IPO UNDERPRICING AND FINANCIAL ANALYSTS’ FORECAST ACCURACY IN POLAND
We review the theory and evidence on IPO activity and underpricing focusing on the Warsaw Stock Exchange and confirm that many IPO phenomena in Poland are not stationary. Focusing on the behavioural reasons for underpricing, we investigate the accuracy of analysts’ valuations made prior to initial p...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
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Lodz University Press
2015-02-01
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| Series: | Acta Universitatis Lodziensis. Folia Oeconomica |
| Subjects: | |
| Online Access: | https://czasopisma.uni.lodz.pl/foe/article/view/360 |
| _version_ | 1819051046321782784 |
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| author | Przemysław Pomykalski Maciej Domagalski |
| author_facet | Przemysław Pomykalski Maciej Domagalski |
| author_sort | Przemysław Pomykalski |
| collection | DOAJ |
| description | We review the theory and evidence on IPO activity and underpricing focusing on the Warsaw Stock Exchange and confirm that many IPO phenomena in Poland are not stationary. Focusing on the behavioural reasons for underpricing, we investigate the accuracy of analysts’ valuations made prior to initial public offerings. Using a unique set of data, we find a disappointing lack of accuracy, not only in the results of valuations but also in the underlying forecasts of revenues. |
| first_indexed | 2024-12-21T11:57:43Z |
| format | Article |
| id | doaj.art-af5759b51f8046f89a4676a26d1b1d4b |
| institution | Directory Open Access Journal |
| issn | 0208-6018 2353-7663 |
| language | English |
| last_indexed | 2024-12-21T11:57:43Z |
| publishDate | 2015-02-01 |
| publisher | Lodz University Press |
| record_format | Article |
| series | Acta Universitatis Lodziensis. Folia Oeconomica |
| spelling | doaj.art-af5759b51f8046f89a4676a26d1b1d4b2022-12-21T19:04:54ZengLodz University PressActa Universitatis Lodziensis. Folia Oeconomica0208-60182353-76632015-02-011310233IPO UNDERPRICING AND FINANCIAL ANALYSTS’ FORECAST ACCURACY IN POLANDPrzemysław Pomykalski0Maciej Domagalski1PhD, Adjunct, Lodz University of Technology, Faculty of Organization and ManagementMSc, Lodz University of TechnologyWe review the theory and evidence on IPO activity and underpricing focusing on the Warsaw Stock Exchange and confirm that many IPO phenomena in Poland are not stationary. Focusing on the behavioural reasons for underpricing, we investigate the accuracy of analysts’ valuations made prior to initial public offerings. Using a unique set of data, we find a disappointing lack of accuracy, not only in the results of valuations but also in the underlying forecasts of revenues.https://czasopisma.uni.lodz.pl/foe/article/view/360IPO, underpricing, Poland, behavioural finance |
| spellingShingle | Przemysław Pomykalski Maciej Domagalski IPO UNDERPRICING AND FINANCIAL ANALYSTS’ FORECAST ACCURACY IN POLAND Acta Universitatis Lodziensis. Folia Oeconomica IPO, underpricing, Poland, behavioural finance |
| title | IPO UNDERPRICING AND FINANCIAL ANALYSTS’ FORECAST ACCURACY IN POLAND |
| title_full | IPO UNDERPRICING AND FINANCIAL ANALYSTS’ FORECAST ACCURACY IN POLAND |
| title_fullStr | IPO UNDERPRICING AND FINANCIAL ANALYSTS’ FORECAST ACCURACY IN POLAND |
| title_full_unstemmed | IPO UNDERPRICING AND FINANCIAL ANALYSTS’ FORECAST ACCURACY IN POLAND |
| title_short | IPO UNDERPRICING AND FINANCIAL ANALYSTS’ FORECAST ACCURACY IN POLAND |
| title_sort | ipo underpricing and financial analysts forecast accuracy in poland |
| topic | IPO, underpricing, Poland, behavioural finance |
| url | https://czasopisma.uni.lodz.pl/foe/article/view/360 |
| work_keys_str_mv | AT przemysławpomykalski ipounderpricingandfinancialanalystsforecastaccuracyinpoland AT maciejdomagalski ipounderpricingandfinancialanalystsforecastaccuracyinpoland |