Clicca qui per scaricare

Ipo, Underpricing e Corporate governance: una meta analisi
Titolo Rivista: ESPERIENZE D'IMPRESA 
Autori/Curatori: Elvira Tiziana La Rocca 
Anno di pubblicazione:  2016 Fascicolo: Lingua: Italiano 
Numero pagine:  24 P. 41-64 Dimensione file:  200 KB
DOI:  10.3280/EI2016-001003
Il DOI è il codice a barre della proprietà intellettuale: per saperne di più:  clicca qui   qui 


Il paper si propone di esaminare l’effetto sull’underpricing nelle offerte pubbliche iniziali (IPO) dei meccanismi di governo societario progettati per segnalare al mercato e ai potenziali investitori il valore dell’impresa, riducendo l’incidenza di tale anomalia. Il framework teorico di riferimento è la teoria dei segnali. Viene applicata la meta-analisi attraverso la rassegna quantitativa di 42 paper di ricerca. Il lavoro considera l’impatto sull’underpricing dei segnali trasmessi dall’impresa quotanda in relazione all’assetto proprietario e ad alcuni elementi di governance, con particolare riferimento all’ownership retention, all’ insider ownership del management e alla composizione del consiglio di amministrazione. Le imprese quotande con il supporto di prestigiosi underwriter e/o venture capitalist registrano un minor underpricing grazie alla riduzione dell’incertezza ex ante. I risultati della meta-analisi suggeriscono possibili direzioni di ricerca per esaminare il ruolo delle variabili di moderazione.


Keywords: Quotazione, Offerta Pubblica Iniziale (IPO), reputazione dell’Underwriter, teoria dei segnali, Corporate Governance

  1. Aggarwal R., Rivoli P. (1990). Fads in the Initial Public Offering market. Financial Management, 19(4): 45-57.
  2. *Aggarwal R.K., Krigman L., Womack K.L. (2002). Strategic IPO underpricing, information momentum, and lockup expiration selling. Journal of Financial Economics, 66(1): 105-137.
  3. Arkebauer J.B. (1998). Going Public. Chicago: Dearborn Financial Publisher.
  4. Arosio R., Giudici G., Paleari S. (2000). What Drives the Initial Market Performance of Italian IPOs? An Empirical Investigation on Underpricing and Price support. Financial Management Association Conference, 25-28 ottobre, Seattle (USA).
  5. *Arthurs J.D., Hoskisson R.E., Busenitz L.W., Johnson R.A. (2008). Managerial agents watching other agents: multiple agency conflicts regarding underpricing in IPO firms. Academy of Management Journal, 51(2): 277-294.
  6. Barberis N., Thaler R. (2003). A survey of Behavioral Finance. In: Constantinides G., Harris M., Stulz R., Handbook of economics and finance. New York: Elsevier.
  7. Barry C.B., Muscarella C., Peavy J.W., Vetsuypens M.R. (1990). The role of venture capital in the creation of public companies: Evidence from the Companies: Evidence from the Going-Public Process. Journal of Financial Economics, 27(2): 447-471.
  8. Beatty R.P. (1989). Auditor reputation and the pricing of Initial Public Offerings. The Accounting Review, 64(4): 693-709.
  9. Beatty R. P., Ritter J. R. (1986). Investment banking, reputation, and the underpricing of Initial Public Offerings. Journal of Financial Economics, 15(1-2): 213-232.
  10. *Bédard J., Coulombe D., Courteau L. (2008). Audit committee, underpricing of IPOs and accuracy of management earning forecasts. Corporate Governance: An International Review, 6(6): 519-535.
  11. *Bell R.G., Moore C.B., Al-Shammari H.A. (2008). Country of origin and foreign IPO legitimacy: understanding the role of geographic scope and insider ownership. Entrepreneurship Theory and Practice, 32(1): 185-202.
  12. Berle A.A., Means G.C. (1932). The Modern Corporation and Private Property. New York: MacMillan.
  13. Boehmer E., Fishe P. (2001). Equilibrium rationing in Initial Public Offerings of equity. Working Paper, University of Miami.
  14. *Bradley D.J., Jordan B.D. (2002). Partial adjustment to public information and IPO underpricing. Journal of Financial and Quantitative Analysis, 37(4): 595-616.
  15. *Francis B.B., Hasan I., Zhou M. (2006). Insider Ownership Retention, Analyst Coverage, and Underpricing of Technology IPOs. SSRN Working Paper.
  16. *Brau J.C., Brown R.A., Osteryoung J.S. (2004). Do venture capitalists add value to small manufacturing firms? An empirical analysis of Venture and Non venture Capital-Backed Initial Public Offerings. Journal of Small Business Management, 42(1): 78-92.
  17. Brennan M. J., Franks J. (1997). Underpricing, ownership and control in Initial Public Offerings of equity securities in the UK. Journal of Financial Economics, 45(3): 391-413.
  18. Carter R., Manaster S. (1990). Initial Public Offerings and Underwriter Reputation. Journal of Finance, 45(4): 1045-1067.
  19. Carter R.B., Dark F.H., Singh A.K. (1998). Underwriter Reputation, Initial Returns, and the Long-Run Performance of IPO Stocks. Journal of Finance, 53(1): 285-311.
  20. *Certo S.T., Covin J., Daily C.M., Dalton D.R. (2001a). Wealth and the effects of founder management among IPO-stage new ventures. Strategic Management Journal,
  21. 22(6/7): 641-658. *Certo S.T., Daily C.M., Dalton D.R. (2001b). Signaling firm value through board structure:
  22. An investigation of Initial Public Offerings. Entrepreneurship Theory and Practice, 26(2): 33-50.
  23. *Chahine S., Filatotchev I. (2008a). The effects of venture capitalist affiliation to underwriters on short- and long-term performance in French IPOs. Global Finance Journal, 18(3): 351-372.
  24. *Chahine S., Filatotchev I. (2008b). The effects of information disclosure and board independence on IPO discount. Journal of Small Business Management, 46(2): 219-241.
  25. *Chahine S., Filatotchev I., Wright M. (2007). Venture capitalists, business angels, and performance of entrepreneurial IPOs in the UK and France. Journal of Business Finance & Accounting, 34(3-4): 505-528.
  26. Cheng H.-P., Chan C.-H. (2009). A Meta-Analytic Review of Ownership Structure, Board Composition, and IPO Underpricing. SSRN Working Paper, -- http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1343679.
  27. *Coakley J., Hadass L., Wood A. (2009). UK IPO underpricing and venture capitalists. The European Journal of Finance, 15(4): 421-435.
  28. Cohen J. (1977). Statistical power analysis for the behavioral sciences, revised edition. New York: Academic Press.
  29. *Cook D.O., Kieschnick R., Van Ness R.A., 2006, “On the Marketing of IPOs”, Journal of Financial Economics, Vol. 82, N. 1, pp. 35-61
  30. *Cooney J.W., Singh A.K., Carter R.B., Dark F.H. (2001). IPO Initial Returns and Underwriter Reputation: Has the Inverse Relation Flipped in the 1990s?, Working Paper, University of Kentucky, Case Western Reserve University and Iowa State University.
  31. Cooper H.M., Hedges L.V. (1994). The Handbook of Research Synthesis. New York: The Russell Sage Foundation.
  32. Cyr L.A., Johnson D.E., Welbourne T.M. (2000). Human resources in Initial Public Offering firms: Do venture capitalists make a difference?. Entrepreneurship Theory and Practice, 25(1): 77-91.
  33. Daily C.M., Certo S.T., Dalton D.R., Roengpitya R. (2003). IPO Underpricing: A Meta-Analysis and Research Synthesis. Entrepreneurship Theory and Practice, 27(3): 271-295.
  34. Fabrizio S. (1999). L’underpricing degli IPO italiani: il ruolo degli underwriters, dei prospetti informativi e degli analisti. Banca Impresa Società, 3: 369-412.
  35. *Fernando C.S., Krishnamurthy S., Spindt P.A. (2004). Are share price levels informative? Evidence from the ownership, pricing, turnover and performance of IPO firms. Journal of Financial Markets, 7(4): 377-403.
  36. *Filatotchev I., Bishop K. (2002). Board composition, share ownership, and underpricing’ of U.K. IPO firms. Strategic Management Journal, 23(10): 941-955.
  37. *Franzke S.A. (2003). Underpricing of Venture-Backed and Non Venture-Backed IPOs: Germany’s NeuerMarkt. RICAFE Working Paper (Risk Capital and the Financing of European Innovative Firms), n. 003.
  38. Fried V.H., Hisrich R.D. (1995). The venture capitalist: A relationship investor. California Management Review, 37(2): 101-113.
  39. Fulghieri P., Spiegel J. (1991). Underpriced Initial Public Offers as a Multi-Product Investment House Strategy. Working Paper, Columbia-First Boston. Giorgino M., Giudici G., Paleari S. (2001). Nuove quotazioni e Ipos: l’esame alle matricole. Roma: Bancaria Editrice.
  40. Glass G.V. (1976). Primary, secondary, and meta-analysis of research. Educational Researcher, 5(10): 3-8.
  41. Glass G.V., McGaw G., Smith M.L. (1981). Meta-analysis in Social Research. Beverly Hills, CA: Sage.
  42. *Gompers P.A. (1996). Grandstanding in the venture capital industry. Journal of Financial Economics, 42(1): 133-156.
  43. Gorman M., Sahlman W.A. (1989). What do venture capitalists do. Journal of Business Venturing, 4(4): 231-248.
  44. *Guenther D.A., Willenborg M. (1999). Capital gains tax rates and the cost of capital for small business: evidence from the IPO Market. Journal of Financial Economics, 53(3): 385-408.
  45. *Guo R.J., Lev B., Shi C. (2006). Explaining the short- and long-term IPO anomalies in the US by R&D. Journal of Business Finance & Accounting, 33(3-4): 550-579.
  46. *Habib M., Ljungqvist A. (2001). Underpricing and entrepreneurial wealth losses in IPOs: theory and evidence. Review of Financial Studies, 14(2): 433-458.
  47. *Hamao Y., Packer F., Ritter J. (2000). Institutional affiliation and the role of venture capital: Evidence from Initial Public Offerings in Japan. Pacific Basin Finance Journal, 8(5): 529-558.
  48. *Hameed A., Lim G.H. (1998). Underpricing and firm quality in Initial Public Offerings: Evidence from Singapore. Journal of Business Finance & Accounting, 25(3-4): 455-468.
  49. Hedges L.V. (1992). Meta-analysis. Journal of Educational Statistics, 17(4): 279-296.
  50. *Heeley M.B., Matusik S.F., Jain N. (2007). Innovation, Appropriability and the Underpricing of Initial Public Offerings”, The Accademy of Management Journal, 50(1): 209-225.
  51. Heugens P.P.M.A.R., Essen M. van, Oosterhout J. van (2009). Meta-analyzing ownership concentration and firm performance in Asia. Towards a more fine-grained understanding. Asia Pacific Journal of Management, 26(3): 481-512.
  52. *Hoberg G. (2007). The Underwriter Persistence Phenomenon. The Journal of Finance, 62(3): 1169-1206.
  53. *Howton S.D., Howton S.W., Olson G.T. (2001). Board ownership and IPO return. Journal of Economics and Finance, 25(1): 100-114.
  54. Hunter J.E., Schmidt F.L. (1990). Methods of meta-analysis: Correcting error and bias in researchfindings. Beverly Hills, CA: Sage Publications.
  55. Ibbotson R.G. (1975). Price Performance of Common Stock New Issues. Journal of Financial Economics, 2(3): 235-272.
  56. Johnson J., Miller R. (1988). Investment banker prestige and the underpricing of initial publicofferings. Financial Management, 17(2): 19-29.
  57. *Karlis P.L. (2000). IPO underpricing. The Park Place Economist, VIII: 81-89.
  58. Keeley R.H., Roure J.B. (1990). Management, strategy and industry structure as influences on the success of new firms: A structural model. Management Science, 36(10): 1256-1267.
  59. Kulinskaya E., Morgenthaler S., Staudte R.G. (2008). Meta Analysis: A Guide to Calibrating and Combining Statistical Evidence. New York: Wiley.
  60. Lange J.E., Bygrave W., Nishimoto S., Roedel J., Stock W. (2001). Smart money? The impact of having top venture capital investors and underwriters backing a venture. Venture Capital, 3(4): 309-326.
  61. *Leone A.J., Rock S., Willenborg M. (2007). Disclosure of Intended Use of Proceeds and Underpricing in Initial Public Offerings. Journal of Accounting Research, 45(1): 111-153.
  62. Leyland H., Pyle D. (1977): Information asymmetries, financial structure, and financial intermediation. Journal of Finance, 32(2): 371-387.
  63. *Li L., Naughton T. (2007). Going public with good governance: evidence from China. Corporate Governance: an International Review, 15(6): 1190-1202.
  64. *Lin T. H. (1996). The certification role of large block shareholders in Initial Public Offerings: the case of venture capitalists. Quarterly Journal of Business and Economics, 35(2): 55-65.
  65. *Ljungqvist A.P. (1997). Pricing Initial Public Offerings: further evidence from Germany. European Economic Review, 41(7): 1309-1320.
  66. *Ljungqvist A., Wilhelm W.J. (2003). IPO pricing in the dot-com bubble. Journal of Finance, 58(2): 723-752.
  67. *Loughran T., Ritter J. (2004). Why has IPO underpricing changed over time?. Financial Management, 33(3): 5-37.
  68. *Lowry M., Murphy K.J. (2007). Executive stock options and IPO underpricing. Journal of Financial Economics, 85(1): 339-365.
  69. MacMillan I.C., Kulow D.M., Khoylian R. (1989). Venture capitalists’ involvement in their investments: Extent and performance. Journal of Business Venturing, 4(1): 27-47.
  70. *Megginson, Weiss (1991). Venture Capital Certification in Initial Pubblic Offerings. The Journal of Finance, 46(3): 879-903.
  71. Michaely R., Shaw W.H (1994). The Pricing of Initial Public Offerings: Tests of Adverse-Selection and Signaling Theories. Review of Financial Studies, 7(2): 279-319.
  72. *Pollock T.G. (2004). The benefits and costs of underwriters’ social capital in the US Initial Public Offerings market. Strategic Organization, 2(4): 357-388.
  73. *Rasheed A.M.A., Datta D.K., Chinta R.R. (1997). Determinants of price premiums: A study of Initial Public Offerings in the medical diagnostics and devices industry. Journal of Small Business Management, 35(4): 11-23.
  74. Ritter J.R., 1984, “Signaling and the Valuation of Unseasoned New Issues: A Comment”, Journal of Finance, Vol. 39, N. 4, pp. 1231-1237
  75. Ritter J.R., Welch I. (2002). A review of IPO Activity, Pricing and Allocation. The Journal of Finance, 57(4): 1795-1828.
  76. *Robinson R.M., Robinson M.A., Peng C.-C. (2004). Underpricing and IPO ownership retention. Journal of Economics and Finance, 28(1): 132-146.
  77. Rock K. (1986). Why new issues are Underpriced?. Journal of Financial Economics, 15(1-2): 187-212.
  78. Rosenstein M.T., Collins J.J., De Luca C.J. (1993). A practical method for calculating largest Lyapunov exponents from small data sets. Physica. D, 65(1-2): 117-134
  79. Rosenthal R. (1991). Meta-analytic procedures for social research, (Rev. Ed.). Newbury Park: Sage.
  80. Sánchez Ballesta J.P., GarcíaMeca E. (2007). A meta-analytic vision of the effect of ownership structure on firm performance. Corporate Governance: An International Review, 15(5): 879-893.
  81. *Schertler A. (2002). The Determinant of Underpricing: Initial Public Offerings on the NeuerMarkt and the Nouveau Marché. EIFC Working Paper (European Integration, Financial Systems and Corporate Performance), 02-12.
  82. *Smart S.B., Zutter C.J. (2003). Control as motivation for underpricing: a comparison of dual and single class IPOs. Journal of Financial Economics, 69(1): 85-110.
  83. Stanley T.D., Jarrell S.B. (1989). Meta-regression analysis: A quantitative method of literature surveys. Journal of Economic Surveys, 3(2): 161-170.
  84. Stoughton N., Zechner J. (1998). IPO-mechanisms, monitoring and ownership structure. Journal of Financial Economics, 49(1): 45-78.
  85. *Yeh Y.-H., Shu P.-G., Guo R.-J (2008). Ownership Structure and IPO Valuation – Evidence from Taiwan. Financial Management, 37(1): 141-161.
  86. Law M., Baptiste S., Carswell A., McColl M. A., Polatajko H., Pollock N. (1994). Canadian Occupational Performance Measure. Toronto, Canada: CAOT Publications.
  87. Silver N.C., Dunlap W.P. (1987). Averaging correlation coefficients: Should Fisher’s z transformation be used?. Journal of Applied Psychology, 2(1): 146-148.

Elvira Tiziana La Rocca, in "ESPERIENZE D'IMPRESA" 1/2016, pp. 41-64, DOI:10.3280/EI2016-001003

   

FrancoAngeli è membro della Publishers International Linking Association associazione indipendente e no profit per facilitare l'accesso degli studiosi ai contenuti digitali nelle pubblicazioni professionali e scientifiche