The Activity of Family Businesses and the Phenomenon of Underpricing of Their Shares in IPOs in Poland in the Years 2013–2015

Perz, Paweł

doi:10.7172/1733-9758.2017.23.14

Cited by 2 publications

(2 citation statements)

References 17 publications

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“…The mean of underpricing for the whole sample is 6,8%, and the result is comparable to previous findings. For example, Gemzik-Salwach and Perz (2013) for 173 companies in the period 2007-2012 calculated underpricing on the Warsaw Stock Exchange at 9% (means), Perz (2017) in the period 2013-2015 for 81 companies -3,5% and Langer, Langer and Roszkowska (2018) in years 2005-2017 for 387 companies -10,73%.…”

Section: Notes: Hthigh Technology Companies Ltlow Technology Companies; Underunderpricing Measured As the First-day Closing Price Over Ofmentioning

confidence: 99%

IPO Success of High-Technology Companies

Prędkiewicz¹,

Pauka²,

Prędkiewicz³

2021

ERSJ

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Purpose:The research aimed to verify whether high-technology companies are more successful during IPO than other low-technology peers. Design/Methodology/Approach: We evaluated the IPO success using two measures: 1) relation of capital collected during IPO to the equity capital at the year-end of IPO, 2) underpricing. The analysis was based on the IPO of 334 companies on the Warsaw Stock Exchange in Poland from 2004 to 2018. According to Eurostat methodology, we measured technology level, and we divided companies into two groups, HT (high-tech) and LT (lowtech). Models were executed separately for the whole sample but also for each group. As control variables we have used, debt, profitability, size, and the bull market indicator. Findings: Our empirical results confirmed that the more technologically advanced company (in terms of the sector in which the company operates), the lover success of IPO. The HT companies collect a relatively smaller amount of capital during IPO, and the underpricing is higher in the HT group. We link the results with a higher asymmetry of information. Practical Implications: HT companies should pay special attention to lower the information asymmetry before the IPO by disclosing precise information about future development for betted risk evaluation. HT should also raise a small amount of capital during the IPO and make secondary issues later when the company is more recognized in the market. Originality/value: The previous research mainly focused on how going public impacts the innovation activities post-IPO. We did not find the previous literature studies on the IPO success of HT and LT firms. Some were related to underpricing, however, we extended measuring IPO success to additional indicator.

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Section: Notes: Hthigh Technology Companies Ltlow Technology Companies; Underunderpricing Measured As the First-day Closing Price Over Ofmentioning

confidence: 99%

IPO Success of High-Technology Companies

Prędkiewicz¹,

Pauka²,

Prędkiewicz³

2021

ERSJ

View full text Add to dashboard Cite

show abstract

“…Jewartowski & Lizińska, 2012). In our research, we adopted, like Gemzik and Perz (2013) or Perz (2017), the simple rate because it is more reliable and comparable due to the problem of determining the exact end dates of the subscription. In particular on the Polish market, there is a problem with defining precisely one offer price because there are usually a few private issues at different prices placed on the market before entering NewConnect, called the reverse cascade phenomenon (Hadro & Pauka, 2018).…”

Section: Source: Own Elaborationmentioning

confidence: 99%