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Private Equity Ownership and its Effect on Underpricing: Evidence from Swedish IPOs
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Business Studies.
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Business Studies.
2017 (English)Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
Abstract [en]

Previous research shows that Initial Public Offerings (IPOs) are, on average, underpriced. For original shareholders and the company, underpricing means leaving money on the table. Thus, the first day return is important for investors and for the future performance of the company. There is less research on the ownership structure as a driver of underpricing. In this study we investigate whether private equity ownership reduces or increases underpricing in Sweden. Additionally, we examine if companies backed by young private equity firms have higher underpricing. We collect data from prospectuses of 104 Swedish IPOs between the years 2010-2016 and use OLS regressions to answer our hypotheses. The results suggest that PEbacked firms are less underpriced than non-backed firms. Furthermore we could not find any evidence that companies backed by young PE firms are more underpriced than companies backed by established PE firms. 

Place, publisher, year, edition, pages
2017. , 37 p.
Keyword [en]
IPO, Initial public offering, underpricing, initial return, private equity.
National Category
Economics and Business
Identifiers
URN: urn:nbn:se:uu:diva-325205OAI: oai:DiVA.org:uu-325205DiVA: diva2:1113480
Subject / course
Business Studies
Educational program
Bachelor Programme in Business and Economics
Supervisors
Examiners
Available from: 2017-06-22 Created: 2017-06-21 Last updated: 2017-06-22Bibliographically approved

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Altynnikova Sarampasina 2017(4128 kB)32 downloads
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Type attachmentMimetype application/pdf

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CiteExportLink to record
Permanent link

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Cite
Citation style
  • apa
  • ieee
  • modern-language-association
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf