Object

Title: Underpricing of private equity/venture capital backed IPOs. Do they differ from other offers? Argument Oeconomica, 2016, Nr 1 (36), s. 261-289

Creator:

Sieradzki, Rafał ; Zasępa, Piotr

Description:

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.

Publisher:

Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu

Place of publication:

Wrocław

Date:

2016

Resource Type:

artykuł

Resource Identifier:

DOI: 10.15611/aoe.2016.1.11

Language:

eng

Relation:

Argumenta Oeconomica

Location:

Uniwersytet Ekonomiczny we Wrocławiu

Object collections:

Last modified:

Jan 19, 2018

In our library since:

May 16, 2016

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Number of object content views in PDF format

544

All available object's versions:

https://www.dbc.wroc.pl/publication/35418

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