Denna studie presenterar ett branschspecifikt perspektiv som tillägg till forskningen angående faktorer som påverkar underprissättning i börsintroduktioner. Mätningarna har ämnat att undersöka om det föreligger branscher som har avvikande förstadagsavkastning i förhållande till genomsnittet för samtliga branscher. Studien ämnade också att undersöka om avkastningsvariationerna för börsintroduktioner kan förklaras av att bolag tillhör olika branscher. Det underliggande argumentet för hypoteserna byggs från tidigare forskning som stödjer att bolag inom olika branscher står inför olika förutsättningar vilket kan påverka värderingen inför en börsintroduktion. Som tillägg i studiens huvudsakliga forskningsproblem har även en nyare typ av mätning tillämpats för en djupare analys av börsintroduktioner. Denna mätning ger indikationer till investerare om vilken del av börsintroduktioner som genererar mest avkastning. Studiens mätningar visade att det inte rådde signifikanta avkastningsavvikelser för någon bransch i förhållande till genomsnittsavkastningen för samtliga branscher. Mätningarna kunde inte heller påvisa att variationer i förstadagsavkastning förklaras av att bolag tillhör olika branscher då förklaringsgraden för dessa variabler var låga. Däremot påvisades signifikanta skillnader i genomsnittliga avkastningar mellan specifika branscher i samband med studiens regression. Detta indikerar att ytterligare undersökningar borde göras i syfte att undersöka genomsnittliga förstadagsavkastningar mellan specifika branscher. / This paper adds an industry-specific perspective to the research concerning factors that affect underpricing in Initial Public Offerings. The measurements are intended to investigate whether there are industries that have deviating initial returns in relation to the average for all industries. The study also intends to examine whether the return variations for Initial Public Offerings can be explained by the fact that companies belong to different industries. The underlying argument for the hypotheses is built from previous research that supports that companies in different industries are faced with different conditions when they are to be valued for their Initial Public Offerings. In addition to the study's main research problems, a more recent type of measurement has also been applied for a deeper analysis of IPOs. The more recent type of measurement gives indications to investors over which time around an Initial Public Offerings the most money is earned. The study's measurements showed no significant return deviations for any industry in relation to the average return for all industries. Nor could it be demonstrated that variations in the first day return are explained with that companies belong to different industries since the degree of explanation for these variables were low. However, significant differences were found in average returns between specific industries in connection with the study's regression. This indicates that further investigations should be carried out to examining the average first day yield between specific industries.

本研究以台股初次公開上市櫃公司IPO後首日股價報酬熱度及機構投資人首月脫售持股情況兩指標，試著預測IPO後一年期股價表現。本篇論文蒐集自2010年起至2014年3月31日止252筆在台灣初次上市櫃公司資料，並將其依首日報酬熱度由低至高依序分為Cold、Cool、Hot及Extra-Hot四種群組。研究結果顯示，Cold IPOs長期傾向擁有較佳超額報酬，而首日報酬熱度最高的Extra-Hot IPOs長期則表現最差。也證實了IPOs股票折價承銷理論中所提，公司若在IPO初期出現較大幅度的折價讓利，長期將導致公司因降價求售股票而遭受價值損害。 另外，本文也以三大法人脫售持股比例為分組，探討法人是否具有長期股價預測能力。過去一些國內外文獻皆以全部樣本直接討論法人脫售行為對長期績效表現的影響，本研究進一步將252筆公司資料分為：(1)初次上市櫃前曾在興櫃市場掛牌交易及(2)上市櫃前未曾在興櫃市場掛牌交易 兩群組。結果顯示，機構投資人只有在對IPO個股具有優勢資訊時(曾在興櫃市場交易)，才能顯著對公司優劣做出判斷，進而對長期績效表現做出預測；反之，若是未曾興櫃之IPO個股，機構投資人對其一年期股價表現則無顯著預測能力。本研究最後以首日報酬率、承銷商聲譽、IPO時大盤指數、法人首月脫售持股比例及IPO時個股市值等五大因素，做出IPO一年期超額報酬預測式。結果發現只有IPO時大盤指數、法人脫售持股比例及首日報酬熱度顯著影響一年期超額報酬率。其他變數如承銷商聲譽及IPO時公司市值皆只具經濟意義，對一年期超額報酬並無顯著影響。 / In this article, we are trying to predict the 1-year excess returns of the IPOs by observing two indicators：The first-day return and the flipping level by institutional investors. We use the 252 IPOs data in Taiwan stock market from 2010 to March 31th, 2014 and divide it into 4 different levels by the first-day return：Cold IPOs, Cool IPOs, Hot IPOs and Extra-Hot IPOs. And it turns out the Cold IPOs are inclined to have better long-run performances on the stock price, while the Extra-Hot IPOs have the worst performances in the 12-month excess returns. This study can prove the mispricing theory：The IPOs will suffer in losses in the long-term because of the underpricing behaviors. This thesis also analyzes the predictive power of the flipping level of institutional investors. We divide our sample data into two different groups：(1) IPOs who have been traded in the dealer market (Emerging Stock Market, ESM) (2) IPOs who traded in the order driven market directly (without the dealer market experiences). It reveals that the predictive power is prominent only if the institutional investors have superior information about the IPOs (with dealer market experiences); In contrast to the first group, the predictive power seems to be weak when the IPOs have no dealer market experiences. In the end of this study, we are trying to construct a regression model with five indicators：the rank of the underwriters, the IPOs’ market capital, the market index during the IPO period, first-day return and the flipping level of institutional investors. We find out that in addition to the IPOs’ market capital and the rank of the underwriters, all other indicators are statistically significant to predict the 1-year excess returns of IPOs.

For start-up businesses, the source of outside capital can be retrieved from the venture capital industry. The venture capital industry has grown substantially over the past 50 years, reaching its pinnacle during the internet bubble in the 1990s and serves as an important contributor to the economy. After some time, and optimally when the start-up has matured into a successful business, venture capitalists want to receive money in return for their investments. Most commonly, the exiting of venture capital investments is retrieved through an IPO. An IPO refers to the transition from a private corporation to a public corporation and occurs when a private corporation offers its shares to the public for the first time. The existing literature of IPOs is commonly associated with the depiction of abnormal returns. More precisely, the offer price is often underpriced in comparison to the closing price on the first day of trading. In addition, the returns 1 to 5 years after going public are often subject to subsequent declines (Miller & Riley, 1987; Ritter, 1998). A part of the underperformance of IPOs is anchored in the type of capital structure, venture capital. Thus, this study examines the relationship between venture capital backed IPOs and IPO performance. Furthermore, the relationship between the degree of venture capital, the amount of capital held by the venture capital firm in the IPO, and IPO performance are examined in order to discover eventual correlations. Concerning the performed analysis, the study concludes that there is no clear positive relationship between venture capital backing and IPO performance in the short run. However, one could interpret that being a VC-backed IPO can be prosperous for long-term performance since VC has a positive impact on ROA. Regarding the degree of venture capital, it had a negative impact on the ROA, i.e., the level of degree of venture capital does not have a positive impact on the IPO performance.

Background: Underpricing is the most studied area in the subject of IPO. The phenomenon is mainly described as a compensation for the risk of investing in a newly introduced company. Underpricing of shares is explained for many reasons, but the main reason is assumed to be the presence of asymmetric information on the market. Due to differences in financial systems between different countries, creates an incentive to conduct this study on the swedish market. Purpose: The purpose with this essay is to study the short term profitability of IPOs on the swedish market Method: The study is based on a quantitative research design with a deductive approach. The main method is the well established Event Study Method used by MacKinlay (1997), to measure the abnormal return of initial public offerings from the first-day return up to the following month’s return. Research has included 179 publicly traded incorporated companies on the swedish market between the years 2010 to 2020. Conclusion: The authors concluded, through analysis of the empirical basis with relation to previous studies and theories, drawn their own conclusions. Initial public offerings historically show higher returns compared to the market index. The study shows an abnormal first-day return of 0,4490%. Based on an analysis of the empirical results, it was found that the results were consistent and corresponds with previous research in the field of IPOs in other markets. In addition, the selected variables, namely the initial return of 9,21% as a result of IPOs, could partially interpret the abnormal first-day return as well as the following week’s and month’s. The other variables did not appear to be of statistical significance during any of the study periods. / Bakgrund: Underprissättning är det mest undersökta området inom ämnet börsintroduktion. Fenomenet beskrivs huvudsakligen som en kompensation för den risk som råder vid investering i ett nyintroducerat bolag. Underprissättning av värdepapper förklaras ha många anledningar men främsta orsaken antas vara på grund av närvaron av asymmetriska informationen på marknaden. Med skillnader i finansiella system mellan olika länder, skapar detta incitament för att genomföra denna studie på den svenska marknaden. Syfte: Syftet med denna uppsats är att studera kortsiktiga lönsamheten för IPO investeringar på den svenska marknaden. Metod: Studien utgår från en kvantitativ metod med deduktiv ansats. Undersökningens huvudsakliga metod utgick från den väletablerade Event Study method nyttjad av MacKinlay (1997), för att mäta den abnormala avkastningen från initiala erbjudandet efter börsintroduktion för första-dagsavkastning samt upp till en månad framåt. Studien omfattades av 179 publika aktiebolag på stockholmsbörsen mellan åren 2010 till 2020. Slutsats: Författarna har genom analys av det empiriska underlaget med koppling till tidigare studier samt teorier dragit egna slutsatser. Börsintroduktioner visar historiskt tillföra högre avkastning jämfört med marknadens index. Undersökningen visar en abnormal första-dagsavkastning på 0,4490%. Utifrån analys av resultatet, visade det sig att resultatet var konsistent samt överensstämde med tidigare forskning inom området börsintroduktion på andra marknader. Dessutom, kunde vi av de utvalda variablerna, nämligen den initiala avkastningen på 9,21% till följd av IPOs, delvis tolka den abnormala första-dagsavkastningen samt för efterföljande vecka och månad. De övriga variablerna visade sig inte vara av statistisk signifikans i någon av undersökningsperioderna.