Börsnotering och prissättning på Nasdaq och NYSE : En kvantitativ studie om hur aktiekurserna förändras i samband med en börsnotering

Sammanfattning

Purpose: The purpose of this thesis is to analyze the stock price development of initial public offerings (IPOs) in the short and long term. If underpricing occurs, conclusions can be drawn about how this affects the price development. The thesis also aims to provide a better understanding of IPOs and their pricing by studying a selection of companies listed on Nasdaq and NYSE in New York. Theory: In order to analyze initial public offerings price discovery both short term and long term, this study will apply the theories The Effective Market Hypothesis, Information Assymmetri and The winner’s Curse. Method: To answer the purpose of the study, the study applied a quantitative method with a deductive approach. The analyzed companies were identified with the help of two databases to later be used in a t:test. Results: The results show that a statistical significance did not exist for the first day’s closing price nor on the observation’s day closing price. This leads to the acceptance of the study’s null hypothesis. Conclusion: Although a statistical significance did not exist, the study found similarities with the theories and previous research that was used in the study. The study implies that initial public offerings are a better short term investment than long term.