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Industry Clustering in Nordic Initial Public Offering Markets

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  • P. Joakim Westerholm

Abstract

We present institutional features of the Nordic initial public offering (IPO) markets and relate initial return, long‐run performance and size of companies listed during 1991–2002 to industry clustering and level of listing requirements. High industry clustering is related to higher initial return and lower long‐run performance supporting our prediction that information asymmetry has an impact on initial underpricing while temporary overvaluation affects long‐run performance. The relatively high listing requirements and targeting of the main market have not protected the Nordic IPOs from poor long‐run performance. On two markets, Norway and Denmark, IPOs outperform the all share market index.

Suggested Citation

  • P. Joakim Westerholm, 2006. "Industry Clustering in Nordic Initial Public Offering Markets," International Review of Finance, International Review of Finance Ltd., vol. 6(1‐2), pages 25-41, March.
    • Handle: RePEc:bla:irvfin:v:6:y:2006:i:1-2:p:25-41
    DOI: 10.1111/j.1468-2443.2007.00058.x
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    Cited by:

    1. Abrahamson, Martin & De Ridder, Adri, 2015. "Allocation of shares to foreign and domestic investors: Firm and ownership characteristics in Swedish IPOs," Research in International Business and Finance, Elsevier, vol. 34(C), pages 52-65.
    2. Zattoni, Alessandro & Witt, Michael A. & Judge, William Q. & Talaulicar, Till & Chen, Jean Jinghan & Lewellyn, Krista & Hu, Helen Wei & Gabrielsson, Jonas & Rivas, Jose Luis & Puffer, Sheila & Shukla,, 2017. "Does board independence influence financial performance in IPO firms? The moderating role of the national business system," Journal of World Business, Elsevier, vol. 52(5), pages 628-639.
    3. Hahl, Teemu & Vähämaa, Sami & Äijö, Janne, 2014. "Value versus growth in IPOs: New evidence from Finland," Research in International Business and Finance, Elsevier, vol. 31(C), pages 17-31.
    4. Mikael Bask & Anton Läck Nätter, 2021. "Latent class analysis of IPOs in the Nordics," PLOS ONE, Public Library of Science, vol. 16(11), pages 1-12, November.

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