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dc.contributor.authorAas, Simen Christopher
dc.contributor.authorSeljeset, Andreas Klem
dc.date.accessioned2018-12-17T09:00:14Z
dc.date.available2018-12-17T09:00:14Z
dc.date.issued2018
dc.identifier.urihttp://hdl.handle.net/11250/2577866
dc.descriptionMasteroppgave(MSc) in Master of Science in Business, Finance - Handelshøyskolen BI, 2018nb_NO
dc.description.abstractThis paper investigates the initial returns and long-run performance of initial public offerings (IPO) using a sample of 78 private equity-backed IPOs, 42 venture capital-backed IPOs and 199 non-sponsored IPOs in the period 2002-2015 on the four major Nordic stock exchanges. We find that private equity-backed firms outperform non-private equity backed firms in the long-run and experience less underpricing on average. The results reveal that PE-backed IPOs are larger on average, have more underwriters participating in the transaction and use a more prestigious investment bank as global coordinator. PE-backed IPOs experience more underpricing in high activity periods, but we find no evidence that PE or VC firms that sells a larger equity stake in the IPO yields lower underpricing. PEbacked firms significantly outperform their industry peers over a three-year period, but we find no evidence that firms listed in hot markets versus cold markets experience long-run underperformance as documented in previous literature.nb_NO
dc.language.isoengnb_NO
dc.publisherHandelshøyskolen BInb_NO
dc.subjectfinansnb_NO
dc.subjectfinancenb_NO
dc.titleUnderpricing and Long-Run Performance Patterns of Nordic Private Equity-Backed and Non-Private Equity-Backed IPOsnb_NO
dc.typeMaster thesisnb_NO


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