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Aqua Resources to list on London Stock Exchange - Research Paper Example

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Aqua Resources to list on London Stock Exchange

While others have announced the effects on wealth after the announcement of the listing of shares this study will indicate the long and short-term effects on the wealth of shareholders who list through their various companies in the London Stock Exchange. The case to be used in this study is the Aqua Ltd.  Aqua invests principally in businesses that are involved in - water treatment and recycling, wastewater and recycling, water treatment and purification, water infrastructure, water application and conversion (water-to-energy and desalination) with the objective of capturing the growth opportunities emerging from the attractive long-term dynamics driving the water industry. Aqua's investment objective is to provide long-term capital appreciation through exposure to a diversified portfolio of water-related investments. Pursuant to this objective, Aqua's ordinary shares were admitted to listing on the Official List of the UK Listing Authority and to trading on the main market for listed securities of the London Stock Exchange plc on 24th July 2008. Aqua is a Guernsey-domiciled Authorized Closed-ended investment scheme pursuant to section 8 of the Protection of Investors (Bailiwick of Guernsey) Law 1987, as amended and rule 6.02 of the Authorized closed-ended Investment Schemes Rules 2008.  The study examines a variety of measures to gauge the wealth effects, incl the ding buy-and-hold excess returns, excess returns around earnings announcements, and industry-adjusted operating performance....
Pursuant to this objective, Aqua's ordinary shares were admitted to listing on the Official List of the UK Listing Authority and to trading on the main market for listed securities of the London Stock Exchange plc on 24th July 2008. Aqua is a Guernsey-domiciled Authorized Closed-ended investment scheme pursuant to section 8 of the Protection of Investors (Bailiwick of Guernsey) Law 1987, as amended and rule 6.02 of the Authorized closed-ended Investment Schemes Rules 2008 (A Proposal for putting some stop to the extravagant humor of Stock-Jobbing). The study examines a variety of measures to gauge the wealth effects, including buy-and-hold excess returns, excess returns around earnings announcements, and industry-adjusted operating performance. This is done to monitor the flow of wealth in terms of the working outlay of the shares in the stock market. From the study, we find that the old stocks underperform during the preannouncement period. This evidence suggests that the listed stocks were issued after periods of poor performance hence a boom period has to be allowed to take shape for the contrasts to be covered up and avoid spinoffs and carve outs. The pre-announcement returns by the London Stock Exchange provides some evidence on the circumstances that lead to listing stock and restructurings that take shape thereafter. However, the wealth effects of restructurings can only be measured starting with the announcement returns after the end year compilation of financial data. We find that the average announcement excess returns are significantly positive and range between 1.8 and 2.7 percent relative to different benchmarks placed. These returns are similar to those documented by previous studies of listing stocks in the stock exchange (Rules and ...Show more

Summary

This study aims at analyzing both the short and the long-term shareholder wealth effect that resulted from Aqua’s Initial public offering on the London stock exchange.The paper investigates the effect on the company’s share price following an inclusion to or exclusion from the S&P 500…
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Aqua Resources to list on London Stock Exchange essay example
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