Cycle on the Warsaw Stock Exchange and the level of underpricing of venture capital and private equity funds over 2000-2013
Journal Title: Zeszyty Naukowe Wyższej Szkoły Humanitas Zarządzanie - Year 2017, Vol 18, Issue 1
Abstract
Investments of venture capital and private equity funds are made in young fast growing companies whose founders are characterized by a lack of capital for their development. Fund investment cycle is assumed to follow the process of divestment after a period of rapid growth and dynamic growth of the company. One of the methods used willingly completion of the investment by the funds is to put the company on the stock exchange. It is quite a long and expensive process, however, that the valuation of the fund may obtain a public market is often the highest possible. The process has, however, affected by the condition of the public market and current trends in the market for initial public offering. This is also reflected in the so-called underpricing of the offer or the difference between the opening and closing of the first day of trading of the company. This article aims to analyze the impact of trends on the stock exchange on the level of underestimation of the value of the transaction IPO on the Warsaw Stock Exchange in the period 2000-2013.
Authors and Affiliations
Piotr Zasępa
Keywords
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- EP ID EP209788
- DOI 10.5604/01.3001.0010.2894
- Views 91
- Downloads 0
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