1,720,993 research outputs found
L’Impresa Familiare. Fattori di successo ed evidenze empiriche sulle performance
Full text linkMolti sono i volumi che trattano l’argomento delle imprese familiari. Tuttavia, pochi sono i saggi che analizzano il tema focalizzandosi sullo stato dell’arte offerto dalla letteratura finanziaria. In virtù della loro rilevanza nel tessuto economico italiano, scopo di questo libro è fornire una panoramica il più possibile completa sulla ricerca relativa alle family firm. I più recenti fatti di cronaca sottolineano l’attualità del tema, che assume un rilievo particolare alla luce delle peculiarità proprie delle imprese familiari. Infatti, da un lato esse sono caratterizzate da consistenti vantaggi competitivi, essenzialmente associati alla loro elevata flessibilità gestionale e all’importante rete sociale al centro della quale l’impresa opera. Dall’altro, numerosi sono i problemi ordinariamente affrontati dalle family firm in termini di corporate governance, gestione dell’innovazione e transizione generazionale. La combinazione di questi fattori ne influenza in modo significativo la performance, con evidenti ripercussioni sul tessuto economico dell’area in cui le società operano. Il volume ripercorre i singoli punti di forza e di vulnerabilità, analizzandoli in una prospettiva economica e offrendo spunti di riflessione su come le imprese familiari possano enfatizzare gli elementi di vantaggio competitivo ovvero limitare i punti di debolezza che le contraddistinguono. Sono inoltre riportate storie di successo e di fallimento di family firm, di fatto evidenziando come le teorie sviluppate dalla letteratura siano riscontrabili anche da un punto di vista pratico. Infine, viene presentato uno studio empirico volto ad investigare nel contesto italiano se la proprietà familiare ha un effetto positivo o negativo sulla performance d’impresa. Infatti, nonostante l’ampia letteratura sul tema con riferimento al mercato inglese o statunitense, le evidenze riferite al nostro paese sono poco rilevanti e tra loro contraddittorie. Grazie all’alternanza tra teoria economico-finanziaria, casi pratici ed analisi empiriche, il volume offre una panoramica completa sull’imprenditoria familiare
"Meglio soli che accompagnati": analisi dell'effetto rarità geografica in sede di IPO.
Full text linkLo studio investiga la relazione esistente tra la distribuzione spaziale delle imprese quotate e le performance di mercato in sede di prima quotazione. Coerentemente con la riconosciuta preferenza degli investitori per i titoli locali (i.e. ad essi più vicini), quanto più la impresa quotanda è distante dalle altre imprese quotate, tanto migliore è la performance di mercato di quest'ultima successivamente la prima quotazione. Per esempio, un aumento del 10 percento della distanza media della impresa quotanda dalle altre imprese già quotate implica una maggiore extra-performance di mercato che nei 120 giorni successivi la quotazione è pari a circa il 6 percento. In ultima analisi, inoltre, tale effetto rarità sembra conosciuto ma non sfruttato da nessuno degli attori coinvolti nel processo di quotazione.
This paper investigates the relationship between listed
firms’ spatial distribution and IPOs’ market performance.
According to the well documented investors’ preference towards local stocks, we find that the farther the
issuing firm is from other listed firms, the better the
post-IPO risk-adjusted performance gets. Notably, a 10 percent increase in the IPO average distance from other
listed firms implies a higher risk-adjusted performance of
about 6 percent in the next 120 days. Moreover, evidences
show that such rarity effect seems to be known but
unexploited in the goingpublic process
IPO a ondate: Cluster temporali o cluster locali?
Full text linkThis paper investigates the relation between the success of initial public offerings in a given region and the subsequent volume of IPOs in the same region. We find that a high local performance of IPOs is able to trigger a local IPO wave due to private firms’ attempt to exploit the favorable local market conditions. Results are robust to the definition of local IPO success, which is addressed using several measures such as the average regional underpricing or the excess demand for newly issued securities. Empirical findings show that the well-documented temporal IPO waves are indeed local IPO waves
Geographic Influences on IPO
No full textLiterature on IPOs is more and more challenging. Recent research looks at IPOs as phenomena connected with the surrounding environment (e.g., Braun and Larrain, 2009; Hsu et al., 2010). We contribute to this literature by testing whether the firm geographic location matters in IPOs. Our key conjecture is that listed firm clustering around the IPO headquarters i) decreases the likelihood to go public, ii) lowers the underpricing, and iii) boosts the long-run under-performance. These conjectures are motivated by previous research showing that i) retail investors exhibit a preference for local stocks (Local Home Bias, LHB) (e.g., Coval and Moskowitz, 1999), ii) the proximity to the issuing firm reduces outsider information gaps (e.g., Feng and Seasholes, 2004), and iii) the LHB boosts corporate market price (e.g., Hong et al., 2008). To test these conjectures we merge datasets on the Italian private firms (95,745 firm-year observations), listed firms (3,835), and non-financial IPOs (157) over 1999-2012. We capture firm clustering around the IPO by introducing a spatial clustering index based on the harmonic mean of distances between each IPO and the other firms. As predicted, we find firm clustering around the IPO decreases the likelihood to go public, lowers the underpricing, and boosts the long-run underperformance. We control for local wealth, endogeneity, self-selection bias, information asymmetries and the complexity of the price-setting process.
Our findings highlight that the firm location matters in IPOs. The firm location affects almost every aspect of the corporate finance such as equity issuance (Loughran, 2008), financial structure (Gao et al., 2011), and payout policy (Becker et al., 2011), among others; we first relate to this literature. Our findings also provide evidence on underwriters’ valuation skills. When attempting to price an IPO, the main problem issuers and investment banks face is the estimation of the aggregate demand (e.g., Lowry and Schwert, 2004). Our results further support this evidence. The complexity of the pricing problem increases in isolated firms because of the LHB which makes additionally relevant the local supply and demand for local stocks. Indeed, the LHB seems implemented in the price-setting process; however, the offer price is not properly adjusted, and isolated IPOs are more underpriced than clustered IPOs. The more reliable explanation is that underwriters fail to estimate the firm value related to the firm location. The main implication would be that a location factor should be included in IPO pricing
Does the earnings quality matter? Evidence from a quasi-experimental setting
Full text linkInvestor preference for local stocks provides a quasi-experimental setting to investigate whether the market rewards firms that comply with generally accepted accounting principles. We show firms with low earnings quality trade at a premium compared to firms in compliance with accounting principles; the difference in values is greater when the role of local investor over-trading is stronger in stock price-formation, in other words for the more isolated firms. The value of the information not conveyed to the market through accounting disclosure accounts for 30% of the market-to-book. Results are robust to earnings quality definition, and show while non-local investors are sensitive to the quality of accounting information, local and better-informed investors are not. Overall, accounting\ud
quality matters
Family firm local involvement and the Local Home Bias phenomenon
Full text linkResearch has documented that most of retail and institutional investors exhibit a strong preference for stocks issued by nearby listed firms (i.e. Local Home Bias). This phenomenon shapes corporate market value and the cost of funding. In this paper, we investigate whether the Local Home Bias is enhanced in family firms as a consequence of their symbiotic connection with the local community. Using a dataset of 2,951 Italian firm-year observations (1,481 are family firms) over the period 1999e2011, we find that Local Home Bias is not a widespread phenomenon and mainly occurs in founding family firms where the founder serves as CEO. The Local Home Bias is absent in non-family firms or in family firms where the owner has acquired control through a market transaction. Overall, results suggest that locally committed family firms trigger investor preference for local stocks and, in doing so, exploit the dedicated local clientele which shrinks the cost of funding. Ultimately, we argue the social contributions of family firms to the local community could even have opportunistic traits and a non-trivial economic effect
Geographical Influences on IPOs
No full textFirm geographic location matters in IPO decision and outcome. Firms headquartered in wealthier
areas with fewer geographically neighboring listed firms are more prone to go public and to be
exposed to the “money left on the table” effect. Even controlling for the geographic self-selection
bias, first-day return is still negatively affected by the proximity to other listed firms. Findings are
consistent with a location premium that comes out suddenly, i.e. when firm goes public, and the
myopia of actors taking part of the going public decision process
The decision to go public and the IPO underpricing with locally biased investors
No full textWe provide new evidence that local investors are peculiarly biased towards local IPO stocks. Taking the well-known investor preference for local stocks a step further, we contribute by showing that local IPOs boost stock market participation far more intensely than local listed firms. Interestingly, the effect is driven by individuals born and raised in the region, having zero effect for those who have moved to the area. Consistent with underwriters significantly under-estimating the local investors’ demand in local IPOs, the probability of a private firm to go public, the IPO underpricing and the cross-sectional volatility of IPO initial returns, increase in remote firms where the local investors’ demand in local IPOs is particularly high. Overall, our results suggest that local investors are crucial for the IPO decision
Geographical Influences on IPOs
No full textFirm geographic location matters in IPO decision and outcome. Firms headquartered in wealthier areas with fewer geographically neighboring listed firms are more prone to go public and to be exposed to the “money left on the table” effect. Even controlling for the geographic self-selection bias, first-day return is still negatively affected by the proximity to other listed firms. Findings are consistent with a location premium that comes out suddenly, i.e. when firm goes public, and the myopia of actors taking part of the going public decision process
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