Does ownership concentration play role in IPO underpricing? Evidence from the Finnish IPO market

dc.contributorAalto Universityen
dc.contributorAalto-yliopistofi
dc.contributor.advisorShin, Sean
dc.contributor.authorSiitonen, Jori
dc.contributor.departmentRahoituksen laitosfi
dc.contributor.schoolKauppakorkeakoulufi
dc.contributor.schoolSchool of Businessen
dc.date.accessioned2019-02-17T17:03:03Z
dc.date.available2019-02-17T17:03:03Z
dc.date.issued2018
dc.description.abstractUsing a sample of 74 Finnish initial public offerings (IPO) from 1997 to 2017 I examined the impact of the post-IPO ownership concentration on initial public offering underpricing. I found insignificantly that there is no relation between ownership concentration and initial returns. Furthermore, I found significantly that stocks with high-level ownership concentration underperform during the first year after IPO refuting the theory of high ownership concentration and high underpricing. I investigated the association by portfolio construction but also by regressions for individual stocks. My results are robust after controlling different ownership concentration measures and matching firm-adjusting.en
dc.format.extent25
dc.format.mimetypeapplication/pdfen
dc.identifier.urihttps://aaltodoc.aalto.fi/handle/123456789/36489
dc.identifier.urnURN:NBN:fi:aalto-201902171651
dc.language.isoenen
dc.programmeRahoitusen
dc.subject.keywordinitial public offeringen
dc.subject.keywordunderpricingen
dc.subject.keywordownership concentrationen
dc.subject.keywordownership structureen
dc.titleDoes ownership concentration play role in IPO underpricing? Evidence from the Finnish IPO marketen
dc.typeG1 Kandidaatintyöfi
dc.type.ontasotBachelor's thesisen
dc.type.ontasotKandidaatintyöfi

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