Publicação
Information asymmetries, ex-ante uncertainty, economic downturns, and the pricing of German initial public offerings
| datacite.subject.fos | Ciências Sociais::Economia e Gestão | pt_PT |
| dc.contributor.advisor | Gavrilova, Ekaterina | |
| dc.contributor.author | Wollmann, Moritz | |
| dc.date.accessioned | 2022-08-24T10:24:05Z | |
| dc.date.available | 2022-08-24T10:24:05Z | |
| dc.date.issued | 2022-06-02 | |
| dc.date.submitted | 2022-06-02 | |
| dc.description.abstract | Based on asymmetric information theories, with a special emphasize on Rock’s winner’s curse model (1982, 1986) and ex-ante uncertainty explanations by Beatty and Ritter (1986), this thesis analyzed the effects of economic downturns on IPO under pricing in Germany across 192IPOs from 2002-2022using an economic sentiment indicator. It was found that, on average, German IPOs were under priced by5.22%over the period and that, after controlling for industry and year fixed effects, under pricing increases with decreasing economic sentiment, ultimately contradicting previous research. Overall, it is shown that ex-ante uncertainty theories are not able to explain German IPO under pricing. | pt_PT |
| dc.identifier.tid | 203050606 | pt_PT |
| dc.identifier.uri | http://hdl.handle.net/10362/143234 | |
| dc.language.iso | eng | pt_PT |
| dc.relation | Nova School of Business and Economics | |
| dc.subject | Ipos | pt_PT |
| dc.subject | Underpricing | pt_PT |
| dc.subject | Asymmetric information theories | pt_PT |
| dc.subject | Ex-ante uncertainty | pt_PT |
| dc.subject | Economic downturns | pt_PT |
| dc.subject | Economic sentiment | pt_PT |
| dc.subject | Equity capital markets | pt_PT |
| dc.subject | Investment banking | pt_PT |
| dc.title | Information asymmetries, ex-ante uncertainty, economic downturns, and the pricing of German initial public offerings | pt_PT |
| dc.type | master thesis | |
| dspace.entity.type | Publication | |
| oaire.awardNumber | UID/ECO/00124/2013 | |
| oaire.awardTitle | Nova School of Business and Economics | |
| oaire.awardURI | info:eu-repo/grantAgreement/FCT/6817 - DCRRNI ID/UID%2FECO%2F00124%2F2013/PT | |
| oaire.fundingStream | 6817 - DCRRNI ID | |
| project.funder.identifier | http://doi.org/10.13039/501100001871 | |
| project.funder.name | Fundação para a Ciência e a Tecnologia | |
| rcaap.rights | openAccess | pt_PT |
| rcaap.type | masterThesis | pt_PT |
| relation.isProjectOfPublication | 644a3f4f-817b-4d0d-aba6-f98cdca28bc7 | |
| relation.isProjectOfPublication.latestForDiscovery | 644a3f4f-817b-4d0d-aba6-f98cdca28bc7 | |
| thesis.degree.name | Work Project, presented as part of the requirements for the Award of a Masters Degree in Management from the NOVA – School of Business and Economics | pt_PT |