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dc.contributor.author
Kyfonidou, Maria
en
dc.date.accessioned
2015-06-09T15:41:49Z
dc.date.available
2015-09-27T05:56:55Z
dc.date.issued
2015-06-09
dc.identifier.uri
https://repository.ihu.edu.gr//xmlui/handle/11544/244
dc.rights
Default License
dc.title
Reverse Takeover: an alternative mechanism to go public
en
heal.type
masterThesis
heal.keyword
Dissertations, Academic
en
heal.keyword
Going public (Securities)
en
heal.keyword
Corporations--Finance
en
heal.language
en
heal.access
free
el
heal.license
http://creativecommons.org/licenses/by-nc/4.0
heal.recordProvider
School of Economics, Business Administration and Legal Studies, MSc in Banking and Finance
heal.publicationDate
2012-10
heal.bibliographicCitation
Kyfonidou Maria,2012, Reverse Takeover: an alternative mechanism to go public ,Master's Dissertation, International Hellenic University
en
heal.abstract
This study examines a sample of 222 private firms that opted for going public through a reverse takeover transaction. Reverse takeover is a process in which a private firm is acquired by a public one in order to obtain its public listing. When the transaction is completed, the new enlarged company usually operates under the management and the name of the target (private firm). The public company is generally a poor performer and expects that with this merger, its performance will be improved. However, apart from the significant wealth gains that the shareholders receive during a short period of time surrounding the event, negligible improvement in its post-reverse takeover long-term financial performance is observed. Hence, while reverse takeover is a less expensive and less time-consuming mechanism to go public compared to an IPO, it should be considered as a more risky process, concerning the long-term performance of the new company.
en
heal.tableOfContents
Chapter 1 ....................................................................................................... 8 Introduction................................................................................................... 8 Chapter 2 ..................................................................................................... 10 Literature Review........................................................................................ 10 2.1 The process of going public.............................................................................................. 10 2.2 The characteristics of the firms that prefer alternative methods to IPO to go public........ 10 2.3 Reverse Takeovers versus IPOs........................................................................................ 11 Chapter 3 ..................................................................................................... 14 The Reverse Takeover process ................................................................... 14 3.1 Description of the reverse takeover process ..................................................................... 14 3.2 The motivation for Reverse Takeovers............................................................................. 14 3.2.1 Going public............................................................................................................... 15 3.2.2 M&As ........................................................................................................................ 15 3.2.3 RTs versus IPOs......................................................................................................... 15 3.4 Regulation......................................................................................................................... 16 3.5 An RT Example ................................................................................................................ 17 Chapter 4 ..................................................................................................... 19 Data and Descriptive Statistics ................................................................... 19 4.1 Data Sources ..................................................................................................................... 19 4.2 Descriptive statistics ......................................................................................................... 19 4.2.1 Summary of sample characteristics............................................................................ 19 4.2.2 The characteristics of the Public Firms...................................................................... 23 4.2.3 Summary of transaction characteristics ..................................................................... 26 Chapter 5 ..................................................................................................... 28 Methodology ............................................................................................... 28 5.1 Event study methodology ................................................................................................. 28 5.2 Multivariate Regression.................................................................................................... 29 5.3 Long term performance..................................................................................................... 30 Chapter 6 ..................................................................................................... 31 Empirical results ......................................................................................... 31 6.1 Stock price reaction to RTs............................................................................................... 31 6.2 Multivariate Regression.................................................................................................... 34 6.3 Long-term performance .................................................................................................... 35 6.3.1 Accounting Performance............................................................................................ 35 6.3.2 Test of equality .......................................................................................................... 40 Chapter 7 ..................................................................................................... 43 Conclusions and Recommendations ........................................................... 43 List of References ....................................................................................... 45
en
heal.advisorName
Dasilas, Apostolos
en
heal.committeeMemberName
Leventis
en
heal.committeeMemberName
Livanis
en
heal.committeeMemberName
Artikis
en
heal.academicPublisher
School of Economics and Business Administration, Msc in Banking and Finance
en
heal.academicPublisherID
ihu
heal.numberOfPages
46
heal.fullTextAvailability
true


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