EQUITY OFFERINGS’ INITIAL AND AFTERMARKET PRICE PERFORMANCE IN FINNISH EQUITY MARKET: Empirical Evidence from Finnish IPOs and SEOs from 1997–2002

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dc.contributor.authorSihvonen, Jukka
dc.contributor.facultyfi=Kauppatieteellinen tiedekunta|en=Faculty of Business Studies|
dc.contributor.organizationVaasan yliopisto
dc.date.accessioned2005-06-02
dc.date.accessioned2018-04-30T13:48:39Z
dc.date.accessioned2025-06-25T16:01:25Z
dc.date.available2018-04-30T13:48:39Z
dc.date.issued2005
dc.description.abstractThis study was to investigate if initial underpricing and aftermarket underperformance anomalies exist amongst Finnish unseasoned and seasoned equity offerings. Also cross-sectional returns analysis was conducted to examine, if some company-specific characteristic explain returns of offerings exceptionally well. Assembled data included 48 IPOs and 26 SEOs from years 1997–2002. Returns were adjusted with HEX portfolio index. Initial returns and 3-, 6-, 12- and 24-month aftermarket performance was analyzed. Statistical significance of results was tested with Student’s t-test. Cross-sectional patterns were analyzed with categorized portfolios and regression analysis. Significant conditional price trends were found. IPOs were underpriced 10,9 %, underperforming 2,4% to benchmark index after two years of aftermarket. SEOs were also underpriced 3,2%, but not significantly. SEOs underperformed 7,1% after two years of aftermarket. Industry, firm age and net sales were statistically significant explanatory variables for returns.
dc.description.notificationfi=Kokotekstiversiota ei ole saatavissa.|en=Fulltext not available.|sv=Fulltext ej tillgänglig.
dc.format.bitstreamfalse
dc.format.extent103
dc.identifier.olddbid5361
dc.identifier.oldhandle10024/5313
dc.identifier.urihttps://osuva.uwasa.fi/handle/11111/8238
dc.rightsCC BY-NC-ND 4.0
dc.source.identifierhttps://osuva.uwasa.fi/handle/10024/5313
dc.subjectInitial public offering
dc.subjectseasonal equity offering
dc.subjectunderpricing
dc.subjectunderperformance
dc.subject.studyfi=Laskentatoimi ja rahoitus|en=Accounting and Finance|
dc.titleEQUITY OFFERINGS’ INITIAL AND AFTERMARKET PRICE PERFORMANCE IN FINNISH EQUITY MARKET: Empirical Evidence from Finnish IPOs and SEOs from 1997–2002
dc.type.ontasotfi=Pro gradu - tutkielma |en=Master's thesis|sv=Pro gradu -avhandling|

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