Browsing by Author "Tang, Shaicoan"

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    Is There a Negative Relationship Between the Number of Swedish IPOs and the Long-run Performance?
    (2018-07-04) Büller, Martin; Tang, Shaicoan; University of Gothenburg/Graduate School; Göteborgs universitet/Graduate School
    We examine if there is a negative relationship between the number of Swedish IPOs and the long-run performance. In addition, we also investigate what factors that are related to long-run aftermarket performance. The IPOs in our study take place during the period 2004 to 2014 on Nasdaq OMX Stockholm and First North. Previous studies show that firms going public during high volume periods tend to underperform in the long-run. We find a positive and statistically significant relationship between the number of Swedish IPOs and the three-year long-run performance. Our results suggest that firms issuing during high volume periods yield better aftermarket performance compared to those issuing in a low volume period. These results are unexpected and contradict previous studies which have found that firms issuing during a high volume period have a lower cost of equity, reflected in lower aftermarket returns. Further research is needed to help disentangle our contradictory findings to arrive at an unambiguous conclusion, adding support for issuing firms and investors on their decision on when to go public and when to invest in an IPO on the Swedish market, respectively.
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    Trade-offs of ETFs - An Examination of Clean and Dirty Exchange Traded Funds in the Energy Sector
    (2016-06-27) Hasselsjö, Mattias; Tang, Shaicoan; University of Gothenburg/Department of Economics; Göteborgs universitet/Institutionen för nationalekonomi med statistik
    The aim of this thesis is to investigate if there is a difference in performance between clean and dirty exchange traded funds (ETFs) during the examination period January 2011¬–March 2016. Dirty ETFs are defined as ETFs that allocate in non-environmentally friendly industries such as oil or coal industries. Clean ETFs are defined as ETFs that allocate in alternative energy, for example wind or solar power industries. Two portfolios consisting of clean and dirty ETFs respectively are created using a matched pair approach controlling for size and age effects. By applying the Carhart (1997) four-factor model the market, book-to-market ratio and stock price momentum are also controlled for. In addition, the performance measures Sharpe ratio, Treynor ratio and Jensen’s alpha are also employed and examined. The results suggest both that there are no statistically significant differences in performance between the clean and dirty ETF portfolios, and that the clean ETF portfolio does not perform worse than its counterpart. Different factors influence the two portfolios differently. For investors seeking ways to access opportunities in sustainable investing, the results could therefore be of much interest.