French New Issues, Underpricing and Alternative Methods of Distribution

Husson, Bruno; Jacquillat, Bertrand

doi:10.1007/978-3-642-74741-0_21

Cited by 9 publications

(5 citation statements)

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“…The underpricing of PIPOs has been documented on an international basis (Vickers and Yarrow, 1988;Jenkinson and Mayer, 1988;Husson and Jacquillat, 1989;Aggarwal et al, 1993;Levis, 1993;Ljungqvist, 1993;Menyah and Paudyal, 1996). Evidence on the relative performance of PIPOs and private sector IPOs is, however, scarce and inconclusive.…”

Section: Choice Of Privatisation Methods and Financial Performancementioning

confidence: 99%

Privatisation Initial Public Offerings: the Polish Experience

Jelic

Briston

2003

Euro Fin Management

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The Polish government has preferred gradual direct sales to privatisation initial public offerings (PIPOs) by a 2.8 to 1 margin. Evidence suggests that the government has attempted to manage the timing of PIPOs. We, however, find no evidence of underpricing of PIPOs to a greater degree than that found for issues in the private sector. Both domestic and international investors in PIPOs earned predominantly positive buy-and-hold returns up to 36 months after listing. The difference between PIPOs and private sector IPOs average returns is statistically significant only for international investors. Copyright Blackwell Publishing Ltd, 2003.

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Section: Choice Of Privatisation Methods and Financial Performancementioning

confidence: 99%

Privatisation Initial Public Offerings: the Polish Experience

Jelic

Briston

2003

Euro Fin Management

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“…the lawsuit avoidance hypothesis, the regulatory constraint hypothesis, the stabilisation hypothesis). 10 The pricing of PIPOs has been researched less fully than that of other IPOs but evidence on underpricing seems to be conclusive (Vickers and Yarrow, 1988;Jenkinson and Mayer, 1988;Husson and Jacquillat, 1989;Levis, 1993 andand Aggarwal et al, 1993). Jones et al (1999) find that underpricing in PIPOs is significantly positively related to the percentage of shares sold and to the degree of income inequality in a country.…”

Section: (Ii) Short Term Performance: Pipos Vs Private Sector Iposmentioning

confidence: 99%

Hungarian Privatisation Strategy and Financial Performance of Privatised Companies

Jelic

Briston

1999

Business Fin & Account

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This paper examines Hungarian privatisation strategy and the financial performance of privatised enterprises. The results suggest that Hungary has preferred privatisation by direct sales by a considerable margin, but has recently shifted towards share issues. Both types of sale have predominantly been gradual. Subsequent sales, however, confirm the government's intention to sell previously retained shares. An analysis of IPOs during 1990-1998 shows positive initial returns on Privatisation Initial Public Offers (PIPOs) and greater underpricing than for other IPOs. The long term returns of PIPOs are positive and they outperform other IPOs in all periods after the listing. Copyright Blackwell Publishers Ltd 1999.

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“…33-7391. 4 These mechanisms are similar to those reported in France (Husson and Jacquillat, 1989;Leleux and Paliard, 1996) and the United Kingdom (Jenkinson and Mayer, 1988;Brennan and Franks, 1997) where firms may privately place shares and seek exchange listing subject to satisfying listing requirements concerning spread of shareholding, profitability, and capitalization. 5 To provide a contextual setting for the choice of distribution mechanism, we describe two cases using a direct placement and an initial public offer, respectively.…”

Section: Introductionmentioning

confidence: 58%