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Nynotering: Private Equity eller icke, det är frågan: En kvantitativ studie av nynoteringars prestation på Stockholmsbörsen
Södertörn University, School of Social Sciences, Business Studies.
Södertörn University, School of Social Sciences, Business Studies.
2018 (Swedish)Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
Abstract [sv]

Studien avsåg studera Private Equity-ägda och icke Private Equity-ägda nynoteringars långsiktiga avkastning. Med hjälp av bakomliggande faktorer så som ägarstruktur, underprissättning, marknadsvärde, storlek på nynotering, ålder, bransch samt heta och kalla marknader, identifierades om det fanns skillnader och vad de i så fall kunde bero på. Vidare undersöktes om nynoteringarna var underprissatta och om underprissättningen i så fall skiljde sig mellan de två ägarstrukturerna. I denna studie tillämpades ett kvantitativt tillvägagångssätt med en deduktiv ansats för att analysera sekundärdatan som samlades in. Urvalet bestod av 43 bolag varav 25 var PE-ägda och 18 var icke PE-ägda. Sekundärdata samlades in från ett flertal olika källor däribland Nasdaq, Skatteverket, Zephyr och Finansinspektionen. PE-ägda nynoteringar presterade bättre än icke PE-ägda på lång sikt, både för Buy-and-hold abnormal return (BHAR) 1 och 3 år. Samtliga nynoteringar var i genomsnitt underprissatta där PE-ägda uppvisade en högre underprissättning. Utöver resultatet att samtliga nynoteringar i genomsnitt var underprissatta, vilket var signifikant på en 0,1 procentsnivå, var ingen av skillnaderna signifikant. Slutligen uppvisade underprissättning som enda variabel en signifikant positiv påverkan på både BHAR 1 och 3 år. För BHAR 1 år visade dessutom storleken på nynoteringen och en av de fyra åldersgrupperna tio-nitton, i jämförelse med referensgruppen, en positiv signifikant påverkan.

Abstract [en]

The aim of this study was to determine whether there were any differences in the long-run performance between Private-Equity-backed and non-Private-Equity-backed IPOs. Further, the authors chose a number of variables from previous studies in order to examine whether these could explain the long-run performance of IPOs on the Swedish stock market Stockholmsbörsen. Finally, the study examined whether the IPOs was underpriced and if it differed between the two ownership structures. In this study a quantitative method with a deductive approach was used in order to analyze the collected secondary data. The study's sample consisted of 43 companies, of which 25 were Private-Equity-backed and 18 were non-Private-Equity-backed. The secondary data were collected from a variety of sources such as Nasdaq, Skatteverket, Zephyr and Finansinspektionen. Private-Equity-backed IPOs performed better than non-Private-Equity-backed IPOs in the long-run, both for BHAR 1 and 3 years. Further, all the IPOs were on average underpriced, where Private-Equity-backed showed a higher underpricing. Aside from the fact that all the IPOs were underpriced, which was significant at a 0.1 percent level, none of the differences were significant. Finally, the only variable that showed a significant positive impact on both BHAR 1 and 3 years was underpricing. For BHAR 1 year the size of the IPO and one of the four age groups 10-19, in comparison with the reference group, also showed a positive significant impact.

Place, publisher, year, edition, pages
2018. , p. 47
Keywords [en]
IPO, Ownership structure, Long-run abnormal returns, Underpricing
Keywords [sv]
Marknadsnotering, IPO, Ägandestruktur, Långsiktig abnormal avkastning, Underprissättning
National Category
Business Administration
Identifiers
URN: urn:nbn:se:sh:diva-35452OAI: oai:DiVA.org:sh-35452DiVA, id: diva2:1213997
Subject / course
Business Studies
Uppsok
Social and Behavioural Science, Law
Supervisors
Examiners
Available from: 2018-06-07 Created: 2018-06-05 Last updated: 2018-06-07Bibliographically approved

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Citation style
  • apa
  • ieee
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  • harvard-anglia-ruskin-university
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