En investerares ridperspektiv på nyintroduktioner - En studie om placeringshorisont på svenska marknadsplatser

Detta är en Kandidat-uppsats från Lunds universitet/Företagsekonomiska institutionen

Sammanfattning: Title: An investor’s time perspective on IPOs - A study of investment horizons on Swedish stock markets Seminar date: 2016-06-02 Course: FEKH89, Degree Project Undergraduate level, Business Administration, 15 ECTS Authors: Fredrika Bengtsson, Victor Billing, Lovisa Falkenberg, Ludwig Övald Appelblad Advisor: Tore Eriksson Key words: IPO, Investment horizon, Market place, Industry affiliation, Age Purpose: The purpose of this study is to examine if there exists a better or worse investment horizon regarding IPO’s at Nasdaq OMX Stockholm, NGM Equity, AktieTorget and First North over the period 2005 to April 2013. The study intends to examine how the investment horizon is affected by industry, market place and the age of a company at the time of the IPO. Methodology: The study is using a deductive approach and will primarily be using a quantitative methodology, which will be supplemented with a qualitative part. To analyze the quantitative data, Students t-test will be used. The qualitative information is gathered through interviews. Theoretical perspectives: This study is primarily based on previous international research and studies about the market climate, IPOs, investment horizon, the company’s age, industry affiliation and information asymmetry. In addition, scientific articles and theories within Finance. Empirical foundation: The empirical material is based on quantitative collection and processing of historical stock data. The study is supplemented by a qualitative part that consist of interviews. Conclusions: The study found evidence that there is a better investment horizon in the short run on the smaller markets, where the best return rate was during the first day of trading. For Nasdaq OMX Stockholm a longer investment horizon seems to be preferable. Neither age nor industry can give indications about the investment horizon, since they individually are not of enough importance for a stock’s performance.

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