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Analysis of the process of Initial Public Offerings with reference to cases of Vonage Holdings Corp. and Youku.com Inc.
Šisl, Marek ; Musílek, Petr (advisor) ; Stádník, Bohumil (referee)
This thesis is focused on the issuance of Initial Primary Offerings of shares, with an emphasis on the development of the worldwide IPOs. The first part of the thesis deals with the types of possible sources of financing of the company and the factors that affect their selection. In the next section it shows a characteristic of an IPO from the company's point of view-- a candidate for IPO. In this section are described the motivation and the assumptions of the company undergoing IPO as well as the advantages and disadvantages which the IPO can bring to a company. The following section describes in detail the process of issuing the IPO, it is divided into several main sections and is focused on the Czech market. Further work describes the world development of IPO activity. Here are shown the count and volumes which were carried out in the recent years. Furthermore there is the current status and future trends in the major world markets (the Chinese, the United States and the European). In the final part of the thesis, an analysis of both macro/micro-economic conditions and success of two IPOs, for a Chinese technology company Youku.com Inc. (performed in December 2010) and an American Internet dial-up company Vonage Holding Corp. (implemented in May 2006), is carried out.
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Long run underperformance of initial public offerings
Nenadál, Petr ; Marek, Petr (advisor) ; Podškubka, Tomáš (referee)
The content of this work is the long run underperformance of IPO. In the first part of this work, I focused on the IPO from the general point of view - what's IPO, the advantages and disadvantages of financing a business development through IPO, anomalies associated with the IPO, IPO probles. IPO concerning particular two anomalies. This work is presented the term of underperformance IPO, its nature and causes. In other lines, I focused on long run underperformance sources, characteristics and sensitivity of underperformance in calculated data based on the selected period. I tried to outline the long run problems with undeperformance of IPO in the U.S.. In the last paragraphs of work, I dealt with long run studies of underperformance in Germany, Turkey and Sweden. The aim of the study was to compare the long run underperformance in individual states and try to find its causes. In selecting the country I came especially from the availability of data and a priority for me were states of Europe. Finally, I selected countries compared with each other and evaluate the results of performance in the IPO.
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Initial public offer of shares in the Czech Republic: current developments and prospects in the future
Pacovský, Michal ; Marek, Petr (advisor) ; Podškubka, Tomáš (referee)
This bachelor thesis deals with the primary issue of shares (IPO). It is one of the ways to get free capital for further development of the company. Compared to European and world stock exchange markets in the Czech Republic is not the way to raise capital too widespread. The content of this work is the comparison of advantages and disadvantages associated with the IPO. It deals with the lengthy and difficult process of implementation of primary emissions. Development of the IPO compared to the past, today is slowed as a result of the global economic crisis, which affected all stock markets. The future is very uncertain, but the company need to be ready for the renewal the stock exchange markets and above all interest of investors. Not too widespread process of the primary issue of shares in the Czech Republic illustrates the first IPO of Zentiva, which it held until 2004 at the Prague Stock Exchange, as It is an assessment of Zentiva IPO is the main objective of this work.
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