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This study aims to analyse whether PE-backed IPOs in the UK in a post-financial crisis period retain to show first day underpricing, as it is true for average IPOs. However, more importantly is to find whether consisent with Johannson (2011), who found that European PE-backed IPOs have less underpricing, 4.67% compared to 16.40% in case of average IPOs, in paricular PE-backed IPOs in the UK show less underpricing than their non-backed counterparts. In the past, that is found true for PE-backed IPOs on the LSE between 1992 and 2005, and PE-backed IPOs on the LSE and the Alternative Investment…mehr

Produktbeschreibung
This study aims to analyse whether PE-backed IPOs in the UK in a post-financial crisis period retain to show first day underpricing, as it is true for average IPOs. However, more importantly is to find whether consisent with Johannson (2011), who found that European PE-backed IPOs have less underpricing, 4.67% compared to 16.40% in case of average IPOs, in paricular PE-backed IPOs in the UK show less underpricing than their non-backed counterparts. In the past, that is found true for PE-backed IPOs on the LSE between 1992 and 2005, and PE-backed IPOs on the LSE and the Alternative Investment Market (AIM) between 2011 and 2011. Hence, the first research question is: Do PE-backed IPOs in the UK show less underpricing on the initial day than non-sponsor backed IPOs in a post-financial crisis period? And secondly, do PE-backed IPOs in the UK in the long-run outperform non-sponsor backed IPOs in post-financial crisis period? One rationale is to examine whether equity markets experienced structural changes which might potentially affect the performance of PE-backed IPOs, which were deemed as such with superior returns. From a practical perspective, this study aims to make a contribution to investors who consider investing in equities in that sense, that it allows to better understand the aftermarket performance of PE-backed IPOs in the UK in a period after a major global financial crisis.
Autorenporträt
Dustin Martin Brandt, M.Sc. wurde 1992 in Hamburg geboren. 2015 schloss er in Hamburg sein Bachelorstudium in Business Administration mit den Studienschwerpunkten Steuern und Unternehmensprüfung sowie Controlling ab. Im Rahmen seiner Abschlussarbeit beschäftigte sich der Autor ausgiebig mit den Auswirkungen der Zinsschranke nach
4h EStG und
8a KStG auf Leveraged Buyouts. Durch seine berufliche Tätigkeit im Corporate Finance, Leveraged Finance, in der Transaktionsberatung sowie im M&A entwickelte der Autor eine Leidenschaft für die Finanzwirtschaft. Im Rahmen seines M.Sc. Finance Studiums an dem Trinity College Dublin (Irland) legte der Autor seinen Fokus auf Private Equity und untersuchte im Rahmen seines Dissertationsprojektes die Renditen von Aktien neu gelisteter Unternehmen an der London Stock Exchange, die vor Börsengang im mehrheitlichen Eigentum von Private Equity Fonds waren. Das besondere Interesse lag vor allem mangels vergleichbarer Studien in der Untersuchung der Renditen anhand von Daten nach der letzten Finanzkrise. Privat beschäftigt sich der Autor leidenschaftlich mit asiatischen Kulturen, nachdem er 2015 an der Shandong Agricultural University (VR China) eine Lehrtätigkeit ausübte und an einem Austauschprogramm mit der Keio University in Tokyo (Japan) teilnahm.