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Underprissättning vid börsintroduktioner i Norden – Marknadsförhållandets påverkan

Wiksell, Robert LU and Johansson, Daniel (2014) FEKN90 20141
Department of Business Administration
Abstract (Swedish)
Syftet med denna studie är att undersöka eventuella skillnader mellan de nordiska börserna samt mellan olika sektorer. Samt huruvida marknadsförhållandet påverkar graden av underprissättning. Den nordiska marknaden är studiens fokus då flera av de tidigare studierna till stor del utelämnat Norden.

Thomson ONE Banker, Zephyr samt Datastream 5.0 användes för att samla in öppnings- och stängningspriser för företag som introducerats på någon av de nordiska börsernas huvudlistor. Urvalsgruppen består av 162 företag som introducerades inom den utvalda tidsperioden, 1 januari 1996 fram till och med första kvartalet 2014.

De statistiskt genomförda testerna visar att det finns en signifikant skillnad i graden av underprissättning mellan de... (More)
Syftet med denna studie är att undersöka eventuella skillnader mellan de nordiska börserna samt mellan olika sektorer. Samt huruvida marknadsförhållandet påverkar graden av underprissättning. Den nordiska marknaden är studiens fokus då flera av de tidigare studierna till stor del utelämnat Norden.

Thomson ONE Banker, Zephyr samt Datastream 5.0 användes för att samla in öppnings- och stängningspriser för företag som introducerats på någon av de nordiska börsernas huvudlistor. Urvalsgruppen består av 162 företag som introducerades inom den utvalda tidsperioden, 1 januari 1996 fram till och med första kvartalet 2014.

De statistiskt genomförda testerna visar att det finns en signifikant skillnad i graden av underprissättning mellan de nordiska börserna. Dock är sektorvariablerna samt variabeln för marknadsförhållande icke signifikanta, dock ges det indikationer på att det finns eventuella skillnader mellan de olika sektorerna samt att goda marknadsförhållanden ökar graden av underprissättning.

Bevisligen finns det skillnader i graden av underprissättning mellan de nordiska börserna, framförallt är det OMX Copenhagen som skiljer sig mot resterande börser. Dessa börser uppvisar istället ganska likartad grad av underprissättning. Tyvärr går det inte att dra några större slutsatser kring de andra variablerna på grund av de icke signifikanta resultaten. Dock kan man med stöd från tidigare forskning och indikationerna från denna studies resultat se vissa skillnader mellan de olika sektorerna. Dock finns det fortfarande meningsskiljaktigheter rörande marknadsförhållandets påverkan på underprissättning. (Less)
Abstract
The purpose of this study is to examine possible differences in underpricing between the Nordic Stock Exchanges and between
different sectors. This study will also examine if the level of underpricing is affected by the market conditions. The Nordic market
will be the focus of this study due to the fact that many of the previous studies have excluded the Nordics.

Thomson ONE Banker, Zephyr and Datastream 5.0 was used to collect opening and closing prices for companies that were introduced at any of
the Nordic Stock Exchanges. The sample consists of 162 companies, introduced from January 1st 1996 to the first quarter of 2014.
Results: The performed statistical tests show that there is a significant difference in underpricing... (More)
The purpose of this study is to examine possible differences in underpricing between the Nordic Stock Exchanges and between
different sectors. This study will also examine if the level of underpricing is affected by the market conditions. The Nordic market
will be the focus of this study due to the fact that many of the previous studies have excluded the Nordics.

Thomson ONE Banker, Zephyr and Datastream 5.0 was used to collect opening and closing prices for companies that were introduced at any of
the Nordic Stock Exchanges. The sample consists of 162 companies, introduced from January 1st 1996 to the first quarter of 2014.
Results: The performed statistical tests show that there is a significant difference in underpricing between the Nordic Stock Exchanges. However, the sector variable and the market condition variable are insignificant, yet there are some indications that there are some differences between the sectors and that favorable market conditions increases the degree of underpricing.

Evidently, there are differences in degree of underpricing between the Nordic Stock Exchanges. OMX Copenhagen is the Stock Exchange that
differs the most compared to the other Exchanges, which all show a similar degree of underpricing. Unfortunately, it is not possible to draw
any conclusions concerning the other variables due to the insignificant results. Although, with support from previous studies and the indications
from the results there may be some differences between the sectors. However, it is ambiguous how the market condition affects the degree
of underpricing. (Less)
Please use this url to cite or link to this publication:
author
Wiksell, Robert LU and Johansson, Daniel
supervisor
organization
alternative title
IPO underpricing in the Nordics
course
FEKN90 20141
year
type
H1 - Master's Degree (One Year)
subject
keywords
Börsintroduktion, Underprissättning, Norden, Sektor, Börs, VIX
language
Swedish
id
4580527
date added to LUP
2014-07-29 09:09:50
date last changed
2014-07-29 09:09:50
@misc{4580527,
  abstract     = {{The purpose of this study is to examine possible differences in underpricing between the Nordic Stock Exchanges and between 
different sectors. This study will also examine if the level of underpricing is affected by the market conditions. The Nordic market 
will be the focus of this study due to the fact that many of the previous studies have excluded the Nordics.

Thomson ONE Banker, Zephyr and Datastream 5.0 was used to collect opening and closing prices for companies that were introduced at any of 
the Nordic Stock Exchanges. The sample consists of 162 companies, introduced from January 1st 1996 to the first quarter of 2014.
Results: The performed statistical tests show that there is a significant difference in underpricing between the Nordic Stock Exchanges. However, the sector variable and the market condition variable are insignificant, yet there are some indications that there are some differences between the sectors and that favorable market conditions increases the degree of underpricing.

Evidently, there are differences in degree of underpricing between the Nordic Stock Exchanges. OMX Copenhagen is the Stock Exchange that 
differs the most compared to the other Exchanges, which all show a similar degree of underpricing. Unfortunately, it is not possible to draw 
any conclusions concerning the other variables due to the insignificant results. Although, with support from previous studies and the indications 
from the results there may be some differences between the sectors. However, it is ambiguous how the market condition affects the degree 
of underpricing.}},
  author       = {{Wiksell, Robert and Johansson, Daniel}},
  language     = {{swe}},
  note         = {{Student Paper}},
  title        = {{Underprissättning vid börsintroduktioner i Norden – Marknadsförhållandets påverkan}},
  year         = {{2014}},
}