W poszukiwaniu przyczyn długookresowej reakcji cenowej po dokonaniu emisji IPO

• Autorzy: Joanna Lizińska

Warianty tytułu

In Search of the Explanation of the Long Term IPO Performance

• Języki publikacji: PL

Abstrakty

Wiele badań z ostatnich lat poświęcono kwestii pomiaru długookresowej reakcji cenowej na dokonanie pierwotnych emisji akcji. Przeważająca ich część wskazuje na istnienie negatywnych stóp zwrotu, aczkolwiek rezultaty są silnie zróżnicowane. Przeprowadzone badania wyłaniają kilka możliwych przyczyn. Pierwsza z nich odwołuje się do teorii rozbieżności opinii i ma podłoże behawioralne. Odnosi się do tezy hot-market, problemu plasowania emisji w odpowiednim czasie oraz zagadnienia kreowania kondycji spółki na bardziej korzystną. Długoterminową reakcję można wyjaśnić również na gruncie teorii sygnałów. Wówczas underpricing jest swego rodzaju dyskontem oferowanym w celu sygnalizowania wartości spółki, a mniejsze wpływy podczas IPO są rekompensowane podczas kolejnych emisji. W trzecim nurcie badań negatywna reakcja postrzegana jest jako błąd pomiaru wynikający z niedostatków warsztatu statystycznego wykorzystywanego do oceny konsekwencji działań przedsiębiorstw. Ostateczne rozwiązanie problemu długoterminowej reakcji na dokonanie IPO wymaga kompleksowych badań empirycznych. (abstrakt oryginalny)

EN

Many empirical studies in recent years have tried to evaluate the effect of initial equity issues on the long-run price behavior. The vast number of research results suggests the existence of long-term underperformance after IPO, although the results are very differentiated. The research shows that the possible explanations of the underperformance are mixed. One of them is based on the divergence of opinion hypothesis and concerns behavioral explanations. It relates to the hot market thesis, the market-timing thesis or window-dressing problem. Next, the signaling hypothesis aims to explain the long-term returns. Underpricing is viewed as a discount that is offered in order to signal the company value and the firm will recoup this loss during seasoned offering. Finally, the negative reaction after IPO can be seen as a mistake during the evaluation process which is in line with many statistical questions that have been pointed out so far. The final answer to the problem of the long-term market reaction after IPO requires comprehensive empirical studies. (original abstract)

Słowa kluczowe

PL

Pierwsza oferta publiczna; Akcje; Rynek kapitałowy

EN

Initial Public Offering (IPO); Shares; Capital market

• Czasopismo: Zarządzanie i Finanse
• Rocznik: 2013
• Numer: R. 11, nr 2, cz. 2
• Strony: 227--239

Twórcy

autor

Joanna Lizińska

• Uniwersytet Ekonomiczny w Poznaniu

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