IPO Underpricing on the Russian Capital Market

Student: Elizaveta Batalova

Educational Programme: Corporate Finance (Master)

Final Grade: 8

Year of Graduation: 2024

The paper investigated the topic of stock underpricing on the Russian capital market during initial public offerings in the current realities. In the course of econometric study of initial public offerings in the Russian market for 2006 - 2024 it was proved that such factors as dividend policy, technological specifics of the company and deviation of the actual share offering price from the expected one increase IPO underpricing. Among other things, a positive correlation between the capital raised by the company and the reduction of the Underpricing IPO effect was revealed - large companies have more stable financial indicators, which brings their valuation closer to the real value in the market.

Full text (added May 15, 2024)

Student Theses at HSE must be completed in accordance with the University Rules and regulations specified by each educational programme.

Summaries of all theses must be published and made freely available on the HSE website.

The full text of a thesis can be published in open access on the HSE website only if the authoring student (copyright holder) agrees, or, if the thesis was written by a team of students, if all the co-authors (copyright holders) agree. After a thesis is published on the HSE website, it obtains the status of an online publication.

Student theses are objects of copyright and their use is subject to limitations in accordance with the Russian Federation’s law on intellectual property.

In the event that a thesis is quoted or otherwise used, reference to the author’s name and the source of quotation is required.

Search all student theses