ISSN: 2450-7741
eISSN: 2300-4460
OAI
DOI: 10.18276/frfu.2016.4.82/2-28
Issue archive /
4/2016
The Impact of Value and Growth Companies on IPO Underpricing on the Polish Capital Market
| Authors: |
Dariusz
Zarzecki
Adrian Wołoszyn |
| Keywords: | capital market IPOs underpricing |
| Data publikacji całości: | 2016 |
| Page range: | 10 (325-334) |
Abstract
This article groups and describes different anomalies that can appear on capital markets. We present the initial return of IPO underpricing across European markets. We present the results of empirical research conducted on the Polish capital market. This article also contains a description of the value and growth companies effect measured with the P/BV ratio in different countries of the world. In our research we combined the IPO underpricing effect with the P/BV effect. Results show that for companies with a higher P/BV ratio we can expect a significantly higher initial return. Moreover, when we add the January effect to these two effects, the initial return increases to 36.8%.
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