Riskmitigerare eller alpha-genererare?
(2026) FEKH89 20252Department of Business Administration
- Abstract
- Title: Risk Mitigator or Alpha Generator? A Quantitative Analysis of Stock Performance in Private Equity-Backed IPOs in Denmark, Finland, Norway, and Sweden, and the Role of Credibility in Shaping Outcomes.
Seminar date: January 15, 2026
Course: FEKH89, Bachelor Degree Project in Financial Management, 15 ECTS
Authors: Emil Anttila, Rasmus Blomstedt, Niklas Lövrup
Advisor: Anamaria Cociorva
Key words: Private Equity, BHAR, Volatility, Credibility, Initial Public Offering (IPO)
Research question: How do PE-Backed IPOs perform in Denmark, Finland, Norway, and Sweden between 2002 and 2022, and to what extent does PE-credibility affect the outcome?
Purpose: To evaluate whether PE-backing affects stock returns, stock return... (More) - Title: Risk Mitigator or Alpha Generator? A Quantitative Analysis of Stock Performance in Private Equity-Backed IPOs in Denmark, Finland, Norway, and Sweden, and the Role of Credibility in Shaping Outcomes.
Seminar date: January 15, 2026
Course: FEKH89, Bachelor Degree Project in Financial Management, 15 ECTS
Authors: Emil Anttila, Rasmus Blomstedt, Niklas Lövrup
Advisor: Anamaria Cociorva
Key words: Private Equity, BHAR, Volatility, Credibility, Initial Public Offering (IPO)
Research question: How do PE-Backed IPOs perform in Denmark, Finland, Norway, and Sweden between 2002 and 2022, and to what extent does PE-credibility affect the outcome?
Purpose: To evaluate whether PE-backing affects stock returns, stock return volatility, and the degree of underpricing among portfolio companies following an IPO across different time horizons, and to what extent various characteristics of PE-firms have an effect on these outcomes.
Methodology: The study is based on a quantitative research design with a deductive approach. The empirical sample consists of 821 listed firms in Denmark, Finland, Norway, and Sweden over the period 2002-2022. Stock performance is measured using BHAR across multiple time horizons, while risk is measured as the stock’s standard deviation. To analyze differences between PE-backed and non PE-backed IPOs, non-parametric tests and OLS regressions with relevant control variables are conducted.
Theoretical perspectives: The study’s theoretical framework draws on signaling and certification theory, information asymmetry and agency theory as well as the efficient market hypothesis and theories of value creation in PE. These perspectives are complemented by prior research on IPO pricing, underpricing, and short- and long-term stock performance.
Result: The study finds no statistically significant evidence that PE-backing or credibility leads to higher returns or lower underpricing compared to non PE-backed firms. However, PE-backing is associated with lower stock return volatility, although this effect does not remain when controlling for PE-credibility.
Conclusions: The findings indicate that PE-involvement and credibility do not systematically enhance post-IPO performance in terms of returns, risk, or pricing within the studied setting, implying that the influence of PE is constrained and dependent on contextual factors. (Less) - Abstract (Swedish)
- Titel: Riskmitigerare eller alpha-generare? En kvantitativ undersökning kring Private Equity-backade IPO:s aktieprestationer i Danmark, Finland, Norge och Sverige och hur PE-Credibility påverkar utfallet.
Seminariedatum: 15 januari, 2026
Kurs: FEKH89, Examensarbete i finansiering på kandidatnivå, 15 högskolepoäng
Författare: Emil Anttila, Rasmus Blomstedt, Niklas Lövrup
Handledare: Anamaria Cociorva
Nyckelord: Private equity, BHAR, volatilitet, credibility, börsintroduktion (IPO)
Forskningsfråga: Hur presterar PE-backade IPO:s i Danmark, Finland, Norge och Sverige mellan åren 2002 och 2022, och i vilken utsträckning påverkar PE-credibility utfallet?
Syfte: Att undersöka om PE-backning påverkar aktieavkastning,... (More) - Titel: Riskmitigerare eller alpha-generare? En kvantitativ undersökning kring Private Equity-backade IPO:s aktieprestationer i Danmark, Finland, Norge och Sverige och hur PE-Credibility påverkar utfallet.
Seminariedatum: 15 januari, 2026
Kurs: FEKH89, Examensarbete i finansiering på kandidatnivå, 15 högskolepoäng
Författare: Emil Anttila, Rasmus Blomstedt, Niklas Lövrup
Handledare: Anamaria Cociorva
Nyckelord: Private equity, BHAR, volatilitet, credibility, börsintroduktion (IPO)
Forskningsfråga: Hur presterar PE-backade IPO:s i Danmark, Finland, Norge och Sverige mellan åren 2002 och 2022, och i vilken utsträckning påverkar PE-credibility utfallet?
Syfte: Att undersöka om PE-backning påverkar aktieavkastning, aktievolatilitet och graden av underprissättning hos portföljbolag efter IPO över olika tidshorisonter, samt i vilken utsträckning olika egenskaper hos PE-firmorna påverkar dessa utfall.
Metod: Studien genomför en kvantitativ undersökning, med en deduktiv ansats. Det empiriska materialet består av 821 börsnoterade bolag i Danmark, Finland, Norge och Sverige under perioden 2002-2022. Aktieprestation mäts genom BHAR och standardavvikelse över flera tidshorisonter. För att analysera skillnader mellan PE-backade och icke-PE-backade IPO:s genomförs icke-parametriska tester och OLS-regressioner med relevanta kontrollvariabler.
Teoretiska perspektiv: Studiens teoretiska ramverk utgår från signal- och certifieringsteori, informationsasymmetri och agentteori samt den effektiva marknadshypotesen och teorier värdeskapande inom private equity. Dessa teoretiska perspektiv kompletteras med tidigare forskning om IPO-prissättning, underprissättning och kort- och långsiktig aktieutveckling.
Resultat: Studien finner inga statistiskt signifikanta belägg för att PE-backade bolag och PE-firmans credibility genererar högre aktieavkastning respektive mindre underprissättning, i jämförelse med icke-PE-backade bolag. Däremot påvisas statistisk signifikans för att PE-backning är förknippad med lägre aktievolatilitet, även om detta samband inte kvarstår när hänsyn tas till PE-credibility.
Slutsats: Studien visar att PE-backning och PE-credibility inte innebär en ökad avkastning eller minskad risk efter IPO i den studerade kontexten, vilket indikerar att eventuella PE-effekter är begränsade och kontextberoende. (Less)
Please use this url to cite or link to this publication:
http://lup.lub.lu.se/student-papers/record/9221015
- author
- Anttila, Emil LU ; Blomstedt, Rasmus LU and Lövrup, Niklas LU
- supervisor
- organization
- alternative title
- En kvantitativ undersökning kring private equity-backade IPO:s aktieprestationer i Danmark, Finland, Norge och Sverige och hur PE-credibility påverkar utfallet.
- course
- FEKH89 20252
- year
- 2026
- type
- M2 - Bachelor Degree
- subject
- keywords
- Private equity, BHAR, volatilitet, credibility, börsintroduktion (IPO)
- language
- Swedish
- id
- 9221015
- date added to LUP
- 2026-02-27 11:46:35
- date last changed
- 2026-02-27 11:46:35
@misc{9221015,
abstract = {{Title: Risk Mitigator or Alpha Generator? A Quantitative Analysis of Stock Performance in Private Equity-Backed IPOs in Denmark, Finland, Norway, and Sweden, and the Role of Credibility in Shaping Outcomes.
Seminar date: January 15, 2026
Course: FEKH89, Bachelor Degree Project in Financial Management, 15 ECTS
Authors: Emil Anttila, Rasmus Blomstedt, Niklas Lövrup
Advisor: Anamaria Cociorva
Key words: Private Equity, BHAR, Volatility, Credibility, Initial Public Offering (IPO)
Research question: How do PE-Backed IPOs perform in Denmark, Finland, Norway, and Sweden between 2002 and 2022, and to what extent does PE-credibility affect the outcome?
Purpose: To evaluate whether PE-backing affects stock returns, stock return volatility, and the degree of underpricing among portfolio companies following an IPO across different time horizons, and to what extent various characteristics of PE-firms have an effect on these outcomes.
Methodology: The study is based on a quantitative research design with a deductive approach. The empirical sample consists of 821 listed firms in Denmark, Finland, Norway, and Sweden over the period 2002-2022. Stock performance is measured using BHAR across multiple time horizons, while risk is measured as the stock’s standard deviation. To analyze differences between PE-backed and non PE-backed IPOs, non-parametric tests and OLS regressions with relevant control variables are conducted.
Theoretical perspectives: The study’s theoretical framework draws on signaling and certification theory, information asymmetry and agency theory as well as the efficient market hypothesis and theories of value creation in PE. These perspectives are complemented by prior research on IPO pricing, underpricing, and short- and long-term stock performance.
Result: The study finds no statistically significant evidence that PE-backing or credibility leads to higher returns or lower underpricing compared to non PE-backed firms. However, PE-backing is associated with lower stock return volatility, although this effect does not remain when controlling for PE-credibility.
Conclusions: The findings indicate that PE-involvement and credibility do not systematically enhance post-IPO performance in terms of returns, risk, or pricing within the studied setting, implying that the influence of PE is constrained and dependent on contextual factors.}},
author = {{Anttila, Emil and Blomstedt, Rasmus and Lövrup, Niklas}},
language = {{swe}},
note = {{Student Paper}},
title = {{Riskmitigerare eller alpha-genererare?}},
year = {{2026}},
}