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dc.contributor.advisorKlein, Peter G.eng
dc.contributor.authorWang, Mingxiaeng
dc.date.issued2012eng
dc.date.submitted2012 Summereng
dc.descriptionTitle from PDF of title page (University of Missouri--Columbia, viewed on November 6, 2012).eng
dc.descriptionThe entire thesis text is included in the research.pdf file; the official abstract appears in the short.pdf file; a non-technical public abstract appears in the public.pdf file.eng
dc.descriptionThesis advisor: Dr. Peter Kleineng
dc.descriptionIncludes bibliographical references.eng
dc.descriptionM.S. University of Missouri--Columbia 2012.eng
dc.description"July 2012"eng
dc.description.abstract[ACCESS RESTRICTED TO THE UNIVERSITY OF MISSOURI AT REQUEST OF AUTHOR.] This paper investigates the effect of organizational structure on firm first-day return (underpricing), and long-term performance. Using 206 United States biotechnology initial public offerings (IPOs) during 1996 to 2004, we ask whether firms with more divisional organizational structure: Hybrid organizational structure (HYBR) and Pure divisional organizational structure (DVS) perform differently from those with traditional functional organizational structure (FUNC). We find that IPOs with more divisional organizational structure is associated with lower first-day returns (underpricing), with a significant level. We believe that more divisional firms (HYBR and DVS) share more similarity with those of pure M-form. This suggests that there is less information asymmetry for divisional firms, thus associates with lower first-day underpricing. There is no statistically significant relation between organizational structure and firm 3-year long-term performance.eng
dc.format.extentiv, 67 pageseng
dc.identifier.urihttp://hdl.handle.net/10355/15991
dc.languageEnglisheng
dc.publisherUniversity of Missouri--Columbiaeng
dc.relation.ispartofcollectionUniversity of Missouri--Columbia. Graduate School. Theses and Dissertationseng
dc.rightsAccess to files is limited to the University of Missouri--Columbia.eng
dc.subjectorganizational structureeng
dc.subjectm-formeng
dc.subjectfirst-day returnseng
dc.subjectinitial public offeringeng
dc.titleThe effect of organizational structure on firm first day underpricing, long-term performance : evidence from U.S. biotech initial public offerings from 1996 to 2004eng
dc.typeThesiseng
thesis.degree.disciplineAgricultural economics (MU)eng
thesis.degree.grantorUniversity of Missouri--Columbiaeng
thesis.degree.levelMasterseng
thesis.degree.nameM.S.eng


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