Denna studie har som syfte att undersöka den svenska IPO-marknaden under åren 1995-2005. Studien undersöker ett fenomen som är frekvent förekommande i samband med börsintroduktioner. Fenomenet kallas underprissättning och med begreppet menas den skillnad i pris som uppstår mellan en akties introduktionspris och dess stängningskurs första dagen den handlas publikt på en aktiebörs. Underprissättningen kan ses som potentiellt kapital som ett företag går miste om. Detta på grund av att aktiens stängningskurs i viss mån representerar vad investerarna verkligen var villiga att betala för en aktie. Detta är information som inte är tillgänglig då introduktionskursen sätts. Studien har undersökt 113 börsintroduktioner på Stockholmsbörsens O-lista. Information har samlats in om de introducerade bolagens sektortillhörighet, introduktionskurs och stängningskurs samt kortsiktig kurs- och indexutveckling. Samband mellan dessa olika variabler har utforskats. Studien visar att det har förekommit underprissättning i Sverige under perioden på i snitt 16,28 procent per börsintroduktion. Underprissättningens storlek varierar kraftigt olika sektorer emellan och underprissättningen har varit som störst inom IT-sektorn.

This thesis examines underpricing in Sweden using unique data on the 185 firms going public through initial public offerings (IPOs) and listing on the Stockholm Stock Exchange between 1994-2011. The average initial return in the Swedish IPO market adjusted for index movements is 11.49% but underpricing of individual IPOs was as high as 241.04%. Further, time trends in underpricing, the level of average initial returns effect on IPO supply underpricing and differences between sectors, segments and investment banks are examined. Finally, it is argued that investors must be rewarded for taking the high risk associated with IPO investing and that the average initial return of 11.49% is a reasonable compensation for that risk.

Background and problem: Underpricing has been examined and determined on multiplefinancial markets around the world, but there is no consensus concerning what exactlydrives it. The phenomenon creates possibilities to identify attractive investment strategiesthat may generate abnormal returns. Therefore, we have chosen to study potential driversof underpricing as well as evaluate two investment strategies in an attempt to find asuperior one. Purpose: The purpose of this study is to investigate which of the following investingstrategies “Subscribe and Sell” and “Buy and Hold” that achieves the highest abnormalreturn on the Swedish IPO-market. This will be examined over an investment horizon upto five months, with five different record dates. Furthermore, the study intends toinvestigate which potential variables that drives the underpricing and stock returns onSwedish IPOs. Method: The study applies a quantitative approach in which we, in line with earlierreference studies, practice T-test to examine which of the strategies “Buy and hold” and“Subscribe and Sell” that is the most successful. Multiple regressions will be applied toexplain the initial underpricing as well as the continued stock returns on IPOs. Ourresearch questions are phrased as hypothesis to simplify the implementation of statisticaltests as well as the interpretation of the results. Theories explaining underpricing of IPOshave been approximated as variables to measure their effect on the IPO. Conclusion: The results from the study states the existence of abnormal returns on theSwedish IPO-market between the years 2012 and 2017. Furthermore, the study confirmsthe “Buy and Hold” strategy to be more successful than the “Subscribe and Sell” strategyover an investment horizon of five months. With premises from the results of the multipleregressions, three out of five variables showed significance, which approximated the theories the Bandwagon effect, the Small Firm Effect and Ex-Ante Uncertainty. Keywords: IPO, underpricing, abnormal return / Bakgrund och problem: Underprissättning har länge studerats och fastställts på flertaletfinansiella marknader runtom i världen, men det råder ingen konsensus om vad som exaktligger till grund för den. Fenomenet skapar möjligheten till att identifiera attraktivainvesteringsstrategier, som potentiellt kan generera en abnormal avkastning. Motbakgrund av detta har vi valt att studera potentiella drivare av underprissättning ochfortsatt aktiekursutveckling samt utvärdera två investeringsstrategier i ett försök av atthitta en överlägsen strategi. Syfte: Syftet med studien är att undersöka vilken av investeringsstrategierna “Teckna-Sälj” och “Buy and Hold” som uppnår högst abnormal avkastning på den svenska IPOmarknaden. Detta görs under en investeringshorisont på upp till fem månader, medavstämningsdagar vid fem tillfällen. Vidare ämnar uppsatsen att undersöka vilkapotentiella variabler som driver underprissättning och aktiekursutveckling på svenskabörsnoteringar. Metod: Studien applicerar ett kvantitativt tillvägagångssätt där vi, i linje med tidigarereferensstudier, tillämpar T-test för att undersöka vilken av investeringsstrategierna “Buyand Hold” och “Teckna-Sälj” som är mest överlägsen. Vidare tillämpas även multiplaregressioner för att förklara den initiala underprissättningen samt fortsattaaktiekursutvecklingen på börsnoteringar. Frågeställningarna har formulerats somhypoteser för att förenkla genomförandet av de statistiska testen samt tolkning avresultaten. Teorier som förklarar fenomenet underprissättning har approximerats somvariabler för att mäta deras påverkan på börsnoteringen. Slutsats: Studiens resultat fastställer en existens av abnormal avkastning förbörsnoteringar mellan åren 2012–2017 på den svenska IPO-marknaden. Vidarebekräftas att investeringsstrategin “Buy and Hold” är mer överlägsen “Teckna-Sälj”under en fem månaders investeringshorisont. Med utgångspunkt i resultaten av demultipla regressionerna visade sig tre av de fem variablerna vara signifikanta, vilkauppskattade teorierna bandwagoneffekten, småbolagseffekten samt ex-ante osäkerhet. Nyckelord: IPO, underprissättning, abnormal avkastning

[pt] São duas as contribuições principais desta dissertação. A primeira é documentar a concentração acionária de empresas brasileiras de capital aberto, na oferta pública inicial (IPO) e nos anos subsequentes. A segunda contribuição é mostrar como a proteção aos direitos dos acionistas minoritários influencia a dinâmica da concentração acionária no Brasil. Uma vasta literatura empírica em Finanças documentou a existência de altos graus de concentração acionária em países como o Brasil, onde o ambiente de mercado oferece fraca proteção aos direitos dos minoritários. A visão predominante é que essa concentração reduz o risco de mudanças no controle, que implicariam na perda de benefícios privados não internalizados nos preços das ações. Em linha com esse cenário, esta dissertação confirma que, no momento dos IPOs ocorridos no Brasil entre os anos de 2004 a 2011, a participação acionária média do maior investidor era superior a 50 por cento. Nos quatro anos subsequentes às datas do IPO, a participação acionária média caiu de 50 por cento para 39 por cento; uma queda expressiva, embora menor do que a observada nos EUA. Uma possível razão para essa redução é a função disciplinadora dos mercados de capitais, que desvaloriza o preço das ações de empresas que não respeitam os direitos dos minoritários, induzindo-as a fechar o capital. A contrapartida ao efeito disciplinador do mercado é a valorização das empresas sobreviventes, incentivando seus controladores a diversificar sua riqueza via venda de ações. Por esse mecanismo, a participação acionária média tende a cair após o IPO. De fato, os dados analisados nesta dissertação mostram que há uma correlação positiva entre a queda na concentração e a emissão de American Depositary Receipts (ADR). A literatura de governança corporativa aponta que empresas de mercados emergentes submetidas ao monitoramento do agente regulador americano, a Securities Exchange Commission (SEC), se empenham na proteção aos direitos dos minoritários. Portanto, a correlação positiva entre a queda na participação acionária e a emissão de ADRs é consistente com a hipótese associada ao efeito disciplinador dos mercados de capitais. Esta dissertação estuda outros fatores correlacionados com a redução da concentração pós-IPO, demonstrando também que a queda na participação acionária não influi no desempenho das ações. / [en] There are two main contributions of this dissertation. The first is to document the ownership concentration of publicly traded Brazilian companies in initial public offering (IPO) and in the subsequent years. The second is to show how the protection of minority shareholders rights influences the dynamics of ownership concentration in Brazil. The empirical literature on Finance identifies the existence of high degrees of ownership concentration in countries like Brazil, where the market provides weak protection for the rights of minority shareholders. The prevailing view is that this concentration reduces the risk of changes in control that would entail the loss of private benefits not internalized by the stock prices. In line with this scenario, this essay confirms that, on the dates of the IPOs that have taken place in Brazil from 2004 to 2011, the average participation of the largest shareholder is greater than 50 percent. Within five years of the date of the IPO, the average participation fell from 50 percent to 39 percent, an important drop although smaller than observed in US. A possible reason for this fall is the disciplinary function of the equity markets. The stock market would reduce the prices of the shares of companies that do not respect the rights of its minority shareholders, inducing such firms to delisting. The counterpart of this punishment would be a better valuation of the stocks of survivor companies, encouraging their controllers to diversify wealth by selling stocks, reducing the concentration. In fact, the data analyzed in this dissertation show that there is a positive correlation between ownership reduction post IPO and the issuance of American Depositary Receipts (ADR). The literature of corporate governance indicates that emerging-market companies submitted to the monitoring of the American capital market regulator - the Securities Exchange Commission (SEC) - compromise with practices of protection to the rights of minority shareholders. Thus, this positive correlation is consistent with the hypothesis associated with a disciplinary effect on the controlling shareholders. This dissertation identifies other factors correlated with the reduction of concentration after the IPO, and also concludes that this decrease in ownership concentration does not influence the long-term performance of stock returns.

nÃo hà / O processo de abertura de capital de uma empresa à complexo e custoso, mas com benefÃcios importantes do ponto de vista de visibilidade da empresa no mercado como tambÃm de ampliaÃÃo das alternativas de fontes de financiamento. AlÃm do estudo sobre o processo de abertura de capital (IPO - Initial Public Offering), este trabalho tem como objetivo fazer uma anÃlise da Estrutura de Propriedade e da GovernanÃa Corporativa das empresas que passaram por processo de IPO no perÃodo de 2004 a 2012 no Brasil. A relevÃncia do processo de IPO na evoluÃÃo de uma empresa e o efeito que tal processo tem na sua relaÃÃo com o mercado sugere que uma empresa que passa por este processo està dando atenÃÃo especial Ãs suas prÃticas de governanÃa corporativa. Por outro lado, a literatura tem dado atenÃÃo à estrutura de propriedade de uma empresa que abre seu capital. Em mercados com alta concentraÃÃo de propriedade esta questÃo merece atenÃÃo, uma vez que esta caracterÃstica pode ser negativa para o sucesso do IPO. Trabalhou-se com uma amostra de empresas listadas na BMF&BOVESPA no perÃodo 1995-2012, dentre as quais, 122 sÃo empresas que passaram pelo processo de IPO no perÃodo 2004-2012. Observou-se que as empresas que fizeram IPO no perÃodo 2004-2012 estÃo, de fato, adotando boas prÃticas de GovernanÃa Corporativa. Com respeito à Estrutura de Propriedade verificou-se que estas empresas ainda apresentam alta concentraÃÃo, apesar de mostrarem um nÃvel de concentraÃÃo inferior ao das demais empresas. Por outro lado, detectou-se tambÃm alta evoluÃÃo da concentraÃÃo de propriedade no perÃodo pÃs IPO. Por fim, analisou-se tambÃm a identidade, ou natureza, dos maiores acionistas participantes da propriedade de empresas de IPO recente observando-se a forte presenÃa de outras empresas nÃo financeiras, fundos de investimento, e famÃlias.

Submitted by Renata Lopes (renatasil82@gmail.com) on 2016-09-12T20:15:40Z No. of bitstreams: 1 taianyabreusoares.pdf: 2853882 bytes, checksum: 995c5563db2de673ae46d3577d5bc5a5 (MD5) / Approved for entry into archive by Diamantino Mayra (mayra.diamantino@ufjf.edu.br) on 2016-09-13T12:32:05Z (GMT) No. of bitstreams: 1 taianyabreusoares.pdf: 2853882 bytes, checksum: 995c5563db2de673ae46d3577d5bc5a5 (MD5) / Made available in DSpace on 2016-09-13T12:32:05Z (GMT). No. of bitstreams: 1 taianyabreusoares.pdf: 2853882 bytes, checksum: 995c5563db2de673ae46d3577d5bc5a5 (MD5) Previous issue date: 2011-02-07 / As principais razões para realizar uma abertura de capital são que as ofertas de ações são uma opção de financiamento mais barata para algumas empresas (dados seus atributos), a governança corporativa trazida pela estrutruta de propriedade pública minimiza os conflitos de agência, a transparência e a boa imagem da empresa (comportamento estratégico) aumentam o valor da empresa no mercado e a reestruturação societária pode gerar mais liquidez para a empresa. Entretanto, para algumas empresas de capital fechado, a questão não é se ela deve abrir ou não o capital, mas sim quando, ou seja, qual o momento mais apropriado (timing) para realizar o IPO. Nesse contexto, o presente trabalho teve por objetivo adaptar, para o caso brasileiro, o modelo de timing de IPO desenvolvido por Draho (2000), que utiliza a teoria das opções reais como metodologia para se determinar o timing ótimo da abertura de capitais. Para tanto, foram analisadas oito empresas do setor de energia (CPFL, EDP, Cosan, Brasil Ecodiesel, São Martinho, Açúcar Guarani, MPX e OGX) que, durante o período 2000-2009, realizaram a sua oferta pública primária. Como resultado, encontrou-se que todas as empresas estudadas anteciparam o timing da sua oferta e, assim, foi realizada uma análise sobre as características das ofertas públicas primárias das empresas com o objetivo de identificar potenciais determinantes de tal antecipação. Observou-se, como característica comum, a presença de capital de risco na estrutura de capital de todas as empresas e de muitos investidores otimistas (investidores externos à empresa, segundo o modelo de Bouis, 2003) interessados nos IPOs das empresas. Adicionalmente, tem-se que o período da amostra (anos de valorização da bolsa de valores brasileira, que antecederam a crise subprime deflagrada em 2008) pode ter também contribuído para tal resultado. / The main reasons addressed to warrant the opening of capital are the initial public offerings (IPO) are cheaper financing option for some companies (according to their attributes), the corporate governance brought by public-owned minimizing agency conflicts, transparency and good image of the company (strategic behavior) increases the value of their market and corporate restructuring can generate more liquidity for the company. However, for some private companies it is not a question of why go public, but rather what the most appropriate time to conduct the IPO. In this context, this study aimed to adapt to the Brazilian case, the model of the IPO timing developed by Draho (2000), which uses the real options theory as a method to determine the optimal timing for an IPO. For this, were analyzed eight Brazilian energy companies (CPFL, EDP, Cosan, Brazil Ecodiesel, St. Martin, Açúcar Guarani, MPX and OGX) that held their primary offering during the period 2000-2009. As a result, we found that all the companies studied had anticipated their timing of IPO and thus, an analysis over characteristics of primary public offerings of companies was performed with the aim of identifying the main reasons for the anticipation. It was observed as common feature the presence of venture capital in the capital structure of all companies and many optimistic investors (investors outside the company, according to the model Bouis, 2003) interested in IPOs of companies. Additionally, the sample period (year of valuation of the Brazilian stock exchange, which preceded the subprime crisis erupted in 2008) may have also contributed to this result.

Cette thèse aborde trois aspects liés aux introductions en Bourse et aux retraits obligatoires. Le premier est le processus de fixation des prix des deux offres publiques. En effet, au regard des différences entre les deux offres publiques, les experts emploient les mêmes méthodes d'évaluation sans justifier leurs différents choix. À travers un audit sur les prospectus d'IPO et d'OPR-RO, les processus d'évaluation sont d'avantages fondés sur les caractéristiques des entreprises et des conditions du marché. En outre, il existe une relation significative entre les prix d'offre et les différentes valeurs estimées. Par ailleurs, étant donné que IPOs peuvent coïncider 'avec une augmentation exceptionnelle de l'indice du marché et sont accompagnées d'une sous-évaluation initiale. Le choix d'un timing optimal de cette offre dépend de l'évolution des cours des entreprises cotées du même secteur et des valeurs des options d'IPO de de renonciation à l'offre. Enfin, lors d'un retrait obligatoire, le principe d'équité doit être respecté. Or, la procédure de fixation du prix de retrait obligatoire varie selon les cadres réglementaires et le manque de mesures de protection des intérêts des actionnaires minoritaires peut inciter à la dissimulation d'informations privées afin de minimiser le prix d'offre. Le modèle proposé a permis de dresser deux classifications montrant que le seul moyen permettant de les concilier les actionnaires est l'entière divulgation des informations privées. / This thesis reports three aspects related to IPOs and delisting. The first is related to the process of pricing the two bid priees. Indeed, given the differences between the two public offerings, underwriters use the same valuation methods without justifying their choices. Through an audit of the IPO and delisting prospectus, the valuation process is based on the characteristics of firms and market conditions. ln addition, there is a significant relationship between the offer priee and the different estimates. Moreover, given that IPOs may coincide with an exceptional increase in the market index and are accompanied by an initial underpricing. The choice of optimal timing of this offer is modeled as regards the priees of listed companies and values of IPO and withdrawing options. Finally, at a delisting, the principle of fairness must be respected. However, the procedure for setting the bid priee varies with regulation and the lack of measures to protect the interests of minority shareholders may encourage the disclosure of private information in order to minimize the offer priee. The proposed model was used to develop two classifications showing that the only way to reconcile shareholders is the full disclosure of private information.

Titel: SPAC eller IPO, en retailinvesterares möjlighet till abnormal avkastning? Författare: Johan Petersson och William Stignäs Handledare: Öystein Fredriksen Bakgrund och problem: Traditionella börsnoteringar, på engelska Initial Public Offerings (IPO:s), har länge varit ett lukrativt sätt för investmentbanker och professionella aktörer att uppnå en god avkastning. De sistnämnda har möjlighet att teckna aktier till ett förutbestämt pris och har således en fördel gentemot retailinvesterare på den amerikanska marknaden. Ett annat sätt för ett företag att börsnotera sig är genom det på senare år populära fenomenet SPAC. Processen för det alternativa sättet att notera sig är att ett skalbolag noteras på börsen i form av en påse pengar. Skalbolaget har i syfte att förvärva ett onoterat företag som sedan tar den förstnämndas plats på börsen. Detta gör att retailinvesterare kan, till skillnad från IPO:s, i samband med annonseringen av förvärvet köpa aktier. Frågan som uppkommer är då om det finns en möjlighet för retailinvesterare att dra nytta av detta och om fenomenet i sig är något positivt för retailinvesterarna. Syfte: Syftet med uppsatsen är att med utgångspunkt från ett retailinvesterar-perspektiv analysera om det finns abnormal avkastning i SPAC:s och sätta det i jämförelse med traditionella IPO:s på den amerikanska marknaden. Även anledningar till populariseringen av SPAC:s trots den tidigare negativa historiken ska analyseras. Metod: Uppsatsen har ett kvantitativt tillvägagångssätt med en abduktiv ansats i syfte att beräkna den abnormala avkastningen för de två separata sätten att börsnotera sig samt testa ett antal utvalda förklaringsvariabler.   Slutsats: Uppsatsen finner att SPAC:s under studerad tidsperiod har presterat bättre än IPO:s och att SPAC:s ska ses som ett isolerat fenomen och inte jämföras med IPO:s. Anledningen är att det förstnämnda bidrar positivt då det blir ytterligare en möjlighet på aktiemarknaden för en retailinvesterare. / Title: SPAC or IPO, a retail investor's opportunity for abnormal return? Authors: Johan Petersson and William Stignäs Supervisor: Öystein Fredriksen   Background and problem: Traditional IPO:s have long been a lucrative way for investment banks and professional investors to achieve a good return. The latter can subscribe for shares before the listing to a predetermined price and thus have an advantage over retail investors in the US market. Another way for a company to list on the stock exchange is through the popular phenomenon SPAC. The process for the alternative way of listing is for a shell company, a SPAC, to be listed on the stock exchange in the form of a pile of cash. The purpose of the shell company is to acquire a private company which then takes the former's place on the stock exchange. This means that the retail investors can, unlike in the case of an IPO, buy shares in connection with the announcement of the acquisition. The question that then arises is whether there is an opportunity for the retail investors to take advantage of this and whether the phenomenon itself is something positive for retail investors.   Purpose: The purpose of the thesis is to, based on a retail investor perspective, analyze whether there is abnormal return in SPAC:s and compare it with traditional IPO:s in the US market. Reasons for the popularization of the phenomenon despite the previous negative history will also be analyzed.   Methodology: The thesis has a quantitative and abductive approach. The methodology used is a calculation of abnormal return for the two separate ways of listing on the stock exchange and then test a few selected explanatory variables.   Conclusion: The thesis finds that SPAC:s during the studied period have performed better than IPO:s and that SPACs should be seen as an isolated phenomenon and not compared with IPO:s. The reason is that the former contributes positively as it becomes an additional opportunity on the stock market for a retail investor.

Inom revision anses personalen vara både den största resursen och kostnaden, därför är det väsentligt att använda denna kapacitet till fullo. Yrket använder styrverktyget tidsbudgetering vilket innebär att anställda i de olika uppdragen får tidsramar att förhålla sig till. Tidigare studier har fokuserat på seniora revisorer avseende tidsbudgetar med ett mer negativt perspektiv, medan denna studie intar en mer neutral ställning utifrån revisionsassistenters perspektiv. Syftet med studien är därför att bidra med kunskap gällande hur revisionsassistenter upplever att användandet av tidsbudgetering påverkar revisionen. I studien presenteras revisionsprocessen, Input-Process-Output (IPO) modellen samt tidsbudgetering som styrverktyg och hur det appliceras inom revisionen. Studiens syfte har undersökts genom tio kvalitativa intervjuer med revisionsassistenter som arbetat minst sex månader inom yrket. Respondenterna innefattar revisionsassistenter från både The Big Four och mindre byråer. Studiens resultat visar att revisionen påverkas både positivt och negativt av tidsbudgetering som styrverktyg. Vilken påverkan det har grundas på hur styrverktyget används och mängden arbete i förhållande till den bestämda tiden. De positiva konsekvenserna som studien identifierat är ökad effektivitet, snabbare utvecklingskurva, strukturering av arbetet samt motivation hos anställda. De negativa konsekvenserna som identifieras är stress, sämre välmående, underrapportering av tid, genvägar samt minskad noggrannhet. Vilka konsekvenser tidsbudgetering medför anses främst bero på vem som har kontrollen över styrverktyget samt om det är stramt eller flexibelt. Således visar studien att vikten av att använda styrverktyget på ett korrekt sätt är avgörande för hur det upplevs påverka revisionen. / Within auditing the staff can be regarded as the biggest resource as well as the biggest cost, therefore it is essential to use this capacity to the fullest. The profession uses time budgeting as a management tool, which means that the staff have time frames to which they must adjust to for the various assignments. Previous studies have had a focus on senior auditors regarding time budgeting with a more negative outlook, while this study holds a more neutral position from audit assistant’s perspectives. The aim of this study is therefore to contribute with knowledge regarding how audit assistants experience how the usage of time budgeting influences the audit. The study presents the audit process, Input-Output-Process (IPO) model as well as time budgeting as a management tool and how it is applied in audits. The aim of the study has been studied through ten qualitative interviews with audit assistants that have been working for a minimum of six months in the profession. The respondents include audit assistants from both The Big Four and other smaller firms. The conclusion of the study indicates that audits are affected both positively and negatively by time budgeting as a management tool. Which effect it has depended on how the management tool is used and how the amount of work is in relation to the time. The positive consequences that the study has identified are increased efficiency, faster development curve, structuring of the work and motivation of the staff. The negative consequences that have been identified are stress, decreased well-being, underreporting of time, shortcuts and less meticulousness. Which consequences time budgeting entails depends mainly on who controls the management tool and if it is tight or flexible. Therefore, the study indicates the importance of using the management tool in a correct way is crucial for how it is perceived to affect the audit.

Amongst the great numbers of companies being listed on the stock exchange, one type of company stands out from the rest. Known as Unicorns, these companies are valued at $1 billion or more before they are even acquired or listed on the stock market. In order to understand why some of these companies perform well on the stock exchange, this thesis attempts to find the driving factors of stock price growth using multiple regression analysis. The results are two different models that can be used by investors considering investing in this type of company. The first model consists of the increase of a company’s total costs, research and development costs, total assets and number of employees. This model is likely to be useful when investing in companies operating in the tech industry as they typically have high research and development costs. The second model consists of a company’s increase in marketing costs, return on invested capital and number of employees. When considering investing in companies that have a large amount of marketing costs, such as companies operating in the retail industry, this model is likely to serve a better purpose. The models are however not accurate enough to solely be relied upon when deciding if and how much to invest but should rather be used as pointers on whether a company will increase in value after the first day of trading. / Bland den mängd företag som listas på börsen, är det en typ av företag som sticker ut från mängden. De kallas för Unicorns och är värderade till över en miljard dollar innan de köps upp eller börsnoteras. För att förstå varför vissa av dessa företag presterar så bra på börsen, försöker man i denna rapport hitta de drivande faktorerna för aktieprisutveckling genom multipel regressionsanalys. Det resulterade i två olika modeller som skulle kunna nyttjas av investerare som överväger att investera i denna typ av företag. Den första modellen bestod av tillväxten av ett företags totala kostnader, forskning- och utvecklingskostnader, totala tillgångar och antalet anställda. Den här modellen skulle kunna vara användningsbar när man överväger att investera i företag som verkar inom teknologisektorn, då dessa företag investerar mycket pengar i forskning och utveckling. Den andra modellen bestod av tillväxten av ett företags marknadsföringskostnader, avkastning på investerat kapital och antalet anställda. I situationer där man överväger att investera i företag som har stora marknadsföringskostnader, som företag som verkar i detaljhandel, är denna modell förmodligen mer användbar. Modellerna är dock inte korrekta nog för att fullständigt lita på vid ett beslut om och hur mycket man ska investera, utan bör istället användas som en fingervisning för om företaget kommer stiga i värde efter första handlingsdagen på börsen.