Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/309768 
Year of Publication: 
2022
Citation: 
[Journal:] International Journal of Management and Economics [ISSN:] 2543-5361 [Volume:] 58 [Issue:] 4 [Year:] 2022 [Pages:] 335-350
Publisher: 
Sciendo, Warsaw
Abstract: 
The underpricing phenomenon on financial markets has long been the research subject in many financial areas - from neoclassical to behavioral finance. Once confirmed as a persistent pattern, it has begun an ongoing discussion as to its possible causes. Our study examined the phenomenon of IPO underpricing for companies from the game sector in Poland from 2016 to 2020. Many IPOs in Poland have attracted both international companies and investors, making the Warsaw Stock Exchange a kind of financial hub for game companies. Analyzing the whole IPO market in Poland, we however found substantial IPO underpricing, which is statistically higher in the game sector than in the no-game group of debuting companies. Our research argues that the issuer's industry may influence the size of the IPO's first-day return. We also noticed that the way the IPO was carried out influenced the underpricing. Greater underpricing characterized private offers compared to public offers.
Subjects: 
behavioral biases
game industry
IPO underpricing
JEL: 
G41
G11
G12
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Article

Files in This Item:
File
Size





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.