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Contribution Details
| Type | Master's Thesis |
| Scope | Discipline-based scholarship |
| Title | A comparison of IPO Underpricing Between Fintech and Traditional Firm in US and Europe |
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| Institution | University of Zurich |
| Faculty | Faculty of Business, Economics and Informatics |
| Number of Pages | 55 |
| Date | 2019 |
| Abstract Text | In this thesis the phenomena of underpricing at IPO has been studied. In addition to a detailed presentation of the IPO process, theories of information asymmetry have been developed to set the basis for the empirical research. Through the introduction of the uncertain Fintech industry in the study of underpricing phenomena, has been possible to enforce the role of information asymmetry as the major player affecting the high abnormal returns recorded at IPO. Traditional companies and Fintech firms have been analysed in two of the major financial center in the world: the US and Europe. Different factors have been analysed and interpreted to explain why Fintech perform a higher degree of underpricing at IPO. The study has been implemented on 448 and 292 traditional firms in the US and Europe respectively, while the Fintech samples count 103 and 37 observation. The number of bookrunners involved in the deal, the proportion of shares available to the public and the location of the offer price compared to its price range have been found to be the main drivers of the higher performance of Fintech over traditional companies at IPO. |
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