Determinanty underpricingu w Polsce i na innych wybranych rynkach wschodzących
Determinants of IPO underpricing in Poland and other selected emerging markets

Summary/Abstract: Previous studies have revealed – at first for the US, and later also for other markets − the existence of the positive average abnormal initial returns after initial public offering (IPOs). It is known as underpricing. The pervasiveness of this phenomenon varied quite substantially over time and depended on a region. The question About underpricing determinants remains stil unresolved. The research aimed to explain the underpricing phenomenon by identifying factors affecting its scale. Theories relating to the underpricing issue were tested, in particular those that relate to the level of the ex-ante uncertainty and market-timing. The sample consisted of IPOs from the main market of the Warsaw Stock Exchange in Poland and from other emerging markets of America, Europe, Middle East and Asia.

• Details
• Contents