Hur påverkar en börsintroduktion aktieavkastningen under det första året? : En kvantitativ studie av svenska IPO-bolag noterade under 2021

Sammanfattning

The record number of IPOs in Sweden during 2021 sparked interest in examining their impact on stock returns. The aim is to investigate how an IPO affects a company's stock return during the first year after listing from an investor perspective. The study also seeks to analyze how underpricing, company size, and industry affiliation influence returns. The study employs a quantitative method using regression analysis and t-tests on data from 30 IPO firms listed on Nasdaq First North in 2021. Data was collected from secondary sources such as Börsdata, the Swedish Tax Agency, and annual reports. The study is based on the theories of winner’s curse, underpricing, signaling, and the window of opportunity. These theories highlight how information asymmetry, pricing strategies, and market timing may influence the performance of newly listed stocks. On average, IPO companies showed negative one-year returns compared to the market index (OMXSPI). The study found no statistically significant relationships between returns and the factors of underpricing, company size, or industry.