The Swiss capital market is an extraordinary liquid and efficient market with increasing importance in times of financial instability in Europe and the world. However, there is no study that provides current evidence on IPO-pricing in Switzerland. Therefore, we analyze in this study the short- and long-run performance of Swiss IPO's from 2000 to 2014. The observed first-day underpricing is 8.4% on average, which we explain with high IPO activity and with a lack of competition between the Swiss investment banks. On the long-run, the IPO seem to be fairly priced.
Language
English
Keywords
IPO
underpricing
HSG Classification
contribution to scientific community
Refereed
No
Book title
Panel Session
Publisher
Global Science and Technology Forum (GSTF)
Start page
27
End page
37
Event Title
5th Annual International Conference on Accounting and Finance (AF 2015). Proceedings of the 5th Annual International Conference on Accounting & Finance (1-11)
