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Author: Marie Masson Publisher: ISBN: Category : Languages : en Pages : 97
Book Description
Between 1993 and 2009, 14.69% and 12.34% of all public equity offerings announced in the U.S. and Canada were eventually withdrawn, respectively. Less than 10% of all cancelled IPOs are eventually completed versus over 20% of all withdrawn SEOs. We measure the impact of issuer riskiness, issuer characteristics and timing of the offerings on the likelihoods of IPO and SEO cancelations and subsequent return of these offerings. We find that the dotcom and subprime crises have a greater positive influence on the probability of withdrawal in the United Stated than in Canada. Our results suggest that greater post-announcement changes in market and economic conditions tend to increase the probability of withdrawal and that good general market conditions subsequent to announcement and to withdrawal are positively related to the completion and reissue of offerings, respectively. Overall, cancelation of initial and seasoned equity offerings is driven by different firm- and issue-specific factors and the effect of these variables varies across countries. An analysis of stock price performance of successfully returning offerings on the three days centered on their announcements suggests that second-time successful SEOs underperform a sample of contemporaneous offerings by 2.09% and 5.76% in the U.S. and Canada, respectively. Overall, underpricing on the day of issue is not affected by prior offering cancellation. However, over the long-term, we find that U.S. equity offerings underperform their profitability-matched sample of contemporaneous offerings.
Author: Marie Masson Publisher: ISBN: Category : Languages : en Pages : 97
Book Description
Between 1993 and 2009, 14.69% and 12.34% of all public equity offerings announced in the U.S. and Canada were eventually withdrawn, respectively. Less than 10% of all cancelled IPOs are eventually completed versus over 20% of all withdrawn SEOs. We measure the impact of issuer riskiness, issuer characteristics and timing of the offerings on the likelihoods of IPO and SEO cancelations and subsequent return of these offerings. We find that the dotcom and subprime crises have a greater positive influence on the probability of withdrawal in the United Stated than in Canada. Our results suggest that greater post-announcement changes in market and economic conditions tend to increase the probability of withdrawal and that good general market conditions subsequent to announcement and to withdrawal are positively related to the completion and reissue of offerings, respectively. Overall, cancelation of initial and seasoned equity offerings is driven by different firm- and issue-specific factors and the effect of these variables varies across countries. An analysis of stock price performance of successfully returning offerings on the three days centered on their announcements suggests that second-time successful SEOs underperform a sample of contemporaneous offerings by 2.09% and 5.76% in the U.S. and Canada, respectively. Overall, underpricing on the day of issue is not affected by prior offering cancellation. However, over the long-term, we find that U.S. equity offerings underperform their profitability-matched sample of contemporaneous offerings.
Author: Bjørn Espen Eckbo Publisher: Elsevier ISBN: 0080488919 Category : Business & Economics Languages : en Pages : 559
Book Description
Judging by the sheer number of papers reviewed in this Handbook, the empirical analysis of firms' financing and investment decisions—empirical corporate finance—has become a dominant field in financial economics. The growing interest in everything "corporate is fueled by a healthy combination of fundamental theoretical developments and recent widespread access to large transactional data bases. A less scientific—but nevertheless important—source of inspiration is a growing awareness of the important social implications of corporate behavior and governance. This Handbook takes stock of the main empirical findings to date across an unprecedented spectrum of corporate finance issues, ranging from econometric methodology, to raising capital and capital structure choice, and to managerial incentives and corporate investment behavior. The surveys are written by leading empirical researchers that remain active in their respective areas of interest. With few exceptions, the writing style makes the chapters accessible to industry practitioners. For doctoral students and seasoned academics, the surveys offer dense roadmaps into the empirical research landscape and provide suggestions for future work.*The Handbooks in Finance series offers a broad group of outstanding volumes in various areas of finance*Each individual volume in the series should present an accurate self-contained survey of a sub-field of finance*The series is international in scope with contributions from field leaders the world over
Author: Brett King Publisher: Brett King ISBN: 9814302074 Category : Business & Economics Languages : en Pages : 38
Book Description
The financial crisis is just beginning for retail institutions. Ninety to ninety-five per cent of bank transactions are executed electronically today. The Internet, ATMs, call centres and smartphones have become mainstream for customers. But banks still classify these as alternative channels and maintain an organisation structure where Branch dominates thinking. Continued technology innovations, Web 2.0, social networking, app phones and mobility are also stretching traditional banking models to the limit. BANK 2.0 reveals why customer behaviour is so rapidly changing, how branches will evolve, why cheques are disappearing, and why your mobile phone will replace your wallet all within the next 10 years.
Author: Hiten J. Gutka Publisher: Springer ISBN: 3319996800 Category : Medical Languages : en Pages : 713
Book Description
This book provides a comprehensive overview of the biosimilar regulatory framework, the development process and clinical aspects for development of biosimilars. The development path of a biosimilar is just as unique as a development path of a new drug, tailored by the mechanism of action, the quality of the molecule, published information on the reference product, the current competitive environment, the target market and regulatory guidance, and most importantly, the emerging totality of evidence for the proposed biosimilar during development. For the ease of readers, the book comprises of six sections as follows: Section I: Business, Health Economics and Intellectual Property Landscape for Biosimilars Section II: Regulatory Aspects of Development and Approval for Biosimilars Section III: Biopharmaceutical Development and Manufacturing of Biosimilars Section IV: Analytical Similarity Considerations for Biosimilars Section V: Clinical aspects of Biosimilar Development Section VI: Biosimilars- Global Development and Clinical Experience Chapters have been written by one or more experts from academia, industry or regulatory agencies who have been involved with one or more aspects of biosimilar product development. The authors and editors have an expertise in commercialization and pricing of biosimilars, intellectual property considerations for biosimilars, chemistry manufacturing controls (CMC) and analytical development for biosimilars, regulatory and clinical aspects of biosimilar development. Besides the industry practitioners, the book includes several contributions from regulators across the globe.
Author: Mark Levene Publisher: John Wiley & Sons ISBN: 1118060342 Category : Computers Languages : en Pages : 384
Book Description
This book is a second edition, updated and expanded to explain the technologies that help us find information on the web. Search engines and web navigation tools have become ubiquitous in our day to day use of the web as an information source, a tool for commercial transactions and a social computing tool. Moreover, through the mobile web we have access to the web's services when we are on the move. This book demystifies the tools that we use when interacting with the web, and gives the reader a detailed overview of where we are and where we are going in terms of search engine and web navigation technologies.
Author: Joshua Ronen Publisher: Springer Science & Business Media ISBN: 0387257713 Category : Business & Economics Languages : en Pages : 587
Book Description
This book is a study of earnings management, aimed at scholars and professionals in accounting, finance, economics, and law. The authors address research questions including: Why are earnings so important that firms feel compelled to manipulate them? What set of circumstances will induce earnings management? How will the interaction among management, boards of directors, investors, employees, suppliers, customers and regulators affect earnings management? How to design empirical research addressing earnings management? What are the limitations and strengths of current empirical models?
Author: G. Constantinides Publisher: Elsevier ISBN: 9780444513632 Category : Business & Economics Languages : en Pages : 698
Book Description
Arbitrage, State Prices and Portfolio Theory / Philip h. Dybvig and Stephen a. Ross / - Intertemporal Asset Pricing Theory / Darrell Duffle / - Tests of Multifactor Pricing Models, Volatility Bounds and Portfolio Performance / Wayne E. Ferson / - Consumption-Based Asset Pricing / John y Campbell / - The Equity Premium in Retrospect / Rainish Mehra and Edward c. Prescott / - Anomalies and Market Efficiency / William Schwert / - Are Financial Assets Priced Locally or Globally? / G. Andrew Karolyi and Rene M. Stuli / - Microstructure and Asset Pricing / David Easley and Maureen O'hara / - A Survey of Behavioral Finance / Nicholas Barberis and Richard Thaler / - Derivatives / Robert E. Whaley / - Fixed-Income Pricing / Qiang Dai and Kenneth J. Singleton.
Author: Alice E. Marwick Publisher: Yale University Press ISBN: 0300176724 Category : Social Science Languages : en Pages : 369
Book Description
Presents an analysis of social media, discussing how a technology which was once heralded as democratic, has evolved into one which promotes elitism and inequality and provides companies with the means of invading privacy in search of profits.
Author: Marie Masson
Author: Marie Masson
Author: Hersh Shefrin
Author: Bjørn Espen Eckbo
Author: Brett King
Author: Hiten J. Gutka
Author: Mark Levene
Author: Joshua Ronen
Author: United States. Patent and Trademark Office
Author: G. Constantinides
Author: Alice E. Marwick