|
| |
|
| |
|
|
The Impact of Board Structure and Diversity on IPO Underpricing
Kubíček, Aleš ; Malý, Milan (advisor) ; Hučka, Miroslav (referee) ; Okruhlica, František (referee)
The objective of this doctoral dissertation is to extend the existing knowledge in the area of Corporate Governance in the region of Central Europe. Specifically, a study focuses on companies entering the public market and examines whether board structure and diversity have an impact on the success of the Initial Public Offering. The dissertation is divided into several parts. Firstly, theory of Corporate Governance and Signaling theory, explaining the potential influence of the board characteristics on the public offering outcome, are introduced. The following is an extensive literature review related to each of the selected variables. In the analytical part of the thesis, methods of statistical analysis are employed to verify the hypotheses and the results are discussed considering the findings of prior studies.
|
|
|
Real Estate IPOs. Theory and Analysis focused on the Polish market
Makovec, Martin ; Marek, Petr (advisor) ; Musílek, Petr (referee) ; Fárek, Jiří (referee)
The doctoral thesis examines real estate IPOs and consists of a theoretical part and an empirical part focused on Polish market. The theoretical part offers an overview of theories concerning IPO and the three well-known phenomena related to initial public offerings, i.e. short term underpricing, long term overpricing and occurrence of IPO in waves. In case of short term underpricing and long term overpricing the theories presented are namely the theories based on information asymmetry, institutional theories, agency theories and behavioral theories. In case of IPO waves the theories presented are capital demand hypothesis, information asymmetry hypothesis and investor sentiment hypothesis. Some of the theories, namely the information asymmetry theory, are then applied to the specific case of real estate IPOs. The starting-point for the empirical part is an assumption that valuation of real estate IPOs is less complex than valuation of other companies and therefore information asymmetry among issuers and investors should be presented to a lesser extent. The valuation of real estate IPOs via their Net Asset Value ("NAV") requires less inputs and parameters compared to the corporate valuations with sophisticated financial modelling of the generators of value. Such lower complexity of valuation should be reflected in better ability of the investors to value the emission of the real estate company shares. Subsequently a lower underpricing of the IPOs should be reached and worse long term performance of the IPOs should be eliminated. In relation to the occurrence of the real estate IPOs the existence of IPO waves is assumed. In addition, subject to the assumption that the economical cycles on the real estate markets are longer than on the other markets, longer periods with higher occurrence of IPOs and longer periods with lower or no occurrence of IPOs are expected. The analysis investigates real estate IPOs which in USA means IPOs of so called REIT -- "Real Estate Investment Trusts". REIT is a special institute that guarantees to the companies that adopt this statute, obviously upon meeting several conditions, exemption from the corporate income tax. The REIT are regularly dividend into so called equity REIT, investing in real properties, mortgage REIT, investing in mortgage loans and hybrid REIT, investing in both. With regard to the fact that the analogy of the REIT institute does not exist in Poland, the analysis investigates real estate companies of similar characteristics to the equity REIT. The analyzed markets are polish capital market and real estate market, which both could have been until very recently called emerging markets. It is assumed that the emerging market environment could have impacted the result of the analysis significantly. The analyzed period is basically identical with the modern period of functioning of the Warsaw Stock Exchange, meaning years 1992 -- 2012. The size of the analyzed sample has reached limited but acceptable size of 22 titles. The subject of the analysis are all three major phenomena related to IPOs -- IPO waves, initial underpricing and long term underperformance. The analysis confirmed occurence of a real estate IPO wave on the Polish market in the year 2007 as the market was featuring characteristics of a "hot" market and investors were overly optimistic about real estate titles. In addition, the analysis supported the assumption of a positive correlation between IPO occurence and GDP growth and also between IPO occurence and the volume of real estate investment on the market. Further, the hypothesis test confirmed existence of initial underpricing in case of the real estate IPOs, however to a smaller extent compared to the other corporate IPOs. Subsequent tests were looking to find correlation between the rate of initial underpricing and several factors of the emission such as size, segment of the real estate market etc. In case of long term underperformance, based on the gather evidence, the test could not reject the null hypothesis about the same of better performance of the real estate IPOs compared to the WIG stock indice. Long term underperfomance was thus not confirmed in case of real estate IPOs. Subsequent tests were again investigating impact of several characteristics of the offerings on their long term performance.
|
|
|
Exchange rate policy of China
Štursová, Lucie ; Brůna, Karel (advisor) ; Ondřich, Libor (referee)
This bachelor thesis deals with the topic of chinese exchange rate policy. First part of this thesis describes the theory of exchange rates and their systems. Following parts are dedicated to China, the aim si to analyse the evolution of the regime of chinese currency renminbi from the inception of the People's Republic of China till the present, and read up effects resulted from the actual arrangement. The question of exchange rate reserves, economic growth and indipendence of monetary policy is also mentioned. At last, possible changes in chinese exchange rate system are suggested, namely the transition to more flexible system of chinese currency, and capital account convertibility of renminbi.
|
guest ::
