Performance of Private Equity Backed IPOs: Evidence from European Market

• Název práce v češtině: Výkonnost primárních emisí akcií nabízených private equity fondy: Evidence z Evropského trhu
• Název v anglickém jazyce: Performance of Private Equity Backed IPOs: Evidence from European Market
• Klíčová slova: IPO, Private Equity, BHAR
• Klíčová slova anglicky: IPO, Private Equity, BHAR
• Akademický rok vypsání: 2016/2017
• Typ práce: diplomová práce
• Jazyk práce: angličtina
• Ústav: Institut ekonomických studií (23-IES)
• Vedoucí / školitel: Ing. Tomáš Fencl, MBA
• Řešitel: skrytý - zadáno vedoucím/školitelem
• Datum přihlášení: 16.06.2017
• Datum zadání: 16.06.2017
• Datum a čas obhajoby: 18.09.2018 08:30
• Místo konání obhajoby: Opletalova - Opletalova 26, O105, Opletalova - místn. č. 105
• Datum odevzdání elektronické podoby: 31.07.2018
• Datum proběhlé obhajoby: 18.09.2018
• Oponenti: Mgr. Magda Pečená, Ph.D.

Seznam odborné literatury

Levis, M., 2010. The Performance of Private Equity Backed IPOs

Baker, M., Wurgler, J. 2000. The equity share in new issues and aggregate stock returns. The Journal of Finance, 55(5), 2219-2257

Acharya, V., Gottschlag, O. F., Hahn, M. and Kehoe, C. 2013. Corporate Governance and Value Creation: Evidence from Private Equity. The Review of Financial Studies 26 (2): 368-402.

Santos, F., 2000. IPO underpricing and long-term underperformance

Levis, M., 2008. The London Markets and Private Equity-backed IPOs: Report prepared for The British Private Equity and Venture Capital Association (BVCA) and the London Stock Exchange

Jain, B. A. and Kini, O. 1995. Venture Capitalist Participation and the Post-Issue Operating Performance of IPO Firms. Managerial and Decision Economics 16 (6): 593-606

Jelik, R., Saadouni, B. and Wright, M. 2005. Performance of Private to Public MBOS: The Role of Venture Capital,” Journal of Business Finance and Accounting 32 (3/4): 643-681

Krishnan, C.N.V., Ivanov, V. I., Masoulis, R. W. and Singh, A. K. 2011. Venture Capital Reputation Post IPO Performance and Corporate Governance. Journal of Financial and Quantitative Analysis 46 (5): 1295-1333

Rindermann, G. 2004. The Performance of Venture-Backed IPOs on Europe’s New Stock Markets: Evidence from France, Germany and the U.K. Advances in Financial Economics 10: 231-294

Zelinski K., 2013. Long run stock performance of initial public offerings: An international insight. Trends in the World Economy, Volume: 5 Key Problems of Selected Economies, Regions and Industries: 293-210

Předběžná náplň práce v anglickém jazyce

The performance of sponsored initial public offerings (IPOs) compared to their non-sponsored peers is a widely researched topic however the conclusions are rather ambiguous. In general, the IPOs are said to underperform in the aftermarket. Nevertheless there is more and more evidence that public offerings backed by financial investors (i.e. public offerings sponsored by private equity or venture capital) are actually performing better than their non-sponsored peers. For example Levis (2010) or Cao & Lerner (2009) show the superior aftermarket behavior of sponsored IPOs. Levis (2010) also claims that the performance of private equity backed IPOs is positively related to their leverage and equity maintained by the financial sponsor after the offering. The character of sponsorship also plays an important role in IPO’s performance as by its very nature private equity is not fully comparable with venture capital. This thesis will focus on European market, mainly on the aforesaid difference in performance of sponsored and non-sponsored IPOs and also on the main drivers underlying these performance differences.