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Underpricing and Long-run Operating Performance of Initial Public ...

Underpricing and Long-run Operating Performance of Initial Public ...

Underpricing and Long-run Operating Performance of Initial Public

MSc. in Finance & International Business Authors: Supervisor: Marie Louise Hansen Jan Bartholdy Lene Gilje Jørgensen Underpricing and Long-run Operating Performance of Initial Public Offerings: Evidence from Scandinavia – An empirical analysis Abstract The purpose of this study is to examine the underpricing and long-run operating per- formance of initial public offerings (IPOs) in Scandinavia in the period of 1997-2006. Firstly, the initial return for the IPO firms gives at best a weak indication of a positive initial return, since the sample only provides an average of approximately 3.7 percent. The analyses of the long-run operating performance are based upon three areas of interest: Profitability, Solvency, and Efficiency. Supported by previous studies, an ab- normal negative post-issue operating performance for the sample is found, with ex- ception of the variables Sales and Total Assets, which over-perform their match. This study does not find any support that older firms should have little or no underperfor- mance in the long-run compared to younger firms. Lastly, a change in managing direc- tor provides mixed evidence of long-run performance, which is also the case for firms with initial underpricing. August 2010 Aarhus University - Aarhus School of Business

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