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Determinats od IPO
Kalabis, Jan ; Pavláková Dočekalová, Marie (referee) ; Luňáček, Jiří (advisor)
This bachelor thesis focuses on the degree of correlation between the initial public offering (IPO) and changes in macroeconomic indicators on the largest European financial markets. The theoretical part of the thesis specifies the crucial terms related entering the stock market, such as the securities market, investments or different ways of financing the company. At the same time, the process of realizing the IPO itself is described. In further parts, the macroeconomic data of the examined countries and their impact on the decision to enter the stock market are analyzed, where these effects are subsequently evaluated using correlation matrices.
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IPO in the Investors Point of View
Nekovář, Tomáš ; Kepka,, Jiří (referee) ; Meluzín, Tomáš (advisor)
Bachelor thesis analyzes the effects of IPO shares in the Czech Republic for investors since the beginning of the main emissions of selected titles Prague Stock Exchange to the present. And in terms of share price appreciation and dividends paid to the investor profits.
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SPACs and IPOs: Consequences on Short-term and Long-term performance
Švancara, Jan ; Kurka, Josef (advisor) ; Čech, František (referee)
This thesis investigates disparities in stock exchange performance with regard to businesses that were unprofitable before becoming public. These firms were divided into two samples; the first sample was made up of firms that entered the market through an Initial Public Offering (IPO), while the second sam- ple was composed of firms that accessed the market through a Special Pur- pose Acquisition Company (SPAC). Buy-and-hold Abnormal Returns (BHARs) and Cumulative Abnormal Returns (CARs) are two types of abnormal returns used to measure stock market performance. The performance was examined throughout four different time horizons, with two of them being considered short-term and the other two being long-term in this thesis. The results indi- cated that unprofitable SPACs significantly underperform unprofitable IPOs in every time horizon examined. Additionally, a model that forecasts whether a firm is more likely to go public through an IPO or a SPAC was developed. The findings implied that highly-priced companies with a greater debt are more likely to be selected by a SPAC. JEL Classification D22, G34, G15, G11, O51 Keywords SPAC, IPO, unprofitable, performance, nega- tive, income, loss, BHAR, CAR Title SPACs and IPOs: Consequences on Short-term and Long-term performance
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Legal and economic aspects of Initial Public Offering (IPO)
Hlaváčová, Petra ; Borkovec, Aleš (advisor) ; Seknička, Pavel (referee)
The topic of the submitted thesis is the Economic and legal aspects of IPO (Initial Public Offering) and its purpose is to describe the process of an Initial Public Offering and subsequently apply the findings in the case study of one particular IPO - Pivovary Lobkowicz Group. The thesis is composed of six chapters, each of them dealing with different aspects of Initial Public Offering. Chapter One is introductory and defines basic terminology used in the thesis. The chapter is subdivided into five parts. Part One describes the capital market. Part Two deals with IPO history, its subpart One with global history and subpart Two with Czech history of IPO. Part three focuses on securities, its subpart One on securitues in general and subpart Two on shares specifically. Part four explains the share issue. Part five looks at the term Initial Public Offering itself. Chapter Two illustrates the reasons for an IPO. The chapter consists of six parts. Part One focuses on acquiring capital. Part Two investigates the prestige and credibility. Part Three addresses the issue of marketing use and advertising. Part four examines benefits for existing shareholders. Part five describes obtaining information about company value. Part six deals with increasing employees involvement. Chapter Three is subdivided into...
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Performance of Private Equity Backed IPOs: Evidence from European Market
Říha, Jakub ; Fencl, Tomáš (advisor) ; Pečená, Magda (referee)
This thesis investigates the performance of private equity backed IPOs. We have examined the European market in the period between 2000 and 2017 when the IPO activity experienced enormous growth. The main task was to assess whether the PE-backed IPOs evince superior performance when compared to their non-sponsored peers and the market. Further, we have examined the effect of the so-called valuation drivers on the IPOs' performance. To assess the IPOs' performance, we used the buy-and-hold abnormal returns with bootstrapped skewness adjusted t-statistics. In case of the valuation drivers' effect, OLS regression was applied. The main findings were that the PE-backed IPOs in Europe overperforme the market, mainly due to IPOs in the UK and Western Europe. The PE-sponsored IPOs also overperforme their non-sponsored peers, mainly due to IPOs in the UK, Western and Northern Europe. In case of the valuation drivers, we observed several significant correlations, however, their explanation power was negligible.
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The Language of Patent Documentation
Gubernát, Tomáš ; Sučková, Magda (referee) ; Smutný, Milan (advisor)
Odvětví duševního vlastnictví se může na první pohled zdát velmi komplikované. Tato bakalářská práce je zaměřená zejména na problematiku duševního vlastnictví z pohledu výzkumu a průmyslu, ale také i na jazykový diskurz patentové dokumentace. Má sloužit jako souhrn důležitých informací a orientační návod zejména pro potenciální uchazeče o patenty či jiné druhy duševního vlastnictví, ať už z řad veřejnosti či akademického světa. Nedílnou součástí této práce je analýza nuancovaného jazyka patentové dokumentace, a náhled na možná úskalí při tvorbě žádosti o patent, během procesu získávání patentu nebo i jeho ztrátu.
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Dopady financování venture kapitálem na výkonnost cílových společností
Kadubec, Václav
This diploma thesis deals with the impact of venture capital financing on the performance of selected companies. In the theoretical portion of this paper, an analysis of foreign studies is performed. There are also several reasons discussed for government support and the impact of venture capital on the macroeconomic level. In the practical part of diploma thesis, the performance of Czech VC-backed firms is calculated. Then the impact of venture capital on Czech and foreign companies is commented on. In the following portion of this diploma thesis, multiple linear regression is made in order to discover which factors have the most significant impact on the performance of the selected Czech companies. In the closing segment, the results and findings are discussed as well as the recommendations for policy-makers that should be made.
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Kofola ČeskoSlovensko, a.s., fundamental analysis
Jahoda, Jiří
Jahoda, J. Kofola ČeskoSlovensko, a.s., Fundamental analysis. Diploma thesis. Mendel university in Brno, 2017. Diploma thesis deals with the buy-side fundamental analysis of the publicly traded company. The analysis is followed by a top-down approach. First, macroeconomic factors that affect the intrinsic value of the stock are analyzed. Then industry and company factors are analyzed. The result of the thesis is the determination of the intrinsic value of the stock and its comparison with the current market price on the stock exchange. Further, the verification of the underpricing that occurred at the primary issue of the stocks on the stock market. Subsequently, there is made the investment recommendation with an annual horizon.
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PERSPECTIVES OF IPO DEVELOPMENT IN CENTRAL AND EASTERN EUROPEAN REGION
Plottová, Sylvia ; Bartoš, Vojtěch (referee) ; Kulhánek, Lumír (referee) ; Myšková, Renáta (referee) ; Meluzín, Tomáš (advisor)
The main aim of this dissertation is to identify the factors influencing the decision-making of enterprises on entering the capital market in selected CEE countries and formulate recommendations for further development of this form of financing. The key methodological tool is the collection of primary data by means of a questionnaire in which respondents (usually in the CFOs position) expressed their views on the issues related to internal and external factors affecting IPO activity. The results of the questionnaire survey show that the strongest motives for IPO implementation are the ability to raise capital to finance investment opportunities, improve publicity and image of the company, reduce debt, and be recognized by a relevant financial community as an important company. Among the barriers that most affect IPO implementation are the obligation to disclose company information that is key to a competitive advantage, asymmetry of information between external investors and the company, the interest in retaining decision-making control over the company, and the existence of alternative administratively less complex capital resources at the time of implementation of IPO. As per CFOs macroeconomic factors that have the greatest impact on IPO are favorable conditions in the stock market, favorable conditions in the sector in which the company operates, favorable GDP growth, and the use of banking loan at a relatively low interest rate. The results of the dissertation are the basis for the formulation of recommendations for potential IPO candidates.
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Performance of Private Equity Backed IPOs: Evidence from European Market
Říha, Jakub ; Fencl, Tomáš (advisor) ; Pečená, Magda (referee)
This thesis investigates the performance of private equity backed IPOs. We have examined the European market in the period between 2000 and 2017 when the IPO activity experienced enormous growth. The main task was to assess whether the PE-backed IPOs evince superior performance when compared to their non-sponsored peers and the market. Further, we have examined the effect of the so-called valuation drivers on the IPOs' performance. To assess the IPOs' performance, we used the buy-and-hold abnormal returns with bootstrapped skewness adjusted t-statistics. In case of the valuation drivers' effect, OLS regression was applied. The main findings were that the PE-backed IPOs in Europe overperforme the market, mainly due to IPOs in the UK and Western Europe. The PE-sponsored IPOs also overperforme their non-sponsored peers, mainly due to IPOs in the UK, Western and Northern Europe. In case of the valuation drivers, we observed several significant correlations, however, their explanation power was negligible.
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