PL EN


2013 | 47 | 3 |
Article title

Rynek pierwszych ofert sprzedaży akcji na NewConnect – wybrane zagadnienia

Content
Title variants
Languages of publication
PL
Abstracts
PL
Artykuł nie zawiera abstraktu w języku polskim
EN
The paper discusses IPO activity on alternative investment market in Poland (NewConnect) between 2007 and 2012. In particular, attention was drawn to the phenomenon known in the literature as IPO underpricing. The phenomenon can be observed for many years on most stock markets in the world. The study reveals significant average first day positive initial return of 42.5% for 439 IPOs on polish alternative investment market (NewConnect) included in the study. It has been observed that the rate of return on this strategy were significantly higher than for IPOs on Warsaw Stock Exchange, where for a  group of 173 companies average rate of return was 9.0%.
Year
Volume
47
Issue
3
Physical description
Dates
published
2013
online
2015-07-23
Contributors
References
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  • Ritter J., Welch I., A  Review of IPO Activity, Pricing and Allocations, “The Journal of Finance” 2002, no. 4.
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  • Sukacz D., Fenomen IPO, „Nasz Rynek Kapitałowy” 2004, nr 3.
  • Ustawa z  dnia 29 lipca 2005  r. o  ofercie publicznej i  warunkach wprowadzania instrumentów finansowych do zorganizowanego systemu obrotu oraz o  spółkach publicznych, tekst jednolity: Dz.U. 2005 Nr 184, poz. 1539.
Document Type
Publication order reference
Identifiers
YADDA identifier
bwmeta1.element.ojs-doi-10_17951_h_2013_47_3_177
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