首页 | 本学科首页   官方微博 | 高级检索  
文章检索
  按 检索   检索词:      
出版年份:   被引次数:   他引次数: 提示:输入*表示无穷大
  收费全文   106篇
  完全免费   10篇
  财政金融   116篇
  2019年   2篇
  2018年   6篇
  2017年   4篇
  2016年   3篇
  2015年   4篇
  2014年   6篇
  2013年   2篇
  2012年   3篇
  2011年   6篇
  2010年   4篇
  2009年   8篇
  2008年   6篇
  2007年   7篇
  2006年   9篇
  2005年   4篇
  2004年   3篇
  2003年   8篇
  2002年   4篇
  2001年   5篇
  2000年   4篇
  1999年   6篇
  1998年   6篇
  1997年   1篇
  1996年   2篇
  1995年   2篇
  1993年   1篇
排序方式: 共有116条查询结果,搜索用时 31 毫秒
1.
This paper presents a theory of initial public offerings based on the ideathat the optimal ownership structure of a company changes over the life cycleof the firm. Insiders take the company public when they have lost thecomparative advantage over outsiders in gathering information to evaluate thefirm's growth prospects. The size of the share sold to the public depends onthe relative abilities of the market and insiders to gather this informationand on the frictions in the going-public process. Intermediaries help toreduce these frictions and lead to a more efficient allocation if IPOs areconducted more frequently. Discrimination between different classes ofinvestors may be beneficial. Learning by the market about projects in a newindustry can lead to a clustering of new issues (hot issue markets).  相似文献
2.
This paper estimates the underpricing cost associated with new shares issued and sold when firms go public in a traditional British-style IPO market in contrast to prior work which focussed on the underpricing cost to pre-IPO investors. Secondly, the estimates account for interest income on application funds received by issuing firms. Using data from the Hong Kong IPO market, the results show that the issuer underpricing cost of new share issues is on average only 14% of headline underpricing. When interest on application funds is taken into account, net issuer underpricing cost reduces to just around 7% of headline underpricing. This finding provides a compelling explanation of why issuing companies may not be concerned about underpricing in traditional British-style IPO markets. Thirdly, we also find that pre-IPO investors take steps to minimise wealth transfer to new investors either by selling a very small proportion or none of their pre-IPO shares. These findings suggest that explanations of IPO underpricing to the various parties involved in the process should, in part, be sought in the institutional structures and investment banking practices of the relevant primary capital market.  相似文献
3.
Who knows what when? The information content of pre-IPO market prices   总被引:2,自引:0,他引:2  
To resolve the IPO underpricing puzzle it is essential to analyze who knows what when during the issuing process. In Germany, broker-dealers make a market in IPOs that starts as soon as the offer range is published. We examine these pre-IPO prices and find that they are highly informative. They are closer to the first price subsequently established on the exchange than both the midpoint of the offer range and the offer price. The pre-IPO prices explain a large part of the underpricing left unexplained by other variables. The results imply that information asymmetries are much lower than the observed variance of underpricing suggests. They cast doubt on the informational role of bookbuilding and the relevance of the winner's curse problem.  相似文献
4.
To ascertain whether the form of managerial compensation affects a firm's long-term operating performance, we track IPOs for 5 years after the expiration of the stabilization period. New public companies perform better when managers receive a balanced combination of stock option grants and equity ownership. Firms with unbalanced compensation arrangements, large option grants and little equity ownership or vice versa do not perform as well. This empirical finding is consistent with a theoretical explanation based on managerial risk aversion and the alignment of managerial and owner incentives.  相似文献
5.
A股发行公司IPO前盈余管理与IPO后经营业绩的实证研究   总被引:2,自引:0,他引:2  
以2001~2005年期间在我国上交所和深交所A股市场上市的247家IPO公司为研究样本,研究IPO前盈余管理与IPO后经营业绩变化之间的关系。实证研究结果表明:IPO前的盈余管理对IPO后的经营业绩具有一定的预测性,IPO前的正向盈余管理程度越大,其IPO后的经营业绩下降幅度就越大,即IPO前正向盈余管理将会导致IPO后经营业绩下滑。  相似文献
6.
This paper presents one of the first studies of earnings management by initial public offering (IPO) firms in a European country. Using a sample of 64 Dutch IPOs, we investigate the pattern of discretionary current accruals (DCA) over time. We find that managers manage their company's earnings in the first year as a public company but not in the years before the IPO. We also examine the impact of earnings management on the long-run stock price performance of IPOs. We find a negative relation between the size of the DCA in the first year as a public company and long-run stock price performance over the next 3 years. A number of additional tests support these findings.  相似文献
7.
8.
We ask whether a firm's choice of IPO price is informative in the sense that it relates systematically to the firm's other choices and characteristics. We find that both institutional ownership and underwriter reputation increases monotonically with the chosen IPO price level. We also find that the relationship between IPO price and underpricing is U-shaped. In contrast, post-IPO turnover displays an inverted U-shaped relation to IPO price. Moreover, firms choosing a higher (lower) stock price level experience lower (higher) mortality rates. Our results are robust to controls for market liquidity and firm size, and for partial adjustment of IPO prices based on pre-market information.  相似文献
9.
首次公开发行、盈余管理与发审委审核   总被引:1,自引:0,他引:1  
本文考察了IPO过程中的盈余管理行为以及申请首次公开发行企业的盈余管理是否影响发审委的决策。我们以2006-2009年成功上市的企业为样本,发现发行企业在上市前和上市当年存在异常高的收益率,但上市后收益率出现大幅下滑。进一步分析发现,该收益率变化模式是管理者利用应计项目在上市前操纵盈利的结果,而不是来自经营现金流。以我国首次公开发行制度为背景,我们采用2006-2009年申请IPO的企业为样本,发现以保护投资者为目标的发审委在审核过程中考虑到盈余管理因素,盈余管理程度越高的企业越难获得通过。  相似文献
10.
The Pricing of IPOs Post-Sarbanes-Oxley   总被引:1,自引:0,他引:1  
The Sarbanes-Oxley Act (SOX) imposes new requirements for firms going public. Many provisions of SOX should improve the transparency of U.S. firms going public and therefore reduce the uncertainty surrounding their valuation. We find that initial returns of initial public offerings (IPOs) in the United States have declined since SOX. Furthermore, the aftermarket performance of IPOs since SOX is significantly higher. While the expense of public reporting has increased in the United States because of SOX, the valuations of newly public firms at the time of the IPO are subject to less uncertainty and smaller aftermarket corrections.  相似文献
设为首页 | 免责声明 | 关于勤云 | 加入收藏

Copyright©北京勤云科技发展有限公司  京ICP备09084417号