BazEkon - The Main Library of the Cracow University of Economics

BazEkon home page

Main menu

Author
Mamcarz Katarzyna (Uniwersytet Marii Curie-Skłodowskiej w Lublinie)
Title
Niedoszacowanie ceny emisyjnej akcji w pierwszej ofercie publicznej jako instrument sygnalizacji
IPO-Underpricing as a Signalling Instrument
Source
Annales Universitatis Mariae Curie-Skłodowska. Sectio H. Oeconomia, 2011, vol. 45, nr 1, s. 151-160, rys., tab., bibliogr. 5 poz.
Keyword
Niedoszacowanie cen akcji, Ceny akcji, Pierwsza oferta publiczna, Rynek kapitałowy, Analiza empiryczna, Stopa zwrotu akcji
Underpricing, Shares prices, Initial Public Offering (IPO), Capital market, Empirical analysis, Stock rate of returns
Note
summ.
Abstract
Głównym przedmiotem rozważań w niniejszym artykule jest analiza skuteczności instrumentu sygnalizacji, określanego mianem niedoszacowania ceny emisyjnej akcji w pierwszej ofercie publicznej. (fragment tekstu)

Asymmetric information existing on the capital market makes it difficult for a company to build a proper relationship with investors. In order to limit the negative results of this phenomenon the management provides specific information on the company to investors. In that case the management can use inter alia the so-called signalling instruments, including IPO-underpricing. The aim of this article was to evaluate the effectiveness of IPO-underpricing by means of abnormal return as a measure of underpricing. The objects of the analysis were companies that made their debut on The Warsaw Stock Exchange between 2006 and 2010. IPO-underpricing was observed in the case of 82 companies which accounted for about 71% of the analysed sample. Contrary to sole initial issues, this signalling instrument proved to be effective in the case of initial issues linked with the initial sales. (original abstract)
Accessibility
The Main Library of the Cracow University of Economics
The Library of Warsaw School of Economics
The Library of University of Economics in Katowice
The Main Library of Poznań University of Economics and Business
Full text
Show
Bibliography
Show
  1. Draho J., The IPO Decision. Why and How Companies Go Public, Edward Elgar Publishing, Cheltenham, UK-Notrhampton, USA 2004.
  2. Hunger A., IPO-Underpricing und die Besonderheiten des Neuen Martktes, Verlag Peter Lang, Frankfurt am Main, New York 2001.
  3. Ostrowska E., Rynek kapitałowy, PWE, Warszawa 2007.
  4. Salzer E., Investor Relations-Management undIPO-Erfolg, Deutscher Universitäts-Verlag, Wiesbaden 2004.
  5. Seifert U., Aktienrückäufe in Deutschland, Deutscher Universitäts-Verlag, Wiesbaden 2006.
Cited by
Show
ISSN
0459-9586
Language
pol
Share on Facebook Share on Twitter Share on Google+ Share on Pinterest Share on LinkedIn Wyślij znajomemu