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Underpricing and Long-Run Performance of FinTech IPOs

Hove, Henrik Hystad; Flaglien, Anders
Master thesis
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2287678.pdf (1.763Mb)
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http://hdl.handle.net/11250/2621216
Utgivelsesdato
2019
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Samlinger
  • Master of Science [1116]
Sammendrag
This thesis investigates the short- and long-run performance of 70 US FinTech IPOs

issued between 2008 and 2018. We find that, during this period, FinTech IPOs

experienced an average underpricing of 23%, which is significantly higher relative

to the overall IPO market in the US in the same period (10.7%). We also find that

venture capital backing has a significant positive effect on underpricing of FinTech

IPOs. Moreover, high IPO activity seems to have a negative impact on the level of

underpricing. In the long-run perspective, our findings indicate that FinTech IPOs

experience positive abnormal returns, which is in contrast to most previous

research. However, the long-run results are not statistically significant at an

acceptable level and could be explained by randomness alone. Additionally, the

results show that FinTech IPOs listed during a high IPO volume period have a

negative effect on long-run performance.

Keywords: FinTech, IPOs, underpricing, long-run abnormal returns
Beskrivelse
Masteroppgave(MSc) in Master of Science in Business, Finance - Handelshøyskolen BI, 2019
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Handelshøyskolen BI

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