Initial Public Research Articles

Investor demand for stocks in Initial Public Offerings and their price behaviour after debut. Evidence from Poland

This article investigates the relationship between investor demand during an IPO and the long-term behaviour of share prices following a company’s stock market debut. Specifically, the study examines the impact of the demand observed during the public offering and the size of the offering on abnormal return rates for a sample of 116 IPOs on the Warsaw Stock Exchange between 2012 and mid-2022. The primary research hypothesis tests whether the medians of abnormal return rates, influenced by these factors, are statistically significant over several time intervals ranging from 3 to 12 months after the debut. The findings confirm that certain information from the completed public offering, particularly the relatively low number of new shares offered, plays a significant role in predicting abnormal changes in share prices during these periods. This research offers valuable insights for investors, emphasising the key factors within the IPO process that can influence the trajectory of share prices following a company’s market debut.

The Impact of Financial Disclosure on Stock Performance of Initial Public Offerings in the Indonesian Capital Market

This research aims to explore whether the proceeds, age, revenue, and underwriter rating of IPO companies affect disclosure; whether disclosure mediates the relationship between the four exogenous variables and underpricing; and whether underpricing mediates the relationship between disclosure and returns. This research uses Partial Least Squares Structural Equation Modelling (PLS-SEM) as the data processing method. Since this research examines interactions between variables, PLS-SEM is an effective data processing method. This research identifies four key exogenous variables: funds raised from the IPO, the age of the IPO company, the income of the companies prior to the IPO, and the ranking of underwriting companies. The research finds that the R-squared of the disclosure variable is 0.0037, or 3.7%, while the Q-squared of the disclosure variable is 0.0039. Meanwhile, the R-squared of the underpricing variable is 0.435, and the Q-squared of the underpricing variable is 0.456. The research also finds that higher proceeds, age, revenue, and underwriter ranking of IPO companies will reduce disclosure. Conversely, higher proceeds and age of the IPO companies will reduce underpricing, while higher revenue and underwriter ranking of the IPO company will increase underpricing. Finally, the research finds that higher disclosure will increase underpricing. Статтю розміщено в рамках грантової програми ГО «НАУКОВО-ОСВІТНІЙ ІННОВА-ЦІЙНИЙ ЦЕНТР СУСПІЛЬНИХ ТРАНСФОРМАЦІЙ» за підсумками Конкурсу індивідуальнихгрантів «Ініціатива підтримки науковців»

Assessing the Performance of Initial Public Offerings (IPOs) in Indian Stock Markets: A Longitudinal Study from 2014-2023

This research investigates the performance of Initial Public Offerings (IPOs) in the Indian stock market over a decade (2014-2023). The study aims to assess both short-term and long-term IPO returns and the factors influencing their performance. Using a quantitative, longitudinal approach, data was collected from the National Stock Exchange (NSE) of India, covering 500 IPOs. The analysis examines short-term listing day returns and long-term performance up to five years post-IPO, focusing on variables like firm size, market sentiment, and sector-specific dynamics. The findings reveal substantial variations in IPO performance, with average listing day returns ranging from 18.98% to 26.35%, particularly peaking during market volatility in 2020. However, long-term returns exhibit a decline, with many IPOs underperforming five years after listing. Regression analysis shows that firm size and market sentiment significantly affect IPO performance, with larger firms and favorable market conditions driving better outcomes. The technology and pharmaceutical sectors outperformed, while real estate IPOs lagged. The study highlights the importance of due diligence for investors and the need for continued regulatory reforms to improve market transparency and efficiency. This research fills a gap in the literature by providing a comprehensive, decade-long perspective on IPO performance in India.

Initial Public Offering (IPO) and Value Aggregation: a Systematic Literature Review

Objective: The objective of this study is to conduct a systematic literature review on Initial Public Offerings (IPO) and value aggregation, identifying the key articles and authors who investigate the topic. Theoretical Framework: The theoretical framework is based on life cycle, market timing, and pecking order theories, highlighting the benefits and risks of IPOs for companies, such as raising capital and increasing market value. Method: The method used was a systematic review, based on the Web of Science, focusing on articles about IPOs and value creation. Stages such as research operationalization, application of filters, and bibliometric analysis were followed. Results and Discussions: The results indicate a significant increase in the number of publications after 2007, with emphasis on the seminal work of Loughran and Ritter. The discussions reveal that most research focuses on pricing and governance aspects, with few investigations on financial value aggregation. Research Implications: The research implications suggest the need for future studies focusing on the financial impact of IPOs, especially in emerging markets. Originality/Value: The originality and value of this work lie in the systematization of a vast literature on IPOs and the identification of gaps for future research

Analysis of Opioid Prescribing Trends Following Thyroidectomy and Parathyroidectomy Before and After the 2021 American Academy of Otolaryngology-Head and Neck Surgery Opioid Prescribing Clinical Practice Guidelines.

To evaluate the trends in opioid and nonopioid prescribing for thyroidectomy and parathyroidectomy before and after the publication of guidelines by the American Academy of Otolaryngology-Head and Neck Surgery in April 2021. Retrospective. Eighty-three health care organizations in the United States that contribute to the TriNetX database. Deidentified patient data were retrieved from the TriNetX. Patients who were prescribed either opioids or nonopioid analgesic within 1 to 5 days following thyroid surgery and parathyroidectomy were included. Evaluation of the prescription trends was performed by interrupted time series analysis in Statistical Analysis System 9.4 with significance set at P < .05 to assess trends before and after the new opioid prescription guidelines. For thyroid surgery, there was an immediate effect of the guideline change indicated by a 3.3% decrease in the opioid prescription trend (P = .03) and a significant increase in nonopioid use of overtime by 0.13% every 3 months (P < .0001). The opioid prescription trend following parathyroidectomy significantly decreased over time by 0.28% every 3 months (P < .0001), while the nonopioid prescription trend increased by 0.14% (P < .0001). There was an associated immediate reduction in the opioid prescribing trend for thyroidectomy, but the change was not sustained overtime. There was an associated decrease in the opioid prescribing trend for parathyroidectomy, but not immediately after the initial publication of the prescription guidelines. Level III.

The Role and Impact of Investment Banks in the IPO Process of High-Tech Enterprises

As China's comprehensive strength continues to grow, new opportunities arise for the development of high-tech industries. An increasing number of high-tech enterprises are entering the capital market through Initial Public Offerings (IPOs) to raise funds, expand their scale, and enhance brand influence. Investment banks play a crucial role in this process. As professional financial institutions, investment banks provide indispensable services, including professional consultation, due diligence, and risk management. Additionally, investment banks can leverage resources from other industries to assist in the development of high-tech enterprises, guide them in standardized management, enhance brand value, and help these companies achieve stable growth in a competitive environment, ultimately bringing greater economic and social benefits.

The Influence Of Earning Per Share (Eps), Dept To Equity Ratio (DER), And Company Age On Underpricing In Idx

This study analyzes whether the variables earnings per share (EPS), debt to equity ratio (DER), and Age Copies influence the underpricing of the Initial Public Offering (IPO). The theory related to underpricing is the signaling theory. The method used in this study is regression analysis. The results from this study show that only three variables, EPS, DER, and Age Companies, have a significant effect on underpricing. Because of the higher profitability, investors will be interested in buying or getting a substantial return on their participation. Simultaneously, no variables affected underpricing.

What use of proceeds do family IPOs signal? The influence of family generational stage and family CEO

PurposeThis study aims to investigate the relationship between the family generational stage and the intended use of the Initial Public Offering (IPO) proceeds disclosed in the prospectus. With the aim to explore family business (FB) heterogeneity, it also explores the moderating role of the family CEO.Design/methodology/approachWe draw on signalling theory and hand-collected data on Italian family IPOs that occurred in the period 2000–2020, disentangling the intended use of IPO proceeds as distinguished into three categories. We employ logit regression to test our hypotheses.FindingsAccording to our theoretical predictions, we find that the family generational stage positively affects the disclosure of the investment reason as the intended use of IPO proceeds, while it negatively influences the use for recapitalization and general corporate purposes. The first relationship is moderated by the presence of a family CEO. Our results remain robust with different FBs definitions and a different empirical method.Originality/valueTo the best of the authors’ knowledge, this paper is the first to address the topic of the intended use of IPO proceeds in FBs. In doing so, it opens avenues for future research by enriching an underdeveloped, albeit growing, area of research, that of preparing for the market scrutiny in family IPOs.

Italian Cardiological Guidelines (COCIS) for Competitive Sport Eligibility in athletes with heart disease: update 2024.

Nearly 35 years after its initial publication in 1989, the Italian Society of Sports Cardiology and the Italian Federation of Sports Medicine (FMSI), in collaboration with other leading Italian Cardiological Scientific Associations (ANCE - National Association of Outpatient Cardiology, ANMCO - National Association of Inpatient Cardiology, SIC - Italian Society of Cardiology), proudly present the 2023 version of the Cardiological Guidelines for Competitive Sports Eligibility. This publication is an update of the previous guidelines, offering a comprehensive and detailed guide for the participation of athletes with heart disease in sports. This edition incorporates the latest advances in cardiology and sports medicine, providing current information and recommendations. It addresses various topics, including the details of the pre-participation screening in Italy and recommendations for sports eligibility and disqualification in competitive athletes with various heart conditions. This revised version of the Cardiological Guidelines for Competitive Sports Eligibility, recorded in the Italian Guidelines Registry of the Italian Minister of Health, stands as a crucial resource for sports medicine professionals, cardiologists, and healthcare providers, marked by its completeness, reliability, and scientific thoroughness. It is an indispensable tool for those involved in the care, management and eligibility process of competitive athletes with heart conditions.

Poor registration and publication practices in clinical trials of targeted therapeutics for endocrine and metabolic diseases: an observational study

ObjectiveTo assess the completeness and concordance of reporting in registries and corresponding publications of interventional trials on targeted therapeutics for endocrine and metabolic disorders. Study Design and SettingWe searched clinical trial registries in September 2022 for completed interventional trials of target therapeutics for endocrine and metabolic disorders registered from 2005 onwards. We used ClinicalTrials.gov and the World Health Organization International Clinical Trial Registration Platform (WHO ICTRP) registration requirements to extract data and assess the completeness of initial entry and final updates to trial registration and concordance with their published journal articles. ResultsAmong 149 clinical trials included, 121 (81%) had corresponding publications. Missing mandatory registration data items were identified in 88 (67%) trials at the initial registration, 17 (13%) at the last registration, and in 85 (77%) corresponding publications. All trials showed changes between initial registration and final registration update, and 98% showed changes from the initial registration to publication. Changes between initial registration and final update were most common in the categories ‘Completion date’ (92%), ‘Key secondary outcomes’ (82%), and ‘Date of first enrolment’ (70%). Changes between initial registration and publication were most common in categories ‘Sample size’ (91%), ‘Key inclusion and exclusion criteria’ (81%), ‘Key secondary outcomes’ (84%), and ‘Completion date’ (83%). ConclusionDespite the legal and journal registration requirements, the completeness and consistency of reporting mandatory data items in registries and corresponding publications regarding targeted therapeutics for endocrine and metabolic disorders are inadequate. Our findings raise questions about the integrity and reliability of clinical trials focusing on targeted therapeutics.

The impact of risk factor disclosure on the initial return of IPO companies amidst a pandemic

The capital market has increasingly become a pivotal avenue for enterprises seeking additional capital for expansion or operational enhancements. In raising funds through an Initial Public Offering (IPO), the company must publish its risk disclosure in the prospectus. Therefore, this study aims to investigate the impact of risk disclosure on the initial return of Indonesian companies undergoing IPOs during the pandemic. Using data from 136 out of 164 companies that went public between 2020 and 2022, sourced from the Indonesian Stock Exchange and company websites, the study employs the ordinary least squares method to estimate the impact of risk disclosures on initial returns during the pandemic. The findings reveal that external and overall risk disclosures significantly influence IPO initial returns. Specifically, Indonesian investors were particularly attentive to external and overall risks when evaluating IPOs during the pandemic. This heightened concern suggests that comprehensive risk disclosure can affect investor behavior and financial outcomes for companies going public in uncertain times, highlighting the importance of transparency in risk communication to support investor decision-making and market stability.

Exploring Investment Practices in Initial Public Offerings (IPOs) among Undergraduate Students

This study aimed to explore the investment behavior of undergraduate students focusing on their participation in initial public offerings (IPOs). Data was collected through structured questionnaires from a sample of 321 students out of a total population of 1476 covering management, humanities, and education faculties. The data were collected during two-months period from April 1 to June 1, 2024. The study used exploratory research design with a quantitative approach to analyze data. The study explored that management faculty students are more likely to invest in IOPs compared to humanities faculty and education faculty students. It is also revealed that third and fourth year students were more involved in IPOs than first and second year students. Gender differences in investment behavior were also noted. Male students participate more actively in IPOs than female students. Parental education and profession did not significantly influence the investment behavior. The study pointed-out the need for targeted educational programs to improve financial literacy and informed investment decisions among students.

"Evolving Horizons: The Journey And Impact Of LIC's Landmark IPO"

The Initial Public Offering (IPO) of the Life Insurance Corporation of India (LIC) in May 2022 marked a pivotal transition for one of India’s largest financial institutions from a state-owned entity to a publicly listed company. This move was part of the government's broader strategy to divest its stakes in public sector enterprises, aiming to enhance operational efficiencies, improve transparency, and maximise shareholder value. Navigating through a series of legislative amendments and complex valuation challenges, the IPO drew substantial attention from both domestic and international investors, reflecting strong confidence in LIC's market fundamentals. This paper provides a detailed review of the IPO process, the subsequent market response, and its impact on LIC’s business operations and governance structure. It discusses the strategic motivations behind the IPO, the execution challenges, and the implications for future economic reforms in India. By analysing LIC’s performance post-IPO, the study highlights the critical role such transformative events play in modernising state-owned enterprises and integrating them with global financial markets, projecting significant implications for similarentities considering public offerings.

Effect of Institutional Ownership and Audit Committee to Underpricing in Indonesian Stock Exchange

Underpricing is a phenomenon that remains unresolved. Between 2015 and 2022, 83 percent of companies listed on the Indonesia Stock Exchange (IDX) experienced underpricing. Information asymmetry is often cited as the primary reason for underpricing during the Initial Public Offering (IPO) process. The audit committee and institutional ownership are crucial indicators in reducing information asymmetry between issuers, underwriters, and investors. This study aims to examine the consistency of the application of the audit committee and institutional ownership in influencing underpricing, using a sample of 304 companies that experienced underpricing between 2015 and 2022.

The Influence of Financial Performance and Underwriter Reputation on Annual Return

This study examines the effect of profitability, liquidity, financial leverage, and the underwriter's reputation on the underpricing of Initial Public Offering (IPO) shares. Samples were taken from companies that conducted an IPO on the Indonesia Stock Exchange from 2018 to 2021 using a purposive sampling method, resulting in sample data from 62 companies. Data on underpricing were measured using initial return, profitability was measured by return on equity (ROE), liquidity was measured using the current ratio (CR), financial leverage was measured using the debt-to-equity ratio (DER), and underwriter's reputation was measured using the top 10 in terms of the 20 most active brokerage houses monthly in total trading frequency during the study period. The results of this study indicate that profitability (ROE) and underwriter reputation (RU) have a negative and significant effect on underpricing, while liquidity (CR) and financial leverage (DER) have a negative and insignificant effect on underpricing.

Studying the Impact of Selected Listing on NASDAQ Stock Exchange on Enterprise Profits: Forecasting the Case of VinFast Manufacturing and Trading Company Limited

Initial Public Offering (IPO) is considered a strategic decision of utmost importance for every business, especially companies that wish to list on the stock exchange. international. Using the Wilcoxon non-parametric test method, the study shows that IPO activities have a positive impact on the profits of businesses listed on the NASDAQ Global Select Market stock exchange in general and of VinFast in particular. At the same time, the author had proposed a number of solutions to increase the number of companies in Vietnam conducting IPOs on the international stock market as well as policies to help increase the profits enterprises listed on the international stock market of listed businesses.

Reflections on 'Have we lost sleep?'

The article, 'Have we lost sleep? A reconsideration of segmented sleep in early modern England', Medical History, 67, 2 (2023), 91-108, by Niall Boyce is devoted to criticising my historical research pertaining to 1) the predominance of segmented sleep in the pre-industrial Western world and 2) the nineteenth-century transition of sleep to today's pattern of continuous slumber that most people in modern societies seek to achieve, albeit not always successfully. This response addresses Boyce's reinterpretation of the evidence and indicates whether this is erroneous or selective. My analysis thereby reasserts the predominanceof segmented sleep in pre-modern Western Europe. Boyce's assessment rests not on his original investigation of primary sources but on my first study relating to segmented sleep, published in 2001. Not least of the flaws of 'Have We Lost Sleep?' is its surprising inattention to my subsequent works that have expanded, modified, and bolstered this initial publication.

Towards a Sustainable Future: Examining the Symmetric and Asymmetric Effect of Unstable Macroeconomic Factors on Initial Public Offerings Variability

The research seeks to explore the symmetric and asymmetric effects of renewable energy, technological innovation, and ecological footprint on the variability of initial public offerings in the unique institutional setting of the Pakistani IPO market. The study used yearly data on the Pakistani IPO market and the macroeconomic variables from January 1992 to December 2020. Further, the study employed the linear and Non-Linear ARDL to investigate the symmetric and asymmetric nexus among variables. For that purpose, the stationarity of the variables was predetermined using Augmented Dicker Fuller (ADF) and Phillips Perron (PP) unit root tests. Additionally, the F-bound test verifies that IPO issuance and macroeconomic drivers are co-integrated. The findings show a symmetric and asymmetric relationship between IPO variability and macroeconomic variables under study. Renewable energy and technological innovation have statistically positive effects on IPO variability. On the contrary, the ecological footprint has a significantly negative impact on IPO variability. The weak condition of the Pakistani IPO market could be attributed to the slow adoption of technological innovation, the transition to renewable energy, and a high ecological footprint that attracts stringent regulatory and environmental compliance costs of going public.

Effectiveness of tax incentives in optimizing corporate income tax revenue: Case study public listed company tax office

Tax revenue is a key component of the Indonesian State Budget (APBN) and plays a strategic role in national development. This study aims to analyze the impact of the implementation of the income tax rate reduction policy and tax incentives based on Law Number 7 of 2021 on Harmonization of Tax Regulations (UU HPP) on corporate income tax revenue at Public Listed Company Tax Office. The research methodology used is qualitative descriptive, with primary data obtained through interviews with tax officials and tax consultants, and secondary data from tax revenue documentation and related literature. The findings show that the reduction in corporate income tax rates and the provision of tax incentives for publicly listed companies significantly impact the optimization of tax revenue at the Public Listed Company Tax Office. The largest contribution to corporate income tax revenue comes from companies listed on the Indonesia Stock Exchange (IDX), with a dominant contribution from companies conducting Initial Public Offerings (IPOs). The study also identifies several factors affecting the optimization of corporate income tax revenue, including tax awareness and corporate tax morale. These findings provide important insights into how tax policies can be optimized to improve taxpayer compliance and tax revenue, as well as their contribution to national economic growth.

Volatilitas Harga Saham Industri Ekonomi Baru dan Non-Ekonomi Baru di Indonesia: Apakah Fenomena IPO keduanya berbeda?

This research explores the influence of financial performance on the shares of companies conducting an Initial Public Offering (IPO) and analyzes the influence of leverage, company size, managerial ownership structure, and board educational background on share price volatility. This study is based on signal theory and focuses on new economy and non-new economy industries that conduct IPOs between 2021 and 2022. Using financial data from the Indonesia Stock Exchange (IDX) website, the population of e-commerce companies consists of 3 companies, while The sample of non-e-commerce companies consists of 12 companies. The research results show that leverage has a positive effect on stock price volatility.