2014 | XCI (91)/2 | 41-52
Article title

Raportowanie parametrów emisji warunkiem wzrostu racjonalności inwestorów

Title variants
Reporting emissions parameters as a condition of a growth of the investors rationality
Languages of publication
This article shows that investors generally accept the issue price of the shares significantly exceeding its nominal price. A relatively large excess of the issue price over the par value (the share premium account), in turn, creates adverse effects for new investors, such as the takeover of rights by old investors, new investors contributing a disproportionately large share of the capital, which is often in excess of the company’s holdings. This makes it unlikely that companies are able to efficiently invest this capital. This article suggests , in order to satisfy Directive 2003/71/EC, companies need to include in the summary prospectus the value of the proposed takeover ratio and information about the capital obtained in relation to the equity.
Physical description
  • Aussenegg W., Privatization Versus Private Sector Initial Public Offerings in Poland, Multinational Finance Journal 2000/4, nos. 1–2.
  • Chahine S., Underpricing Versus Gross Spreads: New Evidence on the Effects of Sold Shares at the Time of IPOs, Journal of Multinational Financial Management 2008/18.
  • Espenlaub S., Gregory A., Tonks I., Re-assessing the long-term underperformance of UK Initial Public Offerings, European Financial Management 2000.
  • Gajewski J.F., Gresse C., A Survey of the European IPO Market, ECMI Paper, August 2006/2.
  • Ibbotson R., Ritter G.J.R., Sindelar J.L., The Market’s Problems with the Pricing of Initial Offering, Journal of Applied Corporate Finance 1994/7.
  • Jaskiewicz P., González V.M., Menéndez S., Schiereck D., Long-Run IPO Performance Analysis of German and Spanish Family-Owned Businesses, Family Business Review 2005/XVIII/3.
  • Jelic R., Briston R., Privatisation Initial Public Offerings: The Polish Experience, European Financial Management 2003/9/4.
  • Jenkinson T., Ljungqvist A., Going Public: The Theory and Evidence on How Companies Raise Equity Finance, Oxford University Press, New York 2001.
  • Jewartowski T., Lizińska J., Short- and Long-Term Performance of Polish IPOs, Emerging Markets Finance & Trade, March–April 2012/48/2.
  • Levis M., The Long-Run Performance of Initial Public Offerings: The UK Experience 1980––1988, Financial Management 1993/22/1.
  • Ljungqvist A., IPO Underpricing: A Survey. Handbook in Corporate Finance: Empirical Corporate Finance, Espen Eckbo B. (ed.), Forthcoming 2004.
  • Lyn E.O., Zychowicz E.J., The Performance of New Equity Offerings in Hungary and Poland, Global Finance Journal 2003/14.
  • Ritter J.R., Welch I., A Review of IPO Activity, Pricing, and Allocations, The Journal Of Finance, August 2002/LVII/4.
  • Ritter J., The long performance of Initial Public Offerings, Journal of Finance 1991/46.
  • Dokumenty:
  • SELENA FM SA Sprawozdanie finansowe za rok zakończony dnia 31 grudnia 2008 r. wraz z opinią niezależnego biegłego rewidenta,; stan na dzień 10.02.2014 r.
  • Strony internetowe:
  • Ljungqvist A., IPO Underpricing: A Survey. Handbook in Corporate Finance: Empirical Corporate Finance, Espen Eckbo B. (ed.), Forthcoming,; stan na dzień 21.10.2011 r.
Document Type
Publication order reference
YADDA identifier
JavaScript is turned off in your web browser. Turn it on to take full advantage of this site, then refresh the page.