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Underpricing and underperformance of Swedish IPO’s: A comparative study of different sectors from 2007-2017
Jönköping University, Jönköping International Business School.
Jönköping University, Jönköping International Business School.
2018 (English)Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
Abstract [en]

Background: The post-IPO anomalous behaviour in the short and long-run are among the well-recognised anomalies in corporate finance, and exist on all equity markets. The researchers are not unanimous what causes these phenomena’s, and previous research has primarily focused on the US and European markets.

Purpose: The study aims to investigate the market performance of Swedish IPO's in the short- and long-run in-between 2007-2017 for different sectors.

Method: The market adjusted initial return method was used to calculate the short-run initial return. The Even-time approach with the Buy-and-hold methodology was used to calculate the long-run abnormal returns. A regression analysis was adopted to investigate the relationship between some existing theories for explaining underpricing.

Conclusion: Overall the sample set for the study were on average underpriced with 9,25 %, furthermore, no evidence was found that Swedish IPO’s underperformed in a three-year period compared to the market. Of the theories tested, the signalling hypothesis was significant and can be one determinant for underpricing of Swedish IPO’s.

Place, publisher, year, edition, pages
2018. , p. 64
Keywords [en]
IPO underpricing, IPO underperformance, IPO sectors, Swedish IPO’s
National Category
Business Administration
Identifiers
URN: urn:nbn:se:hj:diva-39760ISRN: JU-IHH-FÖA-2-20180623OAI: oai:DiVA.org:hj-39760DiVA, id: diva2:1213085
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Available from: 2018-06-19 Created: 2018-06-04 Last updated: 2018-06-19Bibliographically approved

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CiteExportLink to record
Permanent link

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Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf