The Timing of Initial Public Offerings – Non-Numerical Model Based on Qualitative Trends

Meluzín, Tomáš; Zinecker, Marek; Balcerzak, Adam P.; Doubravský, Karel; Pietrzak, Michał Bernard; Dohnal, Mirko

doi:10.3846/jbem.2018.1539

Cited by 22 publications

(14 citation statements)

References 33 publications

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“…Second, these listing markets have experienced different economic developments and growths. Economic growth plays an important role on IPO activity and investor perceptions (La Porta et al, 1997;Gupta et al, 2018;Meluzín et al, 2018;Rija, 2019). Thus, the moderating effect of economic growth on the relationship between culture and IPO underpricing are demonstrated, thereby supplementing to the existing IPO underpricing literature.…”

Section: Introductionmentioning

confidence: 93%

“…It is demonstrated that investor sentiment, especially during a bull market, has a systematic impact of stock returns (Cornelli et al, 2006;Zhang et al, 2019). Therefore, economic growth also plays an important role in the stock markets, and has an effect on IPO activity (La Porta et al, 1997;Gupta et al, 2018;Meluzín et al, 2018). The prosperity economy contributes to "hot issue" markets (Ritter, 1984), which are characterized by less frequent price deviations (Lim & Brooks, 2010), high IPO volumes (La Porta et al, 1997;Gupta et al, 2018), and high levels of initial return (Ritter, 1984;Rija, 2019).…”

Section: The Moderating Effect Of Economic Growthmentioning

confidence: 99%

“…Furthermore, economic growth plays important role in the stock markets, and has an effect on IPO activity (La Porta et al, 1997;Gupta et al, 2018;Meluzín et al, 2018;Rija, 2019). Companies go public under favorable economic conditions that support their growth and development (Ritter, 1984;Rija, 2019), the number of IPOs is significantly correlated with GDP growth (La Porta et al, 1997;Gupta et al, 2018).…”

Section: Introductionmentioning

confidence: 99%

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Cultural Values, Economic Growth, and International Ipo Underpricing: Evidence From Chinese Companies

Geng

Tan

2021

Journal of Business Economics and Management

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Listing markets have different cultural backgrounds and experience different economic development. This study examines the impact of cultural values and the moderating effect of economic growth on IPO underpricing issued by Chinese companies in different stock markets. Using a sample of 2429 IPOs issuing in four different stock markets for the 2000–2018 period, the results suggest that in markets with higher power distance or longer-term orientation, IPOs experience higher underpricing; in markets with higher uncertainty avoidance scores, masculinity, individualism, or indulgence, IPOs experience lower underpricing. The greater the multidimensional cultural distance is to the Chinese A-share market, the less underpricing IPOs experience. Economic growth has a significant moderating effect, thereby intensifying or restraining the relationship between culture and IPO underpricing. The additional analysis considering cross-listing companies, and the robustness tests considering alternative measures of culture further support the above conclusions. This study highlights the cultural and economic factors motivating IPO underpricing, can help managers select listing markets from cultural and economic perspective.

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Section: Introductionmentioning

confidence: 93%

Section: The Moderating Effect Of Economic Growthmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

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Cultural Values, Economic Growth, and International Ipo Underpricing: Evidence From Chinese Companies

Geng

Tan

2021

Journal of Business Economics and Management

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“…The evidence available in the sphere of research shows that market does not follow the perfect world scenario, and the prices do not just follow the random walk pattern being an asymmetric fat-tailed distribution; decreasing the possibility for the future prediction of the stocks (Lo & MacKinlay, 1988;Vyklyuk et al, 2013). The implied market expectation is the key to investor's decisions, at the point where personal expectations diverge from the market ones, and it is the key to adjusting the contents of portfolio to take advantage of what is known as market error (Barr & Campbell, 1997;Meluzín et al, 2017;2018a;2018b;Szumilo et al, 2018).…”

Section: Literature Reviewmentioning

confidence: 99%

The prospective low risk hedge fund capital allocation line model: evidence from the debt market

Vuković

Prosin

2018

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Research background: Institutional investors such as: commercial banks, pension funds, and insurance companies are constantly looking for low-risk stable investment opportunities, whereas one of the solutions can be a simulated portfolio. This research takes a look at the incentive to invest in government debt portfolios, as it can outperform the returns of deposit accounts. Purpose of the article: This study considers several classic methods of portfolio constriction and includes the basis of debt instruments that have not been a research topic for a long period of time. At the same time, this paper analyzes the classic methods of modern portfolio theory with a Sharpe ratio as an indicator of efficiency. Methods: The constructed portfolio consists of four elements from different countries: two government obligations and two bond indexes, aiming to employ international diversification. All the data was collected for the period of 12 years in order to represent the consequences of accrued recessions. Findings & Value added: The past two severe financial crises created a higher demand for stable investments, and more investors are ready to compromise a higher return for it. There-fore, the results of this paper represent a simulation of low-risk hedge fund portfolio construction with the use of highly rated debt instruments.

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“…Decision about implementation of new system (APS) or improving the current MRP II planning process involve risks, which should be considered, same as for exemple in the entering on capital markets (Meluzín et al, 2012). Output from both of the systems is not comparable.…”

Section: Introductionmentioning

confidence: 99%

Decision in Implementation of Production Capacity Planning Determinated by Usage of Sensitive Analysis

Poláček¹,

Žákovská

2018

Trends Economics and Management

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Purpose of article: Effective planning and management of material flow and production resources, i.e. production planning and control is generally regarded as crucial for the success of manufacturing companies. It involves managing all aspects of production, including materials management, planning and scheduling of machines and human resources and coordination of suppliers and key customers. They were followed a more advanced concept MRP II, controls all production resources. Despite production planning using ERP systems, based on MRP II logic. With this tool can company effectively balance all production resources and in the optimal way to schedule production orders according to production capacity. Implementation of capacity planning in the company introduces a number of problems associated with the requirements of quality information and accurate data on which is a production plan created. Decision on the implementation of capacity planning is a challenge associated with high risk and the need to consider the order of several months in advance uncertainty. At points where we do not have full control over decisions, it can be used heuristic methods of decision-making through a decision tree using the known probabilities, and with a partial ignorance of using interval arithmetic. Methodology/methods: Solving within decision tree with known probabilities obtained from expert in capacity planning. Scientific aim: Find the upper limit worth of implementation of capacity planning or MRP-II. Findings: The difference between the implementation the APS and MRP-II based on profits determinate by time. Conclusions: Enterprise should have after implementation of its own data to the model make decision of what kind of capacity planning is profitable for its purpose.

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The Timing of Initial Public Offerings – Non-Numerical Model Based on Qualitative Trends

Cited by 22 publications

References 33 publications

Cultural Values, Economic Growth, and International Ipo Underpricing: Evidence From Chinese Companies

Cultural Values, Economic Growth, and International Ipo Underpricing: Evidence From Chinese Companies

The prospective low risk hedge fund capital allocation line model: evidence from the debt market

Decision in Implementation of Production Capacity Planning Determinated by Usage of Sensitive Analysis

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