Search or add a thesis

Advanced Search (Beta)
Home > Performance of Demutualized, Cross-Listed and Newly Listed Ipos: Evidences from Alternative Investment Market Aim

Performance of Demutualized, Cross-Listed and Newly Listed Ipos: Evidences from Alternative Investment Market Aim

Thesis Info

Access Option

External Link

Author

Wahid, Abdul

Supervisor

Shahzad Ahmad Khan

Program

PhD

Institute

Riphah International University

City

Islamabad

Province

Islamabad

Country

Pakistan

Thesis Completing Year

2019

Thesis Completion Status

Completed

Subject

Management Sciences

Language

English

Link

http://prr.hec.gov.pk/jspui/bitstream/123456789/11440/1/Abdul%20Wahid%20Management%20Sci%202019%20riphah.pdf

Added

2021-02-17 19:49:13

Modified

2024-03-24 20:25:49

ARI ID

1676724916941

Similar


Generally, in most traditional markets one can observe a rapid escalation in the trading price of many IPOs on the first day. The closing price on the first day of trading is quite often much high then the offering price six hours earlier.It is a well established fact that initial public offerings of common stock (hereafter IPOs) are mostly underpriced, sometimes astronomically and subsequently underperformed in long-run period. There remains a question as to why this is such a common occurrence. However, virtually all the statistical studies draw their data from large highly liquid markets-traditional or main markets. To test these propositions, we selected various categories of IPOs i.e. local IPOs, cross-listed IPOs and demutualized firms’ offeringthat are listed on AIM during 2001 to 2017. Findings of the study depicts that on average, IPOs are underpriced by 2.48%, 2.62% and 2.16% on the first, fifteen and thirty day of trading respectively. We further identified that demutualized IPOs are less underpriced then local IPOs. In addition, cross-listed IPOs are more underpriced on the fifteenth and the thirtieth day of trading relative to local and demutualized IPOs. This study also reports that offer price is emerged as a robust determinant of short-run performance of unseasoned issues. In long-run price performance, it is found that investors in the AIM earn significant positive returns if the stock is hold for three years, and the price variation is dependent upon the firm size. As for as the spillover is concerned, the results show that only mean spillover effects from US and Australian market and volatility spillover effects from US, Canada, Australia and Irish market transmit to their respective cross-listed IPOs on an alternative markets. That finding implies that in short-run, a lower offer price leads to greater underpricing. In long-run, Investment in small firms seems more profitable compared to those of large firms in the AIM. These findings suggest that prospective investors can develop and diversify their portfolio in an alternative markets. The findings of the study have also a practical value for those investor who are especially interested in earning abnormal excess returns in an alternative market
Loading...
Loading...

Similar Books

Loading...

Similar Chapters

Loading...

Similar News

Loading...

Similar Articles

Loading...

Similar Article Headings

Loading...

باب دوم: ماحولیاتی تحفظ کا مطالعہ

ماحولیات کا تعارف

ماحول کو عربی زبان میں "بیئۃ" کہا جاتا ہے۔ ا س کا مادہ "بوأ " ہے۔

صاحب "معجم الوسیط" رقمطراز ہیں:

" (البيئة) الْمنزل وَالْحَال وَيُقَال بيئة طبيعية وبيئة اجتماعية وبيئة سياسية"[1]

 احمد بن خلیل اپنی تالیف "کتاب العین" میں کرتے ہیں:

"بوأ:الباءةُ والمَباءة: منزل القوم حين يَتَبَوَّءُونَ في قِبَلِ وادٍ، أو سَنَد جَبَلٍ، ويقال: [بل هو] كلّ منزلِ يَنْزِلُه القَوْم، يقال: تَبَوَّءُوا منزلا.. وقال تعالى: وَلَقَدْ بَوَّأْنا بَنِي إِسْرائِيلَ مُبَوَّأَ صِدْقٍ "[2]

 ابو نصر فارابی ؒ لکھتے ہیں:

"[بوأ]المباءة: منزل القوم في كل موضع، ويسمى كِناس الثور الوحشي: مباءةً "[3]

احمد بن فارس الرازی رقمطراز ہیں:

" (بَوَأَ) الْبَاءُ وَالْوَاوُ وَالْهَمْزَةُ أَصْلَانِ: أَحَدُهُمَا الرُّجُوعُ إِلَى الشَّيْءِ، وَالْآخَرُ تَسَاوِي الشَّيْئَيْنِ.فَالْأَوَّلُ الْبَاءَةُ وَالْمَبَاءَةُ، وَهِيَ مَنْزِلَةُ الْقَوْمِ"[4]

ابن الاثیرؒ (م606ھ) ماحول کی لغوی تشریح فرماتے ہیں:

"مَنْ كَذب عَلَيَّ مُتَعَمِّداً فَلْيَتَبَوَّأْ مَقعده مِنَ النَّارِ قَدْ تَكَرَّرَتْ هَذِهِ اللَّفْظَةُ فِي الْحَدِيثِ، وَمَعْنَاهَا لِيَنْزِلْ مَنْزِلَه مِنَ النَّارِ، يُقَالُ بَوَّأَهُ اللَّهُ مَنْزِلا، أَيْ أسْكنَه إيَّاه، وتَبَوَّأْتُ منزِلا، أَيِ اتَّخَذْته، والمَبَاءَة: الْمَنْزِلُ"[5]

مذکورہ بالا مباحث سے معلوم ہوتا ہے کہ ٹھکانہ، مسکن، ارد گرد کے مقامات، رہائش کا مقام وغیرہ ماحول کے مفہوم میں شامل ہیں۔ "بَوَّأَ" کا معنی ٹھکانہ، قیام کی جگہ، منزل، مسکن، رہنے سہنے کامقام یعنی ماحول ہے۔ماحول اتنا اہمیت کا حامل ہے کہ کتاب اللہ میں بھی ماحول کو مختلف زاویوں سے ذکر کیا گیاہے۔ کلام ِ ربانی میں ماحول کے تذکرہ سے اس کی افادیت کا اندازہ کیا جاسکتا ہے۔

 ارشاد باری تعالیٰ ہے:

" وَالَّذِيْنَ هَاجَرُوْا فِي اللّٰهِ مِنْۢ بَعْدِ مَا ظُلِمُوْا لَنُبَوِّئَنَّهُمْ...

جنات کی حقیقت (اسلامی تعلیمات کی روشنی میں ایک تحقیقی جائزہ)

Some things we can not drive and achieve ethics from wisdom and philosophical thought.  Just as Jinnah (Jinn). Literary word Jinnah (jinn ) is derive from the Arabic alphabet means to hide or  cancel. Thus as their description suggests that  they are invisible physically. Different views has been recorded and reported that these are not a  created being, just a doubt or (whim) but others believe them a creature not a result of any hidden feeling  sense of thought but here sacred jurisprudence (shari’ah) states that they are created one like humans having proper way of  youth and puberty, having domestic life and science suffered towards death lastly human eye can  not see us bound to fulfill the requirement of shari’ah and observed to keep in different sects and tribes persuasion like us. Human and jinnat as power and authority.  Quran proves courtery which we can not ignore. “ I did not create the jinns and human except to worship me”(51/56). Islamic jurisprudence is the best source to prove to existence of jinns with beliefs and thick proof   as Rab e kareem say, s “ Indeed we created man from dried clay of  black smooth mud and we created the jinn before that from the smokeless flame of fire”.(15: 26/27)

A Study on Channel Polling Mechanisms for Wireless Sensor Networks

Due to the highly application specific nature of WSN, hundreds of Media Access Control (MAC) protocols have been proposed in the past. The focus of these protocols has been on optimizing the performance parameters such as energy, delay, throughput and reliability. Among these, improving energy efficiency of WSN has always been the primary goal. MAC protocols have taken various approaches to manage the energy consumption of WSN nodes efficiently, channel polling using Low Power Listening (LPL) is one of them. Channel polling refers to the channel listening by the receiving nodes mostly in asynchronous MAC protocols. The channel polling process significantly governs energy, delay and lifetime of the network. Therefore, it is required to adjust the polling intervals in accordance with the incoming traffic patterns. The previously proposed protocols either polled the channel periodically regardless of the traffic arrival patterns, or attempted to adjust the polling intervals based on the history of past idle & busy polls. However, none of the previous protocols focused on studying the influence of using probabilistic distributions for selecting polling interval distributions on the performance of MAC protocols in WSN. For example, Boost-MAC and AXMAC decide polling intervals based on the history of previous polls, whereas AS-MAC sets the polling intervals based on the analysis of neighbor schedules. Hence, the research gap identified for this dissertation is to study the influence of varying polling interval distributions for the MAC protocol and to develop an asynchronous duty-cycle based MAC protocol: Adaptive and Dynamic Polling-MAC (ADP-MAC), which is based on this concept. The protocol ADP-MAC has been developed to be dynamic and energy efficient which could adapt to a wide range of WSN applications, particularly those with dynamic traffic patterns. The study took the novel approach of switching the polling interval distribution of the receiver nodes by monitoring the Co-efficient of Variation (CV) of the incoming traffic. The CV is hence intended to be used as an indicator of the variance present in not just the generated traffic but ultimately the traffic arriving at the receiving nodes. A Receiver Initiated Pseudo-Synchronization (RIPS) scheme has been integrated with the protocol to ensure that nodes get back into communication after a certain period of being out of synchronization. To represent different applications of WSN, Constant-Bit Rate (CBR), Poisson and Bursty Arrivals have been used; whereas three types of polling distributions have been studied: Deterministic, Exponential and Dynamic. The performance of ADP-MAC has been evaluated with the features of Dynamic Polling set ON and OFF; when the Dynamic Polling is set OFF, the protocol conducts either deterministic or Exponential Polling. Closely linked to the energy performance of ADP-MAC is the use of packet concatenation and block acknowledgment mechanisms, which have also been analyzed. The single-hop and multi-hop performance of ADP-MAC has been evaluated through implementing the design in TinyOS for mica2 platform. Avrora emulator has been used for simulations and Awk script was written for data parsing from the output file. The experiments are conducted for varying number of nodes, message generation intervals and polling intervals, among other parameters. The mechanisms of Adaptive & Dynamic Polling and packet concatenation are separately studied to unveil the contribution of each aspect of ADP-MAC. It has been found that in terms of energy consumption and delay, ADP-MAC with Deterministic Polling serves best for CBR Arrivals, ADP-MAC with Exponential Polling serves best for Poisson Arrivals and finally, ADP-MAC with Dynamic Polling serves best for the Bursty Arrivals. No trade-off between the delay and energy has been seen for ADP-MAC because when there is a better match between the instants of packet generation at the source node and channel polling at the receiver node, the preamble transmissions reduce resulting in both the reduction of energy consumption and delay at the same time. These observations have led to the major finding of this dissertation that when the traffic arrival and polling interval distribution of ADP-MAC are in conformance, the performance in terms of both delay and energy turns out to be the best. On the other hand, ADP-MAC with Dynamic Polling results in best performance in terms of packet loss regardless of the type of arrivals. The performance comparison of ADP-MAC has been shown against an established MAC protocol: Synchronized Channel Polling MAC (SCP-MAC). SCP-MAC has been chosen as a benchmark protocol because it combines the properties of synchronous (loose synchronization) & asynchronous protocols (channel polling). Although SCP-MAC is defined as synchronous, it performs additional adaptive polls after each successful reception. We developed a research gap to evaluate the performance of dynamic selection of polling interval distributions instead of performing adaptive polls as in SCP-MAC. The results show that ADP-MAC outperforms SCPMAC in terms of energy consumption, delay and packet loss. The major reason for the superior performance of ADP-MAC is that it does not perform explicit synchronization and reduces contention, idle listening and overhearing. Moreover, the Adaptive Polling mechanism of ADPMAC dynamically selects the best polling interval distribution based on traffic arrival patterns, hence reducing the energy consumption associated with preamble transmissions and excessive polling.