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Information asymmetries, ex-ante uncertainty, economic downturns, and the pricing of German initial public offerings
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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.
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Ipos Underpricing Asymmetric information theories Ex-ante uncertainty Economic downturns Economic sentiment Equity capital markets Investment banking