Performance of Private Equity-Backed IPOs. Evidence from the UK after the financial crisis.

Performance of Private Equity-Backed IPOs. Evidence from the UK after the financial crisis -- Summary -- Contents -- Index of Figures -- Index of Tables -- Nomenclature -- 1. Introduction -- 1.1. Background -- 1.2. Research Aim and Objective -- 1.3. Relevance and Research Contribution -- 2. Literature Review -- 2.1. UK Equity Market-Setting for IPOs and Private Equity -- 2.2. Review on Private Equity -- 2.2.1. Private Equity Transactions -- 2.2.2. Exit Strategies -- 2.3. IPO Activity -- 2.4. IPO Performance -- 2.4.1. Short-Run Underpricing -- 2.4.2. Determinants of Short-Run Underpricing -- 2.4.3. Short-Run Underpricing of PE-backed IPOs -- 2.4.4. Long-Run After-Market Performance -- 2.4.5. Determinants of Long-Run Underperformance -- 2.4.6. Long-Run Performance of PE-backed IPOs -- 3. Sample Data &amp -- Methodology -- 3.1. Sample Selection -- 3.1.1. IPO Data -- 3.1.2. Identification of PE-backed IPOs -- 3.1.3. Time Period -- 3.2. Measuring Underpricing -- 3.3. Measuring Long-Run Performance -- 3.3.1. Buy-and-Hold-Abnormal Returns (BHAR) -- 3.3.2. Cumulative Abnormal Returns (CAR) -- 3.3.3. Wealth Relative (WR) -- 3.3.4. Return-weighting -- 3.4. Regressions -- 3.4.1. Single-Factor Time-Series Regression in Calendar Time - Capital Asset PricingModel -- 3.4.2. Four-Factor Time-Series Regression in Calendar Time - Carhart Four-FactorModel -- 4. Results -- 4.1. General Descriptive Statistics -- 4.2. Underpricing -- 4.3. Long-Run Performance -- 4.3.1. CARs -- 4.3.2. BHARs in Event Time -- 4.3.3. Wealth Relative -- 4.4. Regression Results -- 4.4.1. CAPM -- 4.4.2. Carhart-Four Factor Model -- 5. Result Discussion -- 5.1. Underpricing -- 5.2. Long-Run Performance -- 5.2.1. CARs -- 5.2.2. BHARs -- 5.2.3. Wealth Relatives -- 6. Conclusion -- 7. Suggestion for Further Research -- Bibliography -- Appendices -- Appendix A: IPO List 2013-2015.

Appendix B: IPO Activity in the UK 1995-2018 -- Appendix C: Overview on Research Findings on PE-Backed IPO Performance in the UK -- Appendix D: Overview on Research Findings on PE-Backed IPO Performance (ex UK) -- Appendix E: List of PE-Firms backing the PE-backed IPO Subsample -- Appendix F: Descriptive Statistics &amp -- Jarque-Bera test statistics for normality testing in Underpricing subsample groups: PE-Backed and Non-Backed IPO Underpricing -- Appendix G: Shapiro-Wilk test statistics for normality testing in Underpricing subsample groups: PE-Backed and Non-Backed IPO Raw Underpricing -- Appendix H: Distribution plots for normality testing in Underpricingsubsample groups: PE-Backed and Non-Backed Raw IPO Underpricing -- Appendix I: Two-sample independent t-test with unequal variances for mean difference testing of PE-backed and Non-Backed Raw IPO Underpricing -- Appendix J: Two-sample Wilcoxon rank-sum test (Mann-Whitney U-test) for median difference testing between PE-backed and Non-Backed Raw IPO Underpricing.

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Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2024. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.