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Titel: The Analysis of Effects of Initial Public Offering on the Warsaw Stock Exchange

The Analysis of Effects of Initial Public Offering on the Warsaw Stock Exchange

Forschungsarbeit, 2003
40 Seiten, Note: advanced

BWL - Bank, Börse, Versicherung

Leseprobe


Inhaltsverzeichnis (Table of Contents)

  • Abstract
  • Non-technical summary
  • Introduction
  • Hypotheses concerning the IPO effects
    • Growth of firm
    • Decrease in leverage
    • Fall in profitability
    • Growth of investment
    • Company performance and the change in the structure of the property
  • Construction and estimation of model
    • Estimation method
    • One-way and two-way model
    • Autocorrelation
    • Heteroscedasticity
    • PCSE model
    • Description of panel data
    • Selection of variables and estimation of model
  • Verification of investigated hypotheses
    • Verification of hypothesis about growth of firm
    • Verification of hypothesis about fall in leverage
    • Verification of hypothesis about fall in profitability
    • Verification of hypothesis about growth of investment
  • Conclusions
  • References

Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)

The objective of this research is to analyze the influence of Initial Public Offering (IPO) on the performance of Polish companies during the first three years after going public. The study aims to understand how IPO affects various financial aspects of companies, including growth, leverage, profitability, and investment.

  • Impact of IPO on company growth and profitability
  • Relationship between IPO and changes in company leverage
  • Analysis of investment patterns after IPO
  • Examination of the influence of IPO on company performance and ownership structure
  • Exploration of the motivations behind companies going public in Poland

Zusammenfassung der Kapitel (Chapter Summaries)

  • Introduction: Introduces the research topic and outlines the significance of IPOs in the context of Poland's economic transformation.
  • Hypotheses concerning the IPO effects: Formulates hypotheses regarding the impact of IPO on company growth, leverage, profitability, investment, and ownership structure.
  • Construction and estimation of model: Discusses the methodological approach employed in the research, including the panel corrected standard errors (PCSE) method for data analysis.
  • Verification of investigated hypotheses: Presents the findings of the research, analyzing the influence of IPO on company performance based on the formulated hypotheses.

Schlüsselwörter (Keywords)

This research focuses on the analysis of Initial Public Offering (IPO) effects on the Warsaw Stock Exchange, utilizing panel data to investigate the impact on company growth, leverage, profitability, and investment. Key themes include emerging markets, financial markets, investment strategies, and the role of IPO in company development.

Frequently Asked Questions

What are the primary reasons for companies to go public in Poland?

Companies go public to gain investment capital, acquire prestige, increase sales, and in some cases, as a method of privatization.

How does an IPO affect a company's profitability?

Research indicates that listing on the stock exchange often leads to a decrease in the rate of growth and a decline in profitability in the first years after the IPO.

Does an IPO lead to a decrease in leverage?

Initially, leverage may drop, but public companies often return to their previous capital structure, with debts growing back to pre-IPO levels over time.

What is the impact of an IPO on company investment?

Companies use the funds from going public primarily to realize investment projects rather than just for debt repayment, fulfilling their declared investment goals.

How does the Warsaw Stock Exchange (WSE) fit into European integration?

European integration significantly shapes the Polish financial market, forcing the WSE to adapt its mechanisms to remain competitive with other European exchanges.

What is the opportunistic motive for going public?

It suggests that companies choose to go public when market conditions are most favorable to maximize the capital raised, often while simultaneously launching investment programs.

Ende der Leseprobe aus 40 Seiten  - nach oben

Details

Titel
The Analysis of Effects of Initial Public Offering on the Warsaw Stock Exchange
Hochschule
Uniwersytet Warszawski (Universität Warschau)  (Faculty of Economic Sciences)
Note
advanced
Autor
Erscheinungsjahr
2003
Seiten
40
Katalognummer
V52847
ISBN (eBook)
9783638484473
ISBN (Buch)
9783656783695
Dateigröße
736 KB
Sprache
Englisch
Schlagworte
Analysis Effects Initial Public Offering Warsaw Stock Exchange
Produktsicherheit
GRIN Publishing GmbH
Arbeit zitieren
Katarzyna Kopczewska (Autor:in), 2003, The Analysis of Effects of Initial Public Offering on the Warsaw Stock Exchange, München, Page::Imprint:: GRINVerlagOHG, https://www.diplomarbeiten24.de/document/52847
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