Börsnoteringars underprissättning och makroekonomiska faktorer : En kvantitativ studie om makroekonomiska faktorers inverkan på underprissättning

Sammanfattning: The phenomenon of underpricing has been studied during several years. Divided opinions occur on the origin and factors affecting the underpricing of IPOs. Sweden has experienced a record number of IPOs during the last couple of years, both big and small with different levels of underpricing. A report on global IPO-trends is published each quarter by Ernst & Young, where a number of macroeconomic factors are mentioned of potentially having an impact on global IPO-trends. Thereof a question arises, whether macroeconomic factors have an impact on un-derpricing of IPOs in Sweden.The aim of the study is to investigate if there is a correlation between underpricing and the macroeconomic factors GDP-growth, steering interest rate and changes in exchange rate for SEK/EUR and SEK/USD. In order to answer the studies formulated questions, a quantitative study was conducted. Through simple regression analysis the data collected from various sources was statistically processed to find a correlation between underpricing and the macroe-conomic variables. The correlation was then confirmed or ruled out from a theoretical and sta-tistical viewpoint by either accepting or rejecting the hypotheses of the study.The study confirmed an impact of the macroeconomic variables GDP-growth and changes in exchange-rate for SEK/EUR on the underpricing of IPOs. The study could not find a correlation between the variables steering interest rate and changes in exchange rate for SEK/USD.