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  • Three Essays on Chinese Two-Stage Firms in the U.S.

    Resource Type:
    Thesis
    Creator:
    Sun, Chengye
    Abstract:
    This study investigates the three puzzles with regards to a two-stage IPO strategy in the U.S., namely, underpricing, IPO timing, and long-term performance. Firstly, we find that a two-stage IPO strategy may be suitable for firms who expect to raise public equities, but are highly cost-sensitive. In such an IPO strategy, firms can significantly reduce IPO cost. The public status before IPO might cost extra due to filing cost, etc... We can consider it as the price of an option; an option to conduct IPO with lower cost. Secondly, we find two-stage firms are similar to the conventional IPO firms. They have similar long-term stock market performance, operating performance, use similar level of earnings management and have similar amount of frauds. Thirdly, through the investigation on two-stage firm’s earnings management, we find that higher earnings management relative to domestic firms, can increase IPO valuation and doesn’t affect after market performance. But higher earnings management relative to the firms in the listing country does not increase IPO valuation. Even worse, it reduces after market performance. Lastly, we find the two-stage firms with longer time interval between public listing and IPO are likely to have low IPO cost and low earnings management. The two-stage firms with CEO-chairman duality are likely to commit frauds and have long-term underperformance.
    Thesis Degree:
    Doctor of Philosophy (Ph.D.)
    Thesis Degree Discipline:
    Management
    Date Created:
    2016

  • Income Trusts and Growth : Empirical Evidence

    Resource Type:
    Article
    Creator:
    Sun, Chengye
    Abstract:
    This paper provides empirical evidence on the growth, financing activity, and operating performance of Canadian business income trusts. We find that business income trusts are growing in terms of total assets and sales revenues. They frequently acquire other businesses in post-IPO period. We also find that income trusts are likely to issue third-party debt to finance acquisitions. Median operating return on total assets decreases after an business income trust IPO, indicating an operating performance inferior to that in pre-lPO years.
    Date Created:
    2007-04-01