Factors Influencing IPO Underpricing in Poland

Przemysław Pomykalski; Piotr Filipiak

doi:10.18778/0208-6018.349.01

Autor

Przemysław Pomykalski Łódź University of Technology, Faculty of Management and Production Engineering, Department of Management Systems and Innovation http://orcid.org/0000-0002-9327-8479
Piotr Filipiak Koźmiński University https://orcid.org/0000-0003-1255-3895

DOI:

https://doi.org/10.18778/0208-6018.349.01

Słowa kluczowe:

IPO, niedoszacowanie cen emisyjnych, Polska, finanse behawioralne

Abstrakt

W artykule analizujemy teorię oraz dowody występowania zjawiska niedoszacowania cen emisyjnych pierwszych ofert publicznych akcji na Giełdzie Papierów Wartościowych w Warszawie. Mimo że temat był już w przeszłości badany, uważamy, że ostatnia dekada niskich stóp procentowych zasługuje na szczególną uwagę. Zbadaliśmy zjawisko niedoszacowania cen emisyjnych w tym okresie, a także wykazaliśmy, że trzy czynniki miały istotnie statystyczny wpływ na wielkość zjawiska: rok emisji, stopa procentowa wolna od ryzyka oraz poziom zamknięcia indeksu szerokiego rynku w dniu emisji.

Pobrania

Statystyki pobrań niedostępne.

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