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| Type | Master's Thesis |
| Scope | Discipline-based scholarship |
| Title | Effect of IPOs on Long-Run Stock Market Performance – Evidence from the Swiss Capital Market |
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| Institution | University of Zurich |
| Faculty | Faculty of Business, Economics and Informatics |
| Number of Pages | 65 |
| Date | 2018 |
| Abstract Text | he long-run underperformance of initial public off erings (IPOs) is a well-documented phenomenon. This st udy reviews the theories and provides evidence for up to a three-year aftermarket period from a sample of 67 stoc k issues at the SIX Swiss Exchange between 2000 and 2015. The analysis of the anomaly is based on several alternative approaches. Applying event-time returns, it was found that investors on average realise an abnormal return of up to -26.66%. Calendar-time portfolio returns confirm underperformance. Significance, however, highly depends on the methodology, which counters a distinct IPO effect. Various multiple regression models provide some explanations for the return behaviour. Firm size and the new economy sector exert a negative impact, while firm age and underwriter reputation indicate a positive influence. The outcomes partly support the uncertainty and divergence of opinion hypothesis. |
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