Work detail

Initial Public Offerings on Central European stock

Author: Mgr. Roženský Vojtěch
Year: 2008 - winter
Leaders: † doc. Ing. Jiří Havel CSc.
Work type: Doctoral
Language: Czech
Pages: 103
Awards and prizes:
Abstract: The thesis deals with recent Initial Public Offerings on Central European stock
markets. It tries to explain, why there have been so many IPOs in Poland, whereas
only a few in the Czech Republic and Hungary. It came to the conclusion, that the
main reasons are as follows: (1) differences in equity culture, (2) the quality of
commercial law and other legal issues, (3) high demand for domestic equities by
Polish pension funds, (4) WSE´s efficient marketing policy and market segmentation,
(5) quantitative features of Polish market. The analysis of Polish IPOs discovered,
that most of them are low-volume offerings, even compared to those in the Czech
Republic. Also, the liquidity of these shares, turnover ratios and free float are quite
low. The after-IPO performance is also unsatisfactory. This means, that the
contribution of Polish IPOs to further capital market´s development is not as strong
as one could expect. Considering the PSE´s and BSE´s point of view, the situation is
not alarming, however, some particular reasons of the lack of IPOs may be
Downloadable: Rigorosus thesis




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