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Börsintroduktioner: post festum - Går det att förutspå hur börsintroduktioner kommer att prestera?

Lönnbom Colven, Julia LU ; Vitols, Alexander; Bengtsson, Simon and Karlsson, Jonathan (2016) FEKH89 20152
Department of Business Administration
Abstract
Title: IPO’s: a post festum - Can post-IPO stock performance be predicted?

Seminar date: January 14th, 2016

Course: FEKH89, Degree Project in Corporate Finance, Undergraduate level, Business Administration, 15 ECTS

Authors: Simon Bengtsson, Julia Colven, Jonathan Karlsson, Alexander Vitols
Advisor: Göran Andersson

Key words: Initial Public Offerings, Company age, Private equity, Founder, Insider ownership

Purpose: The study attempts to investigate the long-term performance of post-IPO stocks on the Nasdaq Stockholm exchange, relative to a total return index. Furthermore, the study will evaluate to which degree four non-financial factors can be used to predict long-term performance. The goal is to use the results of this... (More)
Title: IPO’s: a post festum - Can post-IPO stock performance be predicted?

Seminar date: January 14th, 2016

Course: FEKH89, Degree Project in Corporate Finance, Undergraduate level, Business Administration, 15 ECTS

Authors: Simon Bengtsson, Julia Colven, Jonathan Karlsson, Alexander Vitols
Advisor: Göran Andersson

Key words: Initial Public Offerings, Company age, Private equity, Founder, Insider ownership

Purpose: The study attempts to investigate the long-term performance of post-IPO stocks on the Nasdaq Stockholm exchange, relative to a total return index. Furthermore, the study will evaluate to which degree four non-financial factors can be used to predict long-term performance. The goal is to use the results of this study to guide and improve investors’ decision-making process regarding IPO-prospectuses.

Methodology: The secondary data has been analyzed using a quantitative, deductive
approach.

Theoretical perspectives: The study draws from previous research on the predictability of the chosen factors in terms of relative performance, in addition to previous studies on post IPO stock performance in Sweden and Globally.

Empirical foundation: The three-year total return of 55 IPO’s between the years 2000-2011 is compared to the OMXSBGI-index. The data is collected from the website of Nasdaq, Capital IQ and Finansinspektionen (Swedish Financial Supervisory Authority). The IPO prospectus was used as the source of data on the non-financial factors for each observed company.

Conclusions: The observed companies have underperformed the chosen index as a group, with a few individual exceptions. Of the chosen factors, only the age of the company at the time of the IPO has shown a statistically relevant correlation with long-term performance. (Less)
Popular Abstract (Swedish)
Examensarbetets titel: Börsintroduktioner: post festum - Går det att förutspå hur
börsintroduktioner kommer att prestera?

Seminariedatum: 2016-01-14

Ämne/kurs: FEKH89, Examensarbete i finansiering på kandidatnivå, 15 högskolepoäng

Författare: Simon Bengtsson, Julia Colven, Jonathan Karlsson, Alexander Vitols

Handledare: Göran Andersson

Nyckelord: Börsintroduktioner, Bolagets ålder, Private equity, Grundare, Insiderägande

Syfte: Studien ämnar undersöka hur börsintroduktioner på Nasdaq Stockholm har presterat långsiktigt jämfört med relevant index. Därtill ska studien utröna vilken inverkan icke finansiella faktorer haft på börsintroduktionernas långsiktiga utveckling. Målsättningen är att utifrån information i prospekt ge... (More)
Examensarbetets titel: Börsintroduktioner: post festum - Går det att förutspå hur
börsintroduktioner kommer att prestera?

Seminariedatum: 2016-01-14

Ämne/kurs: FEKH89, Examensarbete i finansiering på kandidatnivå, 15 högskolepoäng

Författare: Simon Bengtsson, Julia Colven, Jonathan Karlsson, Alexander Vitols

Handledare: Göran Andersson

Nyckelord: Börsintroduktioner, Bolagets ålder, Private equity, Grundare, Insiderägande

Syfte: Studien ämnar undersöka hur börsintroduktioner på Nasdaq Stockholm har presterat långsiktigt jämfört med relevant index. Därtill ska studien utröna vilken inverkan icke finansiella faktorer haft på börsintroduktionernas långsiktiga utveckling. Målsättningen är att utifrån information i prospekt ge investerare bättre förutsättningar vid investeringsbeslut beträffande börsnoteringar.

Metod: Vid analys av sekundärdata har författarna använt sig av en kvantitativ metod med en deduktiv ansats.

Teoretiska perspektiv: Studien tar avstamp i tidigare forskning kring de utvalda variablernas påverkan på aktieavkastning, samt tidigare undersökningar kring avkastning på nynoterade bolag i Sverige och globalt.

Empiri: Treårsvkastningen för 55 börsnoteringar under tidsperioden 2000-2011 jämförs mot relevant index, OMXSBGI. Data är hämtad från Nasdaq’s hemsida, Capital IQ samt Finansinspektionen. Via bolagens noteringsprospekt har data kring variablerna inhämtats.

Resultat: Bolagen i urvalet har generellt underpresterat valt jämförelseindex. Av de undersökta variablerna påvisas ett positivt signifikant samband mellan bolagets ålder och avkastning. Övriga variabler ger inget statistiskt signifikant resultat. (Less)
Please use this url to cite or link to this publication:
author
Lönnbom Colven, Julia LU ; Vitols, Alexander; Bengtsson, Simon and Karlsson, Jonathan
supervisor
organization
course
FEKH89 20152
year
type
M2 - Bachelor Degree
subject
keywords
Initial Public Offerings, Company age, Private equity, Founder, Insider
language
Swedish
id
8625588
date added to LUP
2016-03-16 13:50:06
date last changed
2016-03-16 13:50:06
@misc{8625588,
  abstract     = {Title: IPO’s: a post festum - Can post-IPO stock performance be predicted?

Seminar date: January 14th, 2016

Course: FEKH89, Degree Project in Corporate Finance, Undergraduate level, Business Administration, 15 ECTS

Authors: Simon Bengtsson, Julia Colven, Jonathan Karlsson, Alexander Vitols
Advisor: Göran Andersson

Key words: Initial Public Offerings, Company age, Private equity, Founder, Insider ownership

Purpose: The study attempts to investigate the long-term performance of post-IPO stocks on the Nasdaq Stockholm exchange, relative to a total return index. Furthermore, the study will evaluate to which degree four non-financial factors can be used to predict long-term performance. The goal is to use the results of this study to guide and improve investors’ decision-making process regarding IPO-prospectuses.

Methodology: The secondary data has been analyzed using a quantitative, deductive
approach.

Theoretical perspectives: The study draws from previous research on the predictability of the chosen factors in terms of relative performance, in addition to previous studies on post IPO stock performance in Sweden and Globally.

Empirical foundation: The three-year total return of 55 IPO’s between the years 2000-2011 is compared to the OMXSBGI-index. The data is collected from the website of Nasdaq, Capital IQ and Finansinspektionen (Swedish Financial Supervisory Authority). The IPO prospectus was used as the source of data on the non-financial factors for each observed company.

Conclusions: The observed companies have underperformed the chosen index as a group, with a few individual exceptions. Of the chosen factors, only the age of the company at the time of the IPO has shown a statistically relevant correlation with long-term performance.},
  author       = {Lönnbom Colven, Julia and Vitols, Alexander and Bengtsson, Simon and Karlsson, Jonathan},
  keyword      = {Initial Public Offerings,Company age,Private equity,Founder,Insider},
  language     = {swe},
  note         = {Student Paper},
  title        = {Börsintroduktioner: post festum - Går det att förutspå hur börsintroduktioner kommer att prestera?},
  year         = {2016},
}