國立虎尾科技大學 |

Two essays on the internationalization of investor bases.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	Two essays on the internationalization of investor bases./
Author:	Syvrud, Kelsey.
Description:	1 online resource (126 pages)
Notes:	Source: Dissertations Abstracts International, Volume: 77-04, Section: A.
Contained By:	Dissertations Abstracts International77-04A.
Subject:	Finance. -
Online resource:	click for full text (PQDT)
ISBN:	9781339078748

Two essays on the internationalization of investor bases.
Syvrud, Kelsey.

Two essays on the internationalization of investor bases. - 1 online resource (126 pages)

Source: Dissertations Abstracts International, Volume: 77-04, Section: A.

Thesis (Ph.D.)--The Florida State University, 2015.

Includes bibliographical references

This dissertation examines the relationship between the presence of international investors and firm success. The first chapter of my dissertation examines the relationship between international venture capital investors and private firm success spanning 81 countries over the years 1995-2010. The data examined indicate that, relative to deals in which the investor base is purely domestic, private firms that have an international investor base have a higher probability of exiting via an initial public offering (IPO) and higher IPO proceeds. The evidence is consistent with the view that while the benefits of internationalization may be difficult and costly to manage, for those firms that succeed in managing cross-border coordination costs, there is potential value for an IPO firm. The benefits relative to the costs of internationalizing the investor base for private firms sold in acquisitions, by contrast, are much less pronounced. The second chapter of my dissertation analyzes a firm's decision to issue new equity internationally. Though over eight percent of firms conducting an IPO between 1995 and 2010 choose to conduct foreign IPO, in which the firm issues only abroad, this form of IPO fails to raise significantly more proceeds net of costs than matched IPOs with similar firm characteristics. On the median, foreign IPO firms forego proceeds equal to $ 1.58 million, approximately 4.7% of the value of their total assets or 5% of their total net IPO proceeds. As firms select whether they will issue equity at home, abroad, or both, this result is surprising. We are unable to explain the difference in proceeds using any indirect costs or benefits of international issuances discussed in the literature or several additional hypotheses we propose - that firms may be attempting to take advantage of hotter IPO markets, lower indirect costs, a better legal environment, or the ability to issue subsequent SEOs. As we are unable to explain the difference in proceeds, this constitutes the Foreign IPO Puzzle.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2024

Mode of access: World Wide Web

ISBN: 9781339078748Subjects--Topical Terms:

559073
Finance.
Subjects--Index Terms:

International investorsIndex Terms--Genre/Form:

554714
Electronic books.

Two essays on the internationalization of investor bases.
LDR:03371ntm a22003737 4500 001 1149141
005 20240930130053.5
006 m o d
007 cr bn ---uuuuu
008 250605s2015 xx obm 000 0 eng d
020 $a 9781339078748
035 $a (MiAaPQ)AAI3724383
035 $a (MiAaPQ)fsu:12669
035 $a AAI3724383
040 $a MiAaPQ $b eng $c MiAaPQ $d NTU
100 1 $a Syvrud, Kelsey. $3 1475294
245 1 0 $a Two essays on the internationalization of investor bases.
264 0 $c 2015
300 $a 1 online resource (126 pages)
336 $a text $b txt $2 rdacontent
337 $a computer $b c $2 rdamedia
338 $a online resource $b cr $2 rdacarrier
500 $a Source: Dissertations Abstracts International, Volume: 77-04, Section: A.
500 $a Publisher info.: Dissertation/Thesis.
500 $a Advisor: Knill, April M.
502 $a Thesis (Ph.D.)--The Florida State University, 2015.
504 $a Includes bibliographical references
520 $a This dissertation examines the relationship between the presence of international investors and firm success. The first chapter of my dissertation examines the relationship between international venture capital investors and private firm success spanning 81 countries over the years 1995-2010. The data examined indicate that, relative to deals in which the investor base is purely domestic, private firms that have an international investor base have a higher probability of exiting via an initial public offering (IPO) and higher IPO proceeds. The evidence is consistent with the view that while the benefits of internationalization may be difficult and costly to manage, for those firms that succeed in managing cross-border coordination costs, there is potential value for an IPO firm. The benefits relative to the costs of internationalizing the investor base for private firms sold in acquisitions, by contrast, are much less pronounced. The second chapter of my dissertation analyzes a firm's decision to issue new equity internationally. Though over eight percent of firms conducting an IPO between 1995 and 2010 choose to conduct foreign IPO, in which the firm issues only abroad, this form of IPO fails to raise significantly more proceeds net of costs than matched IPOs with similar firm characteristics. On the median, foreign IPO firms forego proceeds equal to $ 1.58 million, approximately 4.7% of the value of their total assets or 5% of their total net IPO proceeds. As firms select whether they will issue equity at home, abroad, or both, this result is surprising. We are unable to explain the difference in proceeds using any indirect costs or benefits of international issuances discussed in the literature or several additional hypotheses we propose - that firms may be attempting to take advantage of hotter IPO markets, lower indirect costs, a better legal environment, or the ability to issue subsequent SEOs. As we are unable to explain the difference in proceeds, this constitutes the Foreign IPO Puzzle.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2024
538 $a Mode of access: World Wide Web
650 4 $a Finance. $3 559073
653 $a International investors
653 $a Private firms
653 $a Venture capital
655 7 $a Electronic books. $2 local $3 554714
690 $a 0508
710 2 $a ProQuest Information and Learning Co. $3 1178819
710 2 $a The Florida State University. $b Finance. $3 1182356
773 0 $t Dissertations Abstracts International $g 77-04A.
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3724383 $z click for full text (PQDT)