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The Impact of Hype on IPO First-Day Returns: A study of IPOs on the exchanges operated by Nasdaq Stockholm
KTH, School of Engineering Sciences (SCI), Mathematics (Dept.), Mathematical Statistics.
KTH, School of Engineering Sciences (SCI), Mathematics (Dept.), Mathematical Statistics.
2016 (English)Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesisAlternative title
Hypes påverkan på börsnoteringars förstadagsavkastning : En studie av börsnoteringar på Nasdaqs börser i Stockholm (Swedish)
Abstract [en]

In the last two years, the number of Initial Public Offerings (IPOs) on the exchanges operated by Nasdaq Stockholm have been many. In parallel to this, the newly listed companies’ first-day returns have managed to outperform the market. In the meantime, the IPOs attain much attention that partly consists of general hype and rumors. As of this, it is of interest to investigate the correlation of hype and the first-day returns.

This study intends to identify the impact of hype statistically and analyze how the hype can be derived from media’s portraying. The analysis was performed with the help of regression analysis combined with a qualitative case study of media attention with the foundation from behavioral finance.

In short, the results of the analysis were statistically insignificant. Thus, it cannot verify that the hype has any impact on the first-day returns. In the meantime, the qualitative case study supports the hypothesis that hype would influence. As a result of this, further studies are necessary to draw clear conclusions concerning the impact of hype.

Abstract [sv]

De senaste två åren har antalet börsnoteringar (IPO) varit många. Samtidigt har dessa börsnoteringars förstadagsavkastning lyckats överträffa marknadens avkastning. I samband med dessa introduktioner har de nya företagen fått stor medial uppmärksamhet, som delvis består av hype och rykten. Det är således intressant att undersöka huruvida denna hype skulle kunna vara en förklarande faktor för den genomsnittligt höga förstadagsavkastningen.

Den här studien hade som mål att statistiskt identifiera hur mycket hype påverkar förstadagsavkastningen och samtidigt visa hur medias framställning av börsnoteringen förklarar denna hype. Detta har utförts med statistiska medel som regressionsanalys samt med hjälp av en kvalitativ fallstudie av medias bevakning. I den kvalitativa studien har beteendeekonomi varit utgångspunkten.

Sammanfattningsvis lyckades inte studien statistiskt säkerställa att hype påverkar förstadagsavkastningen. Däremot stödjer den kvalitativa fallstudien hypotesen om att hype skulle ha inverkan. Slutsatser av resultaten blir därför svåra att dra och vidare studier krävs för att kunna konfirmera hypotesen.  

Place, publisher, year, edition, pages
2016.
Series
TRITA-MAT-K, 2016:17
National Category
Mathematics
Identifiers
URN: urn:nbn:se:kth:diva-189013OAI: oai:DiVA.org:kth-189013DiVA: diva2:942685
Subject / course
Applied Mathematical Analysis
Educational program
Master of Science in Engineering - Industrial Engineering and Management
Supervisors
Examiners
Available from: 2016-06-26 Created: 2016-06-26 Last updated: 2016-06-26Bibliographically approved

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