A Study of Buyout-, Venture Capital-, and Non-backed IPOs and the Actual Efficiency of Debt
(2020) NEKH01 20201Department of Economics
- Abstract (Swedish)
- Title: A Study of Buyout-, Venture Capital-, and Non-backed IPOs and the Actual Efficiency of Debt
Course: NEKH02, Economics: Bachelor Essay - Ekonomie kandidatprogrammet, 15 credits
Authors: Ofelia Aspemyr & Rebecka Lundgren Månsson
Advisor: Jens Forssbaeck
Keywords: Private equity, buyout, venture capital, financial sponsors, initial public offerings, capital structure, long-term IPO performance
Purpose: The principal purpose of this paper is to examine whether there exist any differences in long-term performance between buyout-, venture capital-, and non-backed IPOs. This paper discusses if the different issuers could theoretically have any impact on long-term IPO performance. Further, the paper's purpose is to describe... (More) - Title: A Study of Buyout-, Venture Capital-, and Non-backed IPOs and the Actual Efficiency of Debt
Course: NEKH02, Economics: Bachelor Essay - Ekonomie kandidatprogrammet, 15 credits
Authors: Ofelia Aspemyr & Rebecka Lundgren Månsson
Advisor: Jens Forssbaeck
Keywords: Private equity, buyout, venture capital, financial sponsors, initial public offerings, capital structure, long-term IPO performance
Purpose: The principal purpose of this paper is to examine whether there exist any differences in long-term performance between buyout-, venture capital-, and non-backed IPOs. This paper discusses if the different issuers could theoretically have any impact on long-term IPO performance. Further, the paper's purpose is to describe the capital structure’s influence on long-term performance.
Methodology: This paper uses a quantitative methodology with a hypothetical-deductive method. In order to investigate the effect of independent variables, on the long-term stock performance, data was collected.
Theoretical perspectives: The foundation for this paper is previous research examining the impact of different sponsors on long-term performance on Nordic IPOs.
Empirical foundation: The paper consists of 193 IPOs- 20 venture capital-, 62 buyout-, and 111 non-backed IPOs. Data is collected from the Nordic stock market between 2006 and 2016.
Conclusions: The result confirmed a significant relationship between buyout-backed IPOs and long-term abnormal returns. No evidence of a statistically significant relationship between venture capital-backed IPOs and long-term abnormal performance was found. Furthermore, this paper found that the level of debt-to-equity had a significant impact on long-term abnormal returns. (Less)
Please use this url to cite or link to this publication:
http://lup.lub.lu.se/student-papers/record/9012224
- author
- Lundgren Månsson, Rebecka LU and Aspemyr, Ofelia LU
- supervisor
- organization
- course
- NEKH01 20201
- year
- 2020
- type
- M2 - Bachelor Degree
- subject
- keywords
- Private equity, buyout, venture capital, initial public offerings, capital structure, long-term IPO performance
- language
- English
- id
- 9012224
- date added to LUP
- 2020-08-29 11:23:19
- date last changed
- 2020-08-29 11:23:19
@misc{9012224,
abstract = {{Title: A Study of Buyout-, Venture Capital-, and Non-backed IPOs and the Actual Efficiency of Debt
Course: NEKH02, Economics: Bachelor Essay - Ekonomie kandidatprogrammet, 15 credits
Authors: Ofelia Aspemyr & Rebecka Lundgren Månsson
Advisor: Jens Forssbaeck
Keywords: Private equity, buyout, venture capital, financial sponsors, initial public offerings, capital structure, long-term IPO performance
Purpose: The principal purpose of this paper is to examine whether there exist any differences in long-term performance between buyout-, venture capital-, and non-backed IPOs. This paper discusses if the different issuers could theoretically have any impact on long-term IPO performance. Further, the paper's purpose is to describe the capital structure’s influence on long-term performance.
Methodology: This paper uses a quantitative methodology with a hypothetical-deductive method. In order to investigate the effect of independent variables, on the long-term stock performance, data was collected.
Theoretical perspectives: The foundation for this paper is previous research examining the impact of different sponsors on long-term performance on Nordic IPOs.
Empirical foundation: The paper consists of 193 IPOs- 20 venture capital-, 62 buyout-, and 111 non-backed IPOs. Data is collected from the Nordic stock market between 2006 and 2016.
Conclusions: The result confirmed a significant relationship between buyout-backed IPOs and long-term abnormal returns. No evidence of a statistically significant relationship between venture capital-backed IPOs and long-term abnormal performance was found. Furthermore, this paper found that the level of debt-to-equity had a significant impact on long-term abnormal returns.}},
author = {{Lundgren Månsson, Rebecka and Aspemyr, Ofelia}},
language = {{eng}},
note = {{Student Paper}},
title = {{A Study of Buyout-, Venture Capital-, and Non-backed IPOs and the Actual Efficiency of Debt}},
year = {{2020}},
}