Isbn: 9783834912596 - information risk and long-run performance of initial public offerings (14 resultados)

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Taschenbuch. Condición: Neu. Information Risk and Long-Run Performance of Initial Public Offerings | Frank Ecker | Taschenbuch | xvii | Englisch | 2008 | Gabler Verlag | EAN 9783834912596 | Verantwortliche Person für die EU: Springer Gabler in Springer Science + Business Media, Tiergartenstr. 15-17, 69121 Heidelberg, juergen[dot]hartmann[at]springer[dot]com | Anbieter: preigu. …

Condición: Sehr gut. Zustand: Sehr gut | Sprache: Englisch | Produktart: Bücher | Exactly forty years after Eugene Famäs (1965) article ¿The Behavior of Stock Market Prices¿ (Journal of Business), the play ¿E?cient Capital Markets¿ is still going strong. With his thesis, Frank Ecker is adding a new act to the play: His work is a combination of several new developments on the analytical and empirical capital market research front. Capital market e?ciency is based on two aspects. First, the ability of investors to identify a situation in which asset prices are out of the capital market equilibrium. Second, on the possibility of the market to make arbitrage pro?ts by driving the prices back to the equilibrium value. Both aspects are conditional on the set of ¿relevant¿ information. As a result, the basic question is: What is relevant information and how is it processed by investors? This work is building on the concept of information quality, information uncertainty or information risk. Famäs e?cient market hypothesis is just a special case based on the assumption that new information is absolutely correct and completely credible to all investors. In contrast, this work makes use of the more general assumption that new information can be characterized by very di?erent degrees of credibility, or qu- ity. The setting of initial public o?erings is chosen as one of the few capital market transactions arguably characterized by high information asymmetry between the ?rm¿s insiders (management) and outsiders (investors).…

Taschenbuch. Condición: Neu. This item is printed on demand - it takes 3-4 days longer - Neuware -There has been an extensive debate in financial economics research on long-term abnormal stock returns following firms initial public offerings (IPOs). So far, the discussion has concentrated on long-term underperformance. Frank Ecker examines the performance of U.S. IPOs from 1980 to 2002. He links positive and negative abnormal returns to the deviation of the realized information risk from the expected information risk. The author shows that abnormal returns are significantly negative during the price adjustment process when information risk has initially been underestimated whereas the returns are significantly positive in cases of information risk overestimation. Based on his findings, he proposes effective measures for a long-term profitable investment strategy in IPOs. 152 pp. Englisch.…

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Condición: New. Dieser Artikel ist ein Print on Demand Artikel und wird nach Ihrer Bestellung fuer Sie gedruckt. Dr. Frank Ecker promovierte bei Prof. Dr. Hellmuth Milde am Lehrstuhl fuer Geld, Kredit und Finanzierung der Universitaet Trier. Er ist Assistant Professor of Accounting an der Duke University, Fuqua School of Business, Durham, USA.Frank Ecker examines th.…

Taschenbuch. Condición: Neu. This item is printed on demand - Print on Demand Titel. Neuware -There has been an extensive debate in financial economics research on long-term abnormal stock returns following firms' initial public offerings (IPOs). So far, the discussion has concentrated on long-term underperformance.Frank Ecker examines the performance of U.S. IPOs from 1980 to 2002. He links positive and negative abnormal returns to the deviation of the realized information risk from the expected information risk. The author shows that abnormal returns are significantly negative during the price adjustment process when information risk has initially been underestimated whereas the returns are significantly positive in cases of information risk overestimation. Based on his findings, he proposes effective measures for a long-term profitable investment strategy in IPOs.Gabler, Betriebswirt.-Vlg, Abraham-Lincoln-Str. 46, 65189 Wiesbaden 152 pp. Englisch.…