The Predictability of Future IPO Volume Through Initial Returns, a Study of the European Market
Master thesis
Permanent lenke
https://hdl.handle.net/11250/2686894Utgivelsesdato
2020Metadata
Vis full innførselSamlinger
- Master of Science [1622]
Sammendrag
IPO volume is highly autocorrelated in the European market, unlike initial
returns. We find more companies tend to go public the following quarter
after periods of high initial returns, as well as some characteristics with
significant contribution towards explaining initial returns. However, the
explanatory power of these characteristics are too low to yield sufficient
predictions for the eventual underpricing of an IPO. We observe some differences
in explanatory power of characteristics from the beginning to the
end of an IPO’s registration period, which imply an increase in knowledge
for the issuing firms and their underwriters, in the statistical sense, however
this has little economical impact.
Beskrivelse
Masteroppgave(MSc) in Master of Science in Finance - Handelshøyskolen BI, 2020