Podcjenjivanje cijena dionica u inicijalnim javnim ponudama

master's thesis

• Title (english): Underpricing in initial public offerings
• Author: Barbara Štrkalj
• Mentor: Martina Solenički (mentor)
• Committee member: Ana Ivanišević Hernaus (predsjednik povjerenstva)
• Committee member: Jakša Krišto (član povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; (Department of Finance); Zagreb
• Defense date and country: 2022-09-28, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics; Finance

Abstract

Inicijalnom javnom ponudom poduzeće prikuplja kapital, tj. novčana sredstva u razne svrhe kao što su proširenje poslovanja, provođenje istraživanja, razvoj poduzeća i sl. No, često dolazi do podcjenjivanja vrijednosti dionica pa tako one na prvi dan trgovanja postignu cijenu razmjerno veću nego što je ona postavljena u samome početku. Stoga su ciljevi ovoga diplomskog rada sistematizirati, identificirati i analizirati motive i posljedice podcjenjivanja cijena dionica u inicijalnim javnim ponudama te analizirati stvarne provedene inicijalne javne ponude na odabranim burzama i odrediti stupanj podcijenjenosti istih. Analiza podcijenjenosti vrijednosti dionica u inicijalnim javnim ponudama je pokazala kako na istu utječu brojni činitelji, a neki od njih su asimetričnost informacija, razna institucionalna i bihevioralna objašnjenja, vlasništvo, kontrola itd. te je dokazala stvarnu prisutnost podcjenjivanja vrijednosti dionice kako na domaćoj burzi pa tako i na velikim stranim burzama.

Abstract (english)

Trough initial public offering, the company collects capital, i.e. funds for various purposes such as business expansion, conducting research, company development, etc. However, the value of the shares is often underpriced, so on the first day of trading, they achieve a relatively higher price than is the one set at the very beginning. Therefore, the goal of this thesis is to systematize, identify and analyze the motives and consequences of share underpricing in initial public offerings, and to analyze actual initial public offerings on selected stock exchanges and to determine the degree of their undervaluation. The analysis of the share underpricing in initial public offerings has shown that it is influenced by numerous factors, some of which are information asymmetry, various institutional and behavioral explanations, ownership, control, etc., and has proven the real presence of share underpricing both on the domestic market and on large foreign markets.

• Keywords: Inicijalna javna ponuda; podcjenjivanje cijene dionice; burze vrijednosnica
• Keywords (english): Initial pubic offering; underpricing; stock exchange
• Language: croatian
• URN:NBN: urn:nbn:hr:148:212797
• Study programme: Title: Business Economics; Study programme type: university; Study level: integrated undergraduate and graduate; Academic / professional title: magistar/magistra ekonomije (magistar/magistra ekonomije)
• Type of resource: Text
• File origin: Reformatted digital
• Access conditions: Open access
• Created on: 2022-09-28 11:53:33