IPO valuation of European pyramidal groups
The purpose of this study is to shed light on the valuation of firms belonging to European pyramidal groups at the time of their IPO. We question if the particularity in their ownership structure, and the identity of the ultimate shareholder, affect the valuation of the firms going public. With reference to firms that went public in Europe over the last decade, we find that value at IPO is affected by the affiliation to a pyramidal group, and by the ultimate controller identity, even when controlling for firm and offer specific variables, such as age, size, underpricing. In particular, companies under a pyramidal ownership are better valued: investors, therefore, recognize a positive value to pyramids affiliation, that may substitute for weak markets institutions.
|Date of creation:||2009|
|Contact details of provider:|| Postal: viale Marconi 5, 24044 Dalmine|
Web page: http://www.unibg.it/struttura/en_struttura.asp?cerca=en_dige_intro
More information through EDIRC
When requesting a correction, please mention this item's handle: RePEc:brh:wpaper:0902. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (University of Bergamo Library)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.