IPOs Performance Analysis: Evidence from Emerging Markets in the Balkans

Karanović, Goran; Karanović, Bisera

doi:10.1515/saeb-2016-0129

Cited by 8 publications

(4 citation statements)

References 36 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…countries share, one can include: they are open economies, with average exports of about 80% of G.D.P. in 2017 (with the exception of Croatia, Romania and Poland, which have the largest domestic markets); they have already well-established EU legal rules and standards; they have low wages, educated workforce, and relatively fast economic growth, particularly in the pre-crisis period (Miklaszewska, Mikołajczyk, & Pawłowska, 2012); and they have similar stock market characteristics (Karanovic & Karanovic, 2018).…”

Section: Characteristics Of the Central And Eastern European Countriementioning

confidence: 99%

Macro determinants of shadow banking in Central and Eastern European countries

Apostoaie

Bilan

2019

Economic Research-Ekonomska Istraživanja

View full text Add to dashboard Cite

Our study aims to quantitatively assess some of the determinants of shadow banking dynamics in 11 European Union (E.U.) countries from Central and Eastern Europe (C.E.E.) over the period 2004-2017. Using panel data estimation techniques and a quarterly data set compiled from several publicly available data sources, we alternatively evaluate the impact of six macroeconomic and financial variables on two dependent variables corresponding to two different measures of the shadow banking sector, namely the broad one (including all non-monetary financial institutions, except insurance corporations and pension funds) and the narrow one (excluding from the above one the investment funds, other than money market funds [M.M.F.]). Our findings confirm that shadow banking is sensitive to overall macroeconomic conditions and that economic growth positively influences the expansion of this segment of the financial sector. In addition, a higher demand for funds from institutional investors, which also reveals a more developed financial system, supports the expansion of the shadow banking sector. Moreover, in a low interest rate environment, the search for yield makes investors turn to shadow banks, while the development of the shadow banking sector is also found to be complementary to the development of the rest of the financial system, in particular, traditional banks.

show abstract

Section: Characteristics Of the Central And Eastern European Countriementioning

confidence: 99%

Macro determinants of shadow banking in Central and Eastern European countries

Apostoaie

Bilan

2019

Economic Research-Ekonomska Istraživanja

View full text Add to dashboard Cite

show abstract

“…The financial indicators which will be used to test the companies registered at the Romanian stock market were presented earlier by the author in other studies (Droj, 2012, Droj 2015. Several other authors dealt with analysis of financial indicators in the region: Rozsa (2014), Fenyves et all (2018) Tarnoczi et all(2011) or Karanovic and Karanovic (2016) As mentioned earlier the indicators selected are representative for the issues of financial efficiency, liquidity and solvency were selected the following indicators:…”

Section: Selection Of the Financial Indicators Suitable For Analyzing The Impact Of Covid 19 Pandemics Over The Tourism Sectormentioning

confidence: 99%

Considerations Regarding the Impact of the Covid-19 Pandemics Over the Financial Performance at the Level of the Tourism Companies Operating in Central and Eastern Europe

Laurenţiu¹,

DROJ²

2021

AUOES

View full text Add to dashboard Cite

The tourism sector is one of the most dynamic economic sectors in Romania contributing with 6.3% in the number of workplaces and reaching 5.3% from the total GDP. The impact of the COVID-19 pandemic over this sector has been catastrophic. The goal of the proposed article is to perform a brief financial assessment of the companies operating in the tourism sector, located Romania, Croatia, Hungary and Slovenia, by using financial information collected from Amadeus database. The macroeconomic data was collected through Statista and the financial information used in the study is based on the financial reporting data for the years 2016-2020 processed through Amadeus data base. Based on both sets of data the current paper will attempt to analyze the financial information (ROE, ROA, annual return, evolution of cash-flow and number of employees) and determine if a link can be established between the evolution of the financial performance of the selected companies and the COVID-19 pandemics effects over the tourism sector. These companies were selected especially since they are extremely affected by the effects of COVID19 and therefore further research can be performed in the following years.

show abstract

“…Initial public offerings (IPOs) can be observed as a process consisting of two essential parts. The first one can be observed as the initial public offering of a company's common shares, while the second one can be observed as the listing of a company's share on a stock exchange (Karanovic & Karanovic, 2016). In order to gain greater liquidity and better access to capital, companies sell their equity to the public through Initial Public Offerings (IPOs) and Secondary Equity Offerings (Simiyu, Mutunga, Barasa, & Matete, 2016).…”

Section: Background Of the Studymentioning

confidence: 99%

Theoretical Review of Effect of Firm Specific Factors on Performance of Initial Public Offering Stocks at the Nairobi Securities Exchange in Kenya

Okumu¹,

Olweny²,

Muturi³

2021

OJBM

View full text Add to dashboard Cite

During the period 1994 to 2020, a total of 18 firms in Kenya floated 16,530,781,060 shares at the Nairobi Securities Exchange (NSE) under Initial Public Offerings (IPOs) raising over Kshs 91 billion. These stocks were significantly over-subscribed with the highest hitting 830%. The NSE became fully automated in 2006. Similarly, in Africa between 2010 and 2019 there were a total of 215 IPOs raising over Kshs 1.6 trillion. This could be explained by divergence of opinion hypothesis. The initial returns were positive. However, in the long run, most of the firms underperformed. This under performance leads to losses incurred by investors and possible collapse of brokerage and investment firms leaving investors with a bitter taste. This study will undertake to establish the effects of firm specific factors on IPO stock performance at the NSE in Kenya. The specific objectives will be: to establish the effect of firm size on performance of IPO stocks at the NSE in Kenya, to determine the effect of age of firm on performance of IPO stocks at the NSE in Kenya, to evaluate the effect of firm board composition on performance of IPO stocks at the NSE in Kenya, to establish the effect of firm ownership structure on performance of IPO stocks at the NSE in Kenya, and to analyze the moderating effect of automation on the firm specific factors and performance of IPO stocks at the NSE in Kenya. The study will be built upon major theoretical streams: Random Walk theory, Winners curse theory, Dow Theory, Signaling theory and Agency theory and contextualize them to firm specific factors and performance of IPO stocks. More studies have previously been undertaken on the pricing of IPO at the NSE in Kenya and the few that studied on performance of IPO stocks at the NSE in Kenya have provided mixed findings depending on the methodology used. None of the studies as How to cite this paper: Okumu, A. B.,

show abstract

IPOs Performance Analysis: Evidence from Emerging Markets in the Balkans

Abstract: The main purpose of this paper is to investigate the performance of initial public offerings (IPOs)

Cited by 8 publications

References 36 publications

Macro determinants of shadow banking in Central and Eastern European countries

Macro determinants of shadow banking in Central and Eastern European countries

Considerations Regarding the Impact of the Covid-19 Pandemics Over the Financial Performance at the Level of the Tourism Companies Operating in Central and Eastern Europe

Theoretical Review of Effect of Firm Specific Factors on Performance of Initial Public Offering Stocks at the Nairobi Securities Exchange in Kenya

Contact Info

Product

Resources

About