dc.contributor.author | Aas, Simen Christopher | |
dc.contributor.author | Seljeset, Andreas Klem | |
dc.date.accessioned | 2018-12-17T09:00:14Z | |
dc.date.available | 2018-12-17T09:00:14Z | |
dc.date.issued | 2018 | |
dc.identifier.uri | http://hdl.handle.net/11250/2577866 | |
dc.description | Masteroppgave(MSc) in Master of Science in Business, Finance - Handelshøyskolen BI, 2018 | nb_NO |
dc.description.abstract | This 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.iso | eng | nb_NO |
dc.publisher | Handelshøyskolen BI | nb_NO |
dc.subject | finans | nb_NO |
dc.subject | finance | nb_NO |
dc.title | Underpricing and Long-Run Performance Patterns of Nordic Private Equity-Backed and Non-Private Equity-Backed IPOs | nb_NO |
dc.type | Master thesis | nb_NO |