Долгосрочная результативность первичных размещений компаний, обеспеченных ростом инвестиций в материальные активы

The presented research is devoted to the phenomenon of initial public offerings and their long-run performance. In this study I am going to analyze and examine specifically financed firms and their public performance. Generally, this special type of companies is characterized by investments in growth of tangible assets after initial public offering. Such type of companies was identified by Ritter (2015) and the evidence of their substantial aftermarket overperformance was presented. Therefore, relying on those results, the main goal of this study is to examine the long- run performance of a specifically financed (growth capital-backed) IPOs and to observe which factors influence such performance. The novelty of the concept and scarce number of previous researches lead us to the research problem of the presented paper. Moreover, the problem of performance’s markers or determinants of this special types of initial offerings arises and will be solved during the empirical study.
To start with, I would like to mention that the long-run performance phenomenon of the initial offerings is well studied topic, there are researches starting from 1970s, there are various methodologies and statistical tests to prove theories, many of the studies provide their arguments for or against the usage of some factors, some of them study how various factors influence the performance of IPOs. The topic of initial offerings and their performance is still considered as a relevant and a lot of researches study how do these types of capital raising affect different stakeholders. This importance is mainly caused by financial and economic significance of the deals, the real market of IPOs is significant, and a lot of people and institutions are involved. For the analysts it is especially important to understand how various factors influence the performance, not only in long-run. Mainly, some operational and financial factors of companies and their influence on performance were analyzed. The comprehensive analyses are often being supplemented by the academic researches’ conclusions and findings. Hence, considering such wide universe of studies, there was quite complicated task to narrow down the topic of this research and find clear research gap in this field of IPOs’ performance. However, the article under the topic “Growth Capital-backed IPOs” introduces new type of initial offerings and their investments. This article became an essential underlying part of my research. It happened due to several reasons: first is that J. Ritter suggests completely new type of firms’ financing, this is a unique situation because during previous several decades the researches mostly considered existing theories/concepts/types of IPOs and there was a lack of novelty. From my point of view, the paper “Growth Capital-backed IPOs” offers this novelty, and it is extremely interesting to study new concepts. The second reason is that there is clear academic/research gap since that is the only article about those companies.
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The fact that analysts and investors seek for the new methodologies for initial offerings’ analyses bears managerial implication of this study. This is due to the fact that the newly invented or defined type of financing – growth capital-backed IPO is considered as better performing in long-run according to Ritter (2015). The author states: “Since 1980, investing in growth capital- backed IPOs has produced mean 3-year style-adjusted buy-and-hold returns of +25.2%, in contrast to style-adjusted returns of approximately zero for other VC-backed and buyout-backed IPOs” (Ritter, 2015). Since these companies outperform others by significant values, the findings could be meaningful from the practical point of view, analysts, owners, intermediaries and investors could use the results in their initial offerings’ estimation and use this technique as one additional instrument for analysis.
I suggest that the object of this research is growth capital-backed companies, while subject is the property of their long-run aftermarket performance. The research checks whether there is an overperformance on more relevant data, i.e., time span will include more recent observations. Moreover, the factors’ influence on performance is observed. For completing the presented research, I have defined several objectives:
• Analyze the literature background in order to get broader view on the issues of initial offerings and the factors which influence performance
• From the prior studies’ analysis identify the appropriate methodology for evaluating the long run performance and identify the pool of factors to check their influence on the performance
• Choose appropriate models for estimating the influence of factors and justify the choice
• Collect the necessary data sample for further analysis
• Calculate the performance of the firms and conduct appropriate data analysis
• Describe meaningful findings and results of the analysis
According to the goal and tasks of the study, the research questions being suggested: how
the growth capital-backed IPOs perform in long-run? What are the factors of growth capital- backed IPOs’ performance and how do they influence this performance? I propound that these question and goal are suitable for the research in general. The further research is divided into two major chapters. The first will include theoretical foundation which is divided according to main concepts of this study: initial public offerings, long-run performance and financed IPOs. Next, the second chapter or empirical research transitions theoretical discussion into practical area and it will include description and justification of proposed methodology, the data collection techniques, final sample description and econometric analysis. Finally, obtained results with limitations and further discussion will be introduced.