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Underwriter need to participate in the process of new issue firms going public. Related reference about Taiwan's underwriter IPOs market share haven't appear. In this study, we expect to find out the relationship between Taiwan's underwriter IPOs market share and some related factors. Then offer issuer, underwriter and investor the conclusion as reference. The IPOs samples are selected during the period 1991 through 2000 in Taiwan. There are 475 newly issued firms in this period. We subtract some incomplete data samples and bank samples.There are 247 IPOs samples in our regression model. Although underwriter IPOs market share is less significantly impacted by IPOs offer price , results imply that when offer price is too low,this would damage issuer's benefit and lead to underwriter IPOs market share decrease. When offer price is too high, this would damage investor's benefit and just lightly lead to underwriter IPOs market share decrease. Results show that there is no industry specialization in Taiwan's underwriter industry. Although underwriter IPOs market share is less significantly impacted by IPOs one year performance,results imply that when underwriter market higher one year return IPOs, this would attract more investors and lead to underwriter IPOs market share increase.Results show that underwriter IPOs market share is significantly impacted by nderwriter's asset and age. The underwriter with larger asset and larger age gains more IPOs market share.

Abstract This study aims to show how the company management reasons when it comes to underpricing IPO´s. In the market climate of today more and more companies are listed on the stock exchange and the business press is constantly reporting about highly increasing stock values. This validates the current interest of the subject and the importance of finding the underlying reasons of the decisions made. Interviews have been conducted with three newly listed companies, who all had a high initial price increase, and with their underwriters. Thanks to the underwriters we have been able to triangulate the empirical data provided by the companies. Therefore we could also put the motives and reasoning’s of the company management into words. What the study has shown is that founders have the ambition to develop the company further, rather than to conduct the IPO in order to cash out from the business as suggested in the theories. The choices they make in the form of lock up agreements, pre-IPO call options and rights offerings will signal long-term commitment and market interest regarding the company. This can build an amount of trust towards the investors and the demand for risk compensation in the shape of underpricing will be lowered. Committed investors will establish consensus in the market and others will follow in their footsteps, creating an information cascade. As a consequence, IPOs rarely are moderately subscribed but rather very over- or undersubscribed. Small price changes can therefore make the difference between a successful and an unsuccessful IPO. Because of this, the company is forced to underprice in order to create more attractive circumstances even though the market climate is good. / Sammanfattning Studiens mål är att belysa hur företagsledningar strategiskt resonerar om underprissättning vid börsintroduktion. I rådande marknadsklimat noteras fler och fler bolag där branschpress ständigt rapporterar om kraftigt stigande initiala aktiekurser. Detta gör ämnet aktuellt och intressant att undersöka bakomliggande faktorer kring. Intervjuer har gjorts med tre nyligen börsintroducerade bolag som haft en kraftig initial kursstigning, samt deras finansiella rådgivare. Tack vare den finansiella rådgivaren har vi kunnat triangulera empirin från bolagen och därmed kunnat sätta ord på bakomliggande resonemang och motiv till underprissättningen. Det studien visat är att företagsledningen har ambitionen att driva bolaget vidare mot tillväxt snarare än att sälja ut till marknaden för snabb avkastnings skull, vilket hävdats i teorier. Besluten dessa fattar i form av lock up-avtal, teckningsoptioner och teckningsförbindelser kommer leda till signaler om långsiktighet och intresse kring bolaget. På så vis kan ett förtroendekapital byggas mot investerarna och kompensationskrav i form av underprissättning minskar från dessa. Engagerade investerare kommer skapa konsensus på marknaden och övriga kommer följa i deras steg vilket skapar en informationskaskad. På grund av detta blir sällan börsintroduktioner medeltecknade utan snarare mycket över- eller undertecknade. Marginella prisändringar kan därför göra skillnaden mellan en lyckad och misslyckad börsintroduktion. Detta gör att bolaget tvingas skapa mer attraktiva förhållanden för investerarna genom underprissättning trots ett gynnsamt börsklimat.

Background: The post-IPO anomalous behaviour in the short and long-run are among the well-recognised anomalies in corporate finance, and exist on all equity markets. The researchers are not unanimous what causes these phenomena’s, and previous research has primarily focused on the US and European markets. Purpose: The study aims to investigate the market performance of Swedish IPO's in the short- and long-run in-between 2007-2017 for different sectors. Method: The market adjusted initial return method was used to calculate the short-run initial return. The Even-time approach with the Buy-and-hold methodology was used to calculate the long-run abnormal returns. A regression analysis was adopted to investigate the relationship between some existing theories for explaining underpricing. Conclusion: Overall the sample set for the study were on average underpriced with 9,25 %, furthermore, no evidence was found that Swedish IPO’s underperformed in a three-year period compared to the market. Of the theories tested, the signalling hypothesis was significant and can be one determinant for underpricing of Swedish IPO’s.

Bakgrund: Flertalet tidigare studier har undersökt fenomenet underprissättning vid börsintroduktioner utifrån en rad olika perspektiv och teorier. Däremot har ingen tidigare studie analyserat investmentbankernas direkta påverkan på utfallet och om det finns en tydlig korrelation mellan en viss typ av investmentbank och graden av underprissättning. Syfte: Syftet med denna studie är att, med utgångspunkt i att validera tidigare teorier och studier, undersöka alternativa förklaringsgrunder till fenomenet genom att analysera sofistikeringsgraden av de underliggande processerna bland investmentbanker och därmed bidra med en mer holistisk och nyanserad förståelse. Metod: Då studien både ämnar fastställa utbredningen av ett fenomen samt undersöka dess alternativa förklaringsgrunder, kombineras en kvantitativ och kvalitativ metodik. Studien tar avstamp i en statistisk analys, följt av en kvantitativ klassificering samt slutligen en kvalitativ datainsamling i form av semistrukturerade intervjuer med strategiskt utvalda respondenter. Slutsats: Studiens resultat lyckas både styrka och motsäga befintlig teori inom området och presenterar därtill en alternativ syn på bakomliggande förklaringsgrunder till underprissättning, vilka utgår från investmentbankens egna perspektiv. / Background: Several previous studies have investigated the phenomenon of underpricing based upon different theories and from various perspectives. However, none of these previous studies have analysed the direct impact of the investment bank on the final result and if there is a clear correlation between certain types of investment banks and the level of underpricing. Purpose: The purpose of this study is, based upon validating previous theories and studies, to investigate alternative explanations of the phenomenon by analysing the level of sophistication in the underlying processes of the investment bank and by doing this, contributing to a more holistic and nuanced understanding. Method: Since this study both intends to determine the scope of, and find alternative explanations of, a phenomenon, a combined quantitative and qualitative research method is applied. The study takes its starting point in a statistical analysis, followed by a quantitative classification and finally a qualitative data collection in terms of semi-structured interviews with a strategic selection of interviewees. Conclusion: The result of the study succeeds in both strengthening and contradicting existing theories within the field and presents in addition an alternative view on the underlying explanations of underpricing, from the perspective of the investment bank.

Background and problem: Underpricing has been examined and determined on multiplefinancial markets around the world, but there is no consensus concerning what exactlydrives it. The phenomenon creates possibilities to identify attractive investment strategiesthat may generate abnormal returns. Therefore, we have chosen to study potential driversof underpricing as well as evaluate two investment strategies in an attempt to find asuperior one. Purpose: The purpose of this study is to investigate which of the following investingstrategies “Subscribe and Sell” and “Buy and Hold” that achieves the highest abnormalreturn on the Swedish IPO-market. This will be examined over an investment horizon upto five months, with five different record dates. Furthermore, the study intends toinvestigate which potential variables that drives the underpricing and stock returns onSwedish IPOs. Method: The study applies a quantitative approach in which we, in line with earlierreference studies, practice T-test to examine which of the strategies “Buy and hold” and“Subscribe and Sell” that is the most successful. Multiple regressions will be applied toexplain the initial underpricing as well as the continued stock returns on IPOs. Ourresearch questions are phrased as hypothesis to simplify the implementation of statisticaltests as well as the interpretation of the results. Theories explaining underpricing of IPOshave been approximated as variables to measure their effect on the IPO. Conclusion: The results from the study states the existence of abnormal returns on theSwedish IPO-market between the years 2012 and 2017. Furthermore, the study confirmsthe “Buy and Hold” strategy to be more successful than the “Subscribe and Sell” strategyover an investment horizon of five months. With premises from the results of the multipleregressions, three out of five variables showed significance, which approximated the theories the Bandwagon effect, the Small Firm Effect and Ex-Ante Uncertainty. Keywords: IPO, underpricing, abnormal return / Bakgrund och problem: Underprissättning har länge studerats och fastställts på flertaletfinansiella marknader runtom i världen, men det råder ingen konsensus om vad som exaktligger till grund för den. Fenomenet skapar möjligheten till att identifiera attraktivainvesteringsstrategier, som potentiellt kan generera en abnormal avkastning. Motbakgrund av detta har vi valt att studera potentiella drivare av underprissättning ochfortsatt aktiekursutveckling samt utvärdera två investeringsstrategier i ett försök av atthitta en överlägsen strategi. Syfte: Syftet med studien är att undersöka vilken av investeringsstrategierna “Teckna-Sälj” och “Buy and Hold” som uppnår högst abnormal avkastning på den svenska IPOmarknaden. Detta görs under en investeringshorisont på upp till fem månader, medavstämningsdagar vid fem tillfällen. Vidare ämnar uppsatsen att undersöka vilkapotentiella variabler som driver underprissättning och aktiekursutveckling på svenskabörsnoteringar. Metod: Studien applicerar ett kvantitativt tillvägagångssätt där vi, i linje med tidigarereferensstudier, tillämpar T-test för att undersöka vilken av investeringsstrategierna “Buyand Hold” och “Teckna-Sälj” som är mest överlägsen. Vidare tillämpas även multiplaregressioner för att förklara den initiala underprissättningen samt fortsattaaktiekursutvecklingen på börsnoteringar. Frågeställningarna har formulerats somhypoteser för att förenkla genomförandet av de statistiska testen samt tolkning avresultaten. Teorier som förklarar fenomenet underprissättning har approximerats somvariabler för att mäta deras påverkan på börsnoteringen. Slutsats: Studiens resultat fastställer en existens av abnormal avkastning förbörsnoteringar mellan åren 2012–2017 på den svenska IPO-marknaden. Vidarebekräftas att investeringsstrategin “Buy and Hold” är mer överlägsen “Teckna-Sälj”under en fem månaders investeringshorisont. Med utgångspunkt i resultaten av demultipla regressionerna visade sig tre av de fem variablerna vara signifikanta, vilkauppskattade teorierna bandwagoneffekten, småbolagseffekten samt ex-ante osäkerhet. Nyckelord: IPO, underprissättning, abnormal avkastning

This diploma thesis deals with the comparison of equity and debt financing the development of the company according to pre-defined criteria such as cost, PR and marketing, debt and autonomy. Attention is also paid to the underpricing on the Czech capital market. The result of the work will assess the appropriate way of financing a particular company. It will also be calculated above underpricing the selected company on the basis of two selected methods.

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Historical research on initial public offerings (IPOs) presents strong evidence of underpricing. This study investigates if there is a relationship between underpricing of IPOs and pre-IPO research and development (R&D) activities within a company. According to the literature, R&D activities have characteristics of information asymmetry and uncertainty, which can increase underpricing. This study’s sample consists of 231 Swedish companies listed on Nasdaq Stockholm and Nasdaq First North between January 2010 and December 2020. Sweden has a strong association with innovation activities such as R&D, and the country’s IPO market has snowballed in recent years, making it a suitable context for the study. To investigate the relationship between underpricing and R&D activities, the study uses an OLS regression. The findings indicate that R&D positively affects underpricing, which is in line with previous studies on other markets. In addition, the study finds evidence of Firm Size, Offer Size, Shares Offered, VCPE backed, and Firm Leverage related to underpricing.

Bakgrund : Underprissättning är ingen ny företeelse utan det finns mängder av forskning påämnet. Underprissättning förekommer vid de börsintroduktioner där teckningskursen är lägreän vad stängningskursen är för aktien efter första handelsdagen. Tidigare forskningundersöker många tänkbara orsaker bakom underprissättning och vi har valt att inkludera trevanligt förekommande vilket är asymmetrisk information, institutionella faktorer samtkulturella skillnader. Syfte : Syftet med denna studien är att undersöka underprissättning och faktorer bakom detpå de skandinaviska marknaderna. Metod : Studien följer ett kvantitativt tillvägagångssätt med en deduktiv ansats där 7hypoteser ska besvaras. Dessa hypoteser grundar sig i tidigare forskning där bland annatindex representerar variabler som potentiellt kan påverka underprissättning. Hypoteserna äräven grundade från teori inom underprissättning. Studiens kortsiktiga urval består 224 bolagunder tidsperioden 2005 till 2021 medans det långsiktiga perspektivet inkluderar 163 styckenobservationer mellan 2005 till 2018. Studien är baserad på de skandinaviskaaktiemarknaderna. Resultat : Studiens resultat indikerar att underprissättning existerar och skiljer sig åt mellande skandinaviska länderna. Kulturella skillnader och institutionella faktorer är signifikanta irelation till underprissättning vilket tyder på att det finns ett samband mellan dessavariablerna. Studien hittar inga bevis som stödjer att underprissättning har en påverkan påaktiekurser långsiktigt men vi finner att underprissatta bolag presterar bättre på en treårsperiod än icke underprissatta bolag. / Background : Underpricing is not a new phenomenon or area per say since there is plenty ofexisting research. Underpricing occurs when an IPO has a higher closing price after the firstday compared to their initial offer price. Prior research examines possible explanations for theunderpricing phenomenon and we have chosen to include three commonly used causes whichis, asymmetric information, institutional factors along with cultural differences. Purpose : The purpose with this paper is to examine underpricing and the factors behind itwithin the scandinavian markets. Method : This paper follows a quantitative approach including a deductive path in whichseven hypotheses shall be examined. These hypotheses are based on prior research in whichindexes are used as explanatory factors for the underpricing. The hypotheses are also basedon theory within underpricing. For the short run a sample of 224 observations were chosenunder the timeframe 2005 to 2021. Whilst for the long run 163 observations are includedwithin the period 2005 to 2018. The paper is based on the scandinavian stock markets. Results : The results indicate that underpricing exists and differs between the scandinaviancountries. Cultural differences and institutional factors are significant to underpricing whichimplies that there is causality between the variables. The paper finds no evidence thatunderpricing has an influence on the stock price in the long run but we do find thatcompanies that have been underpriced tend to perform better over a three year period thannon underpriced companies.