ISSN: 2450-7741
eISSN: 2300-4460
OAI
DOI: 10.18276/frfu.2018.91-21
Lista wydań /
1/2018 (91)
Determinants of IPO Underpricing on the Warsaw Stock Exchange
(DETERMINANTY UNDERPRICINGU PIERWSZYCH OFERT PUBLICZNYCH NA GPW)
| Autorzy: |
Yuliya
Kavalenka
Akademia Leona Kozmniskiego |
| Słowa kluczowe: | pierwsza oferta publiczna underpricing Giełda Papierów Wartościowych |
| Data publikacji całości: | 2018 |
| Liczba stron: | 11 (257-267) |
| Klasyfikacja JEL: | G00 G10 G14 G15 G20 G30 |
Abstrakt
Cel – celem tego artykułu jest przedstawienie dowodów na temat początkowego zwrotu (IR) wstępnych ofert publicznych (IPO) na rynku akcji w Polsce oraz określenie czynników determinujących początkowy underpricing IPO na Giełdzie Papierów Wartościowych w Warszawie (GPW) w okresie od 2005 r. do 2015 r.
Metodologia badania – ocena empiryczna i szacowanie wyników regresji na podstawie informacji uzy-skanych z baz danych takich jak: Bloomberg, Dealogic i MergerMarket.
Wynik – artykuł dostarcza dowodów na asymetrię informacji, teorie behawioralne, a także własnościowe i strukturalne. Wyniki wskazują sześć zmiennych, które mają wpływ na stopień underpricingu, a mianowicie zaangażowanie funduszy PE i VC w strukturę własności spółki przeprowadzającej IPO, nowe akcje emitowane jako procent całkowitych wpływów z publicznej oferty publicznej, niepewność ex-ante zmierzona według skrajnej wartości Parkinsona, cena IPO została ustalona na poziomie maksymalnym, obroty akcjami sprzedanymi w czasie debiutu oraz zwrot na giełdzie sześć miesięcy przed debiutem.
Oryginalność/Wartość – niniejszy artykuł stanowi wkład do literatury dostarczającej nowych dowodów na stosunkowo mało przeszukiwane zjawisko underpricingu IPO i ich determinanty na polskim rynku akcji.
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