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dc.contributor.author
Chaitas, Giorgos
en
dc.date.accessioned
2015-06-10T10:57:46Z
dc.date.available
2015-09-27T05:57:00Z
dc.date.issued
2015-06-10
dc.identifier.uri
https://repository.ihu.edu.gr//xmlui/handle/11544/257
dc.rights
Default License
dc.title
Underpricing of IPOs : Empirical Evidences from Eastern Europe
en
heal.type
masterThesis
heal.language
en
heal.access
free
el
heal.license
http://creativecommons.org/licenses/by-nc/4.0
heal.recordProvider
School of Economics, Business Administration and Legal Studies, MSc in Banking and Finance
heal.publicationDate
2013-12
heal.bibliographicCitation
Chaitas Giorgos , 2013 , Underpricing of IPOs : Empirical Evidences from Eastern Europe, Master's Dissertation, International Hellenic University
en
heal.abstract
This thesis attempts to investigate if the stock prices of companies, which are in the Eastern Europe, are underpriced in the short-run. In specific, we examined the stock returns 6,12,18,24 and 30 months after their initial public offerings. In addition, we investigated the companies after categorizing them in three main groups (according to Country, industry and IPO period). We used a sample of 209 companies when their IPO occurred after 2007. In addition, we utilized CAR and BHAR methodology in order to estimate the abnormal returns. The empirical analysis took place by using descriptive statistics. Overall, we may conclude that the majority of the stock returns of companies, which are in Eastern Europe, are underpriced 6 to 18 months after their initial public offering (IPO). In addition, we discovered that there are different abnormal returns between the examined countries for a period of 6 and 24 months after the IPO. Also, the abnormal returns are different between the eras before and after of financial crisis for a period of 6 months after the IPO. At the end, we found out that there are different abnormal returns between the examined industries for a period 6 and 12 months after the IPO.
en
heal.tableOfContents
Chapter 1 - Introduction ............................................................................... 3
Chapter 2 - Literature Review ....................................................................... 6
Chapter 3 – Methodology and Research Aims ........................................ 15
3.1 Introduction .................................................................................................. 15
3.2 Theoretical Part ............................................................................................ 15
3.2.1 Hypotheses of the Research .................................................................... 15
3.2.2 Descriptive Statistics ................................................................................. 17
3.2.3 t-test for independent samples ............................................................... 17
3.2.4. Analysis of Variance (ANOVA)............................................................... 17
3.3 Terminology ................................................................................................. 18
3.3.1 Abnormal Returns ..................................................................................... 18
3.3.2 Initial Public Offering (IPO) ....................................................................... 19
3.4 Empirical Part ............................................................................................... 19
3.4.1 Methodology ............................................................................................ 20
3.4.2 Sample and Statistical Programs ............................................................. 21
3.4.3 Empirical Results ....................................................................................... 21
Chapter 4 - Discussion and Implications ................................................. 30
4.1 Empirical Conclusion .................................................................................. 30
4.2 Implications.................................................................................................. 33
Bibliography ................................................................................................. 35
en
heal.advisorName
Gross, Chris
en
heal.committeeMemberName
Leventis, Stergios
en
heal.committeeMemberName
Livanis, Efstratios
en
heal.committeeMemberName
Grose, Christos
en
heal.academicPublisher
School of Economics and Business Administration, Msc in Banking and Finance
en
heal.academicPublisherID
ihu
heal.numberOfPages
39
heal.fullTextAvailability
true
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