Allokering och prissättning - Sambandet vid börsintroduktioner på den skandinaviska finansmarknader

Abstract

Purpose: The purpose of this thesis is twofold. Our secondary purpose is to make the reader understand the allocation process by adding substantial theoretical information about the entire process behind an initial public offering. Thereof we will provide information to the uninformed reader about the process in general. Our primarily purpose is to test our hypothesis; institutional investors are favourised through a higher share allocation in successful offerings in the Scandinavian IPO process. Methodology: For this thesis we use a hybrid off qualitative and quantitative methods. Our qualitative method has, through interviews with leading investment banks, provided us with an up-to-date inside view on the allocation decision. In our quantitative method we have conducted several regression analyses, and also presented descriptive statistics, in order to find allocation and return patterns in the Scandinavian financial market. Theoretical evidence: For the conduction of this thesis we have gathered a variety of empirical evidence about the process behind an initial public offering in general and more specifically the theoretical evidence concerns the allocation deicison. Empirical findings: The results from our empirical chapter show us that institutional investors are favoured in the allocation process, both when the offerings have a high pre-demand and when the offerings have shown high abnormal return. Our empirical chapter has also provided with a inside view into the allocation decision making. Conclusions: Our conclusion is that institutional investors are favoured in the IPO process but not as favoured as empirical counterparts from the US market indicate.