Initial public offering price supportand ownership structures
| Autor: | Sturla Lyngnes Fjesme |
|---|---|
| Rok vydání: | 2017 |
| Předmět: |
040101 forestry
Finance Initial public offerings 050208 finance Initial public offering allocations business.industry Retail investors 05 social sciences 04 agricultural and veterinary sciences General Medicine Monetary economics Investment (macroeconomics) Investment banking Ownership structures Stock exchange 0502 economics and business Price support 0401 agriculture forestry and fisheries Public offering Business Listing (finance) Initial public offering |
| Zdroj: | Beta – Scandinavian Journal of Business Research |
| ISSN: | 1504-3134 0801-3322 |
| DOI: | 10.18261/issn.1504-3134-2017-02-01 |
| Popis: | Shares sold through Initial Public Offerings (IPOs) are often underpriced and therefore very popular investment objects. Fjesme (2016) documents that the allocating investment bank requires certain larger investors in popular IPOs to also purchase more shares after the stock exchange listing. This additional buying supports prices and attracts more attention to the companies in the short term. Wilhelm (1999) explains how non-professional investors are likely to misunderstand this price support as positive information and thereby increase their investment. Obtaining data to investigate the implications of price support on investor holdings has proven difficult in the past. In this paper, I investigate actual IPO allocations combined with trading after the listing on the Oslo Stock Exchange (OSE). I document that increased price support generates a large influx of domestic and retail ownership as opposed to foreign institutional ownership. I conclude that price support reduces international institutional ownership on the OSE. Aksjer solgt gjennom Initial Public Offerings (IPOs) er ofte underpriset og derfor svært populære investeringsobjekter. Fjesme (2016) dokumenterer at den allokerende investeringsbanken ofte krever at investorer i populære IPOs kjøper flere aksjer også etter at børsnoteringen har funnet sted. Denne økte etterspørselen etter aksjer støtter prisene og tiltrekker mer interesse mot selskapene. Wilhelm (1999) forklarer at ikke-profesjonelle investorer kan misforstå denne prisstøtten som positiv informasjon og derfor investere i selskapene. Å finne data til å studere implikasjonene av prisstøtte på eierskapsstrukturer har vist seg å være svært vanskelig. I denne artikkelen studerer jeg nye data på IPOs fra Oslo Børs. Jeg viser at prisstøtte gir økt investering fra individuelle og norske investorer og redusert investering fra internasjonale institusjonelle investorer. Jeg konkluderer med at prisstøtte reduserer eierskap i norske selskaper fra internasjonale profesjonelle investorer. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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