Does ownership concentration play role in IPO underpricing? Evidence from the Finnish IPO market
dc.contributor | Aalto University | en |
dc.contributor | Aalto-yliopisto | fi |
dc.contributor.advisor | Shin, Sean | |
dc.contributor.author | Siitonen, Jori | |
dc.contributor.department | Rahoituksen laitos | fi |
dc.contributor.school | Kauppakorkeakoulu | fi |
dc.contributor.school | School of Business | en |
dc.date.accessioned | 2019-02-17T17:03:03Z | |
dc.date.available | 2019-02-17T17:03:03Z | |
dc.date.issued | 2018 | |
dc.description.abstract | Using 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.extent | 25 | |
dc.format.mimetype | application/pdf | en |
dc.identifier.uri | https://aaltodoc.aalto.fi/handle/123456789/36489 | |
dc.identifier.urn | URN:NBN:fi:aalto-201902171651 | |
dc.language.iso | en | en |
dc.programme | Rahoitus | en |
dc.subject.keyword | initial public offering | en |
dc.subject.keyword | underpricing | en |
dc.subject.keyword | ownership concentration | en |
dc.subject.keyword | ownership structure | en |
dc.title | Does ownership concentration play role in IPO underpricing? Evidence from the Finnish IPO market | en |
dc.type | G1 Kandidaatintyö | fi |
dc.type.ontasot | Bachelor's thesis | en |
dc.type.ontasot | Kandidaatintyö | fi |