@misc{Sieradzki_Rafał_Underpricing_2016,
 author={Sieradzki, Rafał and Zasępa, Piotr},
 identifier={DOI: 10.15611/aoe.2016.1.11},
 year={2016},
 rights={Wszystkie prawa zastrzeżone (Copyright)},
 publisher={Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu},
 description={Argument Oeconomica, 2016, Nr 1 (36), s. 261-289},
 language={eng},
 abstract={In this paper we analyze the underpricing of Private Equity/Venture Capital backed IPOs on the Warsaw Stock Exchange between 2003 and 2011. Although the average initial return was positive (11.4%), it was significantly smaller than for other IPOs (14.5%). These results may support theories that PE/VC funds reduce information asymmetry between IPO investors and pre–IPO owners of the company or certification role of the PE/VC funds. At the same time our data do not give any evidence for the grandstanding or spinning hypotheses. Medium and long– term abnormal returns (1–month, 3–month and 1–year) on average are negative. In general, the more time elapses from the offer day, the lower the return from the PE/VC backed IPO investment. This data suggests that PE/VC funds do not perform any certification role},
 title={Underpricing of private equity/venture capital backed IPOs. Do they differ from other offers?},
 type={artykuł},
 keywords={new equity offerings, IPOs, underpricing, private equity, venture capital},
}