BazEkon - The Main Library of the Cracow University of Economics

BazEkon home page

Main menu

Author
Fijałkowska Dominika (Uniwersytet Ekonomiczny we Wrocławiu), Muszyński Michał (Uniwersytet Ekonomiczny we Wrocławiu), Pauka Marek (Uniwersytet Ekonomiczny we Wrocławiu)
Title
Zjawisko underpricingu na rynku NewConnect
Initial Public Offerings Underpricing on NewConnect Market
Source
Zeszyty Naukowe Uniwersytetu Szczecińskiego. Finanse, Rynki Finansowe, Ubezpieczenia, 2013, nr 62, s. 267-276, rys., tab., bibliogr. 24 poz.
Keyword
Niedoszacowanie cen akcji, Rynek równoległy, Rynek NewConnect, Stopa zwrotu
Underpricing, Parallel market, NewConnect market, Rate of return
Note
streszcz., summ..
Abstract
Zjawisko underpricingu jest dość często przedmiotem analiz dla rynków regulowanych. Celem tego artykułu była identyfikacja skali underpricingu w ujęciu krótko- i długookresowym oraz próba wskazania wielkości mających wpływ na kierunek oraz wartość uzyskiwanych stóp zwrotu z akcji przez nowych emitentów wprowadzających akcje do alternatywnego systemu obrotu (NewConnect). (abstrakt oryginalny)

IPO underpricing is quite often the subject of studies but only for regulated markets. The goal of this paper is to identity the scale of underpricing in the short and long term and to indicate factors that influence the direction and returnvalues of new issued stocks on the NewConnect (Polish AIM).(original abstract)
Accessibility
The Main Library of Poznań University of Economics and Business
Szczecin University Main Library
Full text
Show
Bibliography
Show
  1. Amihud Y., Hauser S., Kirsh A.: Allocations, Adverse Selection and Cascades in IPOs: Evidence from the Tel Aviv Stock Exchange, "Journal of Financial Economics" 2003, 68.
  2. Baron D.P., Holmström B.: The Investment Banking Contract for New Issues under Asymmetric Information: Delegation and the Incentive Problem, "Journal of Finance" 1980, 35.
  3. Baron D.P.: A Model of the Demand for Investment Banking Advising and Distribution, Services for New Issues, "Journal of Finance" 1982, 37.
  4. Brennan M.J., Franks J.: Underpricing, Ownership and Control in Initial Public Offerings of Equity Securities in the U.K., "Journal of Financial Economics" 1997, 45.
  5. Chen G., Firth M., Kim J.-B.: IPO Underprcing in China's New Stock Markets, "Journal of Multinational Financial Management" 2004, 14.
  6. Chi J., Padgett C.: The Performance and Long-run Characteristics of the Chinese IPO Market, "Pacific Economic Review" 2005, 10.
  7. Günther S., Rummer M.: The Hot-Issue Period in Germany: what Factors drove IPO Underpricing? [w:] Initial Public Offerings: an International Perspective, 1st. edition, Ed. by G.N. Gregoriou, Elsevier, Burlington 2006.
  8. Hensler D.A.: Litigation Costs and the Underpricing of Initial Public Offerings, "Managerial and Decision Economics" 1995, 16.
  9. Hughes P.J.: Signaling by Direct Disclosure under Asymmetric Information, "Journal of Accounting and Economics" 1986, 8.
  10. Levis M.: The Winner's Curse Problem, Interest Costs, and the Underpricing of Initial Public Offerings, "Economic Journal" 1990, 100.
  11. Ljungqvist A., Nanda V., Singh R.: Hot Markets, Investor Sentiment, and IPO Pricing, "Journal of Business" 2006, 79.
  12. Ljungqvist A.: Pricing Initial Public Offerings: Further Evidence from Germany, "European Economic Review" 1997, 41.
  13. Pagano M., Panetta F., Zingales L.: Why do Companies go Public? An Empirical Analysis, "Journal of Finance" 1998, 53.
  14. Prasad D., Vozikis G.S., Ariff M.: Government Public Policy, Regulatory Intervention and their Impact on IPO Underpricing: the Case of Malaysian IPOs, "Journal of Small Business Management" 2006, 44.
  15. Ritter J.R, Welch I.: A Review of IPO Activity, Pricing and Allocations, "The Journal of Finance" 2002, 57.
  16. Ritter J.R.: The Costs of Going Public,"Journal of Financial Economics" 1987, 19.
  17. Rock K.: Why New Issues are Underpriced, "Journal of Financial Economics" 1986, 15.
  18. Welch I.: Seasoned Offerings, Imitation Costs, and the Underpricing of Initial Public Offerings, "Journal of Finance" 1989, 44.
  19. Welch I.: Sequential Sales, Learning and Cascades, "Journal of Finance" 1992, 47.
  20. Wołoszyn A.: Wpływ wielkości oferty na efekt niedowartościowania w spółkach, debiutujących na rynku New Connect, w Polsce, w latach 2007-2011, ze szczególnym uwzględnieniem woj. lubuskiego, "Management" 2012, Vol. 16, No. 1.
  21. www.gpw.pl.
  22. www.newconnect.pl.
  23. Zawadka D.: Alternatywne systemy obrotu jako instytucje niwelujące lukę na rynku kapitałowym, niepublikowana praca doktorska, Uniwersytet Ekonomiczny w Poznaniu, 2012, www.wbc.poznan. pl/Content/241065/Zawadka+Dariusz+-+dr.pdf (28.02.2012).
  24. Zingales L.: Insider Ownership and the Decision to Go Public, "Review of Economic Studies" 1995, 62.
Cited by
Show
ISSN
1640-6818
1733-2842
Language
pol
Share on Facebook Share on Twitter Share on Google+ Share on Pinterest Share on LinkedIn Wyślij znajomemu