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Tytuł:
Earnings management in the private equity divestment process on Warsaw Stock Exchange
Autorzy:
Sosnowski, Tomasz
Powiązania:
https://bibliotekanauki.pl/articles/22446529.pdf
Data publikacji:
2018
Wydawca:
Instytut Badań Gospodarczych
Tematy:
initial public offering
private equity
earnings management
Opis:
Research background: Prior studies suggest that companies which go public manage earnings in order to inflate the issue price. However, for private equity funds the use of such activity can be costly in terms of the reputation capital as they are repetitive stock market players. The results of previous research on the effect of private equity fund on the quality of pre-IPO reported earnings are mixed and inconclusive. Purpose of the article: The main aim of the study is to empirically investigate the use of pre-IPO earnings management by private equity funds in the process of divestment conducted on a stock exchange. Methods: I provide comparisons between PE-backed companies and firms with a similar initial market value and growth potential, using the method of single-linkage clustering to build the study sample. In order to assess the scale of pre-IPO earnings management, I apply the discretionary accruals model of Larcker and Richardson [2004]. Findings & Value added: Using a sample of companies conducting IPO on WSE between 2005 and 2015 I do not find evidence that the presence of private equity fund among the shareholders of the company in the period preceding first listing of shares on a stock market constrains the use of earnings management prior to the IPO. The difference between the discretionary accruals in PE-backed and matched companies, when controlling for the market value and book-to-market ratio, is statistically insignificant. To be specific, companies with private equity funds in their shareholder structure do not exhibit lower scale of earnings management prior to the IPO in comparison to other new stock companies.
Źródło:
Equilibrium. Quarterly Journal of Economics and Economic Policy; 2018, 13, 4; 689-705
1689-765X
2353-3293
Pojawia się w:
Equilibrium. Quarterly Journal of Economics and Economic Policy
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Dyferencjacja strategii dezinwestycji funduszy private equity metodą pierwszej oferty publicznej
The Differentiation of Divestment Strategy through Initial Public Offering Implemented by the Private Equity Funds
Autorzy:
Sosnowski, Tomasz
Powiązania:
https://bibliotekanauki.pl/articles/904548.pdf
Data publikacji:
2013
Wydawca:
Uniwersytet Łódzki. Wydawnictwo Uniwersytetu Łódzkiego
Tematy:
private equity funds
divestment strategy
initial public offering
Opis:
The main aim of this paper is an attempt to identify the different strategies of private equity funds divestments carried out through stock exchange. The purpose of this study has been achieved by empirical verification of hypothesis which stipulates that the private equity funds implement heterogeneous strategies of divestment by the initial public offering. The research on disinvestment of private equity funds through initial public offering has shown that this method of exit from investment may take a wide range, different dynamics and bring various effects. The empirical studies have been carried out on a group of 26 private equity backed companies in which the divestment process had been carried out by the initial public offering and the first listing on the Warsaw Stock Exchange had taken place between 2002 and 2010.
Źródło:
Acta Universitatis Lodziensis. Folia Oeconomica; 2013, 278
0208-6018
2353-7663
Pojawia się w:
Acta Universitatis Lodziensis. Folia Oeconomica
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Fundamental factors and the level of underpricing
Autorzy:
Podedworna-Tarnowska, Dorota
Powiązania:
https://bibliotekanauki.pl/articles/33754985.pdf
Data publikacji:
2024-07-02
Wydawca:
Szkoła Główna Handlowa w Warszawie. Kolegium Zarządzania i Finansów
Tematy:
initial public offering (IPO)
underpricing
fundamental factors
valuation
Opis:
Underpricing has been the subject of substantial research at a global scale and has been thoroughly described in the literature, but it is still unclear what factors influence its level in the Polish capital market, particularly in the context of fundamental factors. Since investors have very limited information of the companies going public, the companies must convey or signal information that can be used for valuing their shares. The aim of the article is to identify the impact of a company’s fundamental factors on the level of underpricing of an initial public offering. The research is based on the sample of 227 companies debuting in the regulated market of the Warsaw Stock Exchange between 2005 and 2022. The empirical analysis and regression results estimation were based on the data coming from prospectuses of the companies going public. To prepare the econometric linear regression model, the stepwise forward variable selection procedure was carried out. The evidence indicates that underpricing is significantly affected by a few financial variables, such as assets, ROA, BVS, and EPS.
Źródło:
Journal of Management and Financial Sciences; 2023, 50; 239-256
1899-8968
Pojawia się w:
Journal of Management and Financial Sciences
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
The credibility of earnings announced by new stock companies: accrual and real earnings management
Autorzy:
Sosnowski, Tomasz
Powiązania:
https://bibliotekanauki.pl/articles/22444316.pdf
Data publikacji:
2021
Wydawca:
Instytut Badań Gospodarczych
Tematy:
initial public offering
real earnings management
discretionary accruals
listing status
Opis:
Research background: An initial public offering (IPO) creates an excellent opportunity to research the impact of changes in the institutional environment of companies on the trustworthiness of the information disclosed in financial statements. Purpose of the article: The main aim of the study is to analyze the use of accrual and real earnings management to inflate earnings, revenue, or total assets around the going public event. Therefore, this paper contributes to the stream of study on the quality of financial reporting of new stock companies. Methods: Two main approaches reflect the use of various types of earnings management activities, i.e., discretionary accruals and real earnings management. In both cases, it was necessary to use proper OLS method estimated models to identify the normal level of categories that affect the results reported in financial statements. Findings & value added: Based on a sample of 183 IPOs from the Warsaw Stock Exchange between 2005 and 2015, generally, managers of newly-listed companies actively use discretionary accruals, reduce production costs and certain discretionary expenses, and abnormal cash flows from operations ? i.e., all proxies of earnings management used in the paper ? in the periods around the IPO. In the period prior to the IPO, managers more often introduce techniques typical of the real sphere of the company's operations, in particular, the deliberate modeling of certain discretionary costs. In turn, the use of discretionary accruals dominates in the year after the IPO.
Źródło:
Equilibrium. Quarterly Journal of Economics and Economic Policy; 2021, 16, 3; 661-677
1689-765X
2353-3293
Pojawia się w:
Equilibrium. Quarterly Journal of Economics and Economic Policy
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Earnings management and the floatation structure: empirical evidence from Polish IPOs
Autorzy:
Sosnowski, Tomasz
Powiązania:
https://bibliotekanauki.pl/articles/22446621.pdf
Data publikacji:
2017
Wydawca:
Instytut Badań Gospodarczych
Tematy:
initial public offering
IPO
primary shares
secondary shares
earnings management
Opis:
Research background: Firms use discretionary accounting choices to manage earnings disclosures around the time of certain types of corporate events. The initial public offering particularly provides an opportunity to earnings management because of the significant information asymmetry between investors and issuers at the time of the offering. Purpose of the article: The main aim of the study is to empirically investigate the links between the earnings management and the portions of primary and secondary shares sold in IPO. Methods: In order to investigate whether the earnings management influences the issue of new shares and the sale of secondary shares I use Tobit and logit regressions, where discre-tionary accruals are the proxy for earnings management. Findings & Value added: Using a sample of 221 firms from Warsaw Stock Exchange between 2005 and 2015 I do not find evidence that the increase of pre-IPO discretionary accruals positively affects the sale of primary shares in the IPO, but the analysis has revealed that the deliberate conservative reporting limits the probability of the new shares issuance. In turn, the sale of secondary shares by the original shareholders in IPO is more likely in companies using a conservative earnings management. Furthermore, negative discretionary accruals increase the portion of secondary shares sold in the IPO.
Źródło:
Equilibrium. Quarterly Journal of Economics and Economic Policy; 2017, 12, 4; 693-709
1689-765X
2353-3293
Pojawia się w:
Equilibrium. Quarterly Journal of Economics and Economic Policy
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Cena emisyjna w pierwszej ofercie publicznej a przyczyny wykluczenia spółki z NewConnect
The Issue Price in the Initial Public Offering and the Reasons for Excluding the Company from NewConnect
Autorzy:
Frydrych, Sylwia
Powiązania:
https://bibliotekanauki.pl/articles/35525530.pdf
Data publikacji:
2022
Wydawca:
Uniwersytet Łódzki. Wydawnictwo Uniwersytetu Łódzkiego
Tematy:
NewConnect
initial public offering
Alternative Trading System
delisting
issue price
Opis:
The purpose of the article. The subject of this article is the analysis of the change in the share price on the day of the company's debut on the NewConnect market due to the reasons for its exclusion from trading. The analysis was carried out for all companies debuting on NewConnect in 2007–2020. The results are presented depending on the share issue price. The paper hypothesized that companies whose share issue price was incorrectly estimated, which means overvalued or undervalued IPO, are more often withdrawn from the NewConnect market. Methodology. The research was carried out using the analysis of source data. In the research process, the author used, in addition to the analysis of the literature, the method of observation. Results of the research. As a result of the research, it was found that 39.84% of companies that debuted on the NewConnect market in 2007–2020 were excluded from trading. 56.28% of the withdrawn companies were forcibly excluded. On the other hand, 108 companies were withdrawn from trading voluntarily, and the prevailing premise in this group of entities was the transfer of the company to the WSE Main Market. Voluntary reasons prevail among entities withdrawn from trading, whose shares had an issue price of PLN 5 and higher. On the other hand, in the group of "penny" companies, the main reason for delisting is the safety of trading and liquidation bankruptcy. An increase in the share price on the debut day was recorded in 69.64% of entities withdrawn from NewConnect. The adopted hypothesis was positively verified. Companies whose share issue price was not properly estimated were withdrawn from the NewConnect market more often than entities whose securities price did not change on the day of their debut. The level of withdrawn companies whose IPO was overvalued and undervalued is similar. The conducted research proves that among overvalued initial public offerings, the share of voluntary reasons for withdrawal prevails, while among undervalued ones there is a higher share of forcibly excluded entities. However, the amount of the issue price according to the ranges adopted in the study does not constitute a premise for the withdrawal of companies from the NewConnect market.
Źródło:
Finanse i Prawo Finansowe; 2022, 4, 36; 23-37
2391-6478
2353-5601
Pojawia się w:
Finanse i Prawo Finansowe
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Motives and Effects of the Initial Public Offerings on the Warsaw Stock Exchange
Autorzy:
Sosnowski, Tomasz
Powiązania:
https://bibliotekanauki.pl/articles/517283.pdf
Data publikacji:
2015
Wydawca:
Instytut Badań Gospodarczych
Tematy:
initial public offering
primary shares
secondary shares
motives for going public
Opis:
This paper empirically investigates the links between the motives for going public and changes in the market value and efficiency of new stock companies. Using a sample of 200 firms from Warsaw Stock Exchange between 2005 and 2012 I find that the principal purpose of initial public offering is raising additional capital by the company but divestment grounds of initial shareholders are also important. I find evidence that the sale of secondary shares in the initial public offering may be seen as a negative signal at aftermarket performance of the firm. The data reveal that the most adverse long-term changes in the market value and business efficiency are observed for those companies, where in the initial public offering both primary and secondary shares were sold
Źródło:
Equilibrium. Quarterly Journal of Economics and Economic Policy; 2015, 10, 2; 207-222
1689-765X
2353-3293
Pojawia się w:
Equilibrium. Quarterly Journal of Economics and Economic Policy
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Performance of Polish IPO Firms: Size and Profitability Effect
Kondycja finansowa spółek dokonujących IPO: znaczenie wielkości i zyskowności
Autorzy:
Lizińska, Joanna
Czapiewski, Leszek
Powiązania:
https://bibliotekanauki.pl/articles/574957.pdf
Data publikacji:
2014-02-28
Wydawca:
Szkoła Główna Handlowa w Warszawie. Kolegium Analiz Ekonomicznych
Tematy:
pierwotne emisje akcji
analiza zdarzeń
initial public offering
event studies
Opis:
Celem opracowania było zbadanie trzech kwestii. Po pierwsze, czy na polskim rynku, również w okresie kryzysu finansowego, zaobserwować można było krótkoterminowy underpricing i długookresowe przewartościowanie. Ponadto, jeżeli takie anomalie znajdują potwierdzenie, to czy poziom stóp zwrotu był odmienny dla grup zróżnicowanych pod względem wielkości i zyskowności spółki. Po trzecie, obserwowano również zmianę zyskowności w okresie przed i po emisji. Badania obejmowały problematykę reakcji cenowej na skutek dokonania pierwotnych emisji akcji (IPO) rzez spółki notowane na Giełdzie Papierów Wartościowych w Warszawie w okresie 2004–2009. Koncentrowały się na determinantach zjawiska na polskim rynku i relacji pomiędzy stopami zwrotu a wielkością spółki i jej zyskownością. Stwierdzono niższy poziom underpricingu i przewartościowywania w porównaniu z dotychczasowymi badaniami. Dla większych spółek dokonujących emisji odnotowano niższe krótkoterminowe i wyższe długoterminowe stopy zwrotu. Spółki bardziej rentowne przed emisją cechowały się wyższym poziomem underpricingu. Poprawa wskaźników rentowności przed emisją była bardziej znacząca dla większych spółek, również przy mniej gwałtownym spadku ich zyskowności po wejściu na giełdę.
The study investigates the price behavior after initial public offerings (IPOs) listed on the Warsaw Stock Exchange from 2004 to 2009. It focuses on possible explanations for the IPO phenomenon within the context of Poland and provides evidence on the relation between both the company size and profitability and the aftermarket price performance. The study aims to answer three questions. First, whether we could observe the short-term underpricing and the long term underperformance of Polish IPOs, including the financial crisis period. Second, if the IPO anomalies did exist, whether they were distinct for the size and profitability subsamples. Finally, the change of the profitability was investigated for size subsamples from before to after going public.A lower level of the underpricing and three-year underperformance was reported in comparison to the previous WSE studies. The pre‐issue company size influences the IPO underpricing with the higher level of returns for smaller companies. Concerning the long-term performance, the opposite relation between size and buy‐and‐hold abnormal returns was found. It was also found that the higher the pre‐issue profitability, the higher the underpricing. Large companies experience a better profitability improvement in the pre‐IPO period with the profitability ratios getting worse not so rapidly after the flotation.
Źródło:
Gospodarka Narodowa. The Polish Journal of Economics; 2014, 269, 1; 53-71
2300-5238
Pojawia się w:
Gospodarka Narodowa. The Polish Journal of Economics
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Persistence of pre-IPO earnings of new companies from CEE stock markets
Autorzy:
Sosnowski, Tomasz
Powiązania:
https://bibliotekanauki.pl/articles/22443159.pdf
Data publikacji:
2022
Wydawca:
Instytut Badań Gospodarczych
Tematy:
earnings quality
financial reporting
earnings management
initial public offering
profitability
Opis:
Research background: A company?s earnings are one of the main determinants of investment decisions on the stock market. Thus, the reliability of disclosed financial information is crucial for the efficient allocation of capital. Unfortunately, reported earnings are an economic category susceptible to manipulation. This problem grows especially in the case of an initial public offering (IPO), as there is significant information asymmetry. Purpose of the article: The main aim of the paper is to assess the persistence of earnings reported by companies in the IPO process and to empirically identify financial characteristics associated with persistence of earnings. The usefulness of financial information is directly related to the issue of earnings quality. Therefore, this paper contributes to the stream of study on the quality of financial reporting of new stock companies. Methods: I employ a simple single-factor regression model to recognize the earnings persistence in new stock companies. Pre-IPO earnings are the explanatory variable. Then, I use multiple regression analysis to identify factors that influence this metric of reported earnings quality. Findings & value added: Using a sample of companies from stock exchange markets in Central and Eastern Europe (i.e., the Warsaw Stock Exchange, the Bulgarian Stock Exchange, the Bucharest Stock Exchange, the Belgrade Stock Exchange, the Prague Stock Exchange) that went public between 2010 and 2018, I find that, generally, pre-IPO earnings hold higher persistence compared to earnings reported in the year of the IPO. Profitability seems to be a factor that significantly influences this feature. Thus, the results contribute to corporate theory and practice facing insufficient empirical evidence on the issue of sustaining pre-IPO profitability in the long term, additionally putting these concerns in the context of the economic environment of European emerging stock markets.
Źródło:
Equilibrium. Quarterly Journal of Economics and Economic Policy; 2022, 17, 2; 415-434
1689-765X
2353-3293
Pojawia się w:
Equilibrium. Quarterly Journal of Economics and Economic Policy
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Efektywność wykorzystania kapitału własnego w spółkach portfelowych funduszy private equity objętych procesami dezinwestycji metod IPO
The Profitability of Equity in Private Equity Funds’ Portfolio Companies Divested by IPO
Autorzy:
Sosnowski, Tomasz
Powiązania:
https://bibliotekanauki.pl/articles/907080.pdf
Data publikacji:
2012
Wydawca:
Uniwersytet Łódzki. Wydawnictwo Uniwersytetu Łódzkiego
Tematy:
private equity
venture capital
divestment process
initial public offering
return on equity
Opis:
The main objective of this paper is an attempt to identify changes in the financial condition of private equity backed companies in which the divestment process was carried out by the initial public offering and to examine the level of capital efficiency in this group of firms. The major hypothesis, that return on equity in portfolio companies of private equity funds after lists its securities on a public exchange is sustained decline has been positively verified. Empirical research was realized based on the financial statements of 23 portfolio companies of private equity funds, which primary listing on the Warsaw Stock Exchange was held in 2002–2008.
Źródło:
Acta Universitatis Lodziensis. Folia Oeconomica; 2012, 272
0208-6018
2353-7663
Pojawia się w:
Acta Universitatis Lodziensis. Folia Oeconomica
Dostawca treści:
Biblioteka Nauki
Artykuł
Wyświetlanie 1-10 z 23

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