Børsintroduktioner i Danmark: En undersøgelse af underprissætning og hvordan dette kan bruges til at foretage profitable investeringer
Oversat titel
Initial Public Offerings in Denmark: A study of underpricing and how this can be used to make profitable investments.
Forfattere
Skaftved, Jeppe ; Kjær, Emil Bach
Semester
4. semester
Uddannelse
Udgivelsesår
2021
Afleveret
2021-05-19
Antal sider
65
Resumé
Afhandlingen undersøger det danske marked for børsintroduktioner (IPO’er) i 2005–2021 og giver praktiske indsigter til kortsigtede investeringer. Med udgangspunkt i 72 noteringer på Nasdaq Copenhagen og First North Denmark testes seks hypoteser om to velkendte IPO-anomalier: underprissætning og 'hot issue'-markeder. Fire hypoteser, forankret i teorier om asymmetrisk information, vurderer om selskabets alder, branche og markedsværdi påvirker graden af underprissætning; to hypoteser tester om markedsstemningen ('hot issue') – herunder under corona-pandemien – hænger sammen med underprissætning. Metodisk anvendes deskriptiv analyse og simple lineære regressioner. Resultaterne viser, at 25,2 % af de analyserede IPO’er var underprissat i perioden, men der findes ingen signifikante lineære sammenhænge mellem underprissætning og alder, branche eller markedsværdi, hvilket afviger fra flere tidligere studier. Derimod er der en statistisk signifikant sammenhæng mellem 'hot issue'-perioder og højere underprissætning, og niveauet var usædvanligt højt under corona-pandemien. Studiet kan derfor bruges som rettesnor for timing af IPO-investeringer, men giver ikke sikre kriterier på selskabsniveau til at udvælge de mest profitable noteringer.
This thesis examines the Danish IPO market from 2005 to 2021 and offers practical insights for short-term IPO investing. Using 72 listings from Nasdaq Copenhagen and First North Denmark, it tests six hypotheses around two well-known IPO anomalies: underpricing and hot-issue markets. Four hypotheses, grounded in asymmetric information theories, assess whether firm age, industry, and market value influence the degree of underpricing; two test whether market conditions (hot-issue periods)—including during the COVID-19 pandemic—are associated with underpricing. The study applies descriptive analysis and simple linear regressions. Results show that 25.2% of the IPOs were underpriced over the period, but there is no significant linear relationship between underpricing and age, industry, or market value, in contrast to several prior studies. By contrast, there is a statistically significant association between hot-issue periods and higher underpricing, with an unusually high level during the pandemic. The findings provide guidance on when investors might concentrate IPO investments, while not identifying clear firm-level characteristics to reliably pick the most profitable offerings.
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