Gavrilova, EkaterinaWollmann, Moritz2022-08-242022-08-242022-06-022022-06-02http://hdl.handle.net/10362/143234Based 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.engIposUnderpricingAsymmetric information theoriesEx-ante uncertaintyEconomic downturnsEconomic sentimentEquity capital marketsInvestment bankingmaster thesis203050606