7. Slutsatser och implikationer
7.2 Implikationer och förslag till vidare studier
Tidigare forskning har visat flera förklaringar till olika delar av underprissättningspusslet. I studien har övergripande mått på de institutionella faktorerna använts för att jämföra hur dessa påverkar underprissättningsnivån mellan länder. Valet att studera flera länder och flera institutionella faktorer medför däremot vissa begränsningar i studiens detaljgrad. Att på en mer detaljerad nivå studera enskilda institutionella faktorer eller de börsnoterade bolagens prospekt och därigenom kunna inkludera mer specifika faktorer kring företags- och metodspecifika karaktärsdrag hade kunnat bidra till en mer tillförlitlig studie.
Song et al. (2014) menar att första dagens avkastning kan hänföras till såväl felsatta teckningskurser som felvärderingar på sekundärmarknaden. Att jämföra om och hur de institutionella miljöerna påverkar dessa två olika faktorer på en mer detaljerad nivå hade varit intressant för vidare forskning. En sådan studie hade också kunnat ge mer klarhet i varför problemen med underprissättning ser olika ut i olika länder. Det hade däremot krävt att avgöra de börsnoterade bolagens inneboende värde, vilket innebär flera svåra avvägningar.
I flertalet länder är första handelsdagens avkastning reglerad (Ljungqvist, 2006), varav denna studie skulle kunna utvidgas genom att mäta avkastningen på längre sikt. I studien uteslöts vissa länder på grund av detta i urvalet. Dessutom skulle man kunna studera huruvida de skilda institutionella miljöerna hade kunnat påverka avkastningen dagarna efter introduktionen, vilket hade varit en utvidgning av Ritters (1991) undersökning om börsnoterade bolags långsiktiga avkastning på aktiemarknaden.
Yoshikawa och Rasheed (2009) menar bland annat att nationers och företags särdrag minskar på grund av sökandet efter de effektivaste metoderna, avregleringar, integration på finansmarknaderna samt harmonisering av redovisningsstandarder. Detta är även något som speglas i börsintroduktionsprocesser världen över, vilka har blivit allt mer homogena enligt Ljungqvist (2006). Att mer jämlika formella institutioner skulle ha bidragit till mer effektiva börsintroduktionsmarknader är dock inget som Chambers och Dimson (2009) ser i sin studie.
Att studera huruvida det föreligger en konvergerande relation mellan såväl formella som informella institutionella faktorer och hur detta i sin tur påverkar nivån av underprissättning världen över hade varit en möjlig fördjupning inom området.
De institutionella faktorerna kan vara svåra att precisera och mäta, vilket framförallt gäller för de informella institutionsmåtten som innehåller betydande subjektiva detaljer. Detta får betydelse för kopplingen mellan de olika teoretiska antagandena och vad måtten faktiskt mäter. Då man inte ser några direkta teoretiska kopplingar mellan faktorerna och underprissättningsfenomenet så påverkar detta även studiens analys och slutsatser av orsakssambandet. Studiens syfte att besvara hur skillnader i institutionella faktorer påverkar underprissättningsnivån kan därmed inte fullständigt kartläggas. Istället kan det enbart resoneras för olika direkta eller indirekta orsakssamband till underprissättningen, vars koppling kan anses vara än mer oklar för de informella institutionella faktorernas inverkan på underprissättningsnivån.
Därtill finns det och kommer troligtvis att utvecklas fler institutionella förklaringsvariabler förutom de som denna studie har använt från WGI, GCI och GLOBE Study. Det finns sålunda flera intressanta forskningsfrågor kring underprissättningsfenomenet som fortfarande är obesvarade. Att studera fler formella och informella institutionella faktorer och hur de integrerar med varandra hade kunnat ge djupare information kring vad som påverkar underprissättningsnivån och därmed ge ytterligare förklaring till underprissättningspusslet.
Referenslista
Abrahamson, M., & De Ridder, A. (2015). Allocation of shares to foreign and domestic investors: Firm and ownership characteristics in Swedish IPOs, Research in International Business and Finance, 34: 52-65.
Adams, M., Thornton, B., & Hall, G. (2008). IPO Pricing Phenomena: Empirical Evidence Of Behavioral Biases, Journal of Business & Economics Research, 6(4): 67-74.
Aggarwal, R. (2000). Stabilization Activities by Underwriters after Initial Public Offerings, The Journal of Finance, 55(3): 105-1103.
Akerlof, G. (1970). The Market for “Lemons”: Quality Uncertainty and the Market Mechanism, The Quarterly Journal of Economics, 84(3): 488-500.
Alanazi, A., & Al-Zoubi, H. (2015). Extreme IPO underpricing and the legal environment in wealthy emerging economies, Journal of Multinational Financial Management, 31: 83-103.
Álvarez, S. (2015). Pricing IPOs: An Approach for Spanish Firms, Journal of Finance and Bank Management, 3(1): 60-76.
Asquith, D., Jones, J., & Kieschnick, R. (1998). Evidence on Price Stabilization and Underpricing in Early IPO Returns, The Journal of Finance, 53(5): 1759-1773.
Banerjee, S., Dai, L., & Shrestha, K. (2011). Cross-country IPOs: What explains differences in underpricing? Journal of Corporate Finance, 17: 1289-1305.
Baron, D. (1982). A model of the demand for investment banking advising and distribution services for new issues, Journal of Finance, 37: 955-976.
Beatty, R., & Ritter, J. (1986). Investment banking, reputation, and the underpricing of initial public offerings, Journal of Financial Economics, 15: 213-232.
Bell, R., Moore, C., & Filatotchev, I. (2012). Strategic and institutional effects on foreign IPO performance: Examining the impact of country of origin, corporate governance, and host country effects, Journal of Business Venturing, 27: 197-216.
Bigelow, L., Lundmark, L., McLean Parks, J., & Wuebker, R. (2012). Skirting the Issues:
Experimental Evidence of Gender Bias in IPO Prospectus Evaluations, Journal of
Bock, C., & Schmidt, M. (2015). Should I stay, or should I go? – How fund dynamics influence venture capital exit decisions, Review of Financial Economics, 27: 68-82.
Boulton, T., Smart, S., & Zutter, C. (2010). IPO Underpricing and International Corporate Governance, Journal of International Business Studies, 41: 206-222.
Brau, J., & Fawcett, S. (2006). Initial public offerings: An analysis of theory and practice, Journal of Finance, 61(1): 399-436.
Brealey, R., Myers, S., & Allen F. (2013). Principles of Corporate Finance. New York:
McGraw-Hill Education.
Brennan, M., & Franks, J. (1997). Underpricing, ownership and control in initial public offerings of equity securities in the UK, Journal of Financial Economics, 45(3): 391-413.
Bryman, A., & Bell, E. (2011). Företagsekonomiska forskningsmetoder. Malmö: Liber AB.
Byrnes, J., Miller, D., & Schafer, W. (1999). Gender differences in risk taking: a meta-analysis, Psychological Bulletin, 125: 367-383.
Cabrelli, D., & Siems, M. (2015). Convergence, Legal Origins, and Transplants in
Comparative Corporate Law: A Case-Based and Quantitative Analysis, American Journal of Comparative Law, 63:109-153.
Carter, R., & Manaster, S. (1990). Initial Public Offerings and Underwriter Reputation, The Journal of Finance, 45(4): 1045-1067.
Certo, T., Holmes, M., & Holcomb, T. (2007). The influence of people on the performance of IPO firms, Business Horizons, 50(4): 271-276.
Chambers, D., & Dimson, E. (2009). IPO Underpricing over the Very Long Run, Journal of Finance, 64(3): 1407-1443.
Chin, C-L., Lee, P., Kleinman, G., & Chen, P-Y. (2006). IPO anomalies and innovation capital, Review of Quantitative Finance & Accounting, 27(1): 67-91.
Costa, B., Crawford, A., & Jakob, K. (2013). Does culture influence IPO underpricing?
Journal of Multinational Financial Management, 23: 113-123.
Díez-Medrano, J. (2016). Interpersonal trust, ASEP/JDS Data Bank,
http://www.jdsurvey.net/jds/jdsurveyMaps.jsp?Idioma=I&SeccionTexto=04&NOID=104 [2016-03-18].
Djankov, S., La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (2008). The law and economics of self-dealing, Journal of Financial Economics, 88(3): 430-465.
Dyck, A., & Zingales, L. (2004). Private benefits of control: An international comparison, Journal of Finance, 59(2): 537-600.
Engelen, P., & van Essen, M. (2010). Underpricing of IPOs: Firm-, issue- and country-specific characteristics, Journal of Banking & Finance, 34: 1958-1969.
van Essen, M. (2011). An Institution-Based View of Ownership, Rotterdam: Erasmus Research Institute of Management.
Fama, E. (1970). Efficient Capital Markets: A Review of Theory and Empirical Work, Journal of Finance, 25(2): 383-417.
Fink, J. (2011). LinkedIn IPO Skyrockets: Huge Success or Shareholder Ripoff?
Investingdaily, http://www.investingdaily.com/11268/linkedin-ipo-skyrockets-huge-success-or-shareholder-ripoff/, 2011-05-20 [2016-02-14].
Foley, F., & Greenwood, R. (2010). The Evolution of Corporate Ownership after IPO: The Impact of Investor Protection, The Review of Financial Studies, 23(3): 1231-1260.
Wai, F. (2013). The initial performance of Malaysian IPOs during the financial crisis:
evidence from global financial crisis of 2008, Petaling Jaya: Universiti Tunku Abdul Rahman.
Garfinkle, N., Malkiel, B., & Bontas, C. (2002). Effect of Underpricing and Lock-Up Provisions in IPOs, Journal of Portfolio Management, 28(3): 50-58.
Globerman, S., & Shapiro, D. (2003). Governance infrastructure and US foreign direct investment, Journal of International Business Studies, 34(1): 19-39.
Guiso, L., Sapienza, P., & Zingales, L. (2008). Trusting the Stock Market, Journal of Finance, 63(6): 2557-2600.
Gujarati, D., & Porter, D. (2009). Basic Econometrics, International Edition, Fifth Edition, New York: McGraw-Hill Education.
Guo, R-J., Lev, B., & Shi, C. (2006). Explaining the Short- and Long-Term IPO Anomalies in the US by R&D, Journal of Business Finance & Accounting, 33(3-4): 550-579.
Habib, M., & Ljungqvist, A. (2001). Underpricing and Entrepreneurial Wealth Losses in IPOs: Theory and Evidence, The Review of Financial Studies, 14(2): 433-458.
Hayes, A., & Cai, L. (2007). Using heteroskedasticity-consistent standard error estimators in OLS regression: An introduction and software implementation, Behavior Research Methods, 39(4): 709-722.
Hearn, B. (2013). The institutional determinants of IPO firm prospectus length in a
developing context: A research note, Research in International Business and Finance, 27: 52- 65.
van Heerden, G., & Alagidede, P. (2012). Short run underpricing of initial public offerings (IPOs) in the Johannesburg Stock Exchange (JSE), Review of Development Finance, 2: 130-138.
Heeley, M., Matusik, S., & Jain, N. (2007). Innovation, Appropriability, and the Underpricing of Initial Public Offerings, Academy of Management Journal, 50(1): 209-225.
Hofstede, G. (2001). Culture’s consequences: Comparing values, behaviors, institutions, and organizations across nations (2nd ed.), Thousand Oaks, CA: Sage Publications.
Hofstede, G. (2016). http://www.geerthofstede.nl/ [2016-02-01], data från:
www.harzing.com/download/hgindices.xls [2016-02-01].
Hopp, C., & Dreher, A. (2013). Do differences in institutional and legal environments explain cross-country variations in IPO underpricing? Applied Economics, 45(4): 435-454.
House, R., Hanges, P., Javidan, M., Dorfman, P., & Gupta, V. (2004). Culture, Leadership, and Organizations: The GLOBE Study of 62 Societies, Thousand Oaks, CA: Sage
Publications. Data från: www.harzing.com/download/hgindices.xls [2016-02-01].
Ibbotson, R. (1975). Price performance of common stock new issues, Journal of Financial Economics, 2: 235-272.
Ibbotson, R., & Jaffe, J. (1975). “Hot issue” markets, Journal of Finance, 30: 1027-1042.
IndexMundi (2016). http://www.indexmundi.com/ [2016-03-17].
Jenkinson, T., & Ljungqvist, A. (2001). Going Public: The Theory and Evidence on How Companies Raise Equity Finance (2nd ed.), Oxford: Oxford University Press.
Johnson, S., McMillan, J., & Woodruff, C. (2002). Property Rights and Finance, The American Economic Review, 92(5): 1335-1356.
Kaufmann, D., Kraay, A., & Mastruzzi, M. (2010). The Worldwide Governance Indicators:
Methodology and Analytical Issues, Policy Research Working Paper 5430, www.govindicators.org [2016-02-20].
Koch, C., Nilsson, O., & Eriksson, K. (2012). Does shareholder protection affect the performance of analysts as a gatekeeper? Journal of Management & Governance, 1-31.
La Porta, R., Lopez-De-Silanes F., Sheifer, A., & Vishny, R. (1998). Law and Finance, Journal of Political Economy, 106(6): 1113-1155.
La Porta, R., Lopez-De-Silanes F., & Sheifer, A. (2006). What Works in Securities Laws?
The Journal of Finance, 61(1): 1-32.
Lewellyn, K., & Bao, S. (2014). A cross-national investigation of IPO activity: The role of formal institutions and national culture, International Business Review, 23: 1167-1178.
Ljungqvist, A. (2006). IPO underpricing, i Eckbo, B. (red.) Handbook of Empirical Corporate Finance, New Hampshire: 375-418.
Ljungqvist, A., Nanda, V., & Singh, R. (2006). Hot Markets, Investor Sentiment, and IPO Pricing, The Journal of Business, 79(4): 1667-1702.
Logue, D. (1973). Premia on unseasoned equity issues, 1965–69, Journal of Economics and Business, 25: 133-141.
Loughran, T., & Ritter, J. (2002). Why Don’t Issuers Get Upset About Leaving Money on the Table in IPOs? The Review of Financial Studies, 15(2): 413-443.
Loughran, T., & Ritter, J. (2004). Why has IPO underpricing changed over time? Financial Management, 33(3): 5-37.
Loughran, T., Ritter, J., & Rydqvist, K. (1994 & 2015). Initial public offerings: International insights, Pacific Basin Journal, 2(2-3): 165-199.
Ng, A., Ibrahim, M., & Mirakhor, A. (2015). Ethical behavior and trustworthiness in the stock market-growth nexus, Research in International Business and Finance, 33: 44-58.
North, D. (1990). Institutions, Institutional Change and Economic Performance, Cambridge:
Cambridge University Press.
Olsen, R., & Cox, C. (2001). The Influence of Gender on the Perception and Response to Investment Risk: The Case of Professional Investors, The Journal of Psychology and Financial Markets, 2(1): 29-36.
Pagano, M., & Volpin, P. (2001). The Political Economy of Finance, Oxford Review of Economic Policy, 17(4): 502-519.
Peng, M.W. (2003). Institutional transitions and strategic choices, The Academy of management Review, 28(2): 275-296.
Pukthuanthong-Le, K., & Walker, T. (2008). Family Control, Underwriter Prestige, and IPO Underpricing: A Cross Country Analysis, Multinational Business Review, 16(2): 1-42.
PwC (2015). IFRS adoption by country, http://www.pwc.com/us/en/issues/ifrs-reporting/publications/ifrs-status-country.html [2016-04-12].
Ritter, J. (1984). The ‘hot issue’ market of 1980, Journal of Business, 57(2): 215-240.
Ritter, J. (1991). The long-run performance of initial public offerings, Journal of Finance, 46:
3–27.
Ritter, J. (2003). Differences between European and American IPO Markets, European Financial Management, 9(4): 421-434.
Ritter, J., & Welch, I. (2002). A review of IPO activity, pricing, and allocations, Journal of Finance, 57: 1795-1828.
Rock, K. (1986). Why new issues are underpriced, Journal of Financial Economics, 15(1-2):
187-212.
Scott, C. (2001). Analysing Regulatory Space: Fragmented Resources and Institutional Design, Public Law (summer): 329-353.
Scimagojr (2014). Journal Rankings, SJR SCImago Journal & Country Rank http://www.scimagojr.com/journalrank.php?category=2003 [2016-02-19].
Shiller, R. (2003). From Efficient Markets Theory to Behavioral Finance, The Journal of Economic Perspectives, 17(1): 83-104.
Slangen, A., & van Tulder, R. (2009). Cultural distance, political risk, or governance quality?
Towards a more accurate conceptualization and measurement of external uncertainty in foreign entry mode research, International Business Review, 18: 276-291.
Song, S., Tan, J., & Yi, Y. (2014). IPO initial returns in China: Underpricing or overvaluation? China Journal of Accounting Research, 7: 31-49.
Stoughton, N., & Zechner, J. (1998). IPO-mechanisms, monitoring and ownership structure, Journal of Financial Economics, 49: 45-77.
TIPO (2016). Intellectual Property Office - TIPO 2014 Annual Statistics,
https://www.tipo.gov.tw/ct.asp?xItem=554742&ctNode=6830&mp=2 [2016-03-17].
Trading Economics (2016). Taiwan Population,
http://www.tradingeconomics.com/taiwan/population [2016-03-17].
Transparency International (2016). Corruption Perceptions Index, http://www.transparency.org/ [2016-03-08].
Vithessonthi, C. (2014). What explains the initial return of initial public offerings after the 1997 Asian financial crisis? Evidence from Thailand, Journal of Multinational Financial Management, 27: 89-113.
Wang, X., Colin Xu, L., & Zhu, T. (2004). State-Owned Enterprises Going Public: The Case of China, Economics of Transition, 12(3): 467-487.
Welch, I. (1989). Seasoned offerings, imitation costs, and the underpricing of initial public offerings, Journal of Finance, 44(2): 421-449.
Welch, I. (1992). Sequential sales, learning, and cascades, Journal of Finance, 47: 695-732.
Williams, A. (2015). A global index of information transparency and accountability, Journal of Comparative Economics, 43: 804-824.
WIPO (2016). WIPO statistics database, last updated: December 2015, http://ipstats.wipo.int/ipstatv2/index.htm?tab=patent [2016-03-17].
Wołoszyn, A., & Zarzecki, D. (2013). The impact of the january effect on the IPO
underpricing in Poland, Szczecin: Folia Oeconomica Stetinensia. DOI: 10.2478/foli-2013-0010.
The World Bank Group (2014). Listed domestic companies, total,
http://data.worldbank.org/indicator/CM.MKT.LDOM.NO/countries?display=graph [2016-02-14].
The World Bank Group (2016). The Worldwide Governance Indicators (WGI) project, http://info.worldbank.org/governance/wgi/index.aspx#home [2016-02-05] samt World Bank Open Data, http://data.worldbank.org/ [2016-02-05].
World Economic Forum (2016). The Global Competitiveness Report 2015-2016, http://reports.weforum.org/global-competitiveness-report-2015-2016/ [2016-02-04].
WVS (2016). World Values Survey, http://www.worldvaluessurvey.org/ [2016-03-17].
Yoshikawa, T., & Rasheed, A. (2009). Convergence of Corporate Governance: Critical Review and Future Directions, Corporate Governance an international review, 17(3): 388-404.