The following study deals with the topic of IPOs, stands for Initial Public Offerings, that represents the process by which companies intend to go public. In particular, it focuses on textual analysis of the related prospectuses, drawn up when a corporation wants to do that, with the aim of identifying the tone presented, negative or positive it is. This was done in order to understand what features (about the issuers, the market or the offers), have the greatest impact on the writing operation of the same texts and how they can do that. With the aim of reach such a goal, it was taken as reference, a sample of 168 IPOs, which took place in Italy between 1997 and 2013. To the related prospectuses of them, was then applied to a specific analytical procedure, in order to extrapolate the tone that they presented. In particular, were created six lists of words (negative, positive, weak modal, strong modal, legal and uncertain), through the research of which, inside the texts taken into account, has been able to intercept the different tone presented by the same. The result thus obtained, were subsequently passed to the screening of the OLS regression analysis. This step was repeated every time it was taken a different class of features as reference (about the issuers, the market or the offers), or when, the type of tone that it was intended to investigate (positive or negative), changed. Lastly, the output observed following the application of this exam, were afterwards read and interpreted in the light of the classical theories concerning the factors, that are able to characterize the different Initial Public Offerings.
Il seguente studio verte sul tema delle IPO, acronimo di Initial Public Offerings, che di fatto rappresenta il processo attraverso il quale le aziende intendono sbarcare in un dato mercato di Borsa. In particolare esso si focalizza sull'analisi testuale dei prospetti informativi, redatti in corrispondenza di tali eventi, con l'obbiettivo di individuarne il tono presentato, negativo o positivo che sia. Tutto questo è stato svolto allo scopo di capire quali caratteristiche (dell'emittente, del mercato o dell'offerta), incidono maggiormente sulla stesura degli stessi e in che modo la condizionano. Per raggiungere il suddetto fine, è stato preso a riferimento un campione composto da 168 IPO, avvenute in Italia tra il 1997 e il 2013. Ai relativi prospetti informativi è poi stata applicata un'apposita procedura analitica, atta ad estrapolarne il tono presentato. In particolare, sono state create sei liste di vocaboli (negativi, positivi, deboli modali, forti modali, legali e d'incertezza), attraverso la ricerca dei quali, all'interno dei testi presi in considerazione, si è stati in grado di andare ad intercettare le diverse sfumature lessicali presentate dagli stessi. I risultati così ottenuti sono stati successivamente passati al vaglio dell'esame regressivo. Quest'ultimo è stato ripetuto in relazione ad ogni classe di caratteristiche differenti prese a riferimento (firm specific, riguardanti l'offerta o il mercato), ed in base alla diversa frazione tonale che si intendeva andare ad indagare (positiva o negativa). Infine, gli esiti osservati a seguito dell'applicazione della suddetta procedura, sono stati poi letti ed interpretati alla luce delle teorie classiche, riguardanti i fattori caratterizzanti le diverse offerte pubbliche iniziali.
Il contenuto informativo dei prospetti di quotazione in Borsa : un'analisi empirica sulle scelte lessicali
BIFFI, ALESSANDRO
2012/2013
Abstract
The following study deals with the topic of IPOs, stands for Initial Public Offerings, that represents the process by which companies intend to go public. In particular, it focuses on textual analysis of the related prospectuses, drawn up when a corporation wants to do that, with the aim of identifying the tone presented, negative or positive it is. This was done in order to understand what features (about the issuers, the market or the offers), have the greatest impact on the writing operation of the same texts and how they can do that. With the aim of reach such a goal, it was taken as reference, a sample of 168 IPOs, which took place in Italy between 1997 and 2013. To the related prospectuses of them, was then applied to a specific analytical procedure, in order to extrapolate the tone that they presented. In particular, were created six lists of words (negative, positive, weak modal, strong modal, legal and uncertain), through the research of which, inside the texts taken into account, has been able to intercept the different tone presented by the same. The result thus obtained, were subsequently passed to the screening of the OLS regression analysis. This step was repeated every time it was taken a different class of features as reference (about the issuers, the market or the offers), or when, the type of tone that it was intended to investigate (positive or negative), changed. Lastly, the output observed following the application of this exam, were afterwards read and interpreted in the light of the classical theories concerning the factors, that are able to characterize the different Initial Public Offerings.| File | Dimensione | Formato | |
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https://hdl.handle.net/10589/80542