Metadaten







Promotionsordnung



Kumulative Dissertation



Titel


Buyout-Backed Initial Public Offerings

Titel (englisch)



Autor/Autorin


Schöber, Thomas

2. Autor/Autorin



Geburtsdatum



Geburtsort



Matrikelnummer



Schlagwörter (GND)


USA; Going Public; Leveraged buyout; Private Equity; Emissionskurs; Unterbewertung; Aktienrendite; Geschichte 1973-2007

DDC (Dewey Decimal Classification)


Wirtschaft - 330

Freie Stichwörter (deutsch)


Börsengang; Finanzinvestoren

Freie Stichwörter (englisch)


IPO; Initial Public Offering; Financial Sponsors; Reverse LBO; Buyout-backed IPO; Cycles; Underpricing; Long-Run Performance

Kurzfassung


Die Dissertation beschäftigt sich mit Börsengängen von Unternehmen, an welchen sich Finanzinvestoren im Rahmen eines Leveraged Buyouts beteiligt haben. Es wird untersucht, (i) weshalb diese Transaktionen durchgeführt werden, ob (und warum) die Aktivität solcher ‘buyout-backed IPOs’ zyklisch ist, (ii) wie hoch das Underpricing ist sowie (iii) welche langfristige Aktienperformance zu verzeichnen ist.

Kurzfassung (englisch)


The subjects of study are initial public offerings (IPOs) of companies of which financial sponsors obtained a substantial equity stake in a leveraged buyout (LBO). The analysis focuses on (i) why these transactions occur, if (and why) buyout-backed IPO activity is cyclical, (ii) underpricing and (iii) long-run share price performance. The principal findings are the following:
(i) The main reason why financial sponsors take a company public is to initiate their exit process, which is later completed through seasoned equity offerings or a subsequent sale of the company.
Buyout-backed IPO activity is very cyclical. The occurrence of a ‘wave’ of buyout-backed IPOs is contingent on an ‘overhang’ of buyout-backed firms that are due for an exit and on an ‘open’ IPO market. IPO activity of buyout-backed firms is driven by real stock returns over the prior quarters, indicating market timing attempts.
(ii) Buyout-backed IPOs are significantly less underpriced than closely matched IPOs of non-buyout-backed firms (‘control IPOs’). The analyses suggest that this is primarily because financial sponsors push for an initial price range that, on average, implies a negligible discount to the fair value (‘IPO discount’). Thus, the share price rises only moderately on the first trading day as it adjusts to the slightly higher fair value.
(iii) The median unadjusted buy-and-hold stock returns of buyout-backed IPO firms over periods of up to five years are positive and statistically significant but small. Abnormal returns of a portfolio of buyout-backed firms that went public in the prior five years are not significant in calendar time. In event time, the long-run share price performance is ambiguous. Yet, the data reveals that buyout-backed IPO firms outperform stock market indices over the first year of trading and that their performance deteriorates between c. 8 and 32 months after the IPO.

Universität


Universität St.Gallen

Referent/Referentin


Ammann, Manuel (Prof. Dr.)

Korreferent/Korreferentin


Gantenbein, Pascal (Prof. Dr.)

Erweitertes Diss. Komitee



Fachgebiet


Wirtschaftswissenschaften

Sprache


ENG

Promotionstermin (dd.mm.yyyy)


15.09.2008

Erstellungsjahr (yyyy)


2008

Dokumentart


Dissertation

Format


PDF

Dissertationsnummer


3479

Quelle



PDF-File


dis3479.pdf

Dokumentverknüpfung


Link zu diesem Dokument







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