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dc.contributor.author
Zogkoudis, Athanasios
en
dc.date.accessioned
2016-01-11T17:22:39Z
dc.date.available
2016-02-01T01:00:25Z
dc.date.issued
2016-01-11
dc.identifier.uri
https://repository.ihu.edu.gr//xmlui/handle/11544/12419
dc.rights
Default License
dc.subject
Shipping
en
dc.subject
Initial public offering
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dc.subject
Underpricing
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dc.subject
Long-run performance
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dc.title
How the shipping firms have used the funds they raised from IPOs, in parallel with their short-run and long-run performance.
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heal.type
masterThesis
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heal.creatorID.email
a.zogkoudis@ihu.edu.gr
heal.keywordURI.LCSH
Shipping--Finance
EN
heal.keywordURI.LCSH
Going public (Securities)
EN
heal.language
en
el
heal.access
free
el
heal.license
http://creativecommons.org/licenses/by-nc/4.0
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heal.references
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Detecting long - run abnormal stock returns: The empirical power and specification of test statistics. Journal of Financial Economics , 43(3), pp.341 - 372. Beatty, R. and Ritter, J. (1986). Investm ent banking, reputation, and the underpricing of initial public offerings. Journal of Financial Economics , 15(1 - 2), pp.213 - 232. Bessler, W. and Thies, S. (2007). The long run performance of initial public offerings in Germany. Managerial Finance , 33(6), pp .420 - 441. Bhabra, H. and Pettway, R. (2003). IPO Prospectus Information and Subsequent Performance. Financial Review , 38(3), pp.369 - 397. Cai, J. and Wei, K. (1997). The investment and operating performance of Japanese initial public offerings. Pacific - Basin Finance Journal , 5(4), pp.389 - 417. Daily, C., Trevis Certo, S., Dalton, D. and Roengpitya, R. (2003). IPO Underpricing: A Meta - Analysis and Research Synthesis. Entrepreneurship Theory and Practice , 27(3), pp.271 - 295. 39 Fama, E. (n.d.). Market Efficiency, Long - Term Returns, and Behavioral Finance. SSRN Electronic Journal . Gompers, P. and Lerner, J. (n.d.). The Really Long - Run Performance Of Initial Public Offerings: The Pre - NASDAQ Evidence. SSRN Electronic Journal . Gounopoulos, D., Merikas, A. a nd Nounis, C. (n.d.). Global Shipping IPOs Performance. SSRN Electronic Journal . Grammenos, C. and Arkoulis, A. (2002). Macroeconomic Factors and International Shipping Stock Returns. Marit Econ Logist , 4(1), pp.81 - 99. Grammenos, C. and Marcoulis , S. (1996). A cross - section analysis of stock returns: The case of shipping firms. Maritime Policy & Management , 23(1), pp.67 - 80. Grammenos, C. and Marcoulis, S. (1996). A cross - section analysis of stock returns: The case of shipping firms. Maritime Polic y & Management , 23(1), pp.67 - 80. Grammenos, C. and Papapostolou, N. (2012). US shipping initial public offerings: Do prospectus and market information matter?. Transportation Research Part E: Logistics and Transportation Review , 48(1), pp.276 - 295. Grammeno s C. and Papapostolou N. (2012), Ship Finance: US Public Equity Markets, T he Blackwell Companion to Maritime Economics, 1 edited by W.K.Talley, 10/2012: chapter 20: pages 392 - 416 Huyghebaert, N. and Van Hulle, C. (2006). Structuring the IPO: Empirical evi dence on the portions of primary and secondary shares. Journal of Corporate Finance , 12(2), pp.296 - 320. Ibbotson, R. (1975). Price performance of common stock new issues. Journal of Financial Economics , 2(3), pp.235 - 272. Ibbotson, R. and Jaffe, J. (1975) Hot issue markets, The Journal of Finance , 30(4), pp.1027 - 1042. Ibbotson, R., Sindelar, J. and Ritter, J. (1988). Initial Public Offerings . Journal of Applied Corporate Finance , 1(2), pp.37 - 45. 40 Kim, J., Krinsky, I. and Lee, J. (1995). The role of financi al variables in the pricing of Korean initial public offerings. Pacific - Basin Finance Journal , 3(4), pp.449 - 464. Levis, M. (1993). The Long - Run Performance of Initial Public Offerings: The UK Experience 1980 - 1988. Financial Management , 22(1), p.28. L oughran, T. and Ritter , J. (1995). The New Issues Puzzle. The Journal of Finance , 50(1), pp.23 - 51. Loughran T, Ritter JR (2000) Uniformly least powerful tests of market efficiency. J Financ Econ 55:pp.361 – 389. Loughran, T., Ritter, J. and Rydqvist, K. (19 94). Initial public offerings: International insights. Pacific - Basin Finance Journal , 2(2 - 3), pp.165 - 199. Lyon, J., Barber, B. and Tsai, C. (1999). Improved Methods for Tests of Long - Run Abnormal Stock Returns. J Finance , 54(1), pp.165 - 201. Merikas, A., Go unopoulos, D. and Nounis, C. (2009). Global shipping IPOs performance. Maritime Policy & Management , 36(6), pp.481 - 505 Merikas A., Gounopoulos D., Karli C. (2010). Market performance of US - listed Shipping IPOs. Maritime Economics & Logistics 12, 36 - 64 (March 2010) Merika, A., Theodoropoulou, S., Triantafyllou, A. and Laios, A. (2015). The relationship between business cycles and capital structure choice: The case of the international shipping industry. The Journal of Economic Asymmetries , 12(2), pp.92 - 9 9. Mourdoukoutas, P. and Stefanidis, A. (2009). To List or Not To List: Expectations versus Reality for Greek Shipping IPOs. South East European Journal of Economics and Business , 4(1). Panayides, P., Lambertides, N. and Savva, C. (2011). The relative effi ciency of shipping companies. Transportation Research Part E: Logistics and Transportation Review , 47(5), pp.681 - 694. Ritter, J. (1984) The hot issue market of 1980. The Journal of Business 57 , pp.215 - 240. 41 R itter , J. (1991). The Long - Run Performance of initial Public Offerings. The Journal of Finance , 46(1), pp.3 - 27. Ritter, J. and Welch, I. (2002). A Review of IPO Activity, Pricing, and Allocations. J Finance , 57(4), pp.1795 - 1828. Rock, K. (1986). Why new issues are underpriced. Journal of Financial Economics , 15(1 - 2), pp.187 - 212. Song, S., Tan, J. and Yi, Y. (2014). IPO initial returns in China: Underpricing or overvaluation?. China Journal of Accounting Research , 7(1), pp.31 - 49. Syriopoulos, T. ( 2007). Chapter 6 Financing Greek Shipping: Modern Instruments, Methods and Markets. Research in Transportation Economics , 21, pp.171 - 219. Yan, D. and Cai, J. (2003). Long - Run Operating Performance of Initial Public Offerings in Japanes e Over - the - Counter Ma rket (1991 - 2001): Evidence and Implications. Asia - Pacific Financial Markets , 10(2 - 3), pp.239 - 274. Zingales, L. (1995). Insider Ownership and the Decision to Go Public. The Review of Economic Studies , 62(3), p.425. Books Gujarati, D. (2011). Econometrics by Example . Palgrave Macmilan, New York. (R2) Grammenos, Costas Th. The handbook of maritime economics and business, Lloyd's List Pallis, A. (2007). Maritime transport . Amsterdam: Elsevier JAI.
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heal.recordProvider
School of Economics, Business Administration and Legal Studies, MSc in Management
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heal.publicationDate
2016-01-10
heal.abstract
This dissertation was written as part of the MSc in Management at the International Hellenic University. The aim of this dissertation study is to examine the purpose of going public for a number of shipping companies along with their short - run and long - ru n performance during the period 2000 - 2014 in 7 major Stock exchanges. On the first listing day the sample is undepriced at 0,19 %. In order to measure the long - run performance, buy - and - hold abnormal returns method (BHAR) is calculated. The empirical results indicate that the sample underperform after 6 months of listing. A number of factors are also tested about their level of significance for both short - and long - run performance. A multivariable regression is constructed for each case in order to check thes e factors’ influence in underpricing and abnormal returns respectively. The results illustrate that in the long - term, the initial underpricing at the first trading day and the gross proceeds are statistically significant
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heal.tableOfContents
Abstract ................................ ................................ ................................ ................................ ......................... 3 Acknowledgement ................................ ................................ ................................ ................................ ......... 3 1 Introduction ................................ ................................ ................................ ................................ ........... 5 2 General Information, Terminology and Definitions ................................ ................................ ................. 6 2.1 Initial Public Offering (IPO) ................................ ................................ ................................ ............. 7 2.2 Shipping Initial Public Offerings ................................ ................................ ................................ ...... 9 3 Literature Review ................................ ................................ ................................ ................................ . 11 3.1 Underpri cing ................................ ................................ ................................ ................................ 11 3.2 Shipping IPO underpricing ................................ ................................ ................................ ............ 12 3.3 Long Run Performance ................................ ................................ ................................ ................. 13 4 Data ................................ ................................ ................................ ................................ ..................... 16 5 Methodology ................................ ................................ ................................ ................................ ....... 17 5.1 Buy and Hold Abnormal Returns ................................ ................................ ................................ ... 17 5.2 Short Run Performance Regression ................................ ................................ .............................. 18 5.3 Long - run Performance Regression ................................ ................................ ................................ 19 5.4 Determinants of Shipping IPO underpricing and long - run performance ................................ ........ 19 5.4.1 Age of the firm ................................ ................................ ................................ ...................... 19 5.4.2 Gross Proceeds ................................ ................................ ................................ ..................... 20 5.4.3 Stock Exchange Reputation ................................ ................................ ................................ ... 20 5.4.4 Gearing Level ................................ ................................ ................................ ........................ 21 5.4.5 Oil Prices ................................ ................................ ................................ ............................... 21 5.4.6 Initial Underpricing ................................ ................................ ................................ ............... 21 6 Empi rical Results ................................ ................................ ................................ ................................ .. 22 6.1 Short - run Performance ................................ ................................ ................................ ................. 22 6.1.1 Undepricing ................................ ................................ ................................ .......................... 22 6.1.2 Regressi on Results ................................ ................................ ................................ ................ 22 6.2 Long - run Performance ................................ ................................ ................................ .................. 24 6.2.1 BHAR Empirical Results ................................ ................................ ................................ ......... 24 6.2.2 Regression Results ................................ ................................ ................................ ................ 26 6.3 Summ ary of Results ................................ ................................ ................................ ...................... 35 7 Conclusion ................................ ................................ ................................ ................................ ........... 36 8 References ................................ ................................ ................................ ................................ ........... 38
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heal.advisorName
Syriopoulos, Theodoros
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heal.committeeMemberName
Grose, Chris
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heal.committeeMemberName
Sikalidis, Alexandros
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heal.academicPublisher
IHU
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heal.academicPublisherID
ihu
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heal.numberOfPages
41
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