Search results for "offering"
showing 10 items of 36 documents
Ownership and Operating Performance of Spanish Family IPO Firms
2020
Previous studies have shown the existence of a relationship between the ownership structure of a company and its operational performance. In this context, the empirical evidence reveals that after an initial public offering (IPO), companies experience a decline in their operational performance. In this research, the authors investigate whether the characteristics of Spanish family firms led to a different operating behavior with respect to non-family companies when they go public through an IPO. The results show that the particularities of the family firm do not turn into significant differences in operational performance after the listing process.
Découverte d'un ex-voto particulier sur le site cultuel d'Essarois (Côte-d'Or) : un cas de polydactylie chez les Gallo-Romains ?
2011
During geo-archaeological research on the slope where the source associated with the Essarois (Côte-d'Or) cult site is located, in the locality of La Cave, an anatomic votive offering of a human foot was discovered in the alluvial sedimentary deposits. Carved from local oolitic limestone, it is rather crude in appearance but it is possible to make out that it has the unusual number of six toes. Although it may have been a blunder or the result of negligence by the sculptor, the phenomenon may equally have been a deliberate representation of a case of polydactyly, a malformation that was known in Antiquity.
Blockchain Securities, Insolvency Law and the Sandbox Approach
2018
Blockchain is a new technology that is based on an algorithm which allows participants of an IT network to process, store and share data across multiple points without the need for any intermediary, at least in order to ensure the integrity of the data dealt with. This technology is simplifying financial markets—many organizations are launching initial coin offerings to facilitate the financing of new business ventures; moreover, ‘securities’ that are issued in such a digital form can be bought and sold in the secondary market without the intervention of the traditional intermediaries. However, this use of blockchain could give rise to many problems which, in this article, will be analysed …
On the Determinants of the Going Public Decision in Spain
2008
Though the going public decision has been addressed by several theories, empirical research is particularly scarce to European countries. This is the first research in the Spanish market that investigates ex ante and ex post characteristics of IPO firms, using a large database of private held firms that potentially may go public. Some of our results are consistent with previous studies. Our evidence suggests that firms that go public are young firms with large capital expenditures previously to the IPO. However, a firm's need to finance activity is not the main motive to go public, but to achieve the proper conditions to rebalance firm's economic and financial structure. Our results are con…
Going Public – Going Private: The Case of VC-Backed Firms
2012
We investigate the decisions of listed firms to go private once again. We start by revealing that while a significant number of firms which go public is VC-backed, an overproportional share of these VC-backed firms go private later on (they stay on the exchange for an average of 8.5 years). We interpret this very robust pattern such that IPOs of VC-backed firms are to a large extent a temporary rather than a permanent feature of the corporate governance of these firms.We investigate various potential hypotheses why VCs actually seem to be able to bring marginal firms to the exchange by relating the going-private decisions to various characteristics of the IPO market as well as to VC charact…
The Role of Institutions in the Migration of Corporate Governance Practice into Emerging Economies The Case of Africa
2016
This study examines the role of institutional environment in influencing the migration of corporate governance best practice into 22 emerging African economies. Using a unique and comprehensive sample hand-collected sample of 202 IPO firms from across the continent we adopt a novel institutional logics perspective in studying the diffusion of CEO salary disclosure – a central element of corporate transparency. Our findings reveal that the adoption of CEO salary disclosure by firms is more likely in more homogenous informal institutional contexts. Complementarities arising from disclosure originating from an Anglo-American shareholder value governance framework and indigenous formal institut…
Twenty Years of Basic Vocational Education Provision in Spain: Changes and Trends
2015
International journal for research in vocational education and training 2 (2015) 2, S. 137-151
Financial wealth, socioemotional wealth, and founder exits: an empirical examination of Chinese IPOs
2021
Initial public offerings (IPOs) are typically viewed as the peak of entrepreneurial success, providing founder-CEOs a chance to profitably exit. Founder-CEOs, however, are often motivated by non-financial considerations in addition to the desire to amass wealth. According to the behavioral agency model, the founder-CEOs’ framing of gains vs. losses of their wealth creation at IPO determines their risk aversion vs. risk taking behaviors. In addition, the behavioral agency model argues that founder-CEOs with a great deal of socioemotional wealth fear losing that wealth. This fear will attenuate their aversion to losing financial wealth. To test our model, we collected a sample of 130 entrepre…
Do Spanish IPO firms fit the continental European model for going public?
2019
Este trabajo analiza los determinantes de la decisión de salir a bolsa en el mercado español de una muestra de empresas no financieras que llevaron a cabo una oferta pública inicial (OPI) de acciones en el período 1997-2013. Para ello, empleamos una serie de características relacionadas con las empresas y el entorno económico y los métodos de regresión logit para obtener el modelo que mejor se ajusta a nuestros datos, utilizando como muestra de control las empresas que podrían haber salido a bolsa en el mismo período, pero optaron por no hacerlo. En España, las empresas que salieron a bolsa se caracterizaron por ser relativamente más grandes y más arriesgadas que las que no lo hicieron. Ade…
Stand der Forschung im Bereich der Bildungsökonomie : Allgemeine Übersicht und französische Situation
1994
Benner, Dietrich [Hrsg.]; Lenzen, Dieter [Hrsg.]: Bildung und Erziehung in Europa. Beiträge zum 14. Kongreß der Deutschen Gesellschaft für Erziehungswissenschaft vom 14.-16. März 1994 in der Universität Dortmund. Weinheim u.a. : Beltz 1994, S. 135-148. - (Zeitschrift für Pädagogik, Beiheft; 32)