Theoretical and empirical analysis of IPO
|Author:||Mgr. Josef Vajsejtl|
|Year:||2004 - summer|
|Leaders:|| † prof. Ing. Michal Mejstřík CSc.
|Work type:|| Finance and Banking
|Awards and prizes:||M.A. with distinction from the Dean of the Faculty of Social Sciences for an excellent state-final examination performance|
|Abstract:||The thesis aims on initial public offerings and seasoned equity offerings. It focuses especially on two major topics – the recent development of the worldwide IPO markets and the situation on the Czech IPO market. After a brief summary of firm’s possibilities of its financing on the contemporary markets the thesis describes many kinds of IPO process which differ among the markets. The analysis of two specific IPO phenomenons follows – the short-run underpricing of IPOs and the long-run underperformance of IPO firms compared to similar firms. In both cases the argumentation is based on asymmetric information models and limited rationalism of some market participants. The following analysis of seasoned equity offerings focuses mainly on the rights of current shareholders. In the section about the Czech Republic many different factors and their recent negative consequences for the Czech IPO market are analyzed. The factors are discussed separately according to their origin (either economical or legislative origin) and their contemporary influence on the Czech IPO market is described as well. The first initial public offering on the Prague Stock Exchange took place in June 2004 and is described in the appendix of the thesis.|
|Downloadable:|| Josef Vajsejtl