Conducting an IPO allows companies to obtain external capital from investors in exchange for ownership stakes. The capital raised in an IPO is intended to finance the company's economic growth and expansion. A challenge regarding IPOs is the pricing of shares. The study aims to investigate whether there is a relationship between industry affiliation and underpricing in IPOs on Nasdaq Stockholm and First North. The study will also examine whether underpricing differs between IPOs on First North and Nasdaq Stockholm and whether there is a relationship between market conditions and underpricing. The sample of the study consists of 197 companies operating in the Data/IT, Real Estate, Finance, Manufacturing Industry, and Pharmaceutical industries between 2017-2023. The study uses a chi 2 test and t-tests in order to answer the research questions.  The results of the study shows that there is a statistically significant relationship between underpricing and the Swedish stock market. The average underpricing was 8,99% for all IPOs in the sample. Furthermore, the study's results indicate that there is no significant relationship between industry affiliation and underpricing. Future research could examine how IPOs in the selected industries perform over time.

Denna studie syftar till att undersöka hur omsättningstillväxten skiljer sig före respektive efter en Initial Public Offering (börsnotering). Urvalet består av bolag som börsnoterats på Nasdaq OMX Nordic under 2009 till 2019. Antalet börsnoterade bolag under denna tidsperiod bestod av 185 och efter bortfall, till följd av studiens kriterier, hamnar urvalet på 96 bolag som studeras. Studien använder sig av en kvantitativ forskningsmetod med en deduktiv ansats där data för omsättning samlas in för respektive bolag. Vidare används ett statistiskt test, Wilcoxon Signed Rank test, för att testa studiens hypotes.  IPO är ett omdiskuterat ämne då bolag väljer att gå från privat till publikt för att finansiera verksamhetens tillväxt. Dock är det flera av bolagen som inte undersöker hur en IPO kan eller kommer att kunna påverka den finansiella prestandan, så som omsättningstillväxten. Slutsatsen som tas i denna studie är att det finns skillnader på omsättningstillväxten innan respektive efter en börsintroduktion, där en IPO konsekvenser anses vara negativa för bolagen.

本論文探討2007年中國大陸實施以IFRS為基礎的中國會計準則後，是否因為會計準則要求更多資訊的公開，影響新上市公司股票發行折價的幅度。由於中國大陸資本市場有獨特的機制環境，本研究更進一步探討，中國大陸新上市公司在中國會計準則實施後，新上市公司股票發行折價的幅度，是否會因為各省份機制環境背景有不同的影響。實證結果發現，實施中國會計準則後，新股折價的幅度的確顯著降低，新股上市的蜜月期也會因為準則實施後，資訊不對稱的情形降低，有明顯的縮減。亦發現若中國大陸地方機制環境較進步且發達，該地區市場化的程度愈高，新股折價的幅度會也會因資訊更加公開而降低。 / In 2007, China passed the IFRS-based Chinese Accounting Standards (therefore IFRS-based CAS) to converge with IFRS. This paper examines the effect of implementation of IFRS-based CAS on IPO uncerpricing. In addition, there are different institutional features of transition economy from other countries. This paper also examines the effect of the interaction between implementation of IFRS-based CAS and institutional features of transition economy on IPO uncerpricing. The empirical results show that post-2005 IPOs in China are significantly less underpriced, and IPO honeymoon periods have similar outcomes. Furthermore, the results also show that the magnitude of underpricing will be decreased in those provinces with higher degrees of marketization.

This study investigates an appropriate accrual-based model in detecting earnings management (EM) of Chinese firms undergoing initial public offering (IPO) process. The mainstream literatures show that state-owned enterprise (SOE) has involved with less earnings management (EM) than non-state-owned enterprise (NSOE) in pre-IPO market from 2003 to 2009. The reason is that SOE could borrow money from bank, compared to NSOE. However, SOE has been proven to conduct stronger EMs in pre-IPO market during 2011 to 2013 by manipulating with property plant and equipment (PPE), the flows of account receivable (AR) and long-term debt (LTD). Besides, I also suggest a new accrual-based model that could better fit into the unique features of Chinese firms in their process of IPO application.

本研究以高科技與傳統製造業新上市公司為對象，建構企業體質鑑別模型，此模型除了可以用來評估新上市公司的體質外，專家所認定的重要體質評估構面更可引導後續研究者進行深入探討，並發展相關衡量指標。 為建構高科技與傳統製造業新上市公司的企業體質鑑別模型，本研究根據文獻探討和專家訪談的結果得到經營實力、公司治理、機構認證及財務績效等四個體質評估構面，及相關衡量指標，並透過迴歸分析確認衡量指標符合各構面的意涵。將評估構面與合適的衡量指標建構成的層級架構後，本研究依據分析層級程序法（analytic hierarchy process, AHP）設計問卷，請業界專家評估各層級要素的相對重要性，以得到各層級要素的相對權重，並完成最終的企業體質鑑別模型。從模型有效性驗證的結果得知，本研究所發展出的體質鑑別模型的確對新上市公司的上市後表現有顯著鑑別力，因此證實此模型的確有助於投資決策的進行。 從高科技新上市公司的體質鑑別模型可以得知，經營實力是專家最重視的體質評估構面，後面依序是公司治理、財務績效與中介機構認證構面。在經營實力構面，以人力資本的重要性最高，其次是創新資本、關係資本與流程資本。在公司治理構面，專家最重視的是機構投資人的持股比率，但關係的方向並不支持機構投資人具監督功能。外部董事席次比例則是公司治理構面中，最不受重視的指標，而實證結果顯示該指標與企業體質呈負相關，因此支持高科技新上市公司對董事會的專業服務需求高過監督功能。 在傳統產業，專家亦均認經營實力是最重要的體質評估構面，後面依序是財務績效、公司治理與機構認證。在經營實力構面，專家最重視創新資本，後續則是流程資本、人力資本和關係資本。在財務績效構面，利潤力構面雖最受重視，但專家的共識度不高，反而是均認為營收成長是最不重要的構面，這個結果表示，專家認為傳統產業新上市公司應致力於效率的提升和成本的降低，而非企業成長。

企業上市的目的有很多種，我們認為一家公司若是為了替未來的投資機會融資而上市，其長期報酬應顯著較其他非為了投資機會籌資的公司為佳。結果我們發現，在一般認為可作為「籌資」的代理變數─「賣新股」的公司中，這些公司的長期負報酬程度比其他公司更嚴重。在發行股票種類的選擇上，選擇賣老股的公司相較之下有上市前公司獲利較佳、成立時間更久的特性；另一方面，訂較長閉鎖期的公司長期報酬也顯著比較差，這些公司募資的規模則較小、並且通常無創投參與。我們認為有兩種可能：(1) 以股票發行種類為上市目的的代理變數可能不盡理想；(2) 上市的成本超過欲上市籌資的公司經理人所估計。導致這些公司長期負報酬更加的嚴重。 / There are many reasons why companies go public. We suppose that companies going public to finance future investment should have better long-term performance than others. As a result, we find strong evidence that the long-term underperformance among primary-share only offering companies which are considered having motivation to finance future investment, are more severe than other companies. In the determinants of choosing which type of shares offering, a company which is old or have better return of equity before listing would have higher probability offering secondary shares. On the other hand, companies setting longer lockup period perform worse. These companies are usually small and have no venture capital backed. We propose two possible explanations to these situations: one is that using type of shares offering as a proxy of motivation of a firm going public is inappropriate; the other is that the cost of a firm going public is beyond a manager’s estimation, resulting the more poor long-term performance of these companies.

The rapid advances in technology and increase of tech investments across all the industries have promoted the emergence of several startups. Unfortunately, not all startups succeed despite of having good initial ideas. One reason to the poor business performance could be a lack of managerial control. Researchers and industry experts believe that performance management could support tech entrepreneurs to monitor and control the drivers that promote growth and their success. However, there is a lack of studies that could support these thoughts about its suitability for tech startups. Therefore, this study gathers empirical findings from Swedish tech startups as well as industry experts to discuss this issue. The findings show that a performance measurement system such as the Balanced Scorecard is a suitable practice for tech entrepreneurs. It also brings some insights about how the performance measurements evolve as the firms mature.

i Abstract This Master Thesis is focused on under-pricing of initial public offering. We examine the possibility of signaling by IPO under-pricing on Polish data over the period 2005 - 2010. Signaling by IPO under-pricing is analyzed using signaling model. Taking into consideration the uniqueness of Polish sample, we also analyze the signaling by IPO under- pricing used to the build up the government reputation as market-oriented. Our results suggest the statistical significant positive effect of IPO under-pricing on probability of seasoned equity issue as well as on size of seasoned issue. These findings together with negative relation between IPO under-pricing and lag between IPO and seasoned issue are consistent with predictions of signaling model. We do not find any statistical significant evidence that the Polish government tries to build up reputation for its privatization policy over time by under-pricing and selling a high fraction at the initial offer. Keywords IPO under-pricing, signaling hypothesis, Central Europe, asymmetric information, seasoned equity offering, privatization

A Lei nº 6.404, de 15 de dezembro de 1976, foi concebida tendo como um de seus objetivos o estímulo à formação da grande empresa nacional. Para tanto, o legislador utilizou duas premissas: o estímulo à concentração empresarial e o fomento do mercado de capitais (tanto o mercado acionário, quanto o de títulos de dívida). Isto resultou em um modelo legal, calcado na figura do acionista controlador, de quem a lei reconhece poderes e, em contrapartida, institucionaliza deveres e atribui responsabilidades. Ainda, face à extremação dos poderes do acionista controlador, visando ao fomento do mercado de capitais, a lei atribui aos acionistas minoritários verdadeiros direitos compensatórios, sintetizados em direitos de saída da companhia e direitos de informação. Com a dispersão acionária e o consequente enfraquecimento, ou até desaparecimento, do acionista controlador, o poder desloca-se para os administradores, resultando em modelo essencialmente diverso daquele originalmente concebido pela Lei das Sociedades Anônimas. Relativizam-se, assim, os direitos compensatórios face ao controle acionário, ganhando força os mecanismos de monitoramento adequado dos administradores para assegurar a realização do interesse social. Isto implica modificações não apenas na esfera de direitos individuais e coletivos dos acionistas como principalmente mudanças na própria estrutura orgânica da sociedade anônima e nos negócios jurídicos envolvendo a disputa pelo controle societário. O presente trabalho, portanto, irá discutir até que ponto a Lei nº 6.404/76 está apta a lidar com este fenômeno recente em território brasileiro. Palavras chave: Lei nº 6.404/76, sociedade anônima, poder de controle, dispersão acionária, OPA. / One of the objectives guiding the development of Law 6,404, of 15 December 1976, was that of stimulating the formation of large-size Brazilian companies. The legislator set about this task using two premises: stimulating corporate concentration and boosting the bond markets (both the stock market and the government bond market). This resulted in a legal model, based on the figure of the controlling shareholder, to whom the law grants authority and, in return, imposes obligations and allocates responsibilities. Moreover, in view of the extreme nature of the controlling shareholders authority, and in order to boost the bond markets, the law grants genuine compensatory rights to the minority shareholders, which can be summarized as rights to leave the company and rights to information. Stock dispersion and the consequent weakening, or even disappearance, of the controlling shareholder, has led to authority shifting to the management, leading to a model that is, in essence, very different from the one originally conceived in the Brazilian Companies Law. Hence, compensatory rights have become relative to shareholder control, with the managers monitoring mechanisms gaining force in ensuring compliance with the corporate interest. This implies modifications not only in the sphere of shareholders individual and collective rights, but also changes to the very structure of the joint stock company and to legal business dealings concerning disputes for corporate control. This study will, therefore, debate just how well Law 6,404/76 is able to deal with this recent phenomenon in Brazil.

Made available in DSpace on 2016-04-25T18:40:41Z (GMT). No. of bitstreams: 1 Jose Milton Almeida da Silva.pdf: 951427 bytes, checksum: 2eb314059433ac66640426ac17114465 (MD5) Previous issue date: 2009-10-05 / The central goal of this research was to increase the debating about efficacy from rules, legal actions and Corporate governance to protect the non qualified minority shareholders in the Brazilian IPOs (Initial Public Offering) programs. The theme has showed growing interest, because the number of personal investors and the Bovespa s (São Paulo Stock Exchange) IPO market has been in progress strongly. The event study was the methodology used to measure the abnormal returns in the portfolio s samples with between 23 and 98 shares from 106 IPOs going public in 2004-07, using de market price from January, 2004 to June, 2008. Further, four statistic tests were applied to detect if the speculative bubble dynamic affected the Bovespa from January, 1999 to June, 2008. The empiric results from event study evidenced the overpricing phenomenon measured from the offering price to the market price at the end of the first day of trading estimated between 4,80% and 9,26%, and a underpricing phenomenon in the sequel. The cumulative average abnormal returns, ruled out of the first day return, achieved -11,52% at the end of the 6º month, -16,60% at the end of the 12º month and -35,74% at the end of the 24º month, presented a underperfomance phenomenon with economic and statistic significance, widely documented by the academy, specially on the north American capital market. The empiric results from four statistic tests showed, with statistic significance, that speculative bubble dynamic affected the Ibovespa (Index of São Paulo Stock Exchange) in the period from January, 1999 to June, 2008. Thus, evidences were found of the minority shareholders that bought shares in the Bovespa s IPOs programs in the studied period were induced by market anomalies to overpay the share s portfolios. Consequently, the research suggests that actions to improve the rules, legal actions and Corporate governance is necessary to protect of the non qualified minority shareholders in the Brazilian capital market / Esta pesquisa teve como objetivo central ampliar as discussões quanto à eficácia das normas, procedimentos e Governança Corporativa na proteção dos acionistas minoritários não qualificados nos processos de IPO s (Initial Public Offering) ou abertura de capital das companhias no mercado de capitais brasileiro. O tema apresenta importância crescente em face do recente aumento do número de investidores individuais e do forte incremento do mercado de IPO s na Bolsa de Valores de São Paulo (Bovespa). A metodologia empregada foi um estudo de evento para a identificação da presença de retornos anormais em carteiras compostas por uma amostra entre 23 e 98 ações de um total de 106 IPO s realizados na Bovespa entre 2004 e 2007, abrangendo as cotações das ações no período entre janeiro de 2004 e junho de 2008. Também foram realizados quatro testes estatísticos visando detectar indícios da presença da dinâmica de bolha especulativa na Bovespa no período entre janeiro de 1999 e junho de 2008. Os resultados empíricos do estudo de evento demonstraram evidências de sobre-valorização nos preços das ações no primeiro dia de negociação, com retornos anormais entre 4,80% e 9,26%, seguida de significativas quedas nas cotações subseqüentes. Os retornos anormais médios acumulados, excluído o retorno do 1° dia, atingiram -11,52% no final do 6º mês, -16,60% no final do 12º mês e -35,74% no final do 24º mês, evidenciando relevantes perdas de valor das carteiras analisadas no período, tanto em termos econômicos quanto em nível de significância estatística, caracterizando o fenômeno da underperformance, amplamente documentado pela academia, notadamente no mercado de capitais norte-americano. Os resultados dos testes estatísticos demonstraram indícios, com significância estatística, da presença da dinâmica de bolha especulativa na formação do Índice da Bolsa de Valores de São Paulo (Ibovespa) no período entre janeiro de 1999 e junho de 2008. Desse modo, foram encontradas evidências de que os acionistas minoritários que participaram dos processos de IPO s na Bovespa no período estudado foram induzidos, por anomalias de mercado, ao pagamento de valores acima dos preços justos das carteiras de ações. Como conseqüência, a pesquisa sugere a necessidade do aperfeiçoamento dos mecanismos de proteção dos acionistas minoritários não qualificados no mercado de capitais brasileiro