Underpricing of Private Equity Backed Initial Public Offerings on London Stock Exchange PDF
By:Sascha Pawlik,Stefan Morkötter
Published on 2011 by
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In dieser Arbeit untersuche ich das Underpricing von Private Equity backed (d.h. Buyout backed) IPOs anhand von 65 Private Equity backed IPOs und einer Kontrollgruppe von 65 Nicht-Private Equity backed IPOs, welche zwischen Januar 2000 und August 2010 an der Londoner Börse stattgefunden haben. Im Zentrum steht dabei die Überprüfung der Private Equity Zertifizierungshypothese, wonach IPO Investoren bei Private Equity backed IPOs weniger Underpricing der IPO Aktien verlangen als bei Nicht-Private Equity backed IPOs, weil Private Equity Firmen den Unternehmenswert ihrer Portfoliounternehmen beim IPO zertifizieren. Multiple Regressionsanalysen ergeben, dass Private Equity backed IPOs im Durchschnitt 3.4 Prozentpunkte weniger Underpricing aufweisen als Nicht-Private Equity backed IPOs. Ich interpretiere dieses Ergebnis als Unterstützung der Private Equity Zertifizierungshypothese. Darüber hinaus widerlegen jedoch die empirischen Resultate weitere Hypothesen, wonach die Private Equity Zertifizierung durch die Reputation oder das Investitionsverhalten der in einem Konsortium führenden Private Equity Firma zusätzlich verstärkt werden soll.
This Book was ranked at 37 by Google Books for keyword Private Equity.
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