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Vem skapar mest värde?: En studie om finansiell prestation vid börsnoteringar inom den svenska riskkapitalmarknaden
Södertörn University, School of Social Sciences, Business Studies.
Södertörn University, School of Social Sciences, Business Studies.
2019 (Swedish)Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
Abstract [en]

Purpose: This study aims to compare financial performance during and after an IPO on the Swedish stock exchange and how ownership and financial backing effects First-day Returns and Aftermarket performance.

Theory: The study is based on five theories but focuses on First-day Returns and Aftermarket Performance.

Method: This study will be based on a deductive approach and the sequential method mix Explanatory Sequential Mixed Method. The strategy means that the main quantitative method is supplemented by a qualitative element.

Empirics: This study has analyzed 184 publicly listed companies between the years 2000-2018. The sample can be divided into 21 BO-backed companies, 34 VC-backed companies and 129 NS-backed companies.

Conclusion: BO-backed companies are the subgroup that performs best and only to generate a positive return on the first day of trading. In the longer term, VC-backed companies are performing the best on the stock exchange despite the poor performance on the first day of trading. Signaling, syndication and networks are affected and judged on what is measured and when it is measured in financial performance after the IPO.

Abstract [sv]

Syfte: Denna studie avser att jämföra finansiell prestation vid och efter svenska börsintroduktioner samt vad ägarstruktur och finansiell backning har för påverkan.

Teori: Studien utgår från fem teorier och fokuserar främst på First-day Returns och Aftermarket Performance.

Metod: Denna studie kommer att utgå ifrån ett deduktivt angreppssätt och sekventiella metodmixen Explanatory Sequential Mixed Method. Strategin innebär att den huvudsakliga kvantitativa metoden kompletteras med ett kvalitativt inslag.

Empiri: Studien har undersökt 184 börsnoterade bolag mellan åren 2000–2018. Urvalet kunde delas in i 21 BO-backade bolag, 34 VC-backade bolag och 129 NS-backade bolag.

Slutsats: BO-backade bolag är den subgruppen som presterar bäst och enda att generera en positiv avkastning vid första handelsdagen. På längre sikt går VC-backade bolagen om och presterar bäst på börsen trots den sämst presterande förstadags handeln. Signalering, syndikat och nätverk påverkas och bedöms på vad som mäts och när det mäts vid finansiell prestation efter börsnotering.

Place, publisher, year, edition, pages
2019. , p. 55
Keywords [en]
Initial Public Offering, Private Equity, Buyout, Venture Capital, Non-sponsored, First-day Returns & Aftermarket Performance
National Category
Business Administration
Identifiers
URN: urn:nbn:se:sh:diva-40211OAI: oai:DiVA.org:sh-40211DiVA, id: diva2:1393137
Subject / course
Business Studies
Uppsok
Social and Behavioural Science, Law
Supervisors
Available from: 2020-02-14 Created: 2020-02-14 Last updated: 2020-02-14Bibliographically approved

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2930313233343532 of 97
CiteExportLink to record
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Citation style
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