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The Post IPO Performance of Nordic High-Growth Companies

Zelaya, Juan Carlos; Tkachenko, Kirill
Master thesis
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URI
https://hdl.handle.net/11250/2687582
Date
2020
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  • Master of Science [963]
Abstract
We study Nordic high-growth IPOs, measuring firms’ ability to meet the revenue growth expectations

that their offer prices imply, and estimating the relationship between growth expectations and

abnormal returns. We identify implied growth expectations as the revenue growth rates that satisfy

IPO offer prices in our standardized DCF model. We find that Nordic high-growth IPOs meet

expectations on average, are not underpriced – having average 1st day returns of -2.1%, and do not

exhibit long-run underperformance – with average annual Fama French abnormal returns of 17%.

Moreover, implied growth is negatively related to 1st day abnormal returns and positively related to

long-run abnormal returns. We conclude that these relationships are consistent with an initial risk

adjustment and a subsequent positive performance adjustment.
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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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