Publication Cover
Maritime Policy & Management
The flagship journal of international shipping and port research
Volume 44, 2017 - Issue 8
421
Views
7
CrossRef citations to date
0
Altmetric
Original Articles

Initial public offerings in the port industry: exploring the determinants of underpricing

ORCID Icon

References

  • Aggarwal, R., R. Leal, and L. Hernandez. 1993. “The After Market Performance of Initial Public Offerings in Latin America.” Financial Management 22 (1): 42–53. doi:10.2307/3665964.
  • Aktaş, R., M. B. Karan, and K. Aydoğan. 2003. “Forecasting Short Run Performance of Initial Public Offerings in the Istanbul Stock Exchange.” The Journal of Entrepreneurial Finance 8 (1): 69–85.
  • Allen, F., and G. Faulharber. 1989. “Signaling by Underpricing in the IPO Market.” Journal of Financial Economics 23: 303–323. doi:10.1016/0304-405X(89)90060-3.
  • Baird, A. J. 2013. “Acquisition of UK Ports by Private Equity Funds.” Research in Transportation Business & Management 8: 158–165. doi:10.1016/j.rtbm.2013.07.004.
  • Baron, D. 1982. “A Model of the Demand for Investment Banking Advising and Distribution Services for New Issues.” Journal of Finance 37: 955–976. doi:10.1111/j.1540-6261.1982.tb03591.x.
  • Beatty, R., and J. Ritter. 1986. “Investment Banking, Reputation, and the Underpricing of Initial Public Offerings.” Journal of Financial Economics 15: 213–232. doi:10.1016/0304-405X(86)90055-3.
  • Booth, J. R., and R. Smith. 1986. “Capital Raising, Underwriting and the Certification Hypothesis.” Journal of Financial Economics 15: 261–281. doi:10.1016/0304-405X(86)90057-7.
  • Carter, R., and S. Manaster. 1990. “Initial Public Offerings and Underwriter Reputation.” The Journal of Finance 45 (4): 1045–1067.
  • Chahine, S. 2008. “Underpricing versus Gross Spread: New Evidence on the Effect of Sold Shares at the Time of IPOs.” Journal of Multinational Financial Management 18 (2): 180–196. doi:10.1016/j.mulfin.2007.08.001.
  • Cheon, S.-H., A. Maltz, and K. Dooley. 2017. “The Link between Economic and Environmental Performance of the Top 10 U.S. Ports.” Maritime Policy & Management 44 (2): 227–247. doi:10.1080/03088839.2016.1275860.
  • Cullinane, K., and X. Gong. 2002. “The Mispricing of Transportation Initial Public Offerings in the Chinese Mainland and Hong Kong.” Maritime Policy & Management 29 (2): 107–118. doi:10.1080/03088830110067348.
  • Demirgüç-Kunt, A., and V. Maksimovic. 1999. “Institutions, Financial Markets, and Firm Debt Maturity.” Journal of Financial Economics 54 (3): 295–336. doi:10.1016/S0304-405X(99)00039-2.
  • Everett, S. 2003. “Corporatization: A Legislative Framework for Port Inefficiencies.” Maritime Policy & Management 30 (3): 211–219. doi:10.1080/0308883032000113433.
  • Frankel, E. G. 1992. “Debt-Equity Conversion and Port Privatization.” Maritime Policy & Management 19 (3): 201–209. doi:10.1080/751248661.
  • Grammenos, C. T. 2013. The Handbook of Maritime Economics and Business. London: Taylor & Francis.
  • Grammenos, C. T., and N. C. Papapostolou. 2012. “US Shipping Initial Public Offerings: Do Prospectus and Market Information Matter?” Transportation Research Part E: Logistics and Transportation Review 48 (1): 276–295. doi:10.1016/j.tre.2011.07.009.
  • Grammenos, C. T., and S. N. Marcoulis. 1996. “A Cross-Section Analysis of Stock Returns: The Case of Shipping Firms.” Maritime Policy and Management 23 (1): 67–80. doi:10.1080/03088839600000053.
  • Hair Jr., J. F., R. E. Anderson, R. L. Tatham, and W. C. Black. 1995. Multivariate Data Analysis: With Readings. 4th ed. New Jersey: Prentice Hall.
  • Heaver, T. 2006. “The Evolution and Challenges of Port Economics.” Research in Transportation Economics 16 (1): 11–41. doi:10.1016/S0739-8859(06)16002-3.
  • Ibbotson, R. G., J. L. Sindelar, and J. R. Ritter. 1994. “The Market’s Problem with the Pricing of Initial Public Offerings in Denmark.” Journal of Applied Corporate Finance 7: 66–74. doi:10.1111/j.1745-6622.1994.tb00395.x.
  • Jiang, N. 2010. Seaport Investment and Economic Development in China. Dalian: Dalian Marine University Press.
  • Leland, H., and D. Pyle. 1977. “Information Asymmetries, Financial Structure, and Financial Intermediation.” Journal of Finance 32 (2): 371–387. doi:10.2307/2326770.
  • Ljungqvist, A., and W. J. Wilhelm. 2003. “IPO Pricing in the Dot‐Com Bubble.” The Journal of Finance 58 (2): 723–752. doi:10.1111/1540-6261.00543.
  • Loughran, T., and J. R. Ritter. 1995. “The New Issues Puzzle.” Journal of Finance 50 (1): 23–51. doi:10.1111/j.1540-6261.1995.tb05166.x.
  • Loughran, T., and J. R. Ritter. 2002. “Why Don’t Issuers Get Upset about Leaving Money on the Table in IPOs?” Review of Financial Studies 15 (2): 413–444. doi:10.1093/rfs/15.2.413.
  • Loughran, T., and J. R. Ritter. 2004. “Why Has IPO Underpricing Changed over Time?” Financial Management 33: 5–37.
  • Lowry, L. 2003. “Why Does Volume Fluctuate so Much?” Journal of Financial Economics 67: 3–40. doi:10.1016/S0304-405X(02)00230-1.
  • Lowry, M., and S. Shu. 2002. “Litigation Risk and IPO Underpricing.” Journal of Financial Economics 65: 309–335. doi:10.1016/S0304-405X(02)00144-7.
  • Merikas, A., D. Gounopoulos, and C. Karli. 2010. “Market Performance of US-listed Shipping IPOs.” Maritime Economics & Logistics 12 (1): 36–64. doi:10.1057/mel.2009.18.
  • Merikas, A., D. Gounopoulos, and C. Nounis. 2009. “Global Shipping IPOs Performance.” Maritime Policy & Management 36 (6): 481–505. doi:10.1080/03088830903346053.
  • Miller, R. E. 1977. “Risk Uncertainty, and Divergence of Opinion.” Journal of Finance 32: 1151–1168. doi:10.1111/j.1540-6261.1977.tb03317.x.
  • Monios, J., and G. Wilmsmeier. 2012. “Port-Centric Logistics, Dry Ports and Offshore Logistics Hubs: Strategies to Overcome Double Peripherality?” Maritime Policy & Management 39 (2): 207–226. doi:10.1080/03088839.2011.650720.
  • Nanda, V., and Y. Yun. 1997. “Reputation and Financial Intermediation: An Empirical Investigation of the Impact of IPO Mis-Pricing or Underwriter Market Value.” Journal of Financial Intermediation 6 (1): 39–63. doi:10.1006/jfin.1996.0208.
  • Nguyen, H. O., H. V. Nguyen, Y. T. Chang, A. T. Chin, and J. Tongzon. 2016. “Measuring Port Efficiency Using Bootstrapped DEA: The Case of Vietnamese Ports.” Maritime Policy & Management 43 (5): 644–659. doi:10.1080/03088839.2015.1107922.
  • Notteboom, T., F. Parola, G. Satta, and L. Penco. 2015. “Disclosure as a Tool in Stakeholder Relations Management: A Longitudinal Study on the Port of Rotterdam.” International Journal of Logistics Research and Applications 18 (3): 228–250. doi:10.1080/13675567.2015.1027149.
  • Notteboom, T. E., and J. P. Rodrigue. 2012. “The Corporate Geography of Global Container Terminal Operators.” Maritime Policy & Management 39 (3): 249–279. doi:10.1080/03088839.2012.671970.
  • Notteboom, T. E., and W. Winkelmans. 2001. “Reassessing Public Sector Involvement in European Seaports.” International Journal of Maritime Economics 3 (2): 242–259. doi:10.1057/palgrave.ijme.9100008.
  • Olivier, D. 2005. “Private Entry and Emerging Partnerships in Container Terminal Operations: Evidence from Asia.” Maritime Economics & Logistics 7 (2): 87–115. doi:10.1057/palgrave.mel.9100131.
  • Pagano, M., F. Panetta, and L. Zingales. 1998. “Why Do Companies Go Public? An Empirical Analysis.” The Journal of Finance 53 (1): 27–64. doi:10.1111/0022-1082.25448.
  • Pallis, A. A., and T. Syriopoulos. 2007. “Port Governance Models: Financial Evaluation of Greek Port Restructuring.” Transport Policy 14 (3): 232–246. doi:10.1016/j.tranpol.2007.03.002.
  • Panayides, P. M., F. Parola, and J. S. L. Lam. 2015. “The Effect of Institutional Factors on Public–Private Partnership Success in Ports.” Transportation Research Part A: Policy and Practice 71: 110–127.
  • Parola, F., G. Satta, and P. M. Panayides. 2015a. “Corporate Strategies and Profitability of Maritime Logistics Firms.” Maritime Economics & Logistics 17 (1): 52–78. doi:10.1057/mel.2014.18.
  • Parola, F., T. E. Notteboom, G. Satta, and J. P. Rodrigue. 2013. “Analysis of Factors Underlying Foreign Entry Strategies of Terminal Operators in Container Ports.” Journal of Transport Geography 33: 72–84. doi:10.1016/j.jtrangeo.2013.09.010.
  • Parola, F., T. E. Notteboom, G. Satta, and J. P. Rodrigue. 2015b. “The Impact of Multiple-Site Acquisitions on Corporate Growth Patterns of International Terminal Operators.” International Journal of Shipping and Transport Logistics 7 (5): 621–648. doi:10.1504/IJSTL.2015.072018.
  • Qiu, M. 2008. “Coastal Port Reform in China.” Maritime Policy & Management 35 (2): 175–191. doi:10.1080/03088830801956839.
  • Ritter, J. R. 1984. “The Hot Issue Market of 1980.” The Journal of Business 57 (2): 215–240. doi:10.1086/jb.1984.57.issue-2.
  • Ritter, J. R., and I. Welch. 2002. “A Review of IPO Activity, Pricing, and Allocations.” Journal of Finance 57 (4): 1795–1828. doi:10.1111/1540-6261.00478.
  • Rock, K. 1986. “Why New Issues are Underpriced.” Journal of Financial Economics 15: 187–212. doi:10.1016/0304-405X(86)90054-1.
  • Rodrigue, J. P., T. E. Notteboom, and A. A. Pallis. 2011. “The Financialization of the Port and Terminal Industry: Revisiting Risk and Embeddedness.” Maritime Policy & Management 38 (2): 191–213. doi:10.1080/03088839.2011.556675.
  • Satta, G., and L. Persico. 2015. “Entry Mode Choices of Rapidly Internationalizing Terminal Operators: The Determinants of the Degree of Control on Foreign Ventures.” Maritime Economics & Logistics 17 (1): 97–126. doi:10.1057/mel.2014.32.
  • Satta, G., T. Notteboom, F. Parola, and L. Persico. 2017. “Determinants of the Long-Term Performance of Initial Public Offerings (Ipos) in the Port Industry.” Transportation Research Part A: Policy and Practice 103: 135–153.
  • Scott, W., and G. Davis. 2007. Organizations and Organizing. Rational, Natural, and Open System Perspectives. Upper Saddle River (NJ): Pearson Prentice Hall.
  • Shi, W., and K. X. Li. 2017. “Themes and Tools of Maritime Transport Research during 2000-2014.” Maritime Policy & Management 44 (2): 151–169. doi:10.1080/03088839.2016.1274833.
  • Siemiatycki, M. 2015. “Canadian Pension Fund Investors in Transport Infrastructure: A Case Study.” Case Studies on Transport Policy 3: 166–175. doi:10.1016/j.cstp.2015.01.002.
  • Song, L., and J. Mi. 2016. “Port Infrastructure and Regional Economic Growth in China: A Granger Causality Analysis.” Maritime Policy & Management 43 (4): 456 - 468.
  • Stokes, P. 1996. “Problems Faced by the Shipping Industry in Raising Capital in the Securities Markets.” Maritime Policy and Management 23 (4): 397–405. doi:10.1080/03088839600000097.
  • Stopford, M. 2009. Maritime Economics. 3rd ed. London: Routledge.
  • Taneja, P., W. E. Walker, H. Ligteringen, M. Van Schuylenburg, and R. Van Der Plas. 2010. “Implications of an Uncertain Future for Port Planning.” Maritime Policy & Management 37 (3): 221–245. doi:10.1080/03088831003700637.
  • Tinic, S. M. 1988. “Anatomy of Initial Public Offerings of Common Stock.” Journal of Finance 43: 1–19. doi:10.1111/j.1540-6261.1988.tb02606.x.
  • Van Marrewijk, A. 2007. “Managing Project Culture: The Case of Environ Megaproject.” International Journal of Project Management 25: 290–299.
  • Wang, J. J., A. K. Y. Ng, and D. Olivier. 2004. “Port Governance in China: A Review of Policies in an Era of Internationalizing Port Management Practices.” Transport Policy 11 (3): 237–250. doi:10.1016/j.tranpol.2003.11.003.
  • Wiegmans, B. W., A. V. D. Hoest, and T. E. Notteboom. 2008. “Port and Terminal Selection by Deep-Sea Container Operators.” Maritime Policy & Management 35 (6): 517–534. doi:10.1080/03088830802469329.
  • Zheng, S., and R. R. Negenborn. 2017. “Terminal Investment Timing Decisions in a Competitive Setting with Uncertainty Using a Real Option Approach.” Maritime Policy & Management 44 (3): 392–411. doi:10.1080/03088839.2016.1274832.

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.