Tidigare forskning har visat underprissättning under Dotcom bubblan. I denna studie har underprissättning för börsnoteringar på amerikanska börser samt variabler som påverkar underprissättning undersökts för åren 1995-2018. Med utgångspunkt i teorin underprissättning vid börsnotering, använder sig studien utav relevanta teorier. Studien undersöker avkastning som uppstår vid första handelsdagen för börsnoteringar och kontrolleras sedan för oberoende variabler. De oberoende variabler består av ålder, Market Cap, USA, FinTech, skulder, intäkter och Market to book. Urvalet består av 123 IPO:er för både Dotcom och FinTech. Den period som vi undersöker för Dotcom-företagen är mellan 1995-2002. För FinTech företagen är perioden 2008-2019. Studien tillämpar en linjär multipel regression för att behandla de olika variablernas förklaringsgrad. Resultaten visar att underprissättning för FinTech IPO mellan 2008-2019 är lägre än underprissättningsnivån för Dot-Com IPO: er. Slutsatsen som dras är att stickproven från Dot-Com IPO:er består av företag som var etablerade under Dotcom perioden 1995-2002. / This paper examines the valuation of Dotcom and FinTech companies by observing the under-pricing level of Initial Public Offerings (IPOs). The sample that we are analysing are 123 IPOs for both Dotcom and FinTech companies. The period that we are examining for the Dotcom companies is between 1995-2002. For the FinTech sample, the period is between 2008-2019. The results show that the underpricing level of FinTech IPO in the past years is less than the underpricing level of Dot-Com IPOs. The study shows that Dotcom IPOs had approximately 120% more in underpricing than the FinTech samples. To understand if there were any variables affecting the underpricing between the two samples the study used Multivariate regression. The variables are age, market cap, US, FinTech, debts, revenue and market to book. For both FinTech and Dotcom companies, the study has shown that age was the only variable who had significant positive correlation to under-pricing.

Entrepreneurship is the foundation of the economic for each country. It has an inevitable impact onmicro- and macro-economic factors such as GDP, economic growth, employment/unemploymentrate, regional development, etc. Thus, entrepreneurial practices are crucial for each country in orderto have better economic conditions.Growth is the dominant part of entrepreneurial practices from which the success of small firms canbe assessed and evaluated. Firm’s growth involves different aspects such as motives, finance andownership strategies, indicators, and growth stimulus. These factors together provide a pattern ofgrowth that is different from one company to another.Since the advent of the Internet there has been changes in the business world and the terms such asdotcom, digital entrepreneurship, e-services, e-banking, etc. made a dramatic change in the way ofdoing business. Some companies were established based on the Internet and their income andexistence relied on the Internet. Some others on the other hand, use traditional method of businessbesides using the Internet as an extra tool.This study examines the small business growth pattern in order to find out how small firms grow.Furthermore, the difference between the growth pattern of digital firms and traditional companies isexamined to find out how the pattern of growth differs from dotcoms to the brick-and-mortars.This study is based on a qualitative research method with the approach of a case study research. Thecase study is designed on one major case to go deep while having four other supporting companiesin order to get the best results with the least subjectivity. The questionnaire was designed on a semistructureand the results were coded for the pattern. The questions were designed based on theconceptual framework which was changes based on the results and optimized.The results from this study provide a framework that gives a pattern of growth for small firms. Thesuggested framework of growth pattern has some major components: growth motive, growthstrategy, growth indicator, and growth stimulus. Furthermore, the research findings define the majordifferences between the growth pattern of dotcoms and brick-and-mortars.

本文研究自1997年至2007年，dotcom公司更名之長期與短期宣告效應，樣本包括名稱增加dotcom或剔除dotcom的兩類公司。過去文獻指出dotcom公司更名在-30天到+30天期具有顯著為正的累積超額報酬。與以往文獻不同，我們關心dotcom公司更名帶來的正報酬是否能持續，抑或宣告後的效果終將轉為負報酬，減損股東財富。實證結果顯示，雖然在事件日出現顯著3.14%的正累積超額報酬，但120天與360天事件窗口累積超額報酬均為顯著負值，分別為-55.52%與 -156.09%，所以dotcom公司更名的妝飾效果(cosmetic effect)為暫時的現象。故在長期，投資人若在網路熱潮時期買進新增dotcom於其名稱的公司的股票，損失很可能會隨著時間而擴大。此外，我們也發現更名公司的基本價值(fundamental values)在更名的前後兩年並無顯著差異，因此投資人對於股價的反應僅基於情緒(sentiment)，而非出於他們對基本價值的觀察。另一方面，研究樣本公司在 I/B/E/S資料庫中的一致性分析師盈餘預測，發現分析師對此類更名公司的下一季盈餘預測往下修正，但此下修應屬系統性現象。在預測誤差方面，分別探討網路熱潮期與冷卻期的預測誤差後，發現後者為-$0.2650，具有10%顯著水準。故可推論此時期分析師所掌握的資訊較為不足，或是來自世界各地的分析師意見不一致。此外，由於分析師盈餘預測可代表投資人對市場的預期，故在網路冷卻期，投資人對更名公司股價的反應是不理性的。 / This paper investigates long-term versus short-term effects of dotcom corporate name changes from 1997 to 2007. The sample contains a combination of name change events on which firms add dotcom to, or remove dotcom from their names. We attempt to examine whether announcement effects of dotcom name changes last long, or are prevailed by post-announcement negative drift eventually. On the announcement date, we find firms earn significant abnormal returns on the order of 3.14%. However, firms yield negative CARs over the 120- and 360- day window, which are -55.52% and -156.09%, respectively. These results suggest that firms can create shareholder’s wealth by dotcom name changes, but cosmetic effects of their name changes are simply transitory. Due to this finding, we suggest investors who experienced loss on stocks of dotcom addition firms should aware that their loss continues growing as time goes by. Next, the fact that fundamental value of our sample firms does not change significantly indicates that investors are affected by market sentiment, rather than driven by changes of fundamental value. Furthermore, we examine consensus analysts’ EPS forecasts from I/B/E/S database. EPS forecasts are used as proxies of investors’ expectations. We find analysts revise downwards in EPS forecast changes of name change firms. However, there is no significant difference between the sample and the benchmark group, in terms of forecast changes. Accordingly, we conclude that analysts systematically revise their estimates downward. Moreover, forecast errors in the Internet-cold period is $-0.2650 and significant at 10 percent level. We infer that analysts do have sufficient information or consensus. Thus, investors are irrational in response to dotcom name change announcements in the Internet-cold period.