Bordet fullt med pengar
: en studie om förstadagsavkastning i börsintroduktioner - ett branschperspektiv

Translated title of the thesis: The table stacked with money: a study of first-day returns in Initial Public Offerings – An industry-perspective
  • Fredrik Nilsson
  • Zebastian Waak

    Student thesis: Bachelor

    Abstract

    This paper adds an industry-specific perspective to the research concerning factors that affect underpricing in Initial Public Offerings. The measurements are intended to investigate whether there are industries that have deviating initial returns in relation to the average for all industries. The study also intends to examine whether the return variations for Initial Public Offerings can be explained by the fact that companies belong to different industries. The underlying argument for the hypotheses is built from previous research that supports that companies in different industries are faced with different conditions when they are to be valued for their Initial Public Offerings. In addition to the study's main research problems, a more recent type of measurement has also been applied for a deeper analysis of IPOs. The more recent type of measurement gives indications to investors over which time around an Initial Public Offerings the most money is earned. The study's measurements showed no significant return deviations for any industry in relation to the average return for all industries. Nor could it be demonstrated that variations in the first day return are explained with that companies belong to different industries since the degree of explanation for these variables were low. However, significant differences were found in average returns between specific industries in connection with the study's regression. This indicates that further investigations should be carried out to examining the average first day yield between specific industries.

    Date of Award2019-Jul-08
    Original languageSwedish
    SupervisorAnamaria Cociorva (Supervisor) & Heléne Tjärnemo (Examiner)

    Educational program

    • Degree of Bachelor of Science in Business and Economics

    University credits

    • 15 HE credits

    Swedish Standard Keywords

    • Economics and Business (502)

    Keywords

    • initial public offering
    • underpricing
    • first-day return
    • industry
    • listing transaction
    • intraday trades

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