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Háskólinn í Reykjavík > Samfélagssvið / School of Social Sciences > MSc Viðskiptadeild (og Klínísk sálfræði -2019) / Department of Business Administration >

Vinsamlegast notið þetta auðkenni þegar þið vitnið til verksins eða tengið í það: http://hdl.handle.net/1946/28654

Titill: 
  • Titill er á ensku Lock-up agreements in the Nordic countries
Námsstig: 
  • Meistara
Leiðbeinandi: 
Útdráttur: 
  • Útdráttur er á ensku

    In this study 230 lock-up agreements from 174 IPOs in the Nordic countries over the period from 2010 to June 2016 were examined. Pre-IPO shareholders subjected to a lock-up are prohibited from selling any shares they have for a specified period which is stated in IPO prospectuses. This studies aim is to answer the research question “How do markets in the Nordic countries react after the lock-up period ends?” to do so two event studies were employed. Where one event study was used to investigate the abnormal return and the other event study was used to investigate the abnormal volume of shares in the days surrounding the lock-up expiry. When the lock-up expires the findings show a significant increase in volume and the abnormal return was negative but insignificant. The negative abnormal return differs between countries, as well as being three times larger for firms financed by venture capital funds and twice the size for firms with low public float. In addition, the findings show that when firms have to two separate lock-up periods for different types of investors the negative abnormal return is larger when the management is subjected to a lock-up.

Samþykkt: 
  • 10.8.2017
URI: 
  • http://hdl.handle.net/1946/28654


Skrár
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MCF0617_Thesis_Kári_Þorsteinn_Kárason_LockupAgreementsInTheNordicCountries.pdf1.58 MBOpinnHeildartextiPDFSkoða/Opna