Trading is a temporal (i.e. time-based) historical living system with a number of functions, like: Initial Public Offerings\n(IPO), Seasoned Equity Offerings (SEO), stock (instrument) price action Gaps, Breakouts, etc. In this domain, a number\nof warning dynamics timing functionalities is available, like: On Open Gup-Ups (ooGUp), On Open Gup-Downs (ooGDn),\nMorning Breakouts (mB), etc. All these time-based functionalities are regarded as 2nd level functions (i.e. functions of\nfunctions; because of the timing involved) with great trading opportunities, and they are definedââ?¬â??for the first time in\nthe corporate finance literature- by this paper as Temporal (timing) Trading Functionalities (TTF). In particular, the\nIPOs with the embedded TTF functionalities are great trading opportunities for the institutions, the individual (noncommercial)\nmarket investors, the swing traders, and the speculators. Data analysis shows that during the seasoned\nequity offerings time, shareowners significantly increase their share share-holding, including offerings that would be\nclassified as overpriced at that time; hence, the involved trading volatility is increased resulting in great trading and\nprofit opportunities. This paper contributes to corporate finance literature by examining the IPOs functions and define\nand document their inherit TTF functionalities. For this purpose, four categories of shareholders are regarded: The long term\ninstitution and non-commercial traders (investors), the swing momentary institution traders (institutions), the short term\nnon-commercial traders (speculators) and the intraday non-commercial traders (speculators). Paper concludes\nthat, in IPO/TTF trading, the swing traders(institutions), incorporating in their trading strategies the short-term TTF\nfunctionalities, are benefit at the expense of momentary and intraday speculators, while the long-term investors are not\naffected by the IPO offerings.
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