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Allocation of shares to foreign and domestic investors: Firm and ownership characteristics in Swedish IPOs
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Business Studies.ORCID iD: 0000-0002-6418-326X
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Business Studies.
2015 (English)In: Research In International Business and Finance, ISSN 0275-5319, E-ISSN 1878-3384, Vol. 34, 52-65 p.Article in journal (Refereed) Published
Abstract [en]

In this article, we analyze underpricing of initial public offerings (IPOs) and holdings following offerings in Sweden. By exploiting a unique hand-collected data set with information on the ultimate holdings by institutional and individual investors, as well as boards of directors, we find, as most prior studies, that IPOs on average are underpriced. IPOs with low (high) initial return have higher (lower) holdings by individual investors. Institutional investors are, to a greater extent than individual investors, also able to identify underpriced firms.

Place, publisher, year, edition, pages
Elsevier, 2015. Vol. 34, 52-65 p.
Keyword [en]
Finance, IPO, Allocation, Underpricing, Investors, Breadth of Ownership, foreign
National Category
Business Administration Social Sciences
Research subject
Business Studies
Identifiers
URN: urn:nbn:se:uu:diva-240313DOI: 10.1016/j.ribaf.2014.12.002OAI: oai:DiVA.org:uu-240313DiVA: diva2:776207
Available from: 2015-01-07 Created: 2015-01-07 Last updated: 2017-12-05

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Abrahamson, MartinDe Ridder, Adri

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