GR Semicolon EN

Show simple item record

dc.contributor.author
Dora, Despoina
en
dc.contributor.author
Zarogianni, Eirini
en
dc.date.accessioned
2015-04-08T09:53:31Z
dc.date.available
2015-09-27T05:58:22Z
dc.date.issued
2015-04-08
dc.identifier.uri
https://repository.ihu.edu.gr//xmlui/handle/11544/73
dc.rights
Default License
dc.title
Short-Run and Long-Run Performance of Global Shipping IPOs
en
heal.type
masterThesis
heal.keyword
Dissertations, Academic
en
heal.keyword
Going public (Securities)
en
heal.keyword
Shipping--Rates
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
2010-10
heal.bibliographicCitation
Dora Despoina and Zarogianni Eirini, 2010, Short-Run and long-run performance of global shipping IPOs, Master's Dissertation , International Hellenic University
en
heal.abstract
This paper examines the short-run and the long-run performance of Initial Public Offerings (IPOs) that shipping firms have issued during the period 1997-2010 in major Stock Exchanges. The sample is underpriced at 31.74% on the first listing day. The underpricing is strongly positively related to the market size of the company at a 1% level of significance. In the long-run, the sample was found to be positively related to the proportion of equity offered at the first trading day at a 10% level of significance. Cumulative Abnormal Returns (CARs) indicate that shipping firms underperform after 1, 2 and 3 years, while both Buy-and-Hold Abnormal Returns and Wealth Relatives show that there is an overperformance in all time periods under examination.
en
heal.tableOfContents
Abstract ................................................................................................................................ 2 Acknowledgements ............................................................................................................... 2 Table of Contents .................................................................................................................. 3 Table of Illustrations .............................................................................................................. 4 1. Introduction .................................................................................................................. 5 2. Literature Overview ....................................................................................................... 7 2.1 IPO Underpricing ......................................................................................................... 7 2.2 Shipping IPO Underpricing ......................................................................................... 10 2.3 Long-Run Performance .............................................................................................. 13 3. Data ............................................................................................................................ 15 3.1 Shipping IPOs Underpricing Factors ...................................................................... 16 3.1.1 Gross proceeds ................................................................................................... 16 3.1.2 Size of the company ............................................................................................ 17 3.1.3 Proportion of Equity offered ............................................................................... 18 3.1.4 Gearing level ....................................................................................................... 20 3.1.5 The age of the company ...................................................................................... 21 3.1.6 The age of the fleet ............................................................................................. 21 3.1.7 The reputation of the underwriter ...................................................................... 22 3.1.8 The reputation of the Stock Exchange ................................................................. 22 4. Methodology ............................................................................................................... 23 4.1 Short-Run Performance Regression ........................................................................... 23 4.2 Long-Run Performance Measures .............................................................................. 24 4.2.1 Cumulative Abnormal Returns ............................................................................ 26 4.2.2. Buy and Hold Abnormal return ........................................................................... 28 4.2.3 Buy and Hold Returns and Wealth Relative ......................................................... 28 5. Short-Run and Long-Run Results ...................................................................................... 30 5.1 Underpricing Regression Results ................................................................................ 30 5.2 Long-Run Performance .............................................................................................. 33 5.2.1 CAR Empirical Results .......................................................................................... 34 5.2.2 BHAR Empirical Results ....................................................................................... 35 5.2.3 Wealth Relative Empirical Results ....................................................................... 36 5.3 Long-run Performance Regression Results ................................................................. 37 6. Conclusion ....................................................................................................................... 39 7. References ...................................................................................................................... 42
en
heal.advisorName
Syriopoulos, Dr. Theodore C.
en
heal.committeeMemberName
Syriopoulos, Dr. Theodore C.
en
heal.committeeMemberName
Levis
en
heal.committeeMemberName
Anagnostopoulou
en
heal.academicPublisher
School of Economics, Business Administration and Legal Studies, MSc in Banking and Finance
en
heal.academicPublisherID
ihu
heal.numberOfPages
48
heal.fullTextAvailability
true


This item appears in the following Collection(s)

Show simple item record

Related Items