Pirminių viešų akcijų siūlymų nuvertinimo Europos vertybinių popierių biržose tyrimas
Underpricing of Initial Public Offerings on European Stock Exchanges
Author(s): Ernestas Giedraitis, Valdonė DarškuvienėSubject(s): Economy, Financial Markets
Published by: Vytauto Didžiojo Universitetas
Keywords: information asymmetry; initial public offering (IPO); underpricing; alternative markets; European stock markets;
Summary/Abstract: The paper contributes to the research on initial public offering underpricing phenomenon. Based on information asymmetry approach impact of external vs internal company-related factors on the IPO underpricing in European stock exchanges for the period of 2001–2019 is examined. The results of the study confirm that higher IPO underpricing is determined by stronger information asymmetry. In addition, the study provides indications that external factors, representing market conditions, and stock exchange type have stronger effect on IPO underpricing, than company-related internal factors. Alternative markets are characterized by higher underpricing due to larger information asymmetry.
Journal: Taikomoji ekonomika: sisteminiai tyrimai
- Issue Year: 14/2020
- Issue No: 2
- Page Range: 47-62
- Page Count: 16
- Language: Lithuanian
