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IPO Anomaly: Underpricing of Shares During the Process of Stock Floatation (by the Example of American Share Market)

Student: Aleksandr Andreev

Supervisor: Nikolay I. Berzon

Faculty: Faculty of Economic Sciences

Educational Programme: Economics (Bachelor)

Final Grade: 8

Year of Graduation: 2016

This paper is devoted to the underpricing of shares during the process of IPO. The paper shows all currently known theories of underpricing. Shortcomings and the mutual contradictions of these theories were revealed. At the same time, the author showed practically significant results of these theories for economic science. Using the currently available theoretical materials and personally collected data, the author constructed a robust regression on 225 observations of US IPO for 2005-2015 years and 19 inputted variables. The results were as confirming the basic theories of underestimating, or denying them. As a result, we can say that many different theories of underpricing give opposite results.

Full text (added May 16, 2016)

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