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Contribution Details
| Type | Master's Thesis |
| Scope | Discipline-based scholarship |
| Title | Underpricing and Aftermarket Performance of Initial Public Offerings in Switzerland |
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| Institution | University of Zurich |
| Faculty | Faculty of Business, Economics and Informatics |
| Number of Pages | 48 |
| Date | 2020 |
| Abstract Text | The thesis investigates the initial returns and aftermarket performance of 52 IPOs on SIX Swiss Exchange from 2000 to 2015. Over this period, the Swiss IPOs show an average adjusted initial return of 9.22%. We provide evidence that the magnitude of underpricing was larger during the hot markets of 2000, 2006 and 2007 and is directly related to the degree of ex-ante uncertainty around the firm. In the long run, the IPOs significantly underperform the benchmark. The empirical analysis does not reveal any evidence that underperformance of Swiss IPOs is consistent with the fads scenario and overreaction hypothesis. |
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