En kvantitativ redogörelse över börsnoteringar med olika ägarbakgrund - En studie på Nasdaq Stockholm mellan 2005-2015

Abstract

The aim for this study is to investigate whether private equity (PE) backed initial public offerings (IPOs) differentiate from other IPOs with regards to post IPO performance, focusing on Nasdaq Stockholm between the years of 2005 and 2015. To conduct this research, data has been collected from Bloomberg, Nasdaq and Skatteverket. Then quantitative methods and deductive reasoning is the foundation for reaching any conclusions. The study’s findings are generally in line with prior international research within the field, except for overall post IPO performance. Where this study results in an overperformance of IPOs in comparison to benchmark index OMXSPI with regards to all time frames and disregarding ownership. The study does not find significant differences between the PE-backed and the non PE-backed IPOs. Further, the methods applied consist of two established methods but not complete without controversy, namely cumulative abnormal return (CAR) and buy-and-hold abnormal return (BHAR). The study takes aim on different time horizons which are divided into two separate categories. The short run which consists of performance on the day of IPO and the performance of the first week. The long run consisting of 6 months, 1 year, 2 years and 3 years. The reasoning for this is that prior studies have documented differences between PE-backed and non PE-backed IPOs with regards to the time frame.