交叉上市深受中国公司的欢迎。以D股在法兰克福中欧国际交易所上市做为二次上市是国际交叉上市的形式之一,这种形式向中国公司提供了除现有上市渠道如香港和纽约外的一个全新的上市渠道。法兰克福,做为欧洲主要的金融中心,代表着对中国公司极有吸引力的上市地点并为发行人提供进入投资者新团体的通道。同时,非中国投资者不需要遵守严格的监管和外国投资在中国(PRC)的技术障碍[1]就有机会在D股市上投资中国公司。本论文对两个司法上市机制进行了比较,为未来的发行人提供了对申请流程更好的理解。整个上市和发行过程分为三个阶段,这项工作突出了每个阶段的主要步骤。最大的差异在于由国家监管机构管理的审批流程以及为这些审批保留的期限。在中国的IPO上市需要得到中国证监会的批准和实质性的定性审查。中国证监会要求所有指标都是盈利的。这不同于德国的审批系统如德国联邦金融监管局(BaFin)仅批准招股说明书而不进行定性审查。本论文将提供相关法律,法规和规则的整体回顾。

关键词： D-Shares Cross-Listing secondary listing Chinese stocks initial public offering prospectus securities stock exchange public offer IPO stock listing share issuance German market entry China investment CEINEX B(?)rsenzulassung B(?)rsennotierung Zweitnotierung Special Regulation of the State Council concerning issuing and listing of shares overseas Company Law of the People's Republic of China Securities Law of the People's Republic of China German securities trading act WpHG Issuance and Listing Rules of the Shanghai Stock Exchange Measures for the Administration of initial public offerings CSRC BaFin Borsenzulassungsverordnung BorsZulV Wertpapierprospektgesetz WpPG

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IPO耗时、盈余管理方式选择与经济后果