Initial Underpricing and Long-Run Aftermarket Performance of Private Equity Backed and Non-Sponsored IPOs - An Empirical Study on the Nordic Main Markets
This paper investigates differences in initial underpricing and long-run aftermarket performance between private equity-backed and non-sponsored IPOs on the Nordic main markets between 1998-2012. First-day returns are calculated to measure the initial underpricing, while a BHAR approach is used to investigate the long-run aftermarket performance. Using a sample of 227 IPOs (59 private-equity backe