Essays about: "underpricing"

Showing result 1 - 5 of 74 essays containing the word underpricing.

  1. 1. Banking Relationships and first-day IPO Performance - Evidence from ex-ante pricing of Swedish firms

    University essay from Handelshögskolan i Stockholm/Institutionen för finansiell ekonomi

    Author : Marcus Undén; Christoffer Begander; [2019]
    Keywords : Initial Public Offering; Underpricing; Information Asymmetries; Banking Relationships;

    Abstract : The purpose of this thesis is to investigate how pre-Initial Public Offering (IPO) banking relationships affect the level of underpricing for Swedish firms. By studying a sample of 273 IPOs between 2014 and 2018, no support for a signaling effect that reduces information uncertainty for investors can be concluded since firms with a pre-IPO lending relationship do not experience a lower level of underpricing. READ MORE

  2. 2. The Information Content of Prices : A study on differences between integer and non-integer initial public offerings

    University essay from Uppsala universitet/Företagsekonomiska institutionen; Uppsala universitet/Företagsekonomiska institutionen

    Author : Hugo Brinkfält; Johan Kull Tinnerholm; [2019]
    Keywords : Initial Public Offering; Integer Pricing; Negotiation Hypothesis; Information Content of Prices; Underpricing; Initial Return; Decimalization; börsnotering; heltalsprissättning; prisers informationsinnehåll; underprissättning; initial avkastning; decimalisering;

    Abstract : The purpose of this thesis is to analyze differences between IPOs with integer (e.g. $20,00) and non-integer (e.g. READ MORE

  3. 3. The Role of Independent Financial Advisors in the IPO Process

    University essay from Handelshögskolan i Stockholm/Institutionen för finansiell ekonomi

    Author : Julian Kasturiarachchige; Janis von Zimmermann; [2019]
    Keywords : Financial Advisor; Initial Public Offering; Underpricing; Asymmetric Information;

    Abstract : The European Initial Public Offering (IPO) market has seen an important innovation within the last decade: the increasing participation of Independent Financial Advisors (IFA) in the IPO process. Using data from 373 Western European IPOs between January 2012 and February 2019, this paper applies a multivariate regression model to examine the potential impact of IFAs on IPO underpricing, a phenomenon that refers to the persistence of significant, positive initial returns for shares issued in an IPO. READ MORE

  4. 4. Does Board Structure Impact IPO Underpricing? - Evidence from Sweden

    University essay from Handelshögskolan i Stockholm/Institutionen för redovisning och finansiering; Handelshögskolan i Stockholm/Institutionen för finansiell ekonomi

    Author : Alex Torgersson; Marc Bergmann; Maria Lindholm; [2019]
    Keywords : Initial Public Offerings; Underpricing; Corporate Governance; Board Characteristics; Board Independence;

    Abstract : This paper applies a mixed research method and signaling theory to study the effect of certain board characteristics on IPO underpricing in Sweden. By examining 316 IPOs and 1,678 board members between 2014 and 2018 through various regressions, the analysis demonstrates that board size, board diversity, and education as a proxy for competence, are not correlated with underpricing. READ MORE

  5. 5. The Aftermarket Performance of Swedish Initial Public Offerings : A study about short- and long-term performance and underpricing of Initial Public Offerings on the Swedish stock markets

    University essay from Blekinge Tekniska Högskola/Institutionen för industriell ekonomi; Blekinge Tekniska Högskola/Institutionen för industriell ekonomi

    Author : Mathias Åkesson; Erik Fäldt; [2019]
    Keywords : IPO; Underpricing; BHAR; aftermarket performance;

    Abstract : This thesis examines the performance of IPO firms in the Swedish markets during their first three years of trading to investigate what effects different factors have on the short- and long-term performance. The level of underpricing on Swedish IPOs are also investigated to detect any abnormalities from previous studies on larger markets in the US and Europe. READ MORE