Niedoszacowanie ceny emisyjnej obligacji na rynku Catalyst

• Autorzy: Adam Zaremba

Warianty tytułu

Underpricing of Initial Bond Offerings: Evidence from the Catalyst Market

• Języki publikacji: PL

Abstrakty

Anomalie związane z debiutami obligacji korporacyjnych są względnie słabo rozpoznanym obszarem w literaturze naukowej, któremu poświęcono wyraźnie mniejszą uwagę niż IPO na rynkach akcji. Nieliczne badania dotyczące rynku amerykańskiego sugerują występowanie niedoszacowania ceny emisyjnej obligacji przedsiębiorstw. Niniejszy artykuł jest bodaj pierwszą próbą zweryfikowania, czy podobne zjawisko występuje również w Polsce, a także odpowiedzi na pytanie, jakie czynniki wpływają na jego kształtowanie. Badanie wykorzystuje narzędzia analizy zdarzeń oraz regresji. Obliczenia oparte zostały na wyselekcjonowanej próbie 142 polskich papierów komercyjnych emitowanych w okresie maj 2010-sierpień 2013. Przeprowadzone obliczenia pozwoliły potwierdzić występowanie na rynku polskim efektu niedoszacowania ceny emisyjnej dłużnych papierów korporacyjnych. Niemniej wskazanie czynników, które decydują o skali niedoszacowania, okazało się niemożliwe.(abstrakt oryginalny)

EN

The aim of this paper is to investigate the undepricing phenomenon of newly issued corporate bonds in the Polish market and its determinants. The study is composed of three parts. The study is based on a filtered sample of 142 corporate bonds issued between March 2010 and August 2013 and listed in Poland. The paper ends with conclusions and suggestions for further research. The study makes two crucial contributions to the relatively modest literature on initial bond offering mispricing: it attempts to verify whether the IBO mispricing is present also in the emerging markets and it tries to identify which factors influence the size of the mispricing.The performed analysis allows to confirm the existence of the uderpricing effect of newly issued bonds in the Polish market. However, it is not possible to indicate any specific factors which have particularly influenced the size of the underpricing.(original abstract)

Słowa kluczowe

PL

Obligacje; Pierwsza oferta publiczna; Efektywność rynku; Emisja obligacji; Niedoszacowanie cen akcji

EN

Bonds; Initial Public Offering (IPO); Market effectiveness; Bonds issuing; Underpricing

• Czasopismo: Nauki o Finansach / Uniwersytet Ekonomiczny we Wrocławiu
• Rocznik: 2014
• Numer: nr 3 (20)
• Strony: 140--151

Twórcy

autor

Adam Zaremba

• Uniwersytet Ekonomiczny w Poznaniu

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Identyfikatory

DOI

10.15611/nof.2014.3.08