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Underpricing of IPOs: Are there differences between AMEX, NASDAQ, NYSE and SSE?
Stockholm University, Faculty of Social Sciences, School of Business.
Stockholm University, Faculty of Social Sciences, School of Business.
2005 (English)Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
Abstract [en]

This study investigates if there exists underpricing of initial public offerings (IPOs) on the exchanges AMEX, NASDAQ, NYSE and SSE. If there exists underpricing, does it differ between the different exchanges? Most studies have shown that IPOs are underpriced and a few have shown that the underpricing in Sweden is much higher than it is on the US market. Is it still so, and does the underpricing differ on the American exchanges? The sample consists of 1569 IPOs from the different exchanges between 04/01/1996 and 03/31/2005. The results show that there exists underpricing on all the exchanges with a significance of at least 98.9 per cent. The statistical tests also show that the underpricing differs a lot between the different exchanges and the NASDAQ has the highest and the NYSE the lowest underpricing. The result that the underpricing on the different American exchanges differs this much is unique for this study and has not been found or researched in any other paper that the authors know of.

Place, publisher, year, edition, pages
2005.
National Category
Business Administration
Identifiers
URN: urn:nbn:se:su:diva-5589OAI: oai:DiVA.org:su-5589DiVA: diva2:195457
Uppsok
samhälle/juridik
Available from: 2007-01-05 Created: 2007-01-05

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