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Autor
Krüger Stefan (Szkoła Główna Handlowa w Warszawie)
Tytuł
A practical approach : value-maximizing IPO timing decision
Źródło
Journal of Management and Financial Sciences, 2016, vol. 9, nr 26, s. 45-62, tab., wykr., bibliogr. 25 poz.
Słowa kluczowe
Pierwsza oferta publiczna, Efektywność finansowa, Kreowanie wartości przedsiębiorstwa, Wyczucie rynku
Initial Public Offering (IPO), Financial efficiency, Creating company's value, Market-timing
Uwagi
Summ.
Abstrakt
Finding the right IPO timing is one of the most crucial decisions shareholders need to take when they want to list their company on a stock exchange. This paper proposes a simple and in practice usable model to help identify a good IPO timing window. From a theoretical point of view, the model identifies Capital market inefficiencies (in case there are any) and gives shareholders of the IPO candidate hints how to use them. The key tool used is a multiple-to-multiple base trade-off analysis over time. The analysis identifies relationships between relative valuation levels investors are willing to pay and relative expected change in operating performance metrics. These market-implied valuation-to-operating performance metrics change relationships are applied to the expected operating performance of the IPO candidate over time. This allows approximating a datę with the value-maximizing combination of the multiple base and the market implied valuation multiple. (original abstract)
Dostępne w
Biblioteka Główna Uniwersytetu Ekonomicznego w Krakowie
Biblioteka SGH im. Profesora Andrzeja Grodka
Biblioteka Główna Uniwersytetu Ekonomicznego w Katowicach
Pełny tekst
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Bibliografia
Pokaż
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  4. Banerjee S., Gii^bilmez U., Pawlina G., IPO Waves and Hot Markets in the UK, Handbook of Research on IPOs, eds. M. Levis, S. Vismara, Edward Elgar Publishing, Borough 2013, pp. 76-97.
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  6. Cen L., What Can We Learn from IPO Comparables Besides Valuation? IPO Shadow Stocks, Oversubscription Rates and Investor Sentiment in the Hong Kong Market, 2009, http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1295703
  7. Cooper I. A., Cordeiro L., Optimal Equity Valuation Using Multiples: The Number of Comparable Firms, 2008, http://ssrn.com/abstract=1272349
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  9. Deng M., Easton R, Yeo J., Another Look at Enterprise and Equity Valuation Based on Multiples, 2010, http://papers.ssrn.com/sol/papers.cfm?abstract_id=1462794
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  19. Schrand C., Verrecchia R.E., Information Disclosure and Adverse Selection Explanations for IPO Underpricing, 2002, http://papers.ssrn.com/sol3/papers.cfm?abstract_id=3168248trec=18tsrcabs=2822938talg=18tpos=10
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  24. Womack K.L., Zhang Y., Understanding Risk and Return, the CAPM, and the Fama- French Three-Factor Model, 2003, http://papers.ssmxom/sol3/papers.cfm?abstract_id=481881
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Cytowane przez
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ISSN
1899-8968
Język
eng
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