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The Predictability of Future IPO Volume Through Initial Returns, a Study of the European Market

Palmer, Karoline; Solheim, Einar Andreas Weimodet
Master thesis
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https://hdl.handle.net/11250/2686894
Date
2020
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  • Master of Science [963]
Abstract
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.
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Masteroppgave(MSc) in Master of Science in Finance - Handelshøyskolen BI, 2020
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Handelshøyskolen BI

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