Where is the missing value? Evidence from the game industry IPOs underpricing in Poland
The underpricing phenomenon on financial markets has long been the research subject in many financial areas – from neoclassical to behavioral finance. Once confirmed as a persistent pattern, it has begun an ongoing discussion as to its possible causes. Our study examined the phenomenon of IPO underp...
| Main Authors: | , , , |
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| Format: | Article |
| Language: | English |
| Published: |
Sciendo
2022-12-01
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| Series: | International Journal of Management and Economics |
| Subjects: | |
| Online Access: | https://doi.org/10.2478/ijme-2022-0024 |
| _version_ | 1827998197518172160 |
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| author | Śliwiński Paweł Ablewski Szymon Gemra Kamil Łukowski Michał |
| author_facet | Śliwiński Paweł Ablewski Szymon Gemra Kamil Łukowski Michał |
| author_sort | Śliwiński Paweł |
| collection | DOAJ |
| description | The underpricing phenomenon on financial markets has long been the research subject in many financial areas – from neoclassical to behavioral finance. Once confirmed as a persistent pattern, it has begun an ongoing discussion as to its possible causes. Our study examined the phenomenon of IPO underpricing for companies from the game sector in Poland from 2016 to 2020. Many IPOs in Poland have attracted both international companies and investors, making the Warsaw Stock Exchange a kind of financial hub for game companies. Analyzing the whole IPO market in Poland, we however found substantial IPO underpricing, which is statistically higher in the game sector than in the no-game group of debuting companies. Our research argues that the issuer's industry may influence the size of the IPO's first-day return. We also noticed that the way the IPO was carried out influenced the underpricing. Greater underpricing characterized private offers compared to public offers. |
| first_indexed | 2024-04-10T05:39:59Z |
| format | Article |
| id | doaj.art-766d98059c0149c0b72da2750c97e041 |
| institution | Directory Open Access Journal |
| issn | 2543-5361 |
| language | English |
| last_indexed | 2024-04-10T05:39:59Z |
| publishDate | 2022-12-01 |
| publisher | Sciendo |
| record_format | Article |
| series | International Journal of Management and Economics |
| spelling | doaj.art-766d98059c0149c0b72da2750c97e0412023-03-06T10:29:55ZengSciendoInternational Journal of Management and Economics2543-53612022-12-0158433535010.2478/ijme-2022-0024Where is the missing value? Evidence from the game industry IPOs underpricing in PolandŚliwiński Paweł0Ablewski Szymon1Gemra Kamil2Łukowski Michał3Institute of International Economy, Poznań University of Economics and Business, Poznan, PolandKozminski University, Warsaw, PolandCollegium of Business Administration, SGH Warsaw School of Economics, Warsaw, PolandInstitute of Finance, Poznań University of Economics and Business, Poznan, PolandThe underpricing phenomenon on financial markets has long been the research subject in many financial areas – from neoclassical to behavioral finance. Once confirmed as a persistent pattern, it has begun an ongoing discussion as to its possible causes. Our study examined the phenomenon of IPO underpricing for companies from the game sector in Poland from 2016 to 2020. Many IPOs in Poland have attracted both international companies and investors, making the Warsaw Stock Exchange a kind of financial hub for game companies. Analyzing the whole IPO market in Poland, we however found substantial IPO underpricing, which is statistically higher in the game sector than in the no-game group of debuting companies. Our research argues that the issuer's industry may influence the size of the IPO's first-day return. We also noticed that the way the IPO was carried out influenced the underpricing. Greater underpricing characterized private offers compared to public offers.https://doi.org/10.2478/ijme-2022-0024behavioral biasesgame industryipo underpricingg41g11g12 |
| spellingShingle | Śliwiński Paweł Ablewski Szymon Gemra Kamil Łukowski Michał Where is the missing value? Evidence from the game industry IPOs underpricing in Poland International Journal of Management and Economics behavioral biases game industry ipo underpricing g41 g11 g12 |
| title | Where is the missing value? Evidence from the game industry IPOs underpricing in Poland |
| title_full | Where is the missing value? Evidence from the game industry IPOs underpricing in Poland |
| title_fullStr | Where is the missing value? Evidence from the game industry IPOs underpricing in Poland |
| title_full_unstemmed | Where is the missing value? Evidence from the game industry IPOs underpricing in Poland |
| title_short | Where is the missing value? Evidence from the game industry IPOs underpricing in Poland |
| title_sort | where is the missing value evidence from the game industry ipos underpricing in poland |
| topic | behavioral biases game industry ipo underpricing g41 g11 g12 |
| url | https://doi.org/10.2478/ijme-2022-0024 |
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