Vem skapar mest värde? : En studie om finansiell prestation vid börsnoteringar inom den svenska riskkapitalmarknaden

Detta är en Kandidat-uppsats från Södertörns högskola/Företagsekonomi; Södertörns högskola/Företagsekonomi

Sammanfattning: Purpose: This study aims to compare financial performance during and after an IPO on the Swedish stock exchange and how ownership and financial backing effects First-day Returns and Aftermarket performance. Theory: The study is based on five theories but focuses on First-day Returns and Aftermarket Performance. Method: This study will be based on a deductive approach and the sequential method mix Explanatory Sequential Mixed Method. The strategy means that the main quantitative method is supplemented by a qualitative element. Empirics: This study has analyzed 184 publicly listed companies between the years 2000-2018. The sample can be divided into 21 BO-backed companies, 34 VC-backed companies and 129 NS-backed companies. Conclusion: BO-backed companies are the subgroup that performs best and only to generate a positive return on the first day of trading. In the longer term, VC-backed companies are performing the best on the stock exchange despite the poor performance on the first day of trading. Signaling, syndication and networks are affected and judged on what is measured and when it is measured in financial performance after the IPO.

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