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Initial Return (initial + return)
Selected AbstractsThe Performance of Internet Firms Following Their Initial Public OfferingFINANCIAL REVIEW, Issue 4 2002Jarrod Johnston We find that initial returns were more favorable for Internet initial public offerings (IPOs) than non,Internet firm IPOs. Since the demise of the Internet sector, the underpricing of Internet,firm IPOs is not significantly different from other IPOs. Initial returns of Internet firms are positively and significantly related to underwriter prestige and to pre,IPO market conditions. However, initial returns after the demise of the Internet sector are not significantly related to these characteristics. The aftermarket performance of Internet firms is initially favorable but weakens over time. Firms that experienced higher initial returns during the strong Internet cycle experience weaker aftermarket performance. [source] Assets in Place, Growth Opportunities, and IPO ReturnsFINANCIAL MANAGEMENT, Issue 3 2005Kee H. Chung We consider a simple model positing that initial public offering price is equal to the present value of an entity's assets in place and growth opportunities. The model predicts that initial return is positively related to both the size and risk of growth opportunities. Consistent with this prediction, we find initial return to be positively related to both the fraction of the offer price that is accounted for by the present value of growth opportunities and various proxies of issue uncertainty. We also find that IPO investors equate one dollar of growth opportunities to approximately three quarters of tangible assets. [source] Sustainable Return in Post-conflict ContextsINTERNATIONAL MIGRATION, Issue 3 2006Richard Black ABSTRACT Post-conflict return is a highly politically charged process in a number of contexts, both for returnees and those who did not migrate or flee, leading many observers to question the notion of an unproblematic return "home". Specifically, doubts remain both about the conditions and voluntariness of return, the ability of individual returnees to reintegrate in their home countries and regions, and the wider sustainability of the return process. This paper seeks to provide an overview of recent policy interest in returns, before setting out a tentative definition of what might be considered a "sustainable" return. It is argued that it is possible to draw a distinction between narrow indicators of the "sustainability" of return, such as whether returnees subsequently reemigrate, and wider definitions, which see "sustainability" as involving both the reintegration of individual returnees in their home societies, and the wider impact of return on macroeconomic and political indicators. Based on either definition, the development of robust indicators of the sustainability of return could assist in monitoring the impact of return programmes, providing valuable insight on return policies. The broader definition suggested also draws attention to the idea that continued mobility after an initial return - including circulation and the development of a "transnational" lifestyle - may be more "sustainable" than a single and definitive return to the refugee's place of origin. Les retours dans une situation d'après-conflit sont un processus politiquement signifiant dans certains contextes, à la fois pour les rapatriés et pour ceux qui n'ont ni émigré ni fui, ce qui conduit de nombreux observateurs à s'interroger sur le concept d'un retour sans problème "dans les foyers". Plus précisément, des doutes subsistent à la fois quant aux conditions et au caractère volontaire du retour, à la capacité des rapatriés à se réinsérer dans leur pays et leur région d'origine, et à la durabilité, au sens plus large, du processus de retour. L'auteur s'efforce de donner un aperçu de l'intérêt politique récent pour les retours avant de tenter une définition de ce qui pourrait être considéré comme retour "durable". Selon lui, il est possible de faire une distinction entre les indicateurs au sens étroit de la "durabilité" du retour, à savoir par exemple si les rapatriés émigrent à nouveau, et des définitions plus larges, considérant la "durabilité" comme intégrant à la fois la réintégration des rapatriés dans leur société d'origine et l'impact plus large des retours sur les indicateurs macroéconomiques et politiques. Selon l'une ou l'autre définition, l'élaboration d'indicateurs solides de la durabilité des retours pourrait faciliter l'observation de l'impact des programmes de retour, en apportant un éclairage précieux sur les politiques de retour. La définition plus large appelle également l'attention sur l'idée selon laquelle la mobilité continue après un retour initial - y compris la circulation et l'adoption d'un style de vie "transnational" - pourrait être plus "durable" qu'un retour unique et définitif vers le lieu d'origine du réfugié. El retorno consecutivo a conflictos es un proceso con una alta connotación política en varios contextos, tanto para los retornantes como para quienes no emigraron ni huyeron, lo que da lugar a que muchos observadores cuestionen la noción de un retorno al "hogar" sin problemas. Concretamente, subsisten dudas sobre las condiciones y el carácter voluntario del retorno; la capacidad de los retornantes a título individual de reintegrarse en sus países y regiones de origen; y la sostenibilidad amplia del proceso de retorno. Este estudio trata de ofrecer un panorama del reciente interés político que suscitan los retornos, antes de establecer tentativamente una definición de lo que puede considerarse como un retorno "sostenible". En este artículo se arguye que es posible establecer una distinción entre estrechos indicadores del "sostenimiento" del retorno, a saber, si las personas que retornan vuelven a emigrar ulteriormente, y definiciones más amplias que consideran el "sostenimiento" como la reintegración de quienes retornan a título individual a sus sociedades de origen conjuntamente con las repercusiones más amplias del retorno en los indicadores macroeconómicos y políticos. Sobre la base de cualquiera de estas definiciones, el desarrollo de sólidos indicadores del sostenimiento del retorno podría servir para supervisar el impacto de los programas de retorno, al ofrecer una visión valiosa sobre las políticas de retorno. La definición más amplia propuesta señala a la atención la idea de que la continua movilidad tras el retorno inicial -incluida la circulación y el desarrollo de un estilo de vida transnacional- podría ser más "sostenible" que un retorno único y definitivo al lugar de origen del refugiado. [source] Industry Clustering in Nordic Initial Public Offering MarketsINTERNATIONAL REVIEW OF FINANCE, Issue 1-2 2006P. Joakim Westerholm ABSTRACT We present institutional features of the Nordic initial public offering (IPO) markets and relate initial return, long-run performance and size of companies listed during 1991,2002 to industry clustering and level of listing requirements. High industry clustering is related to higher initial return and lower long-run performance supporting our prediction that information asymmetry has an impact on initial underpricing while temporary overvaluation affects long-run performance. The relatively high listing requirements and targeting of the main market have not protected the Nordic IPOs from poor long-run performance. On two markets, Norway and Denmark, IPOs outperform the all share market index. [source] The Short, and Long,run Performance of New Listings in TunisiaINTERNATIONAL REVIEW OF FINANCE, Issue 4 2001Samy Ben Naceur This study examines abnormal stock market returns of new listings on the Tunisian Stock Exchange. Substantial positive abnormal returns are found on the first listing day and this finding is similar to that obtained in other countries. Subsequent performance is poor and investors who bought shares at the close of trading on the first day would have lost about 22% against the Tunis Stock Exchange index over a three,year period. The possible causes of this are investigated. Among the factors found in the literature that possibly affect the level of long,term performance, only the state of the IPO market, the initial return, the delay in reaching the ,first market price' and the size of the firms have significant coefficients. This result is supportive of the traditional fad's interpretation of long,term underperformance. [source] The Performance of Internet Firms Following Their Initial Public OfferingFINANCIAL REVIEW, Issue 4 2002Jarrod Johnston We find that initial returns were more favorable for Internet initial public offerings (IPOs) than non,Internet firm IPOs. Since the demise of the Internet sector, the underpricing of Internet,firm IPOs is not significantly different from other IPOs. Initial returns of Internet firms are positively and significantly related to underwriter prestige and to pre,IPO market conditions. However, initial returns after the demise of the Internet sector are not significantly related to these characteristics. The aftermarket performance of Internet firms is initially favorable but weakens over time. Firms that experienced higher initial returns during the strong Internet cycle experience weaker aftermarket performance. [source] Price Discovery in Initial Public Offerings and the Role of the Lead UnderwriterTHE JOURNAL OF FINANCE, Issue 6 2000Reena Aggarwal We examine the price discovery process of initial public offerings (IPOs) using a unique dataset. The first quote entered by the lead underwriter in the five-minute preopening window explains a large proportion of initial returns even for hot IPOs. Significant learning and price discovery continues to take place during these five minutes with hundreds of quotes being entered. The lead underwriter observes the quoting behavior of other market makers, particularly the wholesalers, and accordingly revises his own quotes. There is a strong positive relationship between initial returns and the time of day when trading starts in an IPO. [source] The Effect of Underwriters' Reputationson Post-Deregulation IPO Pricing: Price Discovery Ability Versus Bargaining Power,ASIA-PACIFIC JOURNAL OF FINANCIAL STUDIES, Issue 4 2009Kang Heum Yon Abstract This study empirically examines the role of underwriters' reputations on the IPO pricing process and its effect on subsequent initial returns. We analyzed 275 IPOs between July, 2002 and December, 2006. The reputation of each underwriters was analyzed based on the data reflecting their performances over the preceding three years. The analysis considered the following: number of offerings, the natural logarithm of average offering size, the relative offering size, the inverse of average underpricing ratio, and the ratio of refraining from undertaking a market stabilization activity or exercising a putback option. The logarithm of the underwriter's asset size and the composite index of the above six reputation variables are included in the variable we call "reputation." We find that underwriters with higher reputation exercise more bargaining power than either issuing firms or institutional investors in the offer price decision process. On the other hand, the underwriters' certification role is not sufficiently carried out to build a reputation on price discovery. We propose an incentive system that would encourage voluntary assessment of underwriters' competency, which can ultimately bolster their reputations in terms of their price discovery ability. [source] | ||||||||||