詢價圈購理論提出承銷商可藉由詢價圈購的過程，誘使投資人藉由圈購的價量提供私有資訊，進而提升價格發現的效果。國外實證研究亦發現承銷商在訂價時廣泛使用詢價圈購過程所獲得的資訊，並會依據投資人對IPO股票的需求調整承銷價格。 　　本研究針對民國93年5月初至民國96年5月底，共計66個普通股初次上市（櫃）案件進行實證研究，以探討詢價圈購資訊內涵對於發行價格之影響，並觀察詢價圈購資訊與IPO後股價報酬率之間的關連性。 　　經由實證結果發現我國承銷商在訂價時會參考加權平均圈購價格與圈購價格集中度所提供的資訊，而超額認購是較為次要的參考依據。相較於國外投資銀行，我國承銷商在訂價時並未大幅參考投資人圈購時所提供之資訊。承銷商在訂定發行價格時較為重視圈購數量較多的投資人所提供之資訊，並且機構投資人對承銷商而言具有較高的資訊內涵價值。超額認購是所有詢價圈購資訊中，對於IPO後股票報酬率最有預測能力的變數，代表我國承銷商在訂價時並未完全將超額認購所提供的資訊反映至發行價格上。 / Under bookbuilding process, underwriters can use relevant information from investors to price the issue more accurately. Previous studies also found that underwriters extensively use the information contained in the book and partially adjusted issue price to private information collected during the IPO process. The purpose of this paper is to examine whether underwriters use the information content of investors’ bids in IPOs when setting the issue price and to investigate whether this information can predict aftermarket returns. This paper analyzes 66 IPO issues between early 2004 and late 2007. The results suggest that weighted average limit price and the concentration of limit price are related to the issue price, and the level of oversubscription is minor factor to price setting. In addition, large bidders and institutional investors’ bids have information advantage and can provide helpful information to underwriters. Moreover, Oversubscription can predict aftermarket returns, suggesting that underwriters might not use all the information available when setting the issue price.

本研究探討以公開申購方式辦理初次上市(櫃)股票之折價幅度與承銷商市占率變化間之關係。實證結果指出IPO折價發行情形顯著存在於民國88年至95年的公開申購市場；公開說明書所載之資金用途數，為承銷案件事前不確定性之代理因子，與折價幅度呈現顯著的正向關係。至於訂價偏離程度過大的承銷商，本研究並無足夠證據支持其日後市占率下滑的推論。

När aktier noteras, i.e. för första gången tas upp för publik handel, är stängningskursen ofta högre än den värdering aktien åsatts innan noteringen. Detta innebär att IPOs genererar en "första-dags-avkastning" som systematiskt överstiger marknadens genomsnittliga dagsavkastning; fenomenet kallas underprissättning.  Denna studie syftar till att undersöka om underprissättning förekommer på den moderna svenska IPO-marknaden och på vilket sätt bolag inom branscherna health care och technology (HCT-bolag) skiljer sig från icke-HCT-bolag (IHCT) i detta hänseende. Studien operationaliseras huvudsakligen med regressionsanalyser med vilka sambanden mellan bolagsspecifika variabler och underprissättningen utvärderas. Empirin utgörs av IPOs mellan åren 2016 och 2018. Resultaten tyder på att HCT-bolag under urvalsperiden – som aritmetiskt medelvärde – har underprissatts i högre utsträckning än andra bolag. Vidare är också spridningen av HCT- bolagens underprissättning större än ditot för andra bolag. Sambandsanalyserna tyder på att vinstgenererande IHCT-bolag underprissatts i högre utsträckning än förlustgenererande IHCT- bolag. För HCT-bolag föreligger däremot inget sådant samband. / When stocks are listed, i.e. becomes subject to public trading, the closing price is generally higher than the initial offering price. Hence, IPOs yields a ”first day return” which systematically exceeds the average daily return on the stock market; this phenomenon is called underpricing. This study aims to examine if the modern Swedish IPO-market is subject to underpricing and how health care and technology (HCT) companies differ from non-HCT-companies (IHCT) in this regard. The study is primarily operationalized with regression analysis through which the correlation between company-specific variables and underpricing is examined. The data consists of IPOs between 2016 and 2018. The results indicate that HCT-companies during the sample period – as an arithmetic mean – have been underpriced to a larger extent than non-HCT-companies. Moreover, the variance of the underpricing is also higher for HCT-companies than for IHCT-companies. The analysis also indicate that profitable IHCT-companies is underpriced to a larger extent than non- profitable IHCT-companies. However, such a correlation does not exist for HCT-companies.

Ao longo do tempo o contexto da economia mundial e brasileira é de expansão, salvo alguns períodos de retração, onde a economia fica estagnada, a exemplo do momento atual que vivemos. Apesar disso, as produções de riqueza vêm crescendo nos últimos anos e, por consequência, as empresas brasileiras, de um modo geral, têm buscado se desenvolver da mesma forma. Para financiar este desenvolvimento as empresas podem captar recursos através de instituições financeiras com que se relacionam. Entretanto este modelo apresenta limitações em relação ao volume de crédito disponível e também tem se mostrado um dos mais caros do mundo. Desta forma buscam-se outras alternativas de financiamentos não convencionais, como por exemplo o Mercado de Capitais. Este mercado tem amadurecido bastante no Brasil nos últimos anos, tornando-se uma alternativa para as empresas que buscam acompanhar este crescimento. São inúmeras as vantagens proporcionadas, mas, por outro lado, também são muitas as dificuldades do processo de preparação para acessar a este mercado, principalmente pelo pouco preparo das empresas para atender níveis elevados de governança corporativa. O objetivo, então, nesse contexto, na esfera do mercado de capitais é de identificar quais são as adaptações necessárias para as empresas ingressarem neste mercado, através da Oferta Pública de Ações (IPO), bem como identificar quais as mudanças necessárias na empresa, suas regras e principais custos que envolvem a operação, além das exigibilidades legais com a implantação de IPO. Conclui-se que alternativas e soluções existem para as dificuldades encontradas, e que o desafio é justamente enfrenta-las, para o próprio amadurecimento da empresa e também para criar diferencial competitivo frente à concorrência. / Over time, the context of the global and the Brazilian economy's has been the expansion, except for some periods of retraction or stagnant, like the current moment that we are living. Nevertheless, the wealth of productions has been growing in recent years ended, consequently, in general, Brazilian companies has sought to develop in the same way. To finance their development, companies can raise funds through financial institutions. However, this model has limitations, like line of credit and volume, and also Brazilian cost has been one of the most expensive in the world. Thus, some companies are seeking others alternatives for unconventional financing, such as Capital Markets. That market increase a lot in Brazil, in recent years and became an alternative for companies that are seeking to monitor this growth. There are many advantages provided, and by the other hand, many difficulties in preparation of process to access the market, especially in to meet high standards governance corporate. The goal, then, in this context, is to identify what are the adaptations necessary for companies to enter in this market through Initial Public Offering (IPO), just like identified the necessary changes in the company, their rules and main costs involving on the operation, and in addition, legal liabilities with the IPO deployment. It is concluded, that there are alternatives and solutions to the difficulties find, and the challenge is to confront them, for to get the own maturity and also to create a competitive over the competition.

This thesis investigates three topics in empirical corporate finance. In the first essay, the focus is on the role of financial constraints in the market for corporate control. In the second and third essays, we explore the effect of personal connections at board and executive levels on corporate credit rating and initial public offering (IPO) underpricing respectively. In the first essay, using a large sample of US acquisitions made between 1985 and 2013, we study the effect of financial constraints on acquisition gains and acquisition likelihood. Our findings show that financial constraints of target companies significantly increase acquisition premiums and abnormal returns for both parties. Our results further show that the presence of financial constraints in the target is one of the most important determinants of a takeover bid. This supports the idea that acquisitions may improve the ability of financially constrained companies to access capital through a better reallocation of resources within segments of the same company (e.g., internal capital market) or through better access to external markets. This would eventually benefit bidders too, as new capital would be invested in valuable growth opportunities that otherwise would expire unexercised. In the second essay, using a large sample of US public debt issues we show that personal connections between directors of issuing companies and rating agencies result in higher credit ratings. We estimate the average effect to be about one notch. The results are robust to several alternative tests including additional controls for managerial traits, placebo tests and propensity score matching. Moreover, our tests on default rates and bond yields do not appear to reflect a favourable treatment by the rating agency. Rather, they suggest that personal connections act as a mechanism to reduce asymmetric information between the rating agency and the issuer. In the final essay, using a large sample of IPOs in the U.S. we show that interpersonal connections between directors and top executives in issuers and underwriting banks result in significantly lower levels of IPO underpricing. We also examine the issuers' long-term stock returns following their IPOs. Our results indicate that the connected companies' long-term returns are not significantly different from the non-connected companies. This suggests that underwriters set lower levels of underpricing for the connected companies not to treat them favourably, but due to better flow of and stronger reliance on soft information and lower risk exposure.

Práce pojednává o počátečních veřejných nabídkách na amerických trzích. Nosným pilířem je hlavně na zmapování jejich výkonnosti a některých statistik. Práce také obsahuje doplňující analýzy jejich věku a sporného zákona Surbanes-Oxley Act. Dále tu testuji některé strategie pro obchodování počátečních veřejných nabídek, které jsou založeny hlavně na technické analýze a jsou určeny pro malé individuální investory, kteří nemají přístup na primární trh. Na závěr analyzuji počáteční veřejnou nabídku NYMEX Holdings, Inc., která byla uvedena na New York Stock Exchange v listopadu 2006.

隨著承銷產業的競爭越來越激烈，承銷商在承銷的過程中，所扮演的角色 為何，以及不同承銷商、不同承銷方式，其所承銷的新股，在績效表現上 是否有差異，是本研究的主要課題。本研究針對七十六年至八十二年上市 之公司，發放問卷，問卷主要目的是對其主辦承銷商的表現進行評估，問 卷區分為兩個部分，一部分評估承銷商能力，一部分評估承銷商投入；此 外，蒐集每件上市案的承銷方式，並且計算這些新上市股票的績效，包括 ：中籤率、異常報酬率、週轉率、每股盈餘成長率，將這些資料經由因素 分析、集群分析、變異數分析處理，主要是為了驗證四個假說：1.聲譽佳 的承銷商，在承銷商表現因素上較佳。2.採包銷的方式，在承銷商表現因 素上較佳。3.承銷商表現越佳，新股績效越佳。4.採包銷的承銷方式，所 承銷的新股績效較佳。將上市公司對於主辦承銷商的評估進行因素分析， 承銷商能力區分為兩個因素：「聲譽形象與專業能力」、「對市場狀況的 熟悉程度與和其他相關機關的關係」；承銷商投入區分為三個因素：「幫 助公司健全制度、處理上市事務及穩定上市後股價」、「深入了解公司營 運狀況及為公司規劃資金用途」、「輔導人員組成與輔導時間」。再以集 群分析將上市案區分為三群：「聲譽與專業能力導向群」、「關係與市場 狀況導向群」、「能力與投入不足群」。以變異數分析針對四個假說進行 檢定，檢定結果為：1.假說一獲得支持，聲譽佳的承銷商在承銷商表現因 素上較佳。2.假說二部分獲得支持，採包銷的方式，在某些承銷商表現因 素上較佳，其他因素上則不然。3.假說三無法獲得支持，承銷商表現越佳 ，其新股績效並未越佳。4.假說四獲得支持，採包銷的承銷方式，所承銷 的新股績效較佳。最後本文針對上市公司、承銷商以及政府主管機關，提 出建議。首先對上市公司提出建議：1.選擇承銷商時，應首重承銷商的聲 譽形象與專業能力。2.包銷方式較為有利。接著對承銷商提出建議：1.透 過聲譽形象與專業能力建立競爭優勢。2.應選擇和其形象符合之公司進行 承銷。3.在承銷過程中，應深入了解公司營運，並協助公司健全制度。對 政府主管機關的建議：1.減少對承銷費用之限制。2.承銷制度的重新設計 。3.加強對承銷商的管理。

<p>En uppsats om Venture capital-företags exitprocess och de faktorer som påverkar under processens gång</p>

<p>Syftet med uppsatsen är att undersöka om det förkommer underprissättning och om den består de första fem månaderna samt finna sannolikheten för en positiv utveckling efter börsintroduktionen. Eftersom vi har studerat kursförändringar efter börsintroduktioner har vi valt att använda en kvantitativ metodansats i form av en eventstudie. Teorierna behandlar främst förklaringar till varför en underprissättning sker samt hur publicitet och informations asymmetri påverkar prissättningen. Teorier som berörs är bland annat ”Winners Curse”, ”Cascade theory” och ”Signalling theory”.</p><p>Våra empiriska data kommer främst från bolagens prospekt samt kursinformation från Affärsvärlden och Stockholmsbörsen. Prospekten har visat kursintervall och introduktionsdatum, val av garant med mera. Affärsvärlden visar branschtillhörighet samt bransch- och indexhistorik. Stockholmsbörsen tillför slutkurser för samtliga bolag samt information om noteringskrav och -process.</p><p>Studien visar att de nyintroducerade bolagen har varit underprissatta med i genomsnitt 2,17% under perioden 2001-2006, vilket är betydligt lägre än vad tidigare studier visat. Detta beror främst på att de tidigare studierna har baserats på den amerikanska marknaden och under en tidsperiod då större underprissättning har förekommit än under 2001-2006. Den genomsnittliga utvecklingen efter 5 dagar, 1 månad, 3 månader, 5 månader respektive 1 år har varit 2,40%, 2,46%, 3,06%, 3,73% respektive 5,01%. Det har även förkommit stora skillnader mellan olika branscher, garanter, introduktionsår, introduktionspris och överteckningsgrad.</p> / <p>The purpose of this essay is to examine if it occurs under pricing and if it last the first five month and find the probability of a positive share development after a initial public offering. Since we have studied exchange fluctuation after initial public offerings have we chosen to use an quantitative method approach. The theories consider explanations to why under pricing occurs and how publicity and information asymmetry affect the price determination. ”Winners Curse”, ”Cascade theory” and ”Signalling theory” are some of the theories that are mentioned.</p><p>Our empirical data is mainly captured from the companies prospects and share price information from Affärsvärlden and the Stockholm Exchange. The prospects has shown share price intervals, initial public offering dates, underwriter etc. Affärsvärlden show type of business and index history. The Stockholm Exchange contribute closing prices for all of the studied companies and information about demands for quotation and the process regarding initial public offerings.</p><p>Our study show that initial public offerings have been under priced with an average of 2,17% during the period 2001-2006, which is considerably lower than earlier studies. The reason is mainly because the earlier studies has based on the American stock market and under a period when larger under pricing have existed. The average development after 5 days, 1 month, 3 months, 5 months respectively 1 year has been 2,40%, 2,46%, 3,06%, 3,73% respectively 5,01%. It has also occurred big differences between different type of business, underwriters, year of introduction, oversubscribtion and initial share price.</p>

<p>Syftet med uppsatsen är att utreda vilka förutsättningar som ligger till grund för att företag ska välja att bära kostnaden för användandet av en garant i samband med en nyemission. Genom en kvantitativ och en kvalitativ studie utreds när företag använder garanter, hur garantiåtagandet utformas och vilka kostnader och effekter detta leder till.</p><p>Till den kvantitativa studien som baseras på utförda företrädesemissioner under perioden 2005-2009 ställs två hypoteser rörande när garanter används. Resultatet av den första hypotesen visar inget tydligt samband mellan användandet av garanter och motivet att tillföra rörelsekapital. Testet av hypotes två som söker ett samband mellan användandet av garanter och lågkonjunktur visade ett visst stöd för hypotesen. Efter storleksuppdelning visades ett starkt stöd för att större företag använder garanter mer vid både lågkonjunktur och för att få in rörelsekapital, medan samma studie inte ger något resultat för de mindre bolagen. Den kvalitativa studien som baseras på intervjuer med fyra värdepappersinstitut redogör för marknadens syn på garanter och används för att besvara hur garantiåtagandena utformas och vilka kostnader som följer av användandet. I spåren av finanskrisen som varit är det viktigt att garanter inte etableras som en norm vid nyemissioner där det automatiskt ses som negativt att inte använda ett garantiåtagande. Garanter fyller ett syfte men måste i varje fall tas i relation till företagets faktiska behov av dem.</p>