As technology accelerates the dynamism in the global markets, companies are forced to adapt to the changing landscape. A company’s success in navigating the external environment depends on their dynamic capabilities. One of the most critical moments for many companies’ is when they conduct an IPO. Research into how an IPO affects a firm is necessary since newly listed firms have been shown to underperform compared to private firms. Dynamic capabilities have been observed to be of critical importance for IPO firms and previous research suggests that an IPO changes processes that affects a firm's ability to develop dynamic capabilities. This study explores how the development of dynamic capabilities is affected by changes to microfoundations following an IPO. The study gains insight into the subject by conducting interviews with executives from Swedish firms that underwent the IPO process during 2018-2020. The empirical findings indicate that seven microfoundations are affected by going public. The study contributes to prevailing literature by laying the groundwork for future research on how a firm's ability to develop dynamic capabilities is affected by going public and it has the potential to be a practical tool when making strategic decisions during and after an IPO process.

In recent years, the initial public offerings (IPOs) on the Ghana Stock Exchange (GSE) witnessed some level of undersubscriptions. The purpose of this research was to investigate the extent to which valuation, pricing, and performance of prior IPOs listed on the GSE contributed to this state of undersubscriptions. The research was informed by the valuation and pricing framework of Roosenboom. The research questions addressed whether IPOs on the GSE were under/overpriced and whether the projected and pre-issue financials were free from forecasting errors and earnings management. A cross-sectional, explanatory research design was employed to examine a dataset of 30 sampled IPOs. The dataset, obtained from IPO prospectuses, trading data, and financial statements, was analyzed using both logistic and multiple regressions. IPO valuation methods, first-day returns (R(1st day)), absolute forecast errors (AFE), and discretionary current accruals (DCA) served as dependent variables and firm characteristics of size, age, profitability, dividends, price-to-value (P/V) ratios, owner-manager, and auditors' reputation served as independent variables. Results revealed that firm characteristics were not significant predictors of the choice of IPO valuation methods, IPOs were underpriced and their R(1st day) were significantly predicted by P/V ratios, the financial projections were over forecasted and their AFE were not predicted by the independent variables, and the pre-IPO financials experienced earnings management and their DCA were significantly explained by the owner-manager variable. This research contributes to positive social change by assisting regulators, investment bankers, corporations, and institutional investors in improving their respective roles in the valuation and pricing of IPOs on the GSE, thus reducing the observed IPO undersubscriptions in the stock market.

There are plenty of things said about the financial industry, an always ongoing debate, to say the least. We have identified a complex situation with three dimensions: Initial public offerings, Venture capital, and Lockup agreements. IPOs are generally difficult to put a price on because the market is not united yet, which creates uncertainties. Venture capital firms invest into startups, often with the incentive of bringing them to an IPO and then make a fast cash out exit. Lockup agreements are contracts that prevent insiders from dumping their shares during a set period in the beginning of the IPO. Additionally, based on the market efficiency theory, a market should always be efficient. But does it play out when these characteristics are affecting each other? The purpose of this research was to investigate whether there are abnormal returns in the financial performance for publicly listed companies on the London Stock Exchange at the end of their lockup period. We sorted on venture capital backed companies and sought to explore differences between VC backed, Non-VC backed firms, and the entire market. The research question for this study is: ‘Does The theoretical aspects of this research’s ontological and epistemological views were set in positivism and objectivism with a deductive approach. The financial performance was key in this research, and it was essential to get ample and appropriate data, therefore a quantitative research method was used with an archival research strategy and explanatory research design. We explored a big research gap in this area after the financial crisis 2008, which made us look at IPOs from 2009 to 2012 with an event window as our time horizon. To answer the research question and fulfill our purpose, four hypotheses were developed with focus on VC backed firms, Non-VC backed firms, the entire market, and one shorter event window. Our results prove that the market efficiency theory does not hold. To answer the research question, we found negative abnormal returns after the lockup expiration date for both Non- VC backed firms and the entire market. However, we were unable to provide a statistically significant result for VC backed firms. There was an extra clear trend during the middle 20 days, and we suggest and encourage to further research with a longer time horizon than [- 20, +20] days.

Syftet med studien är att undersöka problemet med övervärdering vid börsintroduktioner, samt att öka förståelsen och uppmärksamma dess potentiella negativa effekter på investerare och företag. Enligt vår kännedom har ingen tidigare genomfört en studie av övervärderade börsintroduktioner på den svenska marknaden. Studien avser att identifiera och undersöka olika faktorer som kan bidra till övervärdering, såsom tillhörighet i teknologibranschen, teckningspriset, marknadsplatsens påverkan och fördelningen av andel svenska- och utländska institutioners ägande. Studien använder data från Refinitiv Eikon, Euroclear och andra källor för att genomföra en analys av svenska börsintroduktioner som ägde rum mellan 2014–2022. Huvudsyftet är att undersöka den procentuella skillnaden i aktiekursen från teckningskurs till stängningskurs på första handelsdagen. Efter att ha applicerat urvalskriterier återstod 294 företag, 38,78 procent av företagen visade negativ avkastning första handelsdagen. En linjär regressionsanalys tillämpas för att analysera det oberoende variablerna. Hypoteser testas med hjälp av p-värde. Värt att notera är att regressionsanalysen enbart inriktades på negativ förstadagsavkastning och inte beaktade positiv eller neutral avkastning. Resultaten av studien indikerar att en ökad andel utländska institutioner, teckningspriset samt företag som noterades på Nasdaq Stockholm signifikant reducerar sannolikheten för övervärdering vid börsintroduktioner. Dessutom observerades en ökad sannolikhet för övervärdering för företag verksamma inom teknologisektorn. Dessa slutsatser ger värdefulla insikter om övervärdering vidbörsintroduktioner och har potential att bidra till en bättre förståelse för både företag och investerare. / The purpose of this study is to examine the issue of overpricing in initial public offerings and its detrimental consequences for investors and corporations. To the best of our knowledge, no prior study has been conducted on overpriced initial public offerings in the Swedish market. By identifying contributing factors, such as being part of the technology sector, offering price, market affiliation and the proportion of domestic and foreign institutions. Using a dataset from Refinitiv Eikon, Euroclear and other sources, our sample consists of 294 companies out of which 38,78 precent preform negatively on the first trading day. The study employs a linear regression model to examine the relationship between these factors and the percentage difference in the share price from offering to the closing price on the first day of trading. Exclusively focusing on negative first day returns. The findings indicate that the presence of an increased proportion of foreign institutions, a higher offering price and firms listed on Nasdaq Stockholm significantly reduce the risk of overpricing. A heightened risk of overpricing was identified for technology companies. These insights provide a valuable understating of IPO pricing mechanisms.

Pirminių viešų siūlymų reikšmė yra itin aktuali finansų krizės nuniokotose rinkose, nes pirmieji vieši vertybinių popierių siūlymai yra alternatyva įprastiniam skolinimuisi ir galėtų išjudinti stagnacijos apimtas rinkas. Jie padėtų kompanijoms pritraukti lėšas bei plėtoti verslus, pritraukiant finansinius išteklius ir nukreipiant juos pelningoms investicijoms ar kitiems poreikiams tenkinti. Sėkmingas pirminis viešas siūlymas kompanijos suteikia ne tik galimybę pritraukti gana dideles garantuotas lėšas, bet ir stabiliai augančias akcijų kainas biržose. Po sėkmingų pirminių viešų siūlymų kompanijos netgi turi geresnes skolinimosi galimybes įprastiniu būdu bei didesnį pasitikėjimą užsienio rinkose. Darbo objektas – pirminių viešų siūlymų pradinės kainos Baltijos šalyse. Darbo tikslas – išnagrinėti ir įvertinti pirminio viešo siūlymo pradinės kainos efektyvumą ir ją įtakojančius veiksnius Baltijos šalių rinkose. Šiam tikslui pasiekti iškelti šie svarbiausi uždaviniai:  Išanalizuoti pirminio viešo siūlymo ypatybes, tikslus, privalumus ir trūkumus;  Išnagrinėti emisijos platinimo būdus bei pirminės viešos emisijos procesą, jos įkainojimo aspektus;  Atlikti Baltijos biržų pirminės rinkos analizę,  Atlikti pirminių viešų vertybinių popierių siūlymų pradinės kainos efektyvumo tyrimą Baltijos šalių rinkose;  Remiantis atlikta teorijos analizė bei praktiniais tyrimais suformuluoti išvadas ir pasiūlymus. Darbo struktūra. Darbas suskirstytas į tris... [toliau žr. visą tekstą] / The Initial public offering value is particularly relevant to markets affected by the the financial crisis since the initial public offering of securities is an alternative to the conventional borrowing and could cure the stagnation of the market. IPO helps companies to raise funds and develop their business by attracting financial resources and using them for profitable investments or other needs. A successful initial public offering not only provides the ability to raise enough funds, but also guarantees high, but steadily rising share prices on stock exchanges. After a successful initial public offering, the company has even greater possibilities for the routine borrowing and the greater confidence in foreign markets. The object of this paper work – initial prices of IPO‘s in the Baltic market. The goal of this paper work – research and evaluation of the Initial price Efficienty, factors, which have influence on it in the Baltic IPO market. The main tasks of the paper are as follows: 1. analyze characteristics of IPO, it‘s gals, advantages and disadvantages; 2. study of offerings types and the process of IPO , pricinig aspects; 3. analyze the Baltic initial market; 4. research of the Initial price Efficienty in the Baltic IPO market; 5. formulate conclusions and recommendations according the performed theoretical analysis and practical research. This paper work consists of three main parts. In the first part the conception of IPO and it‘s basic characteristics are given... [to full text]

Die vorliegende Studie entstand, um die langfristige Renditeentwicklung polnischer Aktien nach Börseneinführungen und Kapitalerhöhungen in den Jahren 1994-2008 zu untersuchen. Ein besonderes Augenmerk richtet sich dabei auf die Erkennung und Analyse der performancerelevanten Unternehmenseigenschaften sowie auf die Erklärung der festgestellten Marktanomalien mit Hilfe ausgewählter Modellansätze. Die empirischen Analysen wurden aus dem Blickwinkel eines Kleininvestors durchgeführt, wodurch die meisten Ergebnisse, neben dem wissenschaftlichen Wert, eine hohe Praxisrelevanz besitzen. Die Untersuchung von insgesamt 263 Börseneinführungen ergab, dass die Emissionsrenditen der meisten Aktien zwar signifikant positiv waren, längerfristig bauten sie sich aber ab. Am Ende des 36-sten Notierungsmonats wiesen sie insgesamt eine starke Underperformance auf. Dabei entwickelten sich die langfristigen marktbereinigten IPO-Renditen in den 90-er Jahren wesentlich schlechter, als nach der Jahrhundertwende. Die Analyse des Kursverhaltens nach 157 Kapitalerhöhungen durch Aktien- und Bezugsrechtsemissionen zeigte, dass innerhalb der dreijährigen Halteperiode die Performance der betrachteten Stichprobe von der Rendite des Gesamtmarktes nur geringfügig abweichte. Dabei entwickelten sich die Kurse von Aktien der kleineren Firmen wesentlich schlechter, als die Aktienkurse der hochkapitalisierten Unternehmen. / This study investigates the long-term stock return after initial public offerings and seasoned equity offerings occurred between 1994 and 2008. A particular attention is being paid to the identification and analysis of performance-relevant issuing firm characteristics and the explanation of the identified market anomalies by means of the preselected explanatory models. Since the empirical study was carried out from the small investor’s perspective, the majority of the obtained results provide not only a considerable scientific value, but also a strong relevance to the actual practice. The study examined 263 IPOs of common stocks and found an overwhelmingly positive initial return. However, this return vanished gradually on the long run, resulting in a high overall underperformance in 36 months after the first listing. In this respect, it is remarkable that the long-term returns of the IPO-stocks issued in the 1990s proved considerably lower than of those placed after 2000. The examination of the long-term stock price behaviour after 157 SEOs reveals only a tiny difference between the performance of the sample and the overall market return. Noteworthy is however the fact that equity issues conducted by smaller firms led usually to significantly poorer stock performance, than when equity was offered by large capitalized companies.

Le succès du modèle d’innovation américain pour faire émerger des firmes leaders dans plusieurs domaines a largement influencé de nombreuses transformations réglementaires concernant les Droits de Propriété Intellectuelle (DPI) et le financement par les marchés en Europe. Cette thèse vise à analyser le rôle et l’importance de ces transformations dans l’organisation et la performance des firmes du logiciel. Nous montrons que des multiples mutations réglementaires des DPI ont ouvert la voie à un certain type de brevetabilité « très restreint » du logiciel en Europe. En parallèle, les évolutions dans le domaine financier ont favorisé l’émergence des marchés financiers dont le rôle est de plus en plus déterminant dans la croissance et le développement des jeunes firmes innovantes. De plus, il semblerait que l’usage stratégique du brevet soit complémentaire avec le financement par le marché de firmes du logiciel. Nous étudions cette complémentarité à travers l’analyse de la valeur du brevet en tant que signal pour les investisseurs lors de l’introduction en bourse ainsi que son effet sur la survie des firmes du logiciel après leur cotation. Cette complémentarité expliquerait en partie le recours accru au brevet dans un secteur dans lequel il est très controversé. Elle renvoie à un processus de sélection particulier du système et à l’émergence d’acteurs gagnants et perdants. / The success of the US innovation model to help start-ups emerge as global leaders has greatly influenced many regulatory changes on Intellectual Property Rights (IPR) and the external finance of firms in Europe. This study aims to analyze the role and importance of these changes in the organization and performance of software firms. We show that multiple regulatory mutations of IPR have paved the way for some kind of “restricted” patentability of software in Europe. In parallel, via changes in financial markets, they play an increasing role in the growth and development of young innovative companies. In addition, it seems that the strategic use of patents is complementary with software firms’ access to capital markets. We study this complementarity by analyzing the value of patents as signals for IPO markets and their impact in the likelihood of survival of newly-listed companies. We argue that this complementarity may explain the increased importance of patents in a sector where patents are highly controversial. It refers to a particular market selection process and the appearance of winning and losing actors.

Purpose: The purpose of this thesis is to analyze the stock price development of initial public offerings (IPOs) in the short and long term. If underpricing occurs, conclusions can be drawn about how this affects the price development. The thesis also aims to provide a better understanding of IPOs and their pricing by studying a selection of companies listed on Nasdaq and NYSE in New York. Theory: In order to analyze initial public offerings price discovery both short term and long term, this study will apply the theories The Effective Market Hypothesis, Information Assymmetri and The winner’s Curse.  Method: To answer the purpose of the study, the study applied a quantitative method with a deductive approach. The analyzed companies were identified with the help of two databases to later be used in a t:test. Results: The results show that a statistical significance did not exist for the first day’s closing price nor on the observation’s day closing price. This leads to the acceptance of the study’s null hypothesis.  Conclusion: Although a statistical significance did not exist, the study found similarities with the theories and previous research that was used in the study. The study implies that initial public offerings are a better short term investment than long term. / Syfte: Syftet med denna uppsats är att analysera kursutveckling för börsintroduktioner på kort och lång sikt. Om underprissättning förekommer, kan det dras slutsatser om hur denna påverkar kursutvecklingen. Uppsatsen syftar också till att ge en bättre förståelse för börsintroduktioner och dess prissättning genom att studera ett urval av bolag som noterats på Nasdaq och NYSE i New York.  Teori: För att analysera börsintroduktioners kursutveckling på kort och lång sikt använder denna studie teorier om den effektiva marknadshypotesen, informationsasymmetri och ”The winner’s curse”.   Metod: För att besvara studiens syfte tillämpades en kvantitativ metod med en deduktiv ansats. De analyserade bolagen identifierades med hjälp av två databaser som sedan tillämpades i ett t-test.  Resultat: Resultatet visar att ett statistiskt signifikant samband inte fanns för varken första dagens eller observationsdagens stängningskurs. Detta har lett till att studiens nollhypoteser accepterats. Slutsats: Trots att studien inte kunde visa på statistisk signifikans, fanns likheter med teorier och tidigare forskning. Studien indikerar att det är mer gynnsamt när transaktionen genomförs under börsintroduktionsdagen.

Denna studie har genomförts i syfte att undersöka huruvida nyintroduktioner generar en överavkastning i förhållande till OMXSPI på svenska handelsplatser under en börsuppgång och en börsnedgång för olika tidsintervall och branscher. Studien har undersökt nyintroduktioner genomförda under tidsperioden Q1 2004 till Q2 2009. Syftet har för avsikt att utmynna i huruvida nyintroduktioner vid svenska handelsplatser är effektiva och om investerare kunnat utnyttja eventuella ineffektiviteter som investeringsstrategier. Undersökningen är en eventstudie baserad på en kvantitativ metod där korrigerade historiska aktiekurser har inhämtats och beräkningar har genomförts med hjälp av två metoder, den genomsnittliga abnormala avkastningen och den genomsnittliga abnormala avkastningen för en buy-and-hold strategi, för att säkerställa en hög validitet i studien. Slutsatsen påvisar att investerare som investerat i nyintroduktioner på AktieTorget under börsuppgången hade kunnat utnyttja den något lägre grad av effektivitet utifrån en buy-andhold strategi på tre månader och erhållit en genomsnittlig signifikant överavkastning gentemot OMXSPI på 32,6 procent. En investerare som valt att investerare i nyintroduktioner utifrån en buy-and-hold period på tre månader på Alternativa Aktiemarknaden under börsnedgången hade i genomsnitt erhållit en signifikant överavkastning på 11,8 procent. För den investeraren som inte tagit hänsyn till när introduktionen genomförts och investerat i nyintroduktioner på AktieTorget utifrån en buy-and-hold period på en månad hade i genomsnitt erhållit en signifikant överavkastning på 18,2 procent.