In this thesis, we want to investigate the impact of same characteristics of institutional investors belonging to the ownership structure of a target company on the IPO of this last one. In particular, the variables on which this thesis is focused are the age of the institutional investor, the geographical distance between the headquarter of the institutional investor and the headquarter of the listing firm, the equity market distance between the country of the institutional investor and country of the company that made the IPO, and finally, only considering venture capitalists and private equity funds, the cultural distance between them and the target company. The thesis analyses the impact of these variables on different phenomena typical of initial public offering: valuation, underpricing, oversubscription and long run performance. The literature about the institutional investors in the ownership structure of a company is wide, but it is not specific on how this fact influences the different phases of the listing process. In this thesis, it will be demonstrated all the possible correlations and impacts that come out from the analysis of a sample of Italian IPOs between 1997 and 2015.
In questa tesi vogliamo analizzare l’impatto degli investitori istituzionali, appartenenti all’azienda prima della quotazione, sull’IPO dell’azienda stessa. In particolare, le variabili sulle quali questa tesi si concentra sono l’età dell’investitore istituzionale al momento dell’IPO, la distanza geografica tra la sede centrale dell’investitore istituzionale e la sede centrale dell’azienda che deve quotarsi, l’equity market distance e la distanza culturale tra lo Stato dell’investitore istituzionale e lo Stato dell’azienda che deve quotarsi (in particolare, la distanza culturale verrà considerata solo per venture capitalists e fondi di private equity). La tesi analizza l’impatto di queste variabili sui fenomeni caratteristici dell’IPO quali: valutazione, underpricing, oversubscription e performance di lungo termine. La letteratura riguardante gli investitori istituzionali è ampia, ma non vi sono riferimenti a come le diverse caratteristiche degli investitori istituzionali possano influenzare il successo della quotazione. In questa tesi verranno dimostrate tutte le possibili relazioni analizzando un campione di quotazioni italiane tra il 1997 e il 2015.
The influence of institutional investors on the IPOs of Italian companies
CORBELLA, PAOLO;BETTI, CAROLA
2015/2016
Abstract
In this thesis, we want to investigate the impact of same characteristics of institutional investors belonging to the ownership structure of a target company on the IPO of this last one. In particular, the variables on which this thesis is focused are the age of the institutional investor, the geographical distance between the headquarter of the institutional investor and the headquarter of the listing firm, the equity market distance between the country of the institutional investor and country of the company that made the IPO, and finally, only considering venture capitalists and private equity funds, the cultural distance between them and the target company. The thesis analyses the impact of these variables on different phenomena typical of initial public offering: valuation, underpricing, oversubscription and long run performance. The literature about the institutional investors in the ownership structure of a company is wide, but it is not specific on how this fact influences the different phases of the listing process. In this thesis, it will be demonstrated all the possible correlations and impacts that come out from the analysis of a sample of Italian IPOs between 1997 and 2015.File | Dimensione | Formato | |
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https://hdl.handle.net/10589/124221