<abstract xmlns="http://www.w3.org/1999/xhtml"><p> We examine the initial public offering (IPO) underpricing phenomenon in Poland using data from the Warsaw Stock Exchange (the main market). In the article we survey historical average IPO underpricing in Europe and outside Europe. We discuss the determinants of the IPO underpricing which is based on asymmetry of information, ownership and control, institutional explanations and behavioural explanations. We discuss the calendar effect and we examine the influence of the January effect on the IPO underpricing. On the Warsaw Stock Exchange in 2005-2011, the IPO underpricing was bigger for companies that debuted in January than for companies that debuted in other months. The empirical results are not statistically significant.</p></abstract>

We examine the initial public offering (IPO) underpricing phenomenon in Poland using data from the Warsaw Stock Exchange (the main market). In the article we survey historical average IPO underpricing in Europe and outside Europe. We discuss the determinants of the IPO underpricing which is based on asymmetry of information, ownership and control, institutional explanations and behavioural explanations. We discuss the calendar effect and we examine the influence of the January effect on the IPO underpricing. On the Warsaw Stock Exchange in 2005-2011, the IPO underpricing was bigger for companies that debuted in January than for companies that debuted in other months. The empirical results are not statistically significant.

The impact of the january effect on the IPO underpricing in Poland

Szczecin University Faculty of Economics and Management Mickiewicza 64, 71-101 Szczecin, Poland

Folia Oeconomica Stetinensia

{"article-title":"The impact of the january effect on the IPO underpricing in Poland"}

We examine the initial public offering (IPO) underpricing phenomenon in Poland using data from the Warsaw Stock Exchange (the main market). In the article we...

The impact of the january effect on the IPO underpricing in Poland

Publicado en línea: 25 mar 2014

Páginas: 121 - 135

DOI: https://doi.org/10.2478/foli-2013-0010

This content is open access.