När börsintroduceras guldäggen? -En kvantitativ studie över svenska börsnoteringar under en bullmarknad

Abstract

Purpose: To examine whether or not there exists a linear correlation between the timing of the firms initial public offering date and their stock price development. Theoretical perspective: Underpricing, Effective market hypothesis, Window of Opportunities Hypothesis, Signaling Theory, Market for lemons, theories on economic cyclicality. Methodology: Multiple linear regression analysis has been used to test the dependency between independent variables and the dependent variables. The dependent variables were generated by using equations for BHAR and CAR. These measure abnormal return in relation to the market return. Empirical data: The empirical data consists of 194 observations of IPOs on the Nasdaq - Stockholm and Aktietorget stock exchanges. The firm’s financial data and their stock price development over one year is also acquired. Conclusion: There is a correlation between the date of the initial public offering and how the firms stock price develops. The stock market has an impact on abnormal return of IPO’s.