Subsequent performance of Initial Public Offerings in Germany during the period 2007-2012

Ing. Kateryna Guryshkina

Master's thesis

Anotácia:

Intial public offering became one of the most popular ways to acquire additional equity among companies of different size and industries. It was already documented before in financial literarture that perfromance of companies drops after they go public. Therefore this paper attempted to test and to analyze if aftermarket and operating performance declines for selected companies after they go public.Stock-price based and accounting meausures were incorporated for analysis. The perfromance decline is associated with the firm tarnsition from private into public ownership. Obtained result from analysis and hypothesis testing is discussed. Overall, results of analysis performed in the thesis are consistent with those of previous authors who suggest that the IPO performance declines in the post-IPO period.

Abstract:

Intial public offering became one of the most popular ways to acquire additional equity among companies of different size and industries. It was already documented before in financial literarture that perfromance of companies drops after they go public. Therefore this paper attempted to test and to analyze if aftermarket and operating performance declines for selected companies after they go public.Stock-price based and accounting meausures were incorporated for analysis. The perfromance decline is associated with the firm tarnsition from private into public ownership. Obtained result from analysis and hypothesis testing is discussed. Overall, results of analysis performed in the thesis are consistent with those of previous authors who suggest that the IPO performance declines in the post-IPO period.

Keywords

Initial public offering, operating and aftermarket performance, stock-price based and accounting meausures.

Jazyk práce: English

Datum vytvoření / odevzdání či podání práce: 22. 5. 2015

Obhajoba závěrečné práce

• Obhajoba proběhla 22. 6. 2015
• Vedúci: Ing. Dagmar Linnertová, Ph.D.
• Oponent: Ing. Bc. Jana Hvozdenská

Masaryk University

Faculty of Economics and Administration

Master programme / odbor:
Economic Policy and Administration / Financial Management (Eng.)