(1) Long-run performance analysis of a new sample of UK IPOs.

“Eric Brown” Retrieved from University of Edinburgh, 1999

Abstract 36 month buy-and-hold returns are calculated for a recent sample of initial public offerings
(IPOs) on UK stock markets in order to test the robustness of earlier results which suggest that IPOS
deliver abnormally low long-run returns. A bootstrapped and skew-adjusted t statistic is employed.
Overall, there is little evidence of significant abnormal long-run performance. Further tests reveal
that the electronics and information technology IPOS experienced by far the highest initial returns
but their long-run abnormal performance was poor. This may be the result of chance, or
alternatively the sector may offer an isolated area of empirical support for theories of irrational
stock market behaviour.

(2) The roles of performance measures and monitoring in annual governance decisions in
entrepreneurial firms.

“Ellen Engel”, Elizabeth A Gordon, Rachel M Hayes

Journal of Accounting Research 40 (2), 485- 518, 2002

This paper analyses annual corporate governance decisions at firms making initial public offerings
(IPOs) of common stock between 1996 and 1999. Our objective is to examine relations between
firms' corporate governance decisions and the informativeness of available measures of managerial
performance. We consider financial measures such as earnings and stock return, as well as direct
monitoring. We collect a sample of IPO firms from the manufacturing, Internet, and technology
(non-Internet) industries, and examine how the use of various performance measures in annual
compensation grants and turnover decisions varies with the information environment of the firm
and with the extent of venture capital influence. Consistent with prior research that finds earnings
are of limited usefulness in firm valuation for Internet firms, we find Internetfirms place less
importance on earnings and greater importance on stock returns in determining compensation
grants than do non-Internet firms. We also find that compensation grants of firms with little or no
venture capital influence display significantly stronger association with accounting and stock
performance measures than those of firms with more intense monitoring by venture capitalists. This
result is consistent with direct monitoring and the use of explicit performance measures acting as
substitute governance mechanisms.

(3) Rethinking performance measurement: Beyond the balanced scorecard.

“Marshall W Meyer” ,Cambridge University Press, 2003

Performance measurement remains a vexing problem for business firms and other kinds of
organisations. This book explains why: the performance we want to measure (long-term cash flows,
long-term viability) and the performance we can measure (current cash flows, customer satisfaction,
etc.) are not the same. The balanced scorecard', which has been widely adopted by US firms, does
not solve these underlying problems of performance measurement and may exacerbate them
because it provides no guidance on how to combine dissimilar measures into an overall appraisal of
performance. A measurement technique called activity- based profitability analysis (ABPA) is
suggested as a partial solution, especially to the problem of combining dissimilar measures. ABPA
estimates the revenue consequences of each activity performed for the customer, allowing firms to
compare revenues with costs for theseactivities and hence to discriminate between activities that
are ultimately profitable and those that are not.

(4) Long-run IPO performance analysis of German and Spanish family- owned businesses.

Peter Jaskiewicz, Víctor M González, Susana Menéndez, Dirk Schiereck

Family Business Review 18 (3), 179-202, 2005

This article examines the long-run stock market performance of German and Spanish initial public
offerings (IPOs) between 1990 and 2000. We distinguish between family-and nonfamily-owned
business IPOs by using the power subscale of the F-PEC. Buy-and-hold-abnormal returns (BHAR) are
calculated in order to determine abnormal returns. Our results show that three years after going
public, investors, on average, realized an abnormal return of -32.8% for German and -36.7% for
Spanish IPOs. In both countries, nonfamily business IPOs perform insignificantly better. Regression
analyses show that for the whole sample there is a positive company size effect. In family- owned
businesses, strong family involvement has a positive impact on the long-run stock market
performance, whereas the age of the firm has a negative influence.

(5) Performance analysis of initial public offering in Indian context.

“B Ramesh, Pournima Dhume”

Splint International Journal of Professionals, Bhubaneswar, 2015

Initial Public Offering (IPOS) is a company's first offering of equity to public. Initial Public Offer is a
major source of capital for firms. In fact, in Indian capital market, IPOs have become the most
popular way of raising finance for the firms. The pricing of Initial Public Offerings (IPOS) is one of the
more puzzling phenomena in finance. This study intends to examine the price performance of the
Indian IPOs listed on National Stock Exchange (NSE), using a sample of 150 IPOS that entered the
primary capital market during May 2007 to December 2011. Short run and Long run price
performance have been studied by considering the gap of 1 month, 3months, 6 months and 1 year, 2
years and 3 years respectively. The findings reveal that, there exists overpricing in the Indian Primary
Capital Market. Secondly, overpricing is more prevalent in the long run time period than in the short
run.

(6) Cyclicality, performance measurement, and cash flow liquidity in private equity.

“David T Robinson, Berk A Sensoy”

Journal of Financial Economics 122 (3), 521- 543, 2016

We study the liquidity properties of private equity cash flows using data from 837 buyout and
venture capital funds from 1984 to 2010. Most cash flow variation at a point in time is diversifiable -
either idiosyncratic to a given fund or explained by the fund's age. Both capital calls and distributions
also have a procyclical systematic component. Distributions are more sensitive than calls, implying
procyclical aggregate net cash flows. A consequence is that the well-known finding that funds raised
in hot markets underperform in absolute terms is sharply attenuated when comparing to public
equities. Consistent with a liquidity premium for calling capital in bad times, we find that funds with
a relatively high propensity to do so perform better in both absolute and relative terms. Venture
capital cash flows and performance are considerably more cyclical than buyout,and the links
between cyclical cash flows and performance are likewise stronger.

(7) A multi-criteria performance analysis of Initial Public Offering (IPO) firms using CRITIC and VIKOR
methods.

“Nese Yalcin, Ulaş Ünlü”

Technological and Economic development of Economy 24 (2), 2018

As Initial Public Offering (IPO) is a significant milestone in the financial strategy of a firm, this study
aims to evaluate performance of IPOs using multiple measures including accounting- based
performance (ABP), value-based performance (VBP) and overall performance (OP) in the pre- and
post-IPO periods. Therefore, we present two combined approaches based on a compromise MCDM
method-VIKOR and objective weighting methods-CRITIC and MW (Mean Weight) to evaluate and
rank IPOS to help shareholders with understanding on how their performance changes under the
different measures. Since the compromise solution (one or a set) proposed by VIKOR depends
substantially on criteria weights, VIKOR- CRITIC can show more realistic results because of the
differential weights assigned to criteria by CRITIC In this study.a case study is conducted in order to
evaluate the performance of Turkish IPOs based on ABP, VBP and OP measures using the combined
methods. The results show that the compromise solution results obtained by VIKOR-CRITIC may be a
guideline for investors in making more profitable investment decisions before leaping into any
investment decision.

(8) Short-Run Performance Analysis of IPOS in the Indian Market.

“Pradeepta Kumar Samanta, Shikhar Dam, Rishi S Saluja, Shubham Bansal, Nimit Chhabra”

IUP Journal of Management Research 17 (1), 2018

A private company uses Initial Public Offerings (IPOs) to raise equity capital from the public who in
turn become shareholders of the company after listing of its equity shares in the stock exchanges.
IPOs have become very popular worldwide. Post-listing, the public shareholders get an opportunity
to cash-in on the listing gains (typically in the short-term) or continue to be a part of the company's
growth story (in the long-term). Typically, such investment decisions are based on the investors'
returns expectations in the short and long- term, given the risk appetite. To analyze these critical
aspects, several research studies have been undertaken globally. The extant literature suggests that
the IPOS generally perform poorly in the long-term but offer good short-term returns. The purpose
of this paper is to study the short- term performance of 117 IPOS issued for subscription in India
during 2009-2013 by way of Market Abnormal Excess Returns (MAER) and identify the factors
whichaffect their performance.

(9) Financial performance analysis before and after the initial public offering (IPO)

“Linda Novita Dewi, Dicky Jhoansyah, Kokom Komariah

Almana”: Jurnal Manajemen dan Bisnis 4 (3), 323-328, 2020

During the 2014 presidential election, the performance of the property sector, real estate, and
construction of national buildings reached 55.76%. However, in the following year, the performance
of the property, real estate, and building construction sector declined and continued until 2018.
Therefore many companies from this sector decided to take the floor on the Indonesian stock
exchange. with this, it is hoped that the financial performance of this sector will improve. The
purpose of this study was to determine whether there was an increase or not in the financial
performance of the property, real estate, and building construction sector which was conducted in
IPO 2017 on the Indonesia stock exchange. The research method used in this study is quantitative.
The sampling technique used was purposive sampling technique withpredetermined criteria. and
obtained four companies selected as research samples. Data analysis techniques used in this study
are horizontal analysis with liquidity ratios, activities, solvency, and profitability ratio. the results of
this study are there is an increase in financial performance after the IPO with solvency ratios and
there is a decrease in financial performance after IPO with liquidity ratios, activity ratios, and
profitability ratios.

(10) Short-run performance evaluation of under-priced Indian IPOs.

“BR Manjunath, JK Raju, M Rehaman”

Law and Financial Markets Review 14 (3), 170-175, 2020

The under-pricing of Initial Public Offerings (IPO) speaks to one of the inconsistencies seen in
essential markets (primary market) worldwide, however, the profundity and broadness of its shift
from nation to nation. In this context, the study is a posteriori analysis of the short-run performance
of Indian IPOS in the National Stock Exchange (NSE). The study aims to determine the relationship
between the returns of IPOS and NIFTY50 (benchmark index) using correlation and regression
analysis. To determine the performance of the IPOS, whether they are outperforming or
underperforming using Wealth Relative Model. As the investors look for attractive returns through
primary market opportunities, therefore, historical returns of trading days 1, 5, 10, 15 and 20 are
taken into consideration. The study uses data of 114 Indian IPOS that were listed in the NSE during
the period 2014-2018 as part of secondary data, however a total of 71under-priced IPOs listed in the
NSE are utilized for analysis. The study concludes there is a significant under-pricing of IPOS with
trading day 15th showing the highest initial returns.