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Internet IPOs & the DotCom Bubble: Determinants of Post- Issue Performance

Vollmer, Frieder Michael; Vincenzo, Gianpietro Di
Master thesis
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Preliminary Thesis Report.pdf (1.323Mb)
URI
https://hdl.handle.net/11250/2687025
Date
2020
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  • Master of Science [963]
Abstract
This paper investigates the short-term and long-term performance of initial public offerings (IPO)

within the internet industry using a sample of 596 and 572 US listings from 1996 until 2016,

respectively. Internet companies exhibit a particular degree of underpricing compared to the

average IPO. Besides, they tend to underperform in the long term. Whereas first-day abnormal

returns are amplified for listings during the DotCom bubble, a clear effect of the event on longterm

performance could not be established. Eventually, we determine different IPO characteristics

to determine post-issue performance over time through continuous adjustments of the information

asymmetry between issuing companies, underwriters, and investors.

Keywords: IPO, Underpricing, Short-term Performance, Long-term Performance, Internet

Industry, DotCom Bubble, Information Asymmetry, Private Equity, Venture Capital, Buyout
Description
Masteroppgave(MSc) in Master of Science in Finance/(Financial Economics) - Handelshøyskolen BI,2020
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Handelshøyskolen BI

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