Underprissättning av Börsnoteringar utifrån Piotroski F-Score - Fundamental Aktieanalys av Stockholmsbörsens Nykomlingar

Sammanfattning: This thesis investigates the potential correlation between the financial position of firms, in terms of Piotroski F-Score, and the degree of underpricing at the date of their initial public offering (IPO). The sample studied is based on IPOs listed at the Stockholm Stock Exchange during the period of 2009-2019. By first categorizing the sample into three subgroups on the basis of F-Score, we investigate the association between F-Score and underpricing. The regression results in the finding of a positive correlation between high F-Score and underpricing, indicating that financially stronger firms tend to be underpriced to a greater extent than financially weaker firms. The thesis contributes by complementing current studies on IPO underpricing as well as by providing local investors with a method aimed to predict the degree of underpricing for IPOs.