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Contribution Details
| Type | Master's Thesis |
| Scope | Discipline-based scholarship |
| Title | Underpricing of Private Equity-backed IPOs vs Non-Private Equity-backed IPOs: Evidence from Switzerland |
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| Institution | University of Zurich |
| Faculty | Faculty of Business, Economics and Informatics |
| Number of Pages | 56 |
| Date | 2021 |
| Abstract Text | This paper investigates the short-run and long-run performance of 98 Swiss initial public o↵erings (IPOs) during the period 2000-2020. IPOs were divided into three subsamples: 19 private equity- (PE) backed, 12 venture capital- (VC) backed and 67 non-sponsor- (NS) backed firms. The evidence suggest di↵erences across the three groups in terms of first day returns and returns after 12 and 24 months. PE-backed IPOs exhibit lower first-day returns and outperform the Swiss Market Index (SMI) in a 24 months event period. NS-IPOs, on the other hand, exhibit higher first-day returns than PE-backed IPOs and underperform the SMI in 24 months. |
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