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Allocation of shares to foreign and domestic investors: Firm and ownership characteristics in Swedish IPOs

Martin Abrahamson and Adri De Ridder

Research in International Business and Finance, 2015, vol. 34, issue C, 52-65

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.

Keywords: Finance; IPO; Foreign investors; Allocation; Underpricing; Breadth of ownership (search for similar items in EconPapers)
Date: 2015
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