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Information Asymmetries among European Investors: Evidence from Swedish IPOs
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Business Studies.
Högskolan på Gotland, Institutionen för humaniora och samhällsvetenskap.
Kungliga Tekniska Högskolan.
2011 (English)In: 13th Annual SNEE (Swedish Network for European Economic Research) Conference, May 17-20, 2011 . Session F1: European Corporate Finance / [ed] Prof. Lars Oxelheim, 2011, 1-16 p.Conference paper (Refereed)
Abstract [en]

We study underpricing and equity holdings following initial public offerings (IPOs) in Sweden over the sample period 2000 through 2009. We document, as most prior studies of IPOs, that they on average are underpriced (i.e., associated with a positive initial return). IPOs with a low (high) initial return have higher (lower) equity holdings by retail investors. Our analysis of domicile of institutional investors indicates that foreign institutional investors have preferences for holdings in IPOs characterized by a high initial return and large capitalization values. Analysis of overseas institutional holdings indicates existence of information asymmetries related to distance.

Place, publisher, year, edition, pages
2011. 1-16 p.
Keyword [en]
IPO, initial public offering, ownership, structure, breadth, price level, initial return
National Category
Economics and Business Social Sciences
Research subject
Business Economics (HGO)
URN: urn:nbn:se:uu:diva-197282OAI: oai:DiVA.org:uu-197282DiVA: diva2:616023
13th Annual SNEE (Swedish Network for European Economic Research) Conference, May 17-20, 2011 Mölle, Sweden. Session F1: European Corporate Finance
Available from: 2013-04-15 Created: 2013-03-21 Last updated: 2015-02-06Bibliographically approved

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