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[{"key": "dc.contributor.advisor", "value": "Iqbal, Jamshed", "language": null, "element": "contributor", "qualifier": "advisor", "schema": "dc"}, {"key": "dc.contributor.author", "value": "Rinne, Ursula", "language": null, "element": "contributor", "qualifier": "author", "schema": "dc"}, {"key": "dc.date.accessioned", "value": "2024-08-29T10:38:10Z", "language": null, "element": "date", "qualifier": "accessioned", "schema": "dc"}, {"key": "dc.date.available", "value": "2024-08-29T10:38:10Z", "language": null, "element": "date", "qualifier": "available", "schema": "dc"}, {"key": "dc.date.issued", "value": "2024", "language": null, "element": "date", "qualifier": "issued", "schema": "dc"}, {"key": "dc.identifier.uri", "value": "https://jyx.jyu.fi/handle/123456789/96852", "language": null, "element": "identifier", "qualifier": "uri", "schema": "dc"}, {"key": "dc.description.abstract", "value": "The purpose of the study is to explore the underpricing of Initial Public Offerings (IPO) made by private equity-backed entities and their post-IPO performance in the Nordic region from 2005-2020. This study focuses on understanding the pre-listing ownership effect on underpricing and the post-IPO performance, answering the following questions: (1) How does underpricing occur in PE-backed IPOs compared to non-sponsored IPOs? (2) How do PE-backed IPOs perform post-IPO compared to non-sponsored IPOs? and (3) How do VC-backed IPOs perform post-IPO compared to BO-backed IPOs? The results of the study show that neither private equity backing nor offer size significantly explains underpricing or 3-year performance.\nIPOs have been a popular topic among researchers for decades, with IPO underpricing and long-term underperformance being well-documented anomalies. Despite the extensive prior literature on these anomalies, there is a notable lack of research on how pre-IPO ownership affects IPO performance. This study is motivated by the lack of research on sponsored and non-sponsored IPOs in the Nordic region. Additionally, only a few previous studies have categorized IPOs based on buyouts, venture capital, and non-sponsored ownership, adding novelty to this research field. This study seeks to provide more evidence into these specific IPO categories within this context.\nThis study uses a quantitative method, with data mainly collected from the Refinitiv database. Underpricing is analyzed using raw initial returns and market-adjusted initial returns. Post-IPO performance is measured using the wealth relative method. OMX Nordic 40 index is used as the benchmark index.\nThe study shows that sponsored IPOs experience larger underpricing than non-sponsored IPOs, even though the difference is not statistically significant, contradicting previous literature. Post-IPO performance is superior for sponsored IPOs when initial returns are included, aligning with prior literature. Venture-backed IPOs outperform buyout-backed IPOs in terms of underpricing and post-IPO performance when initial returns are included, consistent with some previous research.", "language": "en", "element": "description", "qualifier": "abstract", "schema": "dc"}, {"key": "dc.description.abstract", "value": "Tutkimuksen tavoitteena on tutkia p\u00e4\u00e4omasijoittajien tekemien listautumisantien alihinnoittelua ja suorituskyky\u00e4 Pohjoismaissa 2005\u20132020. Tutkimuksessa keskityt\u00e4\u00e4n selitt\u00e4m\u00e4\u00e4n listausta edelt\u00e4v\u00e4n omistussuhteen vaikutusta alihinnoitteluun ja listautumisannin j\u00e4lkeiseen suorituskykyyn. Tutkimuksessa vastataan seuraaviin kysymyksiin: (1) Miten alihinnoittelua ilmenee sponsoroiduissa listautumisissa verrattuna ei-sponsoroituihin anteihin? (2) Kuinka sponsoroidut listautumiset suoriutuvat listautumisen j\u00e4lkeen verrattuna ei-sponsoroituihin anteihin? ja (3) Kuinka venture capital -annit suoriutuvat listautumisen j\u00e4lkeen verrattuna buyout-anteihin? Tutkimuksen tulokset osoittavat, ett\u00e4 p\u00e4\u00e4omasijoittajien tuki tai annin koko ei selit\u00e4 merkitt\u00e4v\u00e4sti listautumisen alihinnoittelua eik\u00e4 3 vuoden suoriutumista.\nListautumisannit ovat olleet suosittu aihe tutkijoiden keskuudessa viime vuosikymmenin\u00e4, ja listautumisantien alihinnoittelu ja pitk\u00e4n ajan alisuoriu-tuminen ovat laajasti dokumentoituja ilmi\u00f6it\u00e4. Tutkimusn\u00e4ytt\u00f6\u00e4 Pohjoismaiden sponsoroiduista (buyout- ja venture capital) ja ei-sponsoroiduista listautumisista on hyvin v\u00e4h\u00e4n, mink\u00e4 vuoksi t\u00e4m\u00e4n tutkimuksen tarkoituksena on lis\u00e4t\u00e4 ymm\u00e4rryst\u00e4 t\u00e4st\u00e4 aihepiirist\u00e4.\nTutkimus on tehty kvantitatiivisella tutkimusmenetelm\u00e4ll\u00e4 ja tutkimuksessa k\u00e4ytetty data on p\u00e4\u00e4osin ker\u00e4tty Refinitiv-datapalvelusta. Tutkimuksessa alihinnoittelu on laskettu k\u00e4ytt\u00e4m\u00e4ll\u00e4 raakatuottoa sek\u00e4 markkinakorjattua tuottoa. Listautumisen j\u00e4lkeinen suorituskyky on laskettu suhteellisen varallisuuden menetelm\u00e4ll\u00e4 (Wealth relative, WR). OMX Nordic 40 indeksi\u00e4 on k\u00e4ytetty tutkimuksessa vertailuindeksin\u00e4. \nTutkimuksen tulokset osoittavat, ett\u00e4 p\u00e4\u00e4omasijoittajien tekem\u00e4t listautumisannit ovat enemm\u00e4n alihinnoiteltuja kuin ei-p\u00e4\u00e4omasijoittajien tekem\u00e4t, vaikka ero ei ole tilastollisesti merkitsev\u00e4. Kun tutkitaan listautumisannin j\u00e4lkeist\u00e4 suorituskyky\u00e4 lyhyell\u00e4 ja pitk\u00e4ll\u00e4 aikav\u00e4lill\u00e4, tulokset osoittavat, ett\u00e4 p\u00e4\u00e4omasijoittajien tekemisen antien suorituskyky on parempi, kun ensimm\u00e4isen p\u00e4iv\u00e4n alkutuotto sis\u00e4llytet\u00e4\u00e4n tuottoihin.", "language": "fi", "element": "description", "qualifier": "abstract", "schema": "dc"}, {"key": "dc.description.provenance", "value": "Submitted by jyx lomake-julkaisija (jyx-julkaisija.group@korppi.jyu.fi) on 2024-08-29T10:38:10Z\nNo. of bitstreams: 0", "language": "en", "element": "description", "qualifier": "provenance", "schema": "dc"}, {"key": "dc.description.provenance", "value": "Made available in DSpace on 2024-08-29T10:38:10Z (GMT). No. of bitstreams: 0", "language": "en", "element": "description", "qualifier": "provenance", "schema": "dc"}, {"key": "dc.format.extent", "value": "60", "language": null, "element": "format", "qualifier": "extent", "schema": "dc"}, {"key": "dc.format.mimetype", "value": "application/pdf", "language": null, "element": "format", "qualifier": "mimetype", "schema": "dc"}, {"key": "dc.language.iso", "value": "eng", "language": null, "element": "language", "qualifier": "iso", "schema": "dc"}, {"key": "dc.rights", "value": "CC BY 4.0", "language": "en", "element": "rights", "qualifier": null, "schema": "dc"}, {"key": "dc.title", "value": "IPO Underpricing and Performance by Private Equity-Backed Entities in Nordic Countries 2005\u20132020", "language": null, "element": "title", "qualifier": null, "schema": "dc"}, {"key": "dc.type", "value": "master thesis", "language": null, "element": "type", "qualifier": null, "schema": "dc"}, {"key": "dc.identifier.urn", "value": "URN:NBN:fi:jyu-202408295735", "language": null, "element": "identifier", "qualifier": "urn", "schema": "dc"}, {"key": "dc.contributor.faculty", "value": "Jyv\u00e4skyl\u00e4n yliopiston kauppakorkeakoulu", "language": "fi", "element": "contributor", "qualifier": "faculty", "schema": "dc"}, {"key": "dc.contributor.faculty", "value": "Jyv\u00e4skyl\u00e4 University School of Business and Economics", "language": "en", "element": "contributor", "qualifier": "faculty", "schema": "dc"}, {"key": "dc.contributor.organization", "value": "Jyv\u00e4skyl\u00e4n yliopisto", "language": "fi", "element": "contributor", "qualifier": "organization", "schema": "dc"}, {"key": "dc.contributor.organization", "value": "University of Jyv\u00e4skyl\u00e4", "language": "en", "element": "contributor", "qualifier": "organization", "schema": "dc"}, {"key": "dc.subject.discipline", "value": "Laskentatoimi ja yritysrahoitus", "language": "fi", "element": "subject", "qualifier": "discipline", "schema": "dc"}, {"key": "dc.subject.discipline", "value": "Accounting and Corporate Finance", "language": "en", "element": "subject", "qualifier": "discipline", "schema": "dc"}, {"key": "dc.type.coar", "value": "http://purl.org/coar/resource_type/c_bdcc", "language": null, "element": "type", "qualifier": "coar", "schema": "dc"}, {"key": "dc.rights.copyright", "value": "\u00a9 The Author(s)", "language": null, "element": "rights", "qualifier": "copyright", "schema": "dc"}, {"key": "dc.rights.accesslevel", "value": "openAccess", "language": null, "element": "rights", "qualifier": "accesslevel", "schema": "dc"}, {"key": "dc.type.publication", "value": "masterThesis", "language": null, "element": "type", "qualifier": "publication", "schema": "dc"}, {"key": "dc.format.content", "value": "fulltext", "language": null, "element": "format", "qualifier": "content", "schema": "dc"}, {"key": "dc.rights.url", "value": "https://creativecommons.org/licenses/by/4.0/", "language": null, "element": "rights", "qualifier": "url", "schema": "dc"}]
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