Thesis "Analysis of IPO in Central Europe" is focused on IPO issue in Central European region, with emphasis on the Czech Republic. The beginning of the thesis deals with characteristics of IPO, followed by a division of IPOs in primary and secondary issues. The third part explores the causes of differences between the number of IPO on the Prague and Warsaw Stock Exchange. In the last section is located analysis of the relation between number of IPOs and gross domestic product in Central Europe.

This thesis study is based on the research question ‘Does ESG-scores affect turnover growth in companies with recent IPOs in the US?’. With four multiple regression models, we tested our hypotheses. Additionally, we made a box-plot analysis to look for trends between groups of companies, where the groups were constructed based on ESG-scores. We believe that we came up with a, yet vague, answer to the question after analyzing the results of the research. For the companies in the sample, ESG-scores do affect Turnover Growth negatively, however we want to stress that we claim it with great caution, as it cannot be concluded with any statistical significance. This study also shed some light on whether or not a manager should spend time and resources, after initiating an IPO in the US, on implementing sustainability in their business model to achieve a high ESG-score to satisfy the demands of the higher number of stakeholders which comes with going public. Conclusively, and generally, we found that a manager should focus strictly on financial performance rather than both financial- and sustainability performance closely following the initiation of an IPO in the US.

Tidigare studier visar på ett samband mellan årstidsbunden depression och underprissättning vid börsintroduktioner på den amerikanska marknaden. Studien undersöker detta samband på börsintroduktioner genomförda i Sverige, där prevalensen av årstidsbunden depression är hög. Prevalensen och effekten av årstidsbunden depression skattas genom dagslängd och förändringen av dagslängden. För att besvara forskningsfrågan utförs tre regressionsanalyser på studiens urval bestående av 147 börsintroduktioner genomförda år 2006 till 2019 på Nasdaq OMX Stockholm och Nasdaq First North. Resultatet visar en genomsnittlig underprissättning på 8,2%. Däremot uppvisas inget signifikant samband mellan årstidsbunden depression och underprissättning.

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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.

This paper explores the stock market as a source of funding for innovation by looking at the ability of the stock market to attract, identify and channel funds to innovative firms. We analysed 541 IPOs on the Swedish stock market between the years 2000-2015, using patent applications as a proxy for innovation. Results from an event study and regressions using two control groups show that firms find the stock market an attractive source of funding for innovation and that going public helps firms overcome liquidity restraints. By looking at the long- and short-term performance, measured by stock prices, of innovative firms by conducting OLS regressions, our results suggest; one, that there is an initial demand for innovative companies undergoing an IPO in comparison to non-innovative firms. And two, that investors are able to predict future innovativeness to some extent, but that they have some difficulties in anticipating future performance of innovative firms.

The present PhD thesis deals with initial public offerings (IPOs) on the Czech capital market. Unlike the Czech Republic, financing company activities through IPOs is widespread globally and advanced capital markets utilize IPOs as a traditional means of raising funds for further enterprise development. If there were no chance to raise capital this way, the international financial system, and thereby also the economic system, would be different from what they are today. Considering that it is not common to finance enterprise development through IPOs on the Czech capital market, the thesis focuses on creating a comprehensive view of the issue of IPOs on the Czech market and aims to acquire new information in this field. This is why the thesis is divided into theoretical and practical sections. The theoretical section provides an analysis of the state of the art in the sphere of IPOs that is based on foreign literature since Czech literature offers only limited information regarding IPOs. As part of the analysis, the term ´initial public offering´ is defined and its Czech equivalent is proposed. The analysis further comprises the advantages and disadvantages linked to this type of financing, it describes the development of IPOs on foreign markets and, last but not least, it explains the cyclical character of IPOs. Specific phenomena accompanying IPOs in advanced markets are defined here. These are underpricing of issues and long-term lower performance of issuers in the post-IPO period. Another part of the theoretical section analyzes all significant costs related to IPOs. The practical section of the thesis, which focuses on the Czech capital market, determines major prerequisites for running an IPO as well as the way an IPO is done. A complex analysis of the causes behind the low number of IPOs in the Czech Republic is carried out and the results of quantitative research into the causes of little interest in financing enterprise development this way are presented. This is followed by an assessment of IPOs done in the Czech Republic so far and by introduction of the results of qualitative research examining particular issuers. In conclusion, the issue of IPOs is summed up and further perspectives of development are outlined.

Under de senaste decennierna har Venture Capital marknaden genomgått flera faser av tillväxt och tillbakagång. Fenomenet har uppmärksammats av tidigare forskning som konstaterat att externa drivkrafter är en av de bakomliggande faktorerna till volatiliteten, men där det råder en oenighet kring effekten. Denna studie undersöker hur externa drivkrafter påverkar svenska Venture Capital investeringar under perioden 2007–2021. Syftet är att analysera och förklara hur externa drivkrafter påverkar Venture Capital bolagens investeringsbeteende. Genom regressionsanalyser undersöktes hur IPO, aktiemarknaden, BNP och styrräntan påverkar totala investeringar men även investeringar i de olika faserna (sådd-, uppstart- och senare fasen). Resultaten visar att IPO är den mest betydelsefulla drivkraften som påverkar Venture Capital investeringar positivt i alla faser. Effekten blir allt större ju mognare bolaget är, eftersom eventuell exit ligger närmre i tiden. Vidare indikerar resultaten på att en positiv aktiemarknad påverkar investeringar negativt, men där signifikans endast påvisades i såddfasen. Förvånande är att både BNP och styrräntan har en icke signifikant negativ inverkan på Venture Capital investeringar. Utifrån studien går det att dra slutsatsen att externa drivkrafter har varit en bakomliggande orsak till de stora fluktuationerna i VC-investeringarna. IPO-marknaden har störst inverkan eftersom drivkraften är direkt hänförbar till investeringsprocessen. Studien är viktig för att förstå vad som driver Venture Capital investeringar och resultaten kan vara till nytta för såväl entreprenörer i behov av finansiering och politiska beslutsfattare som strävar efter att bibehålla en gynnsam investeringsmiljö. / Over the past decades, the Venture Capital market has undergone several phases of growth and decline. This phenomenon has been acknowledged by previous researchers who have identified external drivers as an underlying factor of volatility, although the results differ. This study examines how external determinants influence the Swedish Venture Capital investments during the period 2007-2021. The aim is to analyze and explain how external determinants drive Venture Capital investments. Regression models were conducted to investigate how IPO, Stock market, GDP, and Interest rate affect both total investments and investments in different stages (seed, startup, and later stages). The results show that IPO is the strongest driver, positively affecting Venture Capital investments in all stages. The impact becomes greater as the company matures, since a potential exit is closer in time. Furthermore, the results indicate that a positive stock market has a negative impact on investments, although significance was only observed in the seed stage. Surprisingly, GDP and interest rate have a non-significant negative impact on Venture Capital investments. It can be concluded from this study that external determinants have been an underlaying cause of the fluctuations in Venture Capital investments. The IPO market has the greatest impact since it is directly related to the investment process. This study is important for understanding the drivers of Venture Capital investment, where the results can be useful for both entrepreneurs in need of financing and policymakers aiming to maintain a favorable investment environment.

This study examines the specific ways in which private equity firms influence their portfolio companies to enhance their value, with a focus on the relationship between the level of retained ownership and post-IPO performance. Private Equity firms influence their portfolio companies in specific ways to enhance their value. Private Equity firms are typically limited partnerships, and to realize the value created during the life of the investment, the exit strategy is crucial. An initial public offering is stated as the preferable exit. However, private equity firms usually stay invested in their portfolio companies for up to several years after an initial public offering. Their retained ownership is crucial for underpricing at the IPO and performance post-IPO. This study aims to discover this relationship and to determine its effects. It will contribute to understanding how the portfolio companies' price changes on the first day of trading and their performance, in the long run, is affected by the stake held by the private equity firms. This research will try to clarify the current uncertainty about the effect of underpricing that prevails. It will also fill the existing gap in the academic literature about performance. It can also be potentially helpful for investors. Given knowledge about how retained ownership by PE firms affects underpricing at the IPO and performance post-IPO, this study can help investors to make better investment decisions. However, it should not be seen as investment advice but rather as a contribution to increasing the investor's understanding and knowledge. Publicly listed portfolio companies in the Nordic region constitute the sample for the analysis, and pooled OLS is the econometric method used in this study. We utilized a panel dataset for performance and obtained 2411 unique observations. The long-run performance has been measured as 36 months following the IPO. Our findings indicate a positive relationship between the level of ownership held by the PE firm and both underpricing and performance. These relationships are both statistically significant on the 1% level. Control variables were also included to capture other possible factors that might impact our dependent variables. The positive relationship between the level of ownership held by the PE firm and performance was in line with previous similar research and our expectations. However, the relationship between the PE firm's level of ownership and underpricing was the opposite of what we expected. Previous research has also presented contradictory results, making it difficult to predict the relationship. We hope our results have contributed to clarity regarding underpricing and broadening existing literature about performance for private equity-backed companies.

En alternativ börsintroduktion genom ett Special Purpose Acquisition Company (SPAC) har på senare år blivit allt mer utbrett och omdiskuterat. Trots att tidigare forskning indikerar att SPAC underpresterar mot traditionella IPO:s på den amerikanska marknaden, ökar likväl intresset för SPAC bland privatinvesterare. Frågan är vad det kan bero på. Hur ser möjligheten att generera positiv abnormal avkastning för en privatinvesterare på den amerikanska marknaden ut i en SPAC i jämförelse med en traditionell IPO? För att möjliggöra ytterligare beslutsunderlag för framtida SPAC-investeringar undersöks dessutom betydelsen av de förvärvade företagens sektortillhörighet. Studien finner, i kontrast mot majoriteten av tidigare forskning, att privatinvesterare kan uppnå en högre positiv abnormal avkastning vid investeringar i SPAC än vid investeringar i traditionella IPO:s på 5% signifikansnivå. Resultatet visar däremot att den abnormala avkastningen hos SPAC endast kan säkerställas på 5% signifikansnivå för förvärv inom den högteknologiska sektorn, och inte för förvärv inom sjukvårds- och industrisektorn.