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2019 | 380 | 79-93

Article title

Wpływ rodzaju akcjonariusza sprzedającego na poziom niedowartościowania akcji w pierwszej ofercie publicznej: wnioski z GPW w Warszawie

Content

Title variants

EN
The influence of the type of selling shareholder on the level of IPO underpricing: evidence from the Warsaw Stock Exchange

Languages of publication

PL

Abstracts

PL
Niedowartościowanie akcji podczas IPO jest zjawiskiem powszechnie występującym, niezależnie od szerokości geograficznej. W ciągu ostatnich lat powstało wiele teorii je tłumaczących. Celem niniejszego opracowania jest przedstawienie poziomu niedowartościowania akcji oferowanych podczas IPO ze względu na rodzaj akcjonariusza sprzedającego. Rozróżnienie rodzaju akcjonariusza sprzedającego zakłada zastosowanie podziału na inwestora strategicznego, finansowego oraz Skarb Państwa. Ze względu na ujęcie pełnego cyklu koniunkturalnego analizie poddano pierwsze oferty publiczne na GPW w Warszawie w latach 2005-2017. Uzyskane wyniki badań wskazują, że średni poziom niedowartościowania akcji w IPO jest różny ze względu na rodzaj akcjonariusza sprzedającego.
EN
IPO underpricing is a common phenomenon for stock markets around the world. Over the last years, many theories have been developed to explain this issue. The purpose of this paper is to investigate the degree of IPO underpricing in Poland considering the type of the selling shareholder. The distinction between the types of a selling shareholder assumes the division into three groups: strategic investor, financial investor and state treasury. In order to include the full economic cycle, the initial public offerings on the Warsaw Stock Exchange in the years 2005-2017 were subject to the analysis. The results of this study found that the average level of the IPO underpricing is different depending on the type of the selling shareholder.

Year

Volume

380

Pages

79-93

Physical description

Contributors

  • Szkoła Główna Handlowa w Warszawie. Kolegium Nauk o Przedsiębiorstwie

References

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Document Type

Publication order reference

Identifiers

ISSN
2083-8611

YADDA identifier

bwmeta1.element.cejsh-c4b99923-860e-491c-bef2-1a570a61edcf
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