Allocation of shares to foreign and domestic investors: Firm and ownership characteristics in Swedish IPOs |
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Institution: | 1. Goodman School of Business, Department of Finance, Operation and Information Systems, Brock University, Canada;2. College of Economics and Political Science, Department of Economics and Finance, Sultan Qaboos University, Oman |
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Abstract: | In this article, we analyze underpricing of initial public offerings (IPOs) and holdings following offerings in Sweden. By exploiting a unique hand-collected data set with information on the ultimate holdings by institutional and individual investors, as well as boards of directors, we find, as most prior studies, that IPOs on average are underpriced. IPOs with low (high) initial return have higher (lower) holdings by individual investors. Institutional investors are, to a greater extent than individual investors, also able to identify underpriced firms. |
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Keywords: | Finance IPO Foreign investors Allocation Underpricing Breadth of ownership |
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