Πρώτη εισαγωγή στο χρηματιστήριο: η σχέση υποτιμολόγησης και αναγνωρισιμότητας

Παπαγεωργίου, Δέσποινα

Initial Public Offerings: underpricing and firm reputation

Master Thesis

Author

Παπαγεωργίου, Δέσποινα

Date

2018-04

Abstract

The purpose of this thesis is to examine whether the Underpricing of an IPO is influenced by the company's recognizability. The research is conducted based on data from the London Stock Exchange. In order to quantify recognizability, we used as a variable the number of patents held by the company before it was listed, as according to the theory of patents, when a company patents a new idea/procedure/product etc, it publishes information about its innovations to the public. In this way, it increases the information content that it provides to investors and becomes more "recognizable" to them. The research so far has concluded that there is a significant positive correlation between patent applications and IPO performance. The results of our analysis have shown that the number of patents owned by a company affects its underpricing negatively as we expected based on previous articles. We also found that the underpricing is negatively affected by the percentage of shares held by former owners and the IPO revenues. On the other hand, it is affected positively by the AIM variable which took the price 1 when the company entered the AIM. Finally, we found that a company's underpricing is not affected by whether it belongs to the technology industry or not and by the prices of the financial ratios Earnings per Share and Total Debt / Equity Value.

Postgraduate Studies Programme

Χρηματοοικονομική και Τραπεζική με κατεύθυνση στην Χρηματοοικονομική Ανάλυση για Στελέχη

Department

Σχολή Χρηματοοικονομικής και Στατιστικής. Τμήμα Χρηματοοικονομικής και Τραπεζικής Διοικητικής

Number of pages

Language

Greek

URI

https://dione.lib.unipi.gr/xmlui/handle/unipi/11188

Collections

Τμήμα Χρηματοοικονομικής και Τραπεζικής Διοικητικής

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