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Underpricing und langfristige Performance von FinTech-IPOs. Eine empirische Untersuchung am US-Kapitalmarkt

Underpricing und langfristige Performance von FinTech-IPOs. Eine empirische Untersuchung am US-Kapitalmarkt

          
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About the Book

Masterarbeit aus dem Jahr 2017 im Fachbereich VWL - Finanzwissenschaft, Note: 1,7, Universität Bayreuth (Rechts- und Wirtschaftswissenschaftliche Fakultät - Lehrstuhl für Betriebswirtschaftslehre I), Sprache: Deutsch, Abstract: Seit den 1990er Jahren hat der technologische Fortschritt den Markteintritt von Internet- und Technologieunternehmen ermöglicht, die Finanzdienstleistungen durch digitale Technologien verändern. Mit internetbasierten Finanzdienstleistungen und -produkten konkurrieren diese als "FinTechs" bezeichneten Unternehmen mit traditionellen Anbietern um Marktanteile oder ergänzen deren Angebote. In den letzten Jahren ist das Interesse an diesen Unternehmen stark gestiegen, was sich nicht nur in dem sprunghaften Anstieg des globalen Investitionsvolumens, sondern auch an den vermehrten Börsengängen dieser Unternehmen widerspiegelt. Hier setzt die vorliegende Arbeit an und untersucht die Aktienkursperformance von FinTech-Unternehmen am US-Kapitalmarkt nach dem initial public offering (IPO). Dabei wird der Frage nachgegangen, ob das kurzfristige Underpricing-Phänomen auftrat und wie stark dieses ggf. ausgeprägt war. Zudem wird die langfristige Performance der Aktien dieser Unternehmen über einen Zeitraum von bis zu 18 Monaten nach dem IPO erhoben und überprüft, ob auch bei FinTechs eine systematische negative langfristige IPO-Performance festgestellt werden kann (long-run underperformance). Abschließend werden mit Hilfe statistischer Analyseverfahren theoretische Modelle zur Erklärung der langfristigen Performance der FinTechs überprüft. Hierdurch wird festgestellt, welche der in der Literatur diskutierten Erklärungsansätze bzw. -variablen den höchsten Erklärungsgehalt für die langfristige Performance dieser Unternehmen aufweisen. Nach Darstellung der Grundlagen von FinTechs und IPOs in Kapitel 2 der Arbeit, wird in Kapitel 3 ein Überblick über den Stand der Forschung zu FinTechs und den bisherigen Studien zur Performance von IPO-Unternehmen an den inter


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Product Details
  • ISBN-13: 9783668909939
  • Publisher: Bod Third Party Titles
  • Publisher Imprint: Grin Verlag
  • Height: 210 mm
  • No of Pages: 132
  • Spine Width: 8 mm
  • Width: 148 mm
  • ISBN-10: 3668909938
  • Publisher Date: 08 Feb 2019
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Weight: 181 gr


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Underpricing und langfristige Performance von FinTech-IPOs. Eine empirische Untersuchung am US-Kapitalmarkt
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