The purpose of this paper is to investigate the initial public offerings (IPOs) of the firms that are eventually included in one of the S&P 400, the S&P 500, or the S&P 600…
Abstract
Purpose
The purpose of this paper is to investigate the initial public offerings (IPOs) of the firms that are eventually included in one of the S&P 400, the S&P 500, or the S&P 600 Indices. Do these firms have very different IPO features than the rest of the IPOs?
Design/methodology/approach
The control sample is formed of IPOs that are not included in the corresponding index, and the IPOs that end up in each S&P index are compared to this control sample. Logistic regressions are utilized to estimate the odds of inclusion into one of these indices.
Findings
The author finds that the IPO features, such as underpricing, offer price, underwriter's reputation, venture capital presence, and so on, are found to be substantially different for the index samples. The index firms are found to be “superstars” that deliver extremely high long‐run returns between their IPO date and their index inclusion date. The above results suggest that the quality of index firms has a persistent component to it that can be detected even during the IPO process. After estimating the determinants of the index inclusion, the author discovers that factors implying lower asymmetric information about firm's business (such as, the firm being a spinoff, or being certified by a venture capitalist or a prestigious underwriter, etc.) increase its odds of inclusion.
Originality/value
The paper proposes and tests two new hypotheses related to inclusion into an S&P index. Discoveries made in this paper can help someone recognize which IPOs could become “superstars” that end up in an S&P index.
Details
Keywords
The vaccine supply chain (VSC) performance remains under stress during pandemic outbreaks than conventional vaccination drives due to desired vaccination coverage. Therefore, it…
Abstract
Purpose
The vaccine supply chain (VSC) performance remains under stress during pandemic outbreaks than conventional vaccination drives due to desired vaccination coverage. Therefore, it is essential to identify the crucial performance objectives (POs) and their interrelationship structure and prioritize them to improve performance in a pandemic VSC.
Design/methodology/approach
This study combines the decision-making trial and evaluation laboratory based analytic network process (DANP) method with spherical fuzzy sets (SFS) to explore critical POs of the pandemic VSC in the balanced scorecard framework. The SFS theory tackles the uncertainty of POs and DANP interlaced causal relationships among crucial POs to the pandemic VSC while ranking them for prioritization.
Findings
This work identifies 32 issues associated with pandemic VSC and maps them against 13 POs. Effective communication, adequate health financing and operating cost optimization are the most critical POs, and operational issues listed under them must be prioritized to improve the overall VSC performance for future pandemics. The relationship structure among these POs is also summarized using the balanced scorecard framework in a strategy map.
Research limitations/implications
The strategy map proposed in this study can help practitioners to address the causality among different POs and underlying issues for the sudden expansion of vaccination programs during pandemics from an economic, social and operational perspective.
Originality/value
To the best of the authors’ knowledge, this is the first empirical study to suggest improving the VSC performance during the pandemic by focusing on the causative relationship and priority of different detected POs.