Att handla till underpris genererar vinst, men fo?r vem?
En studie av underprissatta bo?rsintroduktioner och a?garstruktur pa? Aktietorget
Risk-free profit sounds appealing. The opportunity to arbitrage exists. Investments in underpriced IPO:s can generate profit, but for whom?Previous studies have shown that underpricing is a common phenomenon. This study intends to investigate whether underpricing and the arbitrage opportunity exists on Aktietorget which is a smaller venue. We also intend to clarify if pricing can affect the ownership structure after the introduction. We have examined this problem with an initial focus, but even a year after each introduction.Our study is based on 73 IPO:s between 2007 and 2012 on Aktietorget. Through our analysis we found that underpricing and arbitrage existed during this time period. The study also shows no relationship between the IPO introductory price and institutional ownership after the introduction.